Entrepreneurship isn’t just running a business; rather, it is a name given to anything done with intentions of changing the world. An entrepreneur is a world-changer, an innovator, and an opportunist. Now you might be wondering what entrepreneurship is? Let us explain to you in a little more detail!
Entrepreneurship is launching, developing, and running a business venture along with its financial risk. Such business ventures are valuable for economic development as it allows a country to expand its businesses and resources in the global market.
However, most people perceive entrepreneurship as one dimensional, and they do not think about their various types. Today, we have decided to clear this confusion for you and explain different types of entrepreneurial businesses.
In today’s growing world, it is common to see that more small businesses are running than more prominent companies....
A payday loan is a loan in which a lender gives the borrower a loan, typically under $500, that is due on the borrower's next payday.
Why It's Important
In my opinion, payday loans are a type of predatory lending. They typically have high-interest rates and or fees. These loans are extremely short term (ranging from 1 week to 4 weeks before the balance is due). Most states have limitations on how much creditors can charge in fees. These fees typically range between $10-$30 for every $100 borrowed. Even at the low end, these fees are expensive. Let's look at the numbers. If we had a $15 fee per $100 borrowed, that would equate to an APR of about 400%. It may not seem like the fees are a lot, but they do add up quickly!
Another disheartening point about payday loans is that the borrower is typically stuck in the cycle once they get in. The lenders generally do not check the affordability of the loan. In...
To manage your finances, a sound, effective and thorough, understanding of finance, we call financial literacy is crucial. People should know how to manage their debts and save money. African Americans play a vital role in the economic establishment of the United States, but in comparison to their white counterparts, they still lag in financial wellness. Financial literacy is one of the main reasons behind this complex gap. Financial literacy and financial wellness are tightly intertwined, especially in African Americans.
One of the latest studies on the Personal Finance Index (P-Fin Index) conducted by GFLEC and TIAA institute provides new insights on Black financial literacy.
There are eight areas on which P-Fin Index study is based:
Only 38% of the answers were correct by African Americans compared to 55% of white people.
In this episode, Tiffany sits down with event planning extraordinaire Nikki Byrd to pick her brain on event planning, especially amid a crisis. They talk about how event planners are essential to saving money.
About Our Guest
Nikki Byrd is the proud owner of Byrd Nest Events and Design LLC. They are a full-service event planning and design company located in Winston-Salem, NC. They love showing you how to have your Rainbows and Unicorns . They welcome the opportunity to help couples manage the most important day of their lives.
Nikki is a graduate of QC Event Planning. She has studied at the Art Institute of Pittsburgh for interior design. She has 3 grown children, a partner of 19 years, and eight grandchildren.
Byrd Nest Events and Design LLC. seeks to provide the best client experience possible. So come fly over to our nest!
Follow her on Instagram: https://www.instagram.com/byrdnestevents
Follow her on Facebook: https://www.facebook.com/byrdnestevents
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A mortgage is a legal agreement by a bank or other financial institution and a debtor. The financial institution lends money with interest and takes ownership of the property if the debtor defaults. This is a type of secured debt.
Why It's Important
Most people that purchase homes, have to get a mortgage to afford it. In my opinion, mortgages are a form of "good debt" although cash is always king! There are different types of mortgages a borrower can get. For instance, a borrower can get a 30-year conventional loan with a variable interest rate or a 30-year FHA loan with a fixed interest rate. There are many combinations these loans can come in and your best defense is to learn as much as you can before using one to purchase a home. Some of these terms will be covered in the upcoming Wednesday Words of the Week.
Personally, I have a 30-year FHA loan with a fixed Interest rate of 4.25%. I would like to refinance at...
Black females are working successfully around the globe in the financial field, despite racism challenges. Women-owned businesses are low in the market, and black women commonly face a lack of venture capital funding and access to loans. American Express reported that the ratio of women of color from 2018-19 is increased in women-owned businesses. During a similar period, black women entrepreneurs experienced a high growth rate in the financial industry than any other group. Many black women experts in the business are breaking barriers by serving as a role model for women from every walk. Also, they are the motivation for others to meet their financial goals.
There has been enough to talk about the significance of diversity and inclusion in the workplace when it comes to the financial field. In 2016, black American families had 10 cents to the dollar of a white counterpart, on average. On the contrary, women earned 32 cents on the dollar as compared to men....
According to the Oxford Dictionary, Resilience is "the capacity to recover quickly from difficulties; toughness." I have been reticent on my blog as life has taken a tailspin. Between the coronavirus pandemic, protesting to prove MY LIFE MATTERS, getting married, taking a securities test (not once but twice) and failing, being thrown into homeschooling my kids, completely revamping everything behind the scenes of my business, wondering if I am still going to make my goal of being debt-free (except real estate) by 30, not being able to flex my extrovert muscles, life has taken an interesting turn.
You would think that all of these things individually would be depressing (other than getting married), not to mention them all happening in the course of a few months, BUT the opposite effect has occurred. Today, I feel energized! I feel empowered! I feel ready to accomplish things that I have been wanting to achieve (blog post anyone?) How does this...
A number given to an individual to indicate creditworthiness to a lender.
Why It's Important
I am sure every one reading this knows what a credit score is. If not, check out my blog posts below. So, I am not going to bore you with details but I am going to provide some facts you may not have known!
There are hundreds of different credit scores lenders use to evaluate your creditworthiness. No, there is not just one or three but hundreds! It is almost safe to say that each lender will probably use a different score that's why sites like Credit Karma and Credit Sesame can only give you an estimate. Don't be surprised if it doesn't match what the lender pulled on you.
You can request a copy of what the lender used! If you would like to see how your creditworthiness was evaluated, the lender has to provide a copy of what they used by law. So, if you are curious just ask for it!
Most jobs now look at your credit score! As a matter...
In this special episode, Tiffany sits down with Eugenie George as they discuss the current events and what needs to happen next in the black community.
About Our Guest
Eugenie George, MBA, CFEI is a financial educator, author, and founder and host of Money and Flow, a podcast to help with listeners with finance questions. She is also a keynote speaker on equity and Millennial money engagement in the workplace. As a former teacher, she brings excitement to the stage with engaging stories and data that can help multigenerational bridge together the Millennial gap.
Eugenie ( u-jin-nay) uses her over 10+ plus years’ experience in tech, education, and finances to lead high- achieving women and women of color understand their money habits. Eugenie uses non-traditional ways of understanding business and personal goals because no taught anyone the true skills of money. A master at mindset through Eugenie teaches and coaches a wide range of individuals and her genius has created...
Episode 40! Whew, 40 weeks of Money Talk With Tiff and we are still going strong! In this episode, Tiffany talks about marriage and how it can affect your financial picture. She also gives tips that she uses in her new marriage (yes, Tiffany is married now!) to try and get ahead of any potential money issues. Take notes!
Couples FB Live Video: https://www.moneytalkwitht.com/blog/Couples-and-Money-Interview
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