Let's Talk Money

Definition
A Keogh plan (also called HR10 plans) is a tax-deferred retirement plan for self-employed individuals or unincorporated businesses.

Why It's Important
It's important to note that contributions to these plans are tax-deductible up to a certain amount.  There are two types of Keogh plans.  One type is a qualified defined-contribution plan.  This type of plan is typically in the form of a profit-sharing plan.  The beauty is that a business doesn't have to generate profits to participate in this type of plan.  As of 2019, a business can put 100% of their income or up to $56,000 of funds into this plan.  Profit-sharing plans are only contributed to by the employer (yourself if you are self employed) not the employee.  It's a good way to squirrel away money when your company is doing well.

The other type of Keogh plan is a qualified defined-benefit plan.  These types of plans are similar to pensions in that you get paid out annually after...

Join Tiffany as she speaks with fellow single mom Raeshal Solomon about how they teach their kids about money.  It is never too early to start the conversation so we give you practical tips and conversation starters to start the money talk.

About Our Guest

Raeshal Solomon is a young single mom, enthusiastic about combining her love of creating with her love of money management. Raeshal believes she has a knack for helping people understand the skills of money management. She is eager to share her knowledge with parents so they can teach their young children these easy to learn skills. She says “I am excited to change a whole generation through financial literacy.”

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Links

Raeshal's site: www.mylittlebanker.com

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Definition
The geometric mean is the average of a set of numbers.

Why It's Important
This is not to be confused with arithmetic mean.  The arithmetic mean is what you learned in school when your teacher taught you about "mean".  As a refresher, let's look at the following set of numbers: 3%,7%,10%,6%,4%.  You find the mean by adding all the numbers together (3+7+10+6+4=30%) then dividing by the total number of records (5).  The arithmetic mean in this scenario would be 6%.  In contrast, a geometric mean would be calculated as (1.03x1.07x1.10x1.06x1.04)^(1/5)=~5.5015%.  

Now that you have the concept, let's apply it to personal finance and investing.  The geometric mean is typically used to calculate the average return on investments.  You would look at the past annual rates and calculate the mean to find out what your overall return was over the time period.  

For example, let's say one year you enjoyed 10%, the next 15%, and the next 8%....

Do you like to write, take pictures, or shoot video?  Join Tiffany as she sits down with Candace Howze, a local creative that does all three!  She shares how she started her freelancing jobs and her tips to keep them sustainable.

About Our Guest
Candace Howze is a North Carolina-based writer and multimedia artist with a passion for photography, literature, and film. She hosts Meraki Mentors, a podcast that provides a virtual mentoring platform for women creatives. In her spare time, you can find her listening to music, baking, or losing time in Target.

Visit her website: www.candacehowze.com

Follow her on Twitter: www.twitter.com/aceisjoy

Follow her on Instagram: www.instagram.com/aceisjoy

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Definition
The head and shoulders pattern in technical stock analysis is used to predict what the support level (lowest price it will potentially go before traders make it rise again) of a stock is.

Why It's Important
You probably saw this and wondered why I would be talking about a shampoo.  LOL!  This is one of many charting patterns that technical analysts use to make stock price predictions.  I will warn that this is an advanced investing topic so if it does not make sense, do not worry!  

As you can see from the chart below, the trend looks like a head and two shoulders.  The "neckline" is a support level.  The stock price hit that level then bounced up.  Then, it hit it one more time and bounced up before breaking through the support and trending downwards.  

This same charting pattern can also happen in the opposite way as shown below.  In this scenario, the neckline shows the price ceiling instead of the support.  It is the same...

Building a successful business is not easy!  Join Tiffany as she sits down with Jazz Elyse of Luxe Fragrance Bar.  They talk about stresses, struggles, and overcoming obstacles while starting and growing their respective businesses.  Jazz knows her stuff, so listen up!  Have a pen and paper handy. 

About Our Guest
Jazz Elyse Whitaker is the founder of LUXE FRAGRANCE BAR, a tailor-made skincare, hair care, and fragrance company she created with a $10 investment as an undergrad at North Carolina A&T State University. That ten dollars has turned into a dream, on the Southside of downtown Greensboro, where she operates the first LUXE FRAGRANCE BAR flagship location and creates custom skincare and fragrances for her clients. She is also the founder of the Dove Enrichment Academy, where she home-schools her son, Marlon Jey. Jazz Elyse's latest business venture is helping small business owners with proper business structuring and asset protection.

Jazz Elyse was...

Definition
A fiduciary is a person or organization that acts on behalf of another person or persons to manage assets.

Why It's Important
The term fiduciary has been thrown around a lot lately but do you really know what it is? A fiduciaries' responsibilities and duties are both ethical and legal. Once the advisor or organization says that they are a fiduciary, they have to act in your best interest. This means that they are not supposed to do things just to pad their pockets (make money).

What does an advisor not acting like a fiduciary look like? They may try to sell you products you don’t need to make a commission. They may initiate trades unnecessarily just to get commission (also called churning). It is important to stay educated and ask questions.

Join Tiffany as she sits down with Joe Driscoll of Average Joe's Financial Independence.  Joe is active duty military but on a mission to be debt-free.  They talk about moving around from assignment to assignment and the side hustles that propelled them both to paying off debt faster.

About Our Guest
Joe Driscoll has been leading people from all walks of life (including military and civilian) toward achieving financial independence. He has been married to his lovely wife Michelle for 16 years and they have two kids Benjamin (11) and Molly (7). As a family man, he understands the responsibilities and pressures that can bring. He and his wife have walked in most people's shoes living paycheck to paycheck and feeling like they can’t ever get ahead.

Follow him on Instagram: https://www.instagram.com/josephadriscoll

Follow him on Facebook: https://www.facebook.com/AverageJoesCoaching

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Definition
In economic terms, expansion is an increase in the level of economic activity.  It is a period of economic growth as measured by a rise in real GDP (Gross Domestic Product).

Why It's Important
An expansion means that the economy is doing good.  This typically coincides with the stock market.  Think about it.  If the economy is doing good, that means companies are generally doing good which means they are profitable.  It directly effects the stock market.  This is only one phase of the economic cycle.  

Are we currently in an expansion?  You can tell by figuring out if: 

• Real GDP has grown for two or more consecutive quarters, moving from a trough to a peak
• There is a rise in employment
• There is a rise in consumer confidence
• There is a rise in equity markets 

Expansion is also sometimes called a recovery and the economic cycle is sometimes called the business cycle.  Don't let the different terms...

Tiffany has a lot of travel this year so she wanted to share how she gets it done on a budget.  She goes over her favorite websites and tools to travel cheaply while continuing to tackle debt.

Connect with Tiffany on Social Media
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