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DURABLE POWER OF ATTORNEY

Definition
A durable power of attorney is a designation that is given to someone in order to handle financial transactions if another person becomes incapacitated and can't make decisions on their own.

Why It's Important
This is one of the main documents needed when you start thinking about estate planning. It is important to have a person in place as a durable power of attorney in case an accident happens tomorrow.  Who could you trust to take over your financial matters?  

What is the difference between a durable power of attorney and a general power of attorney? With a durable power of attorney, the document remains in effect if you are unable to think for yourself.  With a general power of attorney, it is only in effect while you are alive and competent.  If you have a general power of attorney, once you become incompetent, it loses its enforcement.  

I highly recommend going for a durable power of attorney from the beginning so you don't have to worry about...

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EPISODE 26 - MINDSET AND THE ART OF NEGOTIATION WITH TEDDI RENE'

podcast psychology Jan 30, 2020

Do you have a fixed or growth mindset?  Tiffany and Teddi discuss the differences and how to use your mindset at the negotiation table.  They both drop gems on how to successfully negotiate that new job, raise, or even just benefits.  Be sure to have a pen and paper ready!

About Our Guest
Teddi Rene’ is an expert in creating strategic and efficient systems to achieve personal and business goals. Specializing in goal planning and management Teddi Rene’ has helped 100s of business owners, entrepreneurs, bloggers, family, and friends do the things that they say they want to do.

Combining her years of expertise in Behavior Modification, Systems Engineering, and Strategic Planning with her desire to affect change, Teddi had dedicated her life to helping Black women utilize best practices to achieve their career goals, eliminate procrastination, and master their mindset.

She is the Founder and CEO of United Kweendom, a community that matches Black women with...

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PUT OPTION

Definition
A put is a type of option contract that gives the owner the right to sell a stock at a certain fixed price within a specified timeframe.

Why It's Important
Puts are the opposite of the word we discussed last week, Call Options.  Take a look at the example in that post to get a good idea of how options work.  I won't belabor the point here.  But, I do want you to understand that a put option becomes more valuable as the price of the underlying stock depreciates relative to the strike price.  

Put options are a short position that lets you take advantage of price drops in the market.  Calls are more commonly used but Puts can be another way to hedge.

There are pros and cons to trading options.  As always, do your research!

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EPISODE 25 - THAT LIGHTBULB MOMENT WITH PATRINA DIXON

Join Tiffany as she sits down with one of her idols, Patrina Dixon, as they discuss what pushed them to make better choices with money.  You will find that the stories are similar but very different.  Maybe this is your lightbulb moment!

About Our Guest
Patrina Dixon is a Certified Financial Education Instructor, International Speaker, award-winning author, Founder of It’$ My Money and hosts The Money Exchange Podcast which is dedicated to sharing stories on how everyday people are implementing various strategies to build wealth.

Patrina’s been quoted on Black Enterprise.com and has facilitated financial workshops for AARP and Chase. Patrina is also the host of the It’$ My Money local TV show in CT. Patrina’s audience for both her podcast and blog spans across many countries.

Patrina is married, a mom, and lives in CT.

Follow her on Instagram: http://www.instagram.com/itsmymoney_

Follow her on Twitter: http://www.twitter.com/itsmymoney_

Follow...

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CALL OPTION

Definition
A call is a type of options contract that gives the owner the right to buy a stock at a certain fixed price within a specified timeframe.

Why It's Important
As I discussed in last week's word, Options, they are a good way to hedge against a downturn in the market if used correctly.  Let's take an example:

Let's say a stock trades at $100 per share, and I think it's going to go up pretty soon. I  could potentially buy 100 shares of stock, paying $10,000 OR I could buy a call option that would give you the right to pay $110 per share for stock any time in the next two months.  My buy-in for the option is typically $1-$2 per share.  So, I would pay $200 for that right at the high end.  This is a sunk cost (I'm not getting it back regardless of what happens).

If I'm right and the stock goes up to $130 per share by the time the option expires, then I can exercise my option and purchase the stock at $110, therefore, making a profit of $20 per share...

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EPISODE 24 - BUILDING GENERATIONAL WEALTH THROUGH INVESTING WITH CALVIN WILLIAMS, JR.

In this episode, Tiffany sits down with Calvin Williams, Jr. owner of Freeman Capital. They discuss everything from post-slavery wealth in their families to real estate and changing the narrative for future generations. 

About Our Guest
Calvin F. Williams, Jr. is the first black owner of an automated wealth management platform for retail customers. As the CEO and founder of FreemanCapital.co, he aims to empower millennials and the middle class with the tools to become wealthy.

Williams’ years of financial service experience along with lessons inspired by his great-grandparents ignited the inception of FreemanCapital.co. They knew they couldn’t get ahead from saving alone, their money had to work harder for them, so they used their savings and purchased properties in Washington, DC. Before it was acceptable by people of color in the 1950s Freeman Capital is for all hardworking people looking for a better future.

Freeman Capital has completed Google for Start-Ups,...

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OPTIONS

Definition
An option is a contract that gives the buyer the right, not the obligation, to buy or sell an asset at a certain price in the future.

Why It's Important
Options play an important part in some portfolios as a way to hedge (arbitrage) against loss.  Although you can purchase options on bonds, stocks, and futures, stocks are typically the go-to.  So, how does it work?  Let's use a simplified example.

Let's say I think Apple is going to go up.  I pay a fee (or premium) to purchase a call (buy) option for the current price.  This means as Apple climbs in value I can exercise my call option to get the stock for a lower price.  But, let's say the stock goes down, I can opt to not exercise my option and just let it expire.  If that's the case, I only lose the premium that I paid for it.  

On the other side of the table, if I were the person selling the contract, I would lose money as the price went up and gain money if the buyer decided not to...

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EPISODE 23 - PAYING OFF OVER $200K IN DEBT WITH KIM AT THE FRUGAL ENGINEERS

debt podcast travel Jan 09, 2020

Have you heard of geographic arbitrage?  Me either until I spoke with Kim!  She and her husband are debt-free and living life on their own terms.  She came on to explain how she and her husband paid off over $200k in debt to be debt-free by 30!  I was inspired!  Be sure to have a pen and paper handy because she drops so many gems.

About our Guest
Kim is a financial independence and early retirement blogger at The Frugal Engineers. She used geo arbitrage to achieve financial freedom in Wyoming and spend more time with her kid. She and her husband now enjoy the semi-retired lifestyle as freelance engineers and plan to retire from engineering in 2020.

Links
Visit Kim's website: https://thefrugalengineers.com

Want to catch Money Talk with Tiff live?  There are three events coming up in the Greensboro, NC area!  Please visit https://www.moneytalkwitht.com/events.html for more information. 

Connect with Tiffany on Social Media
...

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ADJUSTED GROSS INCOME

Definition 
Adjusted Gross Income or AGI is gross income minus adjustments to income for tax purposes

Why It's Important
AGI is the portion of your income that you are taxed on.  I think the best way to explain this term is to provide an example.  

Let's say your salary is $50,000 a year.  Because you are awesome, you contribute 5% of your salary to a 401k.  To keep it simple, we will leave the salary deductions there (in real life, you will probably also deduct medical, dental, and vision benefits as well).  5% of $50,000 = $2,500 so instead of being taxed on your full (gross) salary of $50,000, you would only be taxed on $47,500 of it.  $47,500 is your Adjusted Gross Income.  

This is why participating in company-sponsored benefits plans (like medical, 401k, HSAs, etc.) are so important.  It effectively lowers your tax bill.  It is important to note that in order for your gross income to get adjusted, the benefit has to come out PRE-TAX...

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EPISODE 22 - FRAUD ALERT! HOW TO PROTECT YOURSELF

podcast Dec 19, 2019

There are so many ways scammers can get your information.  Listen as Tiffany breaks down ways she protects herself against fraud especially during the holiday season.  

Links
Visit Tiff's website: https://www.moneytalkwitht.com

Connect with Tiffany on Social Media
Facebook: Money Talk With Tiff
Twitter: @moneytalkwitht
Instagram: @moneytalkwitht
LinkedIn: Tiffany Grant
YouTube: Money Talk With Tiff Channel
Pinterest: Money Talk With Tiff

 

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