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FIDUCIARY

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.

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INFLATION

Uncategorized Feb 13, 2020

Definition

Inflation is the increase in the prices of goods and services over time. It occurs at a specific rate according to the countries consumer price index.

Why It's Important

As prices rise, your money buys less than it used to.  You know when the older generation says, "Well, back in my day, this _____ used to cost $0.10!"  So, why doesn't that same item cost $0.10 today?  One word: Inflation!  Ronald Reagan said, "Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man."  It is true!  If inflation goes unchecked, it could wreak havoc on the economy.  In the US, the Federal Reserve (remember them?) curbs inflation by implementing monetary policy (printing new money, raising interest rates, etc.)

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EPISODE 28 - ACTIVE DUTY MILITARY DEBT PAYOFF WITH JOE DRISCOLL

debt making money podcast Feb 13, 2020

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

Connect with Tiffany on Social Media
Facebook: Money Talk With Tiff
...

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EXPANSION

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...

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EPISODE 27 - 2020 TRAVEL TIPS

podcast travel Feb 06, 2020

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
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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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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