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PHILANTHROPY

Definition 
Philanthropy is the desire to promote the welfare of others, typically in the form of monetary gifts and donations.

Why It's Important
Yesterday was Giving Tuesday! If you don't know what that is, it is a national holiday the Tuesday after Thanksgiving to promote giving back to the community. Thanksgiving is typically enjoyed with families and friends eating until your heart is content. Black Friday is usually spent spending (see what I did there) until your heart is content. Now, it is time to give until your heart is content! 

I want to stress the importance of making sure you give back to your community. But, giving doesn't always have to be monetary (money). You can give time, skills, ideas, etc. Even though I don't have a lot of money to spend, I consider myself very philanthropic. I donate a lot of time to causes and initiatives that I am passionate about. The exciting thing is what you give out comes back tenfold in many cases. Not having money is not an...

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EPISODE 19 - MONEY AFTER DIVORCE WITH KRISTA GOODRICH AND GRACE EVERITT

podcast psychology Nov 21, 2019

In this episode, Tiffany interviews two guests!  Krista Goodrich and Grace Everitt talk about the tough topic of divorce.  Find out how these two ladies made it through some financially nasty divorces and strategies they had to apply to get their financial life back on track.

About our Guests
Krista Goodrich lives in Daytona Beach, Florida with her husband, Colin, and their dogs. She is momma to her daughter, Kiki (name changed to protect privacy), who is currently in college for hospitality. A lifelong serial entrepreneur, Krista continues to invest in real estate and companies, always looking for new opportunities. She currently owns or is partner in 17 companies including real estate investment companies, art studios, a bar and a tourist experience company. She loves presenting at corporate conferences and for women’s groups, and actively participates in organizations that help and empower women. As a community activist, Krista is involved in her local government...

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TURNOVER RATIO

Definition 
A portfolio's turnover rate measures the level of buying and selling of investments. You will typically see a turnover ratio when analyzing mutual and index funds. They are the same thing.

Why It's Important
High turnover rates can lead to higher portfolio expenses. Not only that but usually, if a portfolio has a high turnover rate or ratio, the more taxes you will potentially have to pay. Once a position is sold out of the portfolio, you will either have a capital gain or a capital loss. A good advisor will attempt to make sure your gains and losses offset so that you will not have additional tax implications. But this is not always possible. Paying attention to the turnover rate is super important to avoid a tax headache later.

If you are investing in a taxable account, it is best to look for tax-advantaged funds or ones with low turnover. Tax-deferred or tax-free accounts (such as IRAs and 401ks) do not matter quite as much since you are not...

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EPISODE 18 - WHAT YOU NEED TO KNOW ABOUT INSURANCE WITH ACQUANIA ESCARNE

insurance podcast Nov 14, 2019

Insurance, insurance, insurance!  Join Tiffany as she talks insurance with Acquania Escarne, a licensed insurance agent.  They discuss everything from term life to whole life and even long term care.  Get your pen and paper ready for these gems!

About our Guest
Acquania Escarne is a financial coach, freelance blogger, and real estate investor committed to helping people find financial freedom and build generational wealth. As a financial coach, she equips her clients with "outside the box" finance tips and tricks people can incorporate in their daily lives in order to meet and exceed their financial and personal goals. Her coaching is individually tailored to address all financial situations. Also, through her website, The Purpose of Money, she shows women how to invest and save more so they can live a more fulfilling and prosperous life.

Her passion for personal finance and investing began when she was in high school and her father gave her a copy of Rich Dad,...

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TRANSACTION FEE

Definition
A transaction fee is a fee charged by a brokerage firm for every trade that takes place. These fees can range from $0 to $9.95, depending on the firm.

Why It's Important
Transaction fees are significant because anytime you make a buy or sell trade in your account, you're charged that fee. So, let's say you need to sell out of investments and invest in something different. You will have to pay that fee not once but twice for each investment. Let's say the fee is $4.95 per transaction; you would have to pay $9.90 per investment to sell then subsequently buy a new security. Multiply that by how many investments you are trying to get rid of, and it could be quite expensive. I have seen situations where an investor paid hundreds of dollars just in fees to get out of bad investments!

Transaction fees are becoming a little less important because most of the brokerage firms have moved to $0 fees this year. Among the firms that have made the change are Ally Invest, Charles Schwab, TD...

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EPISODE 17 - MONEY IN THE MILITARY WITH JANEIL PIERRE

The military offers a lot of perks, but sometimes those perks can lead to irresponsibility when it comes to money.  Join Tiffany as she speaks with former soldier Janeil Pierre as they unpack what it is like, financially, to be in the military and making smart decisions while enrolled.  Also, they discuss buying cars and their budget killers aka vices.

About our Guest
Janeil Pierre is a financial success coach and owner of The Wealth Factor, a blog dedicated to financial independence.

Like her on Facebook: https://www.facebook.com/thewealthfactor1/

Follow her on Twitter: https://twitter.com/TheWealthFactor

Follow her on Instagram: https://www.instagram.com/thewealthfactor1/

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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MUTUAL FUNDS

Definition
A mutual fund is a pool of managed investments. These funds are usually managed by a portfolio manager to keep them in line with their investment objectives.

Why It's Important
The best way to think of mutual funds is as a basket. When you purchase shares of mutual funds, you are purchasing a basket of different stocks or bonds. I love mutual funds, and that's typically all I invest in. 

Mutual fund benefits include professional management, diversification, liquidity, and brokerage commission savings. You are pretty much paying a mutual fund company to create a basket of stocks that meet your investing needs. For instance, you can find mutual funds of marijuana companies, international companies, and even companies that focus on sustainability. There were over 9,600 mutual funds available on the market as of 2018. So, there is plenty to choose from! You save on brokerage commissions because if you were buying individual stocks, it would be way more expensive. Some...

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HALLOWEEN SHENANIGANS

kids saving money Nov 01, 2019

HALLOWEEN SHENANIGANS

What a night! Last night was Halloween, and I decided to do something different. Unfortunately, there was a tornado watch and warning issued for our area, so we could not go out and trick-or-treat as we usually do. Not only that, but I also did not buy any costumes to save money. I had to think of a frugal and smart way to have Halloween in the house this year. What do I do?!

After I finished working for the day, and before the boys came home, I had to brainstorm ideas to accomplish my goal. At this time, it was about 1:00 PM, and the boys get off the bus around 3:00 PM, so whatever I decided to do had to be quick. I thought about just canceling Halloween altogether and blame it on the weather, but I know that wouldn't have gone over well. The only thing they look forward to on Halloween is the candy, so I knew that had to be part of the equation somehow. Then, I had an idea! Let's trick-or-treat in the house!

I left and went to Walmart to get some candy. Of...

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EPISODE 16 - MINIMALISM AND MONEY WITH SHANI ST. VIL

podcast saving money Oct 31, 2019

Let's talk about minimalism!  Join Tiffany and Shani as they unpack what minimalism is and strategies they use to save money.  These ladies dropped so many gems during this episode.  Be sure you have a pen and paper ready!

About our Guest
Shani St. Vill is a boss babe that assists her clients in managing their money so they can buy more real estate!

Like her on Facebook: www.facebook.com/purseempowerment

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

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

Links
Shani's site: www.purseempowerment.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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ACCREDITED INVESTOR

Definition
An accredited investor is a person or business that is authorized to buy and sell securities without being registered through the Security and Exchange Commission (SEC) 

Why It's Important
An accredited investor can invest in a variety of unregistered investments such as hedge funds, venture capital, and private equity opportunities.  But, of course, this status is not open to everyone.  In order to gain the status of accredited investor, you have to meet two different criteria:

  1. The individual must have earned income exceeding $200,000 or $300,000 when combined with a spouse during each of the past two years with the expectation that it will continue.
  2. The net worth of the individual or couple must exceed $1 million (excluding the primary residence)


Now, as I said before, it doesn't have to be individuals.  It could be a trust or any entity that meets the requirements.  

Eventually, I want to become an accredited investor!  All in due time!

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