Let's Talk Money

FinCon 2019 was one word, AMAZING! Okay, that's the end of this article. I will see you next time. Just kidding! A FinCon Experience would not be complete without an accompanying blog post. It is like a wright of passage! There were so many things going on that I couldn't get to them all. But, I guess that brings me to my first tip:

1. Focus on building relationships 
When I was planning for FinCon, I used the app to make a schedule of breakout sessions and meetups that I wanted to attend. I have severe anxiety and a type-A personality, so I love to plan well ahead of time. I will tell you that none of my plans happened but, that was by design. I quickly learned that this time should be used to meet other people while focusing on collaborations and partnerships. I met so many money nerds like myself! I ended up with a stack of business cards about 2-3 inches thick!

2. Be sure to bring plenty of business cards 
I had bought a massive stack of business cards and almost...

Join me as I have a money talk with Danielle Desir, affordable travel extraordinaire.  We discuss everything from paying off debt while traveling around the world to treating your goals like a bill (non-negotiable) in your budget!  

About Our Guest
Danielle Desir is an author, speaker, podcaster and the founder of The Thought Card, an award-winning affordable travel finance blog and podcast empowering people to make informed financial decisions - travel more, pay off debt and build wealth. Danielle paid off $63,000 of student loan debt in 4 years and purchased her first home at the age of 27. She has traveled to 26 countries and 3 continents and strongly believes in not letting your financial responsibilities hold you back from pursuing your dreams.
Follow her on Twitter: https://twitter.com/thethoughtcard
Follow her on Instagram: https://www.instagram.com/thethoughtcard/
Like her on Facebook: https://www.facebook.com/thethoughtcard

Links
Danielle's Iceland...

Definition

A benchmark portfolio is a portfolio in which the asset mix attempts to duplicate the investment performance of a broadly diversified index (i.e. S&P 500). They are only meant to match the performance of the corresponding index, not beat it.

Why It's Important

When you were in school, didn't you have benchmark exams and tests? What were they used for? Typically, they are used to see how you are performing against the "norm". That is exactly what a benchmark portfolio is for! You use a benchmark to make sure your portfolio is performing adequately and make adjustments as needed.

My benchmark portfolio is 90/10 (90% stocks/10% bonds). That is what works for my goals, risk tolerance, and time horizon. When you are doing your research into what you want to invest in (because you should), make sure you match it up against a benchmark to make sure it is at least performing at that level or, preferably, better.

*This is not investment advice and is only provided for educational...

I've always struggled with how to price my services as an entrepreneur.  Our guest, Amelia Roberts, breaks down how she helps people discover their value.  We discussed being in the market as African-American females and making sure you create circles of influence to reach your goals.  Also, we talk about how to use research to your advantage when asking for a raise or a promotion.

About Our Guest 
Amelia Roberts is a digital native who officially became a practitioner of online marketing twelve years ago with a role as a virtual assistant. One thing lead to another and now alongside other hats, she works as a visibility expert and digital marketing consultant.  

In this role, Amelia helps under-recognized professionals become thought leaders by skipping the maddening Facebook Ads, sales funnels, and algorithm changes and go straight for online collaborative partners such as podcast hosts, bloggers, and who already have the “know, like, and...

Definition

Consumer debt is any debt used to purchase goods that are consumable and do not appreciate in value.

Why It's Important

This type of debt includes credit cards, payday loans, and the like. They generally have higher interest rates than secured debt (i.e. home loan or car loan) because it poses more risk to the creditor. If you default on consumer debt, the creditor is unable to take away anything that you bought with it. 

Also, it is important to note that consumer debt is not incurred by businesses or the government only individuals. So how much consumer debt are we in as Americans? Brace yourself! In June 2019, U.S. consumer debt was a whopping $4.1 trillion! That's crazy! Remember, that doesn't include houses or cars. We are in trouble!

If you are facing consumer debt issues do get some counseling, it really helps put you in the right direction

Enjoy this mini-episode about the baby emergency fund while Tiffany attends FinCon 2019!  Emergency funds are so important to protect you from a detrimental financial crisis.  Tiffany uses Ally Savings to house her emergency fund to take advantage of their higher-than-average interest rates.  

Do you have an emergency fund?  What are you waiting for?  Let's get it done!

Definition

Term life insurance provides coverage for a certain amount of time, typically between 5 and 30 years (Not your whole Life as the name states) . If you die within the term, the life insurance will pay out the death benefit.

Why It's Important

I love term life insurance because it is generally cheaper than whole life insurance and covers me for a significant period of time. Life insurance, in general, is important and should be part of most people's financial wellness plan. Life insurance is specifically important when you have a family and/or kids that depend on your income. 

As a single mom, I have two term life insurance policies. One is a 25-year term and one is a 30-year term. I prefer term life insurance because the premiums are cheaper than whole life and I figure by the time I am in my 50s, no one will be depending on my money. My kids will be grown and out the house, I will be debt free, and all I would have to cover are my burial costs which average about $10,000...

FinCon starts tomorrow, but this post has nothing to do with money! Yesterday, I spent the day cherishing my loved ones, especially my son, because I know I am going to be away for a little bit. I only had one son yesterday, so it gave me time to provide one on one attention and affection. I am always working and hustling, and the good part is my kids see that. Also, the bad part is my kids see that.  I need to slow down just a tad and find balance.  My oldest has started thinking of his own business ideas. He wants to own a restaurant (for now), and I encourage that. I remember when I was his age, I too wanted to own a restaurant. I was told that being a chef was a man's occupation and that a woman wouldn't make it to the top. Yes, this is what I was told by a very close family member.

Still, I never gave up on that dream. I applied and got accepted into Johnson & Wales, a prestigious culinary school. But, those dreams were derailed when I found out I was pregnant...

Join Tiffany as she has a money talk with Rita Bautista, host and creator of the Empowerment & All That podcast!  We discuss how she was able to pay off $15,000 in credit card debt in less than a year!  She drops some real gems so definitely take a listen.

Be sure to subscribe and rate this podcast on your favorite platform!  This helps more people find us.

About our guest:
Rita Bautista is a Latina Host & Creator of Empowerment & All That Podcast. The podcast was created as a direct result of years of Rita’s own personal development. She launched the podcast for women that deliver motivational tips and empowering stories from women with diverse backgrounds. Her hope is that these stories and tips will one day will reach women all around the world.

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

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

Definition

An inverted yield curve (negative yield curve) will slope down to the right to show that the yield is higher for short-term maturities than for longer maturities.

Why It's Important?

You may have heard all of the talk about the inverted yield curve and an upcoming recession. An inverted yield curve typically occurs when the Federal Reserve has raised short-term interest rates to restrain inflation and to cool down an overstimulated economy. Therefore, people have associated the inverted yield curve with a peak in the business cycle and since the peak has been reached, there is no where left to go but down. This is why it is commonly used to predict an upcoming recession.

To put the talks about a recession in perspective, here is a graph of all the past recessions and their relations to the inverted yield curve:

As you can see, there were times when an inverted yield curve did not signal a recession so, only time will tell if we are currently in one! My best piece of advice...