Let's Talk Money

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This week has been difficult for many reasons but the one that stands out is death.  My boyfriend lost his sister to cancer this week and it made me realize that life is too short.  I have not been taking my health seriously and since I have a family history of several ailments, I need to get serious!  Diabetes, high blood pressure, asthma, and anxiety/depression runs in my family.  For years, I have wanted to lose weight BUT never really took it seriously.  I was like YOLO (you only live once) let me go ahead and eat what I want.  That has to stop.  

One of my biggest issues is sweets.  My grandma has had diabetes for decades and she always tells me "Tiffany, you need to slow down on the sweets before you end up like me".  Now, whether or not that is really the case (I am not sure what studies show), she...

This topic was requested in my Facebook group (you can join here).  People wanted to know if a balance transfer was worth it.  If you read my blog, you know I am not a huge fan of credit cards, but they could be a useful tool on your financial journey.  I will attempt to breakdown some of the pros and cons of doing a balance transfer.

What is it?
A balance transfer is when you take a high-interest credit card balance and transfer it to a lower interest rate card.  Most of the time, you will be able to find a 0% interest rate special to transfer the balance, but we'll talk more about that later.  It could be a beneficial strategy for those that have a lot of credit card debt.  Let's dive into the Pros!

Pros
Low or no interest for a set amount of time 
Interest is what makes it so hard to dig out of credit card debt, especially when the national average rate is 12.77%.  I have seen cards with interest rates at almost 30%!  Balance transfers...

Recorded live at FinCon 2019, Tiffany and Eugenie talk ancestry and how that plays a pivotal role in your finances.  Trauma from previous generations can carry through to the current and future generations.  Being aware of the trauma is your first defense against carrying it on.  Listen as we dig deep!

About Our Guest
Eugenie George, MBA, CFEI, is a financial educator, author, founder and host of Money and Flow, a podcast to help with listeners with finance questions. She is also a keynote speaker on equity and Millennial money engagement in the workplace. As a former teacher, she brings excitement to the stage with engaging stories and data that can help multigenerational bridge together the Millennial gap.

Eugenie (u-jin-nay) uses her 10+ plus years’ experience in tech, education, and finance to lead high-achieving women and women of color to understand their money habits. Eugenie uses non-traditional ways of understanding business and personal goals because no...

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...