First of all, it’s a recession. A lot of parents just are making the kind of money they used to make to support the growing needs and wants of young people. When you commit yourself to having certain things and being able to go certain places, having the means to do them is a better negotiator for parents. It is one thing to ask your parents to go to a skating party that costs $16, it’s an entirely different thing to ask your parents to go to a skating party that you can afford to go to.

Although, I optimistically believe that we are coming out of this recession with the help of great governmental programs and policies, young women should consider getting a job for several reasons:

1) Area of Pride. Working your way through life is a very proud moment. Rather than begging your parents for money that they could otherwise be spending on household essentials, you can manage your own money to get the items you see fit. Being able to give your younger siblings small amounts of cash helps build responsibility and character.

2) Experience. One of the best ways to get valuable experience in the field you hope to be an expertise in one day is to learn from the professionals. If you plan to open up a beauty salon-try being a shampoo girl at a local salon or spa. If you enjoy politics, get a short term job passing out campaign literature during campaign season.

3) Work Ethic. Above all things, having a great work ethic will help you go far in life. Hard work and diligence are sought after characteristics of colleges, potential mates, and future jobs. Getting up every morning and working hard for something you believe in is admirable.

4) Independence. Most young people consider getting a job for the material gain. There’s that and there is also the joy of having a paycheck with your name on it. Not only are you contributing to society by paying taxes, but you are also contributing to your future by establishing yourself as a worker. Nothing beats the joy of being able to save your own money to buy something nice for your family and friends.

My very first job was as a dietary aide at a nursing home. I worked with my best friend right after school and the pay was better than most fast food restaurants at the time. I was a sophomore in high school with hard working parents of humble beginnings. If I ever wanted to get the material things that I enjoyed, including drugstore makeup and department store clothes, I had to pay for it myself. I also had my mind on the big picture of having money to sustain me while in college. As one of the first people in my family to go out of state for college, my concern was always on being able to support myself. I was not a young person against begging my parents for money. I knew however that many times, they just didn’t have it. Going to work is just one of many ways you can help yourself become a better you. For tips on finding a job, try your local paper, your school guidance counselor,and friends.

-Tenicka Boyd

Hmm it might seem a little difficult to save when spending comes second nature to you but it’s not as hard as it seems. Check it out…

Non-Negotiables- Not only in dating you should have your non-negotiables but in finances too! Now, when you first receive your check you should have a list with the breakdowns of departments you need to pay. For example it can be easy Your list can be…1. Tithes 2. Savings. 3. Phone Bill. Now you know that every month that these are your non-negotiables. No matter what, these items need to be paid. From here you can base your budget of what you need.

Time to Take Inventory!- Yeah,yeah you might be what we would call a “Repeat Offender.” The one who goes out and buys 5 more items that almost look identical to the ones you have in you r closet. No one’s pointing fingers because I stand here GUILTY. But you would be surprised how much money you would save if you take inventory before going shopping. There is nothing worse than wasting money on replicas.

No Impulse Buys- So every time you head out to the stores set a plan before you head out the door. If you just need to buy a pair of jeans or a cd, that is what you should come back with. Or even if you give yourself a total amount that you’re going to spend, stick to the amount. This way you can have the freedom to buy what you want to and even indulge in that sale but still stick to the amount you want to spend. Trust me, the best feeling is going out shopping and coming back knowing you stuck to your budget and bought something you wanted! Score!

“I’m Not Buying It”

Last weekend I was full of anxiety, but not for reasons you would have expected. The anxiety wasn’t related to work, my personal life or The Knowledge Bank. Last weekend was a major release date for several popular tennis shoes including the Bugs Bunny Jordan’s, Barkley Foam Posites, the Elite Kevin Durant’s and the Elite Lebron James’s. Normally, I’m not really the tennis shoe type of guy, but I want to do something a little more casual for the summer. Therefore, I have been on an intense search for a pair of kicks that compliment my swag. Unfortunately, all the shoes that were hitting the shelves last weekend went for at least $160 and the Barkely Posites ring up for a jaw dropping $234!! That’s a lot of money for tennis shoes when, in my situation, I would only wear them a few times a month on my casual fresh days. Fortunately for me, I have a connect who put me on a list to visit a “special” Nike store in Memphis where I could get the shoes for half price. Sounds like a good deal, but there were a few stipulations.

First, I had to drive 2.5 hours to Memphis which I was willing to do. The second stipulation was that I needed to arrive at the store no later than 6am. I’m not a huge fan of early Saturday mornings, but for half price shoes, I was open to it. The last stipulation was the problem. The store did not open until 10am, which means I would have had to wait in line for 4 hours. That was a deal breaker. I understand patience is a virtue, but not for tennis shoes. So, on Friday, April 19th, I decided I would pass on all four pair of shoes. There was no way I was driving to Memphis, leaving Nashville at 3am, waiting in line for 4 hours just to buy shoes. I didn’t care about paying half price.

After the mental tug of war on Friday, I woke up early Saturday, April 20th still kind of wanting the shoes. Although it was too late for me to drive to Memphis, I knew that there was a Sport Seasons about 5 miles from my house that always carries the new release tennis shoes. I gave in to the temptation, hopped in my car and drove to Sport Seasons. On the way, I called the store to make sure they were carrying the J’s. When I called the phone rang 2 times, a nice young lady answered and to my pleasure they were carrying the J’s. While driving to the store, I spent some time talking to myself. I asked myself questions like, “Are you willing to pay $200 for these shoes?” “How long are you willing to stand in line?” “What if they don’t have a 10.5?” “Would you rather get a size 10 or size 11?” As I was having this question and answer period with myself, before I knew it, I was in the parking lot of the store.

To my surprise the store had opened early and there was not one person inside the store. What do you think I did? I’ll tell you. I parked into the closes parking spot to the door, put my truck in park, took a deep breath, put my car in reverse and took my crazy butt back to the crib. I know what you are thinking, “This dude is C R A Z Y!” You’re not alone. My wife felt the same way. You are also probably wondering why I decided to pass on the shoes. The reason I passed on the shoes is the lesson I want you to learn from this article.

Ultimately, I did not want the shoes enough to pay $200 for them. At this point in my life, considering that I teach others how to develop healthy financial habits, I should not ever experience buyer’s remorse. Buyer’s remorse is when you make a purchase and at some point in the future you regret the purchase. “At some point in the future” is quicker for some than others. Some shoppers experience buyer’s remorse immediately after their purchase and have the wherewithal to return the unwanted item. They cost themselves a little time by having to make the return, but in the end, they get their money back. For other shoppers, more time passes before they experience buyer’s remorse.  This group reaches the point of sorrow after realizing their money could have been put to better use or after realizing they purchased an item for the wrong reasons. Buyer’s remorse is a common feeling amongst people with poor financial habits. Here are a few tips on how to avoid experiencing buyer’s remorse:

1. Make sure you can afford the item you are purchasing. If you are broke after the purchase, you cannot afford it.

2. If you are wavering on a purchase, think about it over night.

3. Research your purchase. Read reviews and shop for the best price possible.

4. Do not make purchases to keep up with the latest trends.

5. Understand that “on sale” does not always translate to “good purchase.”

6. Shop with an accountability partner (AP). Your AP should be someone who is mature and responsible, who you trust to be your voice of reason.

There’s a population of people that believe half price J’s or “no-wait” J’s are the best deal you can get in the sneakerhead community. But after considering tips 2, 4, 5 and 6 I’m not buying it. LITERALLY!

C. Hale

So you have your part time check and what’s on your mind? Let’s see…. shoes, car gas, movies , nail polish and those dope pair of jeans you saw last week. You say to yourself, “Well that’s about it! What else do I really need to put my money? I bought everything I want and even needed!”

Hmm well “Congrats!” on buying your weekly needs and even throwing in some of your wants but you receive a “F” in the class of saving. Sorry to break it to you, if you’re not putting money away for rainy days it’s going to take you awhile to get the passing grade. Yes, I know necessarily you feel like either there is no point of saving, you don’t make enough to save or even don’t have anything worth saving for in my life. Well I’m here to break it to you that “Saving” isn’t your worst friend or evil nemesis in actuality it’s your best friend in camouflage. Still think I’m lying?? Ok, here it goes…you made me do it….

Rainy Days- Yes, we would love to live in a perfect world where you know what would happen next but unfortunately we don’t (at least it keeps life exciting, right?). Anyways let’s jump back on track. So you never know what can happen and yes that includes unexpected expenses. I know looking at your checks you feel like you don’t have enough money to save, well you’re wrong. You do not have to put hundreds in the bank a week, just put what you can afford. Instead of agreeing on an amount of what you would save because your check changes every week, agree on a percentage. So let’s say every two weeks you put 10% of your check. Trust me…it adds up!

Swap Out!- Sometimes the best trick when it comes to savings it is to do the “ Swap Out.” You ask what the swap out is, well I’m so glad you asked! The swap out is when you look at the list at the things, places, and people you spend your money on and see what you can swap out for savings. So instead of your money buying new accessories take that money place it in your savings account. By you doing this you can save more money by just limiting yourself.

“You Can’t Touch This”- Just like MC Hammer said as he rocked the stage same goes with you and your savings account. As excited as you get by how much you are savings you have after couple of months, make sure you do not touch it. And if you do it has to be in emergency situations in which the savings were made for! Oh and let me get one thing clear the shoe sale at the boutique does not quite make the cut!! I know it may seem like self torture now but you will thank me for this later

-C.O.R.E Family

Rainy Days, Fresh Flowers, Warm Days and Cute Dresses are all fun things you are looking forward to this Spring! Hmmm but as you’re checking your account you realize that you’ll be doing more Spring cleaning than Spring shopping! Well, I know the best way to fix that…start saving! Yes, the countdown has officially started! Check out some tips on saving up your money…

Rainy Days- Yes, we would love to live in a perfect world where we know what would happen next but unfortunately we don’t (at least it keeps life exciting, right?). Anyways let’s jump back on track. So you never know what can happen and yes that includes unexpected expenses. I know looking at your checks you feel like you don’t have enough money to save, well you’re wrong. You do not have to put hundreds in the bank a week, just put what you can afford. Instead of agreeing on an amount of what you would save because your check changes every week, agree on a percentage. So let’s say every two weeks you put 10% of your check. Trust me…it adds up!

Leave it Alone- So you’re headed out to the mall with your friends and might catch a movie. Before you head out the door open your purse and only pull out the money you need for the movies. The more money you bring the more tempted you’re going to be to spend it. Yes! Seeing those perfect pair of earrings at the mall and not having enough money to buy it will be a little frustrating but you’ll thank yourself when you get home and have that extra money you didn’t spend so you can put it towards your item you’re saving.

Score! It’s A Goal- Once you get in the habit of tracking what you spend (I promise it won’t seem like a chore after awhile) you can begin setting goals for yourself. You’ll begin to see and notice spending patterns you have within yourself. You can slowly begin to cut back on what you notice what you spend a lot of money on. And each week you should have atleast one goal. If it’s bringing your lunch or cutting back on your destinations to not go over your gas money, it will all help at the end.

-C.O.R.E Fam

Two weekends ago I had the pleasure of speaking to a group of young ladies about the importance of establishing healthy financial behaviors as young women. Here’s the rundown of my presentation:

• I advised the group to mimic the professional behaviors of women like Beyonce, Michelle Obama and Oprah who have all excelled in their respective careers while maintaining admirable public images.

• We discussed the consequences of debt and emphasized the importance of saving money.

• The most impactful advice I gave the girls was to “Ball on a Budget.”

As you all know by now, budgeting is a topic that I am super passionate about. Too often people stretch themselves thin to meet an irrelevant standard or impress people that do not matter.  It is extremely important to stay in your lane when managing your personal finances. I thought my “Ballin on a Budget” explanation was pretty thorough until I received a question at the end of my presentation. A young lady asked, “How do I ball on a budget with no job?”  It was a very good question considering all the girls participating in the workshop were younger than the legal working age. Plus, you must have income in order to budget and ball. My answer was simple, I told the girls to change their perception of what “working” means.

Most people think about working as being an employee. An employee is hired by a company to perform certain duties, during specified hours of the day and in return, the employee is paid a set amount of money at the end of their pay period. There is a less common approach to working referred to as entrepreneurship. Entrepreneurship is when person organizes and operates a business that they started. They become their own boss and assume all responsibilities related to running their company. Instead of being hired by a company, an entrepreneur does the hiring. They are the BAWSE!! Entrepreneurs make their own work schedules and they have the potential to earn more money than an “employee” who works for someone else.  Although the potential rewards of being an entrepreneur exceed those of being a traditional employee, there are some risks to consider when pursuing an entrepreneurial career. In the early stages of your business, income (if any) can fluctuate. Entrepreneurs encounter a lot of rejection and they work long hours. It is the individual’s responsibility to determine if the risks are worth the reward. If you are a high risk, high reward type of individual, keep in mind that entrepreneurs make up the biggest segment of millionaires in the U.S., whereas entertainers account for less than 1% of all millionaires.

So back to the question, how can you ball on a budget without a job? Make a job! Ok, ok. I can hear your grumbling questions over the internet, “Well how do I make a job?” Here are 8 tips to pursuing your first entrepreneurial venture:

1. Write down your talents.

2. Write down your strengths.

3. Write down your hobbies.

4. Write down the things that other people like about you.

5. Review your list.

6. Circle the things on the list that people are willing to pay for.

7. Put a box around the item that has the most potential.

8. Develop a strategy to launch your business around the item in #7.

Once you put #8 into action, you will have become an entrepreneur. And don’t think you are too young. There are thousands of youth across the world that have already started businesses who are younger than you. Here are a few:

This is Zoe Damacela, she is the CEO of Zoe Damacela Apparel. She started her first
business at 8 years old.

This is Thomas Suarez, a 14 year old app developer and founder of CarrotCorp, a
company that designs games for mobile devices.

This is Leanna Archer. She started her company, Leanna’s Inc at 9 years old.
Leanna’s Inc makes all natural hair care products.

There is an old saying,”If you do what you love, you will never work a day in your life.” I want our
readers to never work a day in their lives. Working for other people is so 1990. Develop your strengths
and talents early while you don’t have anything to loose. The older you get, the harder it gets to
become an entrepreneur. So get started now. You do not have to be a businesswoman, you can BE the
BUSINESS!!

…then you can really Ball on a Budget

-Courtney Hale

So you already gave yourself a goal of how much you want save this year, all you need now are the steps to get you to that magical amount of money. Hmm it might seem a little difficult to save when spending comes second nature to you but it’s not as hard as it seems. Check it out…

Non-Negotiables- Not only in dating you should have your non-negotiables but in finances too! Now, when you first receive your check you should have a list with the breakdowns of departments you need to pay. For example it can be easy Your list can be…1. Tithes 2. Savings. 3. Phone Bill. Now you know that every month that these are your non-negotiables. No matter what, these items need to be paid. From here you can base your budget of what you need.

Time to Take Inventory!- Yeah,yeah you might be what we would call a “Repeat Offender.” The one who goes out and buys 5 more items that almost look identical to the ones you have in you r closet. No one’s pointing fingers because I stand here GUILTY. But you would be surprised how much money you would save if you take inventory before going shopping. There is nothing worse than wasting money on replicas.

No Impulse Buys- So every time you head out to the stores set a plan before you head out the door. If you just need to buy a pair of jeans or a cd, that is what you should come back with. Or even if you give yourself a total amount that you’re going to spend, stick to the amount. This way you can have the freedom to buy what you want to and even indulge in that sale but still stick to the amount you want to spend. Trust me, the best feeling is going out shopping and coming back knowing you stuck to your budget and bought something you wanted! Score!

You often see me refer to The Knowledge Bank’s Four Core Values of sound money management which are Work, Budget, Save and Give. In most of my writings and workshops, the middle two values, “Budget” and “Save”, get most of the attention, but today I finally have an opportunity to focus on the core value “Work.” Did you know that many females struggle balancing their careers and personal life while battling issues like salary inequality and corporate discrimination? According to Bloomberg Businessweek, women make 82% of what men make. In addition, women often have many internal battles about whether or not they are capable of fulfilling their womanly duties while working a fulltime job. The relationship between women and their careers is more comparable to algebra than to arithmetic. There are many factors that females must consider as they prioritize the value of working in their lives. The struggle hit mainstream media outlets a couple weeks ago with the announcement by Yahoo CEO, Marissa Mayer that the company would ban telecommuting, which allows people to work from home as opposed to driving into the office.  Telecommuting is convenient for women because it allows them to balance their commitments at home with their commitments at work. Pair the controversial decision at Yahoo with the release of “Lean In”, the book by Facebook COO Sheryl Sandberg, the first half of March has been an awakening of the feminist movement. So what’s the problem?

“Lean In” is Sandberg’s personal testimony about how she climbed the corporate ladder and how she overcame the personal insecurities of being a woman in the male-dominated tech industry. Mayer and Sandberg, being executives at two of the most recognizable companies in America, have the platform to address the issues of inequality and discrimination against women in corporate America, but many critics feel that the two have not used their positions to the benefit of the plight of women. Critics believe that Mayer set, not only women, but corporate culture back 10 years by banning telecommuting. Sandberg is criticized for almost suggesting that women’s perceived inferiority in the workplace is because of their lack of effort and focus. I bet you never thought working could be so complicated past the normal strains of the job itself. But don’t fret. I’m going to give you some advice that should alleviate some of the pressure that females face as they make tough personal and career decisions.

Much of the drama related to the issues above relate to the predetermined notions of what women should be and what women should do once they get in positions of power. It’s nothing but adult peer pressure. You deal with adult peer pressure the same ways you deal with peer pressure as a child. Know who you are, be true to yourself and make your own choices. Set goals and identify your likes and dislikes. Figure out how your career aspirations affect the goals you have set for your personal life. Some women are ok with working 40 hours a week and not having a husband or kids. Some women are ok with working 40 hours a week with a husband and kids, relying on outside help from family members or nannies to assist with the duties at home. Some women don’t want to work at all and allow their husbands to support the family financially. All three of these scenarios are acceptable on the condition that they align with your personal values. Don’t ever let anyone affect your ability to make your paper. If it’s legit and admirable, keep putting in “Work” because budgeting, saving and giving can’t happen on their own.

-C.Hale
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Company You Keep- Ok so you know how the say “watch the company you keep?” Well, you know it’s a true statement in regards shopping buddies as well. If you know that it’s a difficult for you to say the word “no” when it comes to shopping, watch the shopping buddy who joins you. If your friend constantly is swiping left and right, she’s more than likely is going to want you do the same and this is where pressure comes into play when dealing with unnecessary spending. So the next time you going to shop for something specific bring a laid back friend or just hit the boutique by yourself. Sometimes shopping solo is the best way too! Less stress, less opinions and no pressures!

Weekend Fun??- Give yourself a weekend budget in order to not over spend. Sooo headed to the movies?? Have a pitch in meal before you go! The money you guys spend on individual snacks you could have a hefty feast between the 4 of you guys! So instead of spending 20 bucks you guys can have taco night for the whole night.Also as a new driver you’re just realizing why your mom would silently curse to herself each time she passes a gas station…because it is no where near cheap to drive! So instead of driving aimlessly around the city have a set map of your stops so you can cut down on gas money also

Refocus!! Ok, I know the fact that your parents wouldn’t give you money to but the $150.00 pair of shoes that everybody has makes you feel like the end of the world is here. But I’m going to let you end on a little a secret…life goes on. I know your day to day let downs seem never ending and although you should live for today you should still plan for tomorrow as well. So even though it may seem like everybody else is keeping up on the latest trends, saving and setting money to the side is more fulfilling. So even though you may not have every latest thing, once you head off to college you will have enough money aside to not only easily pay for your books but to have a comfortable amount to live on and not scraping last minute. Just saying.

I often advise youth to pay attention to current events in the news because it can be educational, inspirational, and motivational. But lately, I have been reluctant to follow my own advice because the news has been very confusing. Much of it has been infiltrated with what I consider to be conflicting financial jargon related to the federal budget. What would you think about a family whose expenses were almost two times more than their income? Or a family who, instead of reducing their spending, chose to take out more debt? You would probably think they were doomed. Sadly, the scenario above is true, but does not reflect the spending habits of a family. The scenario reflects the spending habits of our federal government. That’s pretty disturbing stuff and thus the reason for all the media attention and the reason why I suggest you do not follow the financial practices you see in Washington.

The sequester has been the hot topic in the news over the last few weeks. You probably want to know what’s a sequester? Before I answer that you need a little background information and a quick timeline. When the government has expenses for programs and initiatives that exceed its available cash, it takes out loans to fund the difference and congress sets a limit on the amount of money that the government can borrow. The limit is referred to as the debt ceiling. Now the timeline: Before the sequester there was the fiscal cliff. Before the fiscal cliff there was the debt ceiling. Before the debt ceiling there was the recession and that’s where we will start. The recession was a life changing experience for many Americans who lost their retirement savings, jobs and houses. So naturally, our government would want to do everything in its power to delay (because by economic standards you cannot prevent) such a financially catastrophic event from happening for as long as possible. That was the intention of Congress when it negotiated a deal to delay some drastic spending cuts that were part of the debt ceiling compromise.

In 2011, the government had expenses that exceeded its available cash and exceeded the debt ceiling approved by Congress. Therefore, the President made a deal to raise the debt ceiling. The debt ceiling deal was contingent upon some drastic cuts in government spending. These drastic spending cuts are referred to as the sequester. The idea was that sequester would generate a greater sense of urgency to enact a new, more reasonable spending reduction plan that would replace the extreme cuts of the sequester. The deadline to enact the more reasonable plan is referred to as the fiscal cliff and was set for December 31, 2012. This deadline was extended to March 1st and unfortunately, no new deal was made. The result is $85 billion in government spending cuts in 2013 alone. But that’s a good thing right? Well, that depends on who you ask and that question brings me to the valuable lessons.

Lesson 1. Don’t manage your personal finances the way that the federal government manages our national budget. Spending cuts are always a good thing in your personal finances, especially if you are using loans to cover some of your expenses. Your ultimate goal is to have 0 debt.

Lesson 2. Do as they say, not as they do. Two years ago, the country was told that part of the cause of the recession was a result of individual over spending and under saving. So save more and spend less even if the federal government is doing the opposite.

Lesson 3. Remember that self sufficiency > dependency. Value taking care of yourself. Don’t depend on anyone or any entity. That includes family members, churches and especially the government.

Lesson 4. It’s good to get out of line when your leaders are out of order.

-C.Hale