FinANcial Planning
Planning your Fincial goals and Direction so that you know what way you should go in order to direct detect and move forward into the fullness of the blessing that you will walk in but you have to be willing to walk in it
Lets Talk Money
Well, today, our conversation is going to be about a topic that is affected many of us in this season. And that is money. So, let's talk. Let's talk about money. Money is the thing that makes our world go round. Money. A lot of people say money is the root of all evil money is an issue money is a problem. Money is not a problem. Money in its genuine form is just a form of currency, it flows in it flows out the attitude you have towards money will determine whether it will come to you, or it will be pushed away from me. So, for that. Let's look at certain areas that money affects, we're going to look at two different elements. And because this is a show that I also like to talk about music, we're going to talk about money as it affects the general public, and money as it affects the musicians in this seat, shall we. So, let's start. COVID-19 has been the biggest issue that we have seen in this season. It has opened us up to one of the biggest hits to our financial pockets that we have ever seen in our entire lives. It has taken away a lot of people's ability to make money. In the blink of an eye. Because a lot of people depended on their nine to five jobs. And in an economy that there was a growing uptick of employment coming back into order. People were starting to become optimistic about the jobs, and stability and that things were coming back into order. But when COVID-19 hit in a blink of an eye. You saw everything shut down.
You saw
.people for two whole months had to be within their homes and money that they didn't know that they didn't have or needed was needed in that moment. So I'm going to take this time to break down. Nine principles that we saw within that period that has affected both sides. Okay. Well, first thing that happened crit. A lot of people don't understand that when this entire issue came to be. You saw a humongous financial strike to credit, everyone depended on credit people didn't realize how much credit affected them until this happened because of the fact that when this happened, businesses were dependent on their credit in order to keep their businesses, open because they had to still cover overheads and make up the differences, especially if you were a business that did food. You had to make up the difference of the fact that people could no longer come into your establishment and sit down and eat. So, you had to make a conscious effort and a conscious decision to shift and change the way that you.
making your money and it had to be done quickly. So with that being done money had to be spent in order for you to keep things going. So if a lot of places had to make things online and they had to do it immediately. They had to create online online storefronts, and most people don't know this but if you are creating a website. It costs anywhere from $3,000 to $5,000 just to create and maintain and manage a website if you're hiring somebody to come in and do it, and you have to do that immediately. So with something like that happening, people needed to do these things in a quick manner. And it was not an option for them to be like well I can't do that, they had to do it and they had to do it quickly. So, what people needed to do and a lot of people don't tell you this, this is a trick I learned from a, investment banker that I was following on YouTube.
He said, a lot of people went in, immediately froze their credit. Because you have to be aware and monitoring your credit what you're doing and how you're doing. With that being said, you also had an uptick, and you're even seeing now and identity theft, because people have become desperate for money, people needed to monitor their money. I remember I'll never forget this. A few years back. I heard a story that somebody tried had the audacity to try to steal Will Smith identity. I could not believe that that was the case because everybody knows that, that would be caught as quickly as possible. There was no point in that but things happen people try things. And in a society that we're in right now these are things that you need to pay attention to. So you need to monitor your credit, you need to pay attention to these things. Next, that you need to start keeping budgets. When this COVID-19 happened, people needed to pay attention to their budget. Because what they had they needed to make stretch, and they needed to make it stretch quickly. So they had to pare down, not by as much, not by what they were used to back paid bills, get things in order if they didn't have a nest egg or savings account, they needed to do what they needed to do to get small loans or such things in order to keep them afloat, these things all affected your credit as well.
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Second
because of this people need to pay more attention, and also said I was going to bring in the music industry as well. One of the biggest things that you see in the music industry is the fact that a lot of people do not know how to budget when they are given the opportunity to get a music deal contract. People don't understand that right off the top when they get that contract, the first things that need to happen is they need to pay their team executives producers overheads people that are doing distributions handling their contracts. These are all things that would have to be in the budget and are taken out immediately before they even see what happens then with that being taken out they do not realize that anything that they are doing press events, any money that they're spending on transportation, all these things, which is supposed to be budgeted is not being handled, if they don't have somebody that is managing and accounting these things to make sure that these things are being budgeted for them. Now, and this is one of the things that if you listen to a lot of musicians, they have already always said that they did not know, things were being put on loan, meaning, everything that they were buying it was alone. It was just simply alone. And that was not something that was understood.
keeping things in order. Well, with budgeting, you need to keep things in order you need to have savings accounts you need to have more than one savings account in order to help you and a lot of people will say, in these types of climates, why would you and how would you be able to save anything to do anything with in these types of situations or scenarios for a woman tell you exactly how you could do that. You start saving what you could save whenever you can save it, meaning if you see a penny use you put that in a jar and you start saving it. If you have a couple of dollars you start saving, I will never forget the story of Lisa Nichols, a coach, that I used to listen to several years back she said that when she first lost her job. She. She didn't even lose the job, she was working a job. And she ended up
.starting to save what she wouldn't do with every paycheck she made it her ideal directive that she was going to take a portion of every check. And not only would she take a portion of percentage off of every check she made sure she doubled the percentage that she took off of each check every time she saved. Well this worked out for her because three years later she had open six bank accounts and when she checked the savings account, a woman handed her the budget to build on that savings. And she had saved up to $63,000. So it's not impossible to budget when you have a little bit of money you just. You.
The thing that I will tell you to do that. In these times. It is important that you are understood understanding what it is that people now are dependent on doing something new. So a lot of people that were not did not have business did not have any businesses in order to keep their homes and livings afloat. They had to start their own business, I've seen lotion lines, I've seen jewelry lines makeup lines. Perfume lines people have joined mlms anything to start making and bringing money into their bank accounts merchandise selling these types of things. And I will tell you that a lot of people, some people do not know how to do it. Some people do know how to do it. But if you ever need directive, I can most definitely give you information on what needs to be done more to help those things be put together.
Fourth
With that being said, People need to understand what their net worth is net worth is a combination of your assets, all of your assets put together from your job from any side income that you have put together in its fullest entirety of all money that you have what it is before taxes. That is your net worth. Now, once you deduct your taxes. This is your remaining assets.
Now, Fifth
My next point is debt. All nobody likes to talk about debt, debt is something that I see happen to regular people and I see people in the music industry suffer from debt. Because what happens to people in the music industry is you see that they come in, they are naive, they start spending, they see that $20 million, or whatever it is that they got on their, their for their deal, and they start to spend it. And because they did not know what was going on alone, they end up putting themselves in debt because they want the bigger show the lavish show advertisements, all these types of things, they have to pay for tours and they want the biggest sets and all of these types of things and they're just coming in but they want. The major artists, show print out, Toni Braxton got into a whole lot of trouble. Here's the gold doing shows like that that she ended up when our first tour came out with a million dollars her second, she had spent so much money that she had to file for bankruptcy, because of the fact that she went lavish, debt, debt is one of the biggest issues. And as we go We'll come back to today's time, you're looking at regular people dealing with debt, and their issue with debt is this. They, they are trying to, what I call, and my mother used to always say this robbing Peter to pay Paul meaning there. During the seasons. They have starting to run out of their money and some have already been started to run out of their money and they started paying with credit cards, and they run up credit card debt. So with these types of things you need to be responsible enough to make the decision to pay off your debts, you need to put things in alignment put put programs, put any type of programs in order to issue a management person that can manage your debts, making sure that money is put into accounts to cover these debts and these, these payments come out of one account in order to continue to pay off your debts, over a period of time where there'd be hospital bills, whether it be living bills, whether it be business bills, whether whatever it is that you make sure that these bills are being paid and that your debts are being cleared and paid off. Next, this is a topic that a lot of people don't really want to talk about, but it is an important topic. We need to talk about having some sort of safe saved, well we talked about savings. And we also touched a little teeny bit on budgeting, because this, the savings helps with your budgeting, but savings is important because you need to have that nest egg, you need to have an emergency fund. If this year has taught you anything. You must have an emergency fund.
Don't are able to continue to make money. One of my biggest helps is whenever I have money, I paid bills out 1, 2, 3..., 6 months ahead of time, saves my life when I don't have money, because the best thing you can ever do is look at your bill. And see, you owe nothing, which gives you time to catch up before you get to the end of your finances. In situations like this supplement, find a job, do whatever it is that you need to do in order to find the money that is necessary in order to get to and keep you afloat. That is something that is an absolute necessity to have some type of savings. In the music industry savings has helped musicians cover things that maybe their executives could not cover they may have needed. Maybe there was an emergency. Perfect example,this situation right now, people were not able to tour during this season. So they were they had to be able to be more creative and innovative.
covering their assets. By doing virtual shows, car car shows doing instead of doing music videos, and having the ability to do productions for their music videos, especially artists that had albums that were preparing to come out, they had to improvise and sometimes those things need, sometimes you need to put a downpayment on it. And if your money is tied up in assets, you need to have a savings account of some sort that is covering you so that you can do something on a whim.
Sixth, the next biggest thing that I find that would need to be covered is the wills and trusts. This is something that we needed to talk about wills and trusts. For the average person a will is a necessity, especially in a season like this. And people did not realize how important it was to have a will in this type of season, then, all right now, because people have been dying family members never thought would have died have passed away from an illness that God knows where it came from. But with that money needed to be spent. money needed to be spent by having a Will you were able to
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pay full pay off your debts before you had them. People that have paid people that have set up people that have situated their accounts in such a way people that have already a lot of these things to be set up with a will that covered, covered their their death benefits covered. their funerals covered these types of things. It's an insurance policy. That's what life insurance is having the ability to cover the life insurance to ensure that everything is covered when you pass away with the will takes care of your family to take care of debts, your living your housing, things that are going on within your living situation. To balance you balance the family out in the case of family members passing away when a head of household passes away, what do you do? This is what happened when my mother passed away several years ago. She passed away about 14 years ago when she passed, there was nothing in place for her the insurance that covered her. Her life insurance, it was not covered the payments had not been fully processed out. So we were we weren't even able to bury her we had to have been cremate her and we couldn't even afford the urn to keep the ashes in.
These are things that you need to pay attention to just because a person is there doesn't mean that they will always be there. Perfect example. I had a family member who's a Daughter passed away. And when their daughter passed away, it was a sudden occurrence and the child was a child not having a will not having some type of insurance to cover the child. What do you do? How do you make sure that these things that these things are taken care of, God forbid it could happen to you. These are the things that we all need to be thinking about now trusts back to the music industry. When entertainers create their careers, they need to think long about longevity, they need to be putting in savings, anything that they create, especially if they managed to become an artist that was known. They needed to create trusts for family members, their children, their loved ones, whether it be mothers, brothers, sisters, so on, they need to put these things in order because without these things being in order. You've seen it and we've all seen it happen before you soon as that person dies, it's a money grab. First people are getting the money is the executives. Second people in the family members are going to be bickering and fighting over who gets to split the money and how in which ways it needs to be split. None of these things would be an issue, if you have a solid trust in place to see who's getting money, how much they are getting over what period of time that money is going to be balanced out and transferred to who which member and who their legal name is on it. And they have contractual agreements set up that as soon as the person is passed away, that when they meet with the attorneys, all they have to do is sign on the dotted line. And whoever is meant to get it gets it can even be disputed because it was already set up. You don't have any issues, you have no problems and
legacy is protected. am I forgetting anything? I believe I've covered the majority of these things. The only other thing I could think of now would be.
to talk about building your credit. Because now in a time when we have seen a clean credit loss so horribly, that this now is a season when we need to rebuild credit, in order to begin to get back on our feet, in order to purchase homes in order to purchase apartment cars, things that are going to keep our lives moving mobile and going Not to mention, you also need to have cash. liquidity, because cash is way more lucrative, then credit, credit, you're going to old back credit, you're going to need to go through a process of but if you have cash, a lot of people don't even know the premises of what to do when you have cash. Because a lot of people have never seen or had enough money that they could pay for anything in cash. People have bought homes and cash. People have bought properties and cash, buildings, certain investments, things that you can buy in cash, one of the biggest things that you should always do getting back to life insurance, if you can afford to put money into a life insurance policy and pay it up. I seen my dad do this. He had his life insurance agent meet him at his house, and he paid into his life insurance. And for as much time as he paid into it. He was allowed and a lot of the ability to raise his life insurance, meaning he could go from $100,000 policy to a $200,000 policy of $300,000 policy. You can raise your life insurance. But the good thing about that is it's cash. And that means that you can borrow against that cash. In situations like this. I know a lot of people that had insurance policies, especially that ran bills businesses, they were borrowing against insurance in order to keep These things open. cash is king. Especially with our entertainers, anybody that had money saved up in life insurance and, you know, entertainers had their money saved up in life insurance because they had life insurance policies put on them just from their executives in the companies that they work for. Hey, had life insurance policies probably multiple life insurance policies and you know what's kept them afloat using the cash liquidity in both insurance policies. cash is king. I don't want to be labor. The idea but I wanted to just spend this time sit down and talk to you guys about some things that that were on my mind when it comes down to money. I hope this talk has really helped you. And if it is that you feel that you need to talk more and discuss more about money and finance in this season. I want you to drop me a DM in my messenger, you can go to my Instagram, I'm under Afro centric. In just glitter in the mix by gold TCM You can also find me at gold GoldenChildtcm@gmail.com as well as you can find me on Twitter as gold TCM. And you can also drop me a message in my Facebook under gold TCM, if you want to find out more information because finances is a big issue in this season. We all are dealing with the pressing, and my advice to you is what I just gave you in order to help you because your health is your wealth. And the biggest thing is keeping you in order in your money. Because with money, you can move around. I hope that I was able to give you something on today that made you think if nothing else, I'm Tajma Cameron for Afro centric in the mix. Hope to speak to you soon. I love you.
Love, Faith, Peace and Blessings...bye, bye.
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