MAKE YOUR MONEY WORK FOR YOU

Person Holding 100 Us Dollar Banknotes

“Respect it as you make it.”


EARN WITH REGARD

As you earn money, make sure to put some away for when you may really need your income. And this means that you job is not guaranteed, so who knows what may happen. You need some rainy day money just in case something bad happens. Another reason to put money away is to make it work for you eventually. This means to invest in some type of engine that will render a good return on your money. But not all people have the income to do so, or do we. Because when you look at what you spend your money on throughout the year, you see that most people have it. They just don’t do a really good job at managing their income.

MANAGE IT WELL

If you don’t know how to manage money, then you better start learning how to do so. Especially if you want to have a family one day. Then need to make use of your money in a responsible way is going to be crucial in your success not just in your career but as a spouse and parent. You also don’t know the important things that will come up along the way. And you don’t want to be known as one of those people who have a disrespect for money.

YIELDS NOT INCOME

You are supposed to use the rule of thumb that is let your invest yields pay for the things you want in this world not your income. So if you want all these things that cost a lot of money invest and buy that way. But see, the investment is long term and people want it now. And if you have a now mind-frame then you are setting yourself up for problems. Because to make the money work your way you have to build over time.


Personal Website: http://www.faheemjackson.squarespace.com
Instagram Me: @theefaheemjackson; @faheemjacksonphotography
Twitter Me: @2320howe

SAVING FOR THEIR FUTURE: PUTTING MONEY AWAY FOR YOUR CHILD’S FUTURE

Person Holding Piggy Bank

“Start before they get here.”


financing your offspring

You might want to know, when is the best time to start investing in your child’s future? And when I say invest I mean putting away money for them for when they reach a certain age. The money should be used for their college education, or when they become an adult and want to purchase their very first home. Or better yet, if they want to embark on their very own business, the money will do them wonders. Now you have to ask yourself a very important question. When is the best time to start investing money in your child? Is it before they are born, when they are young, or a little later in age like adolescence?

what can you afford

Think about the amount of money you have to put away. Don’t put yourself in the poor house trying to save for your child. Understand that you have to live while you save. So you might only be able to put away $20 here and $50 there for their future. But over the course of 18 years, 21 years, or maybe that first house at 25 years, the savings is possible. Just be aware of what you can and cannot afford. Don’t try to stretch yourself out too far when putting away money for them. Understand that life is a marathon applies to saving for them like building your success.

it’s a family affair

Bringing your child or children in the loop is a good way to aid in their building of finances for themselves. When I was in high school, I had a job in retail, but didn’t save any money because the pay was so low I could only really afford gas. But what happens when you’re growing up in a house where parents already are in the process of setting money aside. You can now afford to assist considering it’s your money being built. And you have a disposable income, so you can actual put in more than your parents.


Personal Website: http://www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

SAVINGS ACCOUNTS: HOW TO SAVE WHEN YOU ARE YOUNG

Pink and White Ceramic Pig Coin Bank

“Put it away for later.”


a penny today, a dollar tomorrow

Growing up, my mother always saved her money. And not because she made a lot and wanted to have as a rainy day fund. She did so just because she wanted us to see that there must be something you keep away just in case something happens; anything. You never want to be caught out there with no means of survival. So what do you do, you save your money in the bank and use only the checking account. Let’s assume you have other obligations, how can you save money with this in mind?

i want that

The problem when you are young is that you want everything, but you cannot afford everything. And when faced with an issue of going out and spending versus savings, we tend to spend. We get the idea that in our minds, we must have something that actually provides us with no immediate use at first. We want to fit into the group and be accepted by their peers.But it just never dawns on you that you’re heading for a world of trouble by listening to your peers.

out of fear

When you see people around you falling off financially, then you can understand that their is some to be said about holding on to your money. We get up every morning and take for granted that something will be there everyday. You have to learn to establish a fund for making your income. Something that will serve as a means to aid in case of a job loss, or even starting capital for buying a house.


Personal Website: http://www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

GET IT TOGETHER: HOW YOUR PRIORITIES CAN AFFECT YOU MONEY

Finance Illustration Paper On Table

“Do what’s needed first, then focus on your wants.”


who taught you how

Growing up, we all are raised with a set of morals and principles. And those are going to guide us through life. But what happens when your views on finances, being one of those morals, puts you in a very binding position because you were never taught basics of money? When I was young, I would watch my mother receive her check and go straight to the bank. She would take out money for the rent, then food, then make sure we had our personals. And if we had something leftover, maybe you got something nice at the store. She prioritized with the things we needed first, then the things we wanted, no questions asked.

from one class to another

If you happen to find yourself out of one class into another at a higher level, then you know you have to change. And generally, changing your socioeconomic class means changing your mind-frame anyways. If you think poor, you can’t make money. And a lot of people don’t want to hear that their mind-frame is derived from an impoverished situation. But it truly is, they just can’t see it. If all you know is this current state, then you can’t move past that point. Shifting the thought process to open your mind to new opportunities you will arrive at your destination eventually.

i want to change

Do you genuinely want to do better, or is it something you just say to make yourself feel good? We want to look at life in that manner of fixing your things in life that are needs and dumping the excess wants. But let’s be honest, who truly buys what they need first. A lot of people buy out of need, when in reality it’s a want. And their priorities are out of wack, with their lives hanging in the balance. And they don’t realize it until it’s far too late.


Personal Website: http://www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

GET RICH, LIVE POOR: WHY YOU SHOULD SPEND CONSIDERABLY LESS THAN YOU MAKE

Person Holding Debit Card

“Why go broke when you don’t have to?”


why we spend

We all love to shop til we drop. But when it comes to having money and retaining the money, we all have a hard time doing so. And that’s why I chose to discuss the idea of all of us spending less than we actually have in the bank. And the reason for this is that you don’t want to live beyond your means. As a matter of fact, you don’t want to buy anything toward the top of your budget. When you purchase something it should always be in context of the percentage of something you brought home. So if you make $40,000 per year, your car should be 7-10% of what you make in a year. But try explaining to someone that they should spend $2,800 to $4,000 on a car.

rainy day, better yet a hail storm

We have heard the phrase when it rains it pours. And that is this notion that when something bad happens it all falls down by the waist side. Sometimes the waist side is still too high for how bad things can get in life. So you want to have enough money saved up just in case something bad does happen. Never know what may transpire, so you want to give yourself some wiggle room. If you are living above what you make, then you will find yourself in a world of trouble if that time comes. And I don’t care if you make $75,000, live like you only make $30,000 to $40,000. You will be shocked by how much you save.

get out of your head

Remember I said prior that you want to spend less than what you make. People hear that they are about to make $100,000 in a year and go out and get a new car. Then they try to buy a condo, and vacation, and shop, and this and that. But what they should really be thinking is how can I save the most for when I need it. Doesn’t hurt to enjoy, but what you have to be thinking is long term. Especially if you are someone with children to support. You have to think about their futures in addition to your own. So spend wisely and cross the next few bridges even if they are there just in case something comes up.


Personal Website: http://www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

ONLINE BANKING: HOW IT MAY CHANGE OVER TIME

Person Holding Smartphone in Front of Desk

“Tracking more than expenses.”


no need to drive up

I remember as a child growing up we didn’t have a car. And the bank where my mother was at had a drive through. She would walk to the window and withdraw cash from her account or get a money order. But today is vastly different from the days of watching my mother retrieve cash form the bank. You no longer have to walk to any window. You can do everything online. Well you can almost do everything online. Because what will happen when the day comes where you don’t need the people behind the counters? Then you’re going to have a whole other ball game.

online teller

Machines are slowly taking over to the point you are going to have to speak with a teller over the internet. Imagine trying to conduct business with an automated voice telling you how to go about conducting your daily business. We already are irritated whenever we call anywhere and need that voice. Because speaking to a live person is so much different than a machine. There are questions that someone might have that then machine cannot pick up on where you need someone to talk out your problems. But what happens when not only the machine understands the basics, but little nuances, then you’re real trouble.

cashless

You used to have to carry around cash, and the thought of using a card was a no go. But now, I can’t tell you the last time I really touched cash. There is really no need unless you truly have to do so. And that is where we are headed in America. We are headed toward a cashless society. So if you are not used using cards for everything get used to it because we are heading toward a digital world.


My Personal Website: www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

Medium.com/@faheemjackson

Tumblr Me: @fjackson44

BLACK DOLLARS LOST: WHY THE BLACK COMMUNITY MAY BE FINANCIALLY POOR

black-and-white, close-up, face

“A few trillion, yet broke.”


the community

The African American community has is a financial base that constitutes roughly $2.5 trillion dollars of the American economy. But when you look as a whole, there is still a high level of poverty that exist within the communities throughout the country. And what are some of the driving forces behind the poverty. There are skeptics that will have a wide range of feelings. Views like Black people being shut out of business ownership to we as a community spending our money on things not making us better. So in my opinion, I have a few things that I have noticed from our end that can be done. Because the expectations of the system is not going to happen.

goods #1 (cars)

Walking home from a long day, I come across two neighborhoods here in New York City. One of them is the Upper Eat Side and the other being Harlem. The Upper East Side is a more expensive side of Manhattan which consists of highly priced brownstones and penthouse apartments. Both property types sharing the community with high end stores that can only be described as the Rodeo drive of New York City. Then there is Harlem, which is a large neighborhood stretching from 100th street all the up into the high 160’s. This is where you start to see more working class and poor families. A historic region of the borough, you instantly notice two aspects of both communities. There is that the Upper East Side is mostly White and Harlem is mostly Black. But the other is the money spent on goods and services.

I can’t help but notice walking past a housing project to see Mercedes Benz, BMW, Lexus, and Jaguar in the parking lot. Yet the upscale Upper East Side I see Toyota, Dodge, Nissan, and Ford. Why the stark difference in vehicles considering the community poor should be driving what the wealthy drive, and the wealthy should be driving what the poor drive. And here lies an underlying problem. Why is one living in the housing projects, yet driving a luxury vehicle? There are some really nice Chryslers, GM’s, Honda, Lincolns, and Audi’s. A car that has a price tag of a luxury vehicle when living in public housing has no real value because it’s not a real investment.

goods part 2 (clothing)

I know for myself growing up in a poor Black community, that carrying yourself in a certain manner in respect to how you dress is emphasized. But there is a clear difference between dressing to be presentable and dressing far outside what you are able to afford. Growing up in my community was like a runaway fashion show of every latest trend you can imagine. But I on the other hand attended predominantly White schools. And the dressing style was vastly different. It was nice and presentable, yet parents were not going too deep into their wallets. And these were children who could easily afford to wear expensive clothing. So when you have a closet that is easily mistaken for a high end fashion showroom and you’re poor, this can be a contributor to the problem as well.

education

Within our community there is still a high rate of a lack of education. I am not just talking about going to school education. I am also referring to the literacy when looking at money. Because in order to remove yourself from poverty you have to clean your mind and reintroduce new information. And from there. build for years off the new information until you get to the next level. And having financial literacy will aid you trying to build toward something stable. Interestingly enough, you will not learn that in college. It comes with years of at times making mistakes until you get the hang of it.


My Personal Website: www.faheemjackson.squarespace.com

Instagram Me: @theefaheemjackson

Twitter Me: @2320howe

Medium.com/@faheemjackson

Tumblr Me: @fjackson44