Mastering your wealth comes down to two major factors. Income and Expenses.According to Dominique Broadway, it's important that your income outweighs your expenses. Sure you could focus on making more money, but if you're constantly spending then you're not fully maximizing your budgeting potential. You can achieve balance in your budget by finding creative ways to decrease expenses like cutting your cable bill or packing a brown bag lunch. Extra Tip: Automate your savings to consistently build wealth.
- Set a goal amount.
- Break down the amount.
- Automate your savings.
POP QUIZ!Do you know why you need credit history? What about the importance of good credit? Did you know: Payday loans can be very expensive form of credit? What's the major difference between saving and investing? If you attended the Money Matters Financial Empowerment Workshop in Harlem, you should score an A+ on these financial quiz questions and have a deeper understanding and actionable steps on making your money work smarter and harder for you. During the workshop, speakers like Dominique Broadway shared her insight on her journey to becoming a leading financial speaker and advisor. She also shared tips on how to start a budget, stick to a budget and overcome budgeting goals. A financial tip that I now use? The My Money Goals card is a great way to remind yourself of your budgeting goals. You simply write your goals on the card and stick it inside your wallet for safe keeping. It's a gentile, yet hard-enough reminder to detour you from frivolously swiping your debit card or spending cash unnecessarily. If it isn't going towards my money goals, it's not THAT important. Mr. Bill Cheeks is a veteran when it comes down to understanding and teaching the importance of good credit. He has a perfect credit score! A PERFECT CREDIT SCORE! I used to think having a perfect credit score was as mythical and mystical as a unicorn. Mr. Cheeks shared valuable tips including:
- Pay your bills on time.
- Have a small amount of total debt.
- Only use a small amount of your total available credit.