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Your thirties are the most critical decade in your life. This is because you are still young enough to put in place investment strategies that can improve your financial standing in the future. There are many money traps you can fall into in your 30s as you are still young and learning. In these instances, remember the famous quote from Warren Buffet, ‘Never lose ’ and rule number 2, ’Never forget rule number 1’. Apply this advice to your financial life and you can avoid common money mistakes people make in their 30s. Lack of income diversification Individuals in their 30s place a major focus on their job without realizing that they could find themselves out of a job anytime. Diversifying your income and investment portfolio is a chance to broaden your interests and explore different areas. When it comes to making money, it is okay to have something on the side. Having multiple income streams means that you have more money to invest and save for future projects. Pour all your time and effort into establishing your income streams, as this is what differentiates the wealthy from the rich. The earlier you get started the better is key! Too much credit card debt Credit cards are a quick fix when you need money to get through your next paycheck. Credit cards are not necessarily a bad thing as they are a useful tool in helping you establish creditworthiness and points in making online purchases. Yet, they offer a money trap when you make financial mistakes such as impulse purchases on things you had not budgeted for prior and you really do not need. Credit card companies make their money off these mistakes as there are infamous for their fees, interest rates, and hidden rules in the fine print. Credit card companies play number tricks on consumers. It may seem as though you can afford the payments because they are small relative to your income. But if you pay attention closely over time is where they make their money off of you. The longer you take to pay back the more interest that they charge and in turn you end up paying $200 spread out in interest over time, instead of the $100 original price of whatever item as an example. In your 30s, work towards getting rid of existing debt and monitoring your credit. Your credit score is important […]

      If there is one thing COVID-19 pandemic has taught us all is the importance of having long-term investments. Long-term investments build wealth by ensuring your money grows over time. In addition, long term investments overcome global market challenges, hence securing your principal. High risks equate to higher returns, as in the current economy, investments deemed as safe often lose value to inflation. Growth is associated with risks and long term investments overcome the risks. What are long term investments? Long term investments are assets that are held for more than one year and used to create other income streams, besides the normal income of an individual or a company. Long term investment is all about wealth creation. This involves building an investment portfolio that will generate income for the rest of one’s life. Long-term investments are known for capital appreciation that is gained by taking certain risks for higher rewards. Below is an overview of the 10 best long term investments to capitalize on after the COVID-19 pandemic that will ensure you get the best returns. Stocks Stocks are considered one of the core long term investments due to the high returns the offer. The annual return on stocks is considered to be 10% annually. The COVID-19 pandemic has brought the world to its knees, plunging the financial markets and reiterating the need to focus on long term investments for the future. Keeping in mind that stocks have high market adaptability and have survived through wars, recessions, pandemics, and many more, then every investor should have a fraction of their portfolio invested in stocks. Two types of stocks that you may be interested in investing in are growth stocks and high dividend stocks. Growth stocks offer long term financial growth since the money is re-invested as opposed to getting paid out dividends. Growth stocks offer high returns over time. Amazon is a perfect example of growth stocks. In 1994, Amazon stock could be purchased as low as $20.Over the years, it has risen to trading at $170 per share. Had you invested $100,000 in 1994, you could have $750,000 now. High dividend stocks have the prospect of appreciation and are considered one of the best long term investment options. Dividends paid out to stakeholders make these stocks less volatile in the case of a downturn in the markets. As much as there are numerous success stories associated with stock […]

    Getting a good mortgage rate is dependent on various factors. A lower refinancing rate equals to thousands of dollars in savings as a homeowner. The mortgage refinancing rates are subject to market vulnerabilities, such as the current times ofCOVID-19 pandemic. Due to the financial constraints, the interest rates have significantly reduced due to monetary policies placed by central banks to stimulate spending and avert a possible economic shutdown. If you are seeking to refinance your mortgage and get the best rates, then this is a good time to do so. To get the best refinance rates, you must be well-deserving and this article aims to equip you on how to get the best rates and what criteria lenders use. What is mortgage refinancing? Mortgage refinancing refers to the replacement of an existing mortgage contract between an individual and a creditor. The debtor will choose to revise interest rates, payment schedules, and terms of the previous agreement. You should consider refinancing your mortgage when the interest environment has substantially changed, such as after the COVID-19 pandemic, hence ensuring you make huge savings on mortgage payments. How refinancing works? Mortgage refinancing is often considered after evaluation of an individual’s credit terms and status. The current economic environment spiked by COVID-19 has substantially reduced interest rates on consumer loans, such as mortgages. This is an opportune time to consider approaching your creditor for mortgage refinancing. Monetary policies placed by national governments to stimulate consumer spending have substantially reduced interest rates. How to Win the Best Mortgage Rates? Improve your credit score An improved credit score is one of the core factors in accessing the best rates on mortgage refinancing. Your creditor evaluates your credit profile and status prior to a mortgage refinance agreement.  Improving your credit score takes time and that is why you should start now by paying off a huge sum of your credit card bills. This gradually improves your debt to available credit ratio, giving you a high chance of saving thousands of dollars in mortgage repayments. To stand a chance of getting the best rates on mortgage refinancing, it is advisable to use less than 30% of your available credit on your credit card. It is important to understand that they are no quick fixes to improving your credit score but upholding good credit practices over time consistently. Understand the type of loan that suits you best […]

Population is exploding, over 50% of the continents population is under the age of 20 yrs. Total population of Africa is about 1.3 billion and about 17% of the world’s population.Did you know the worlds 10 youngest countries are all in Africa? Niger, Uganda, Chad, Angola, Mali, Somali, Gambia, Zambia, Democratic Republic of Congo, Burkina Faso. Please keep in mind Africa is not a country but a continent with a number of countries. Your youth is your future. There are on record at the present moment, 54 countries in Africa. Nigeria being the most populous as well as the largest economy in all of Africa A list of  a few countries in Africa that are attractive for investors are Kenya, Egypt,South Africa,Ghana,Morocco,Ethiopia,Rwanda,Tanzania,Nigeria,Ivory Coast.Regardless what you have heard of Africa and investing there in my opinion it’s one of the most profitable destinations in the world There is limitless potential for any type of business in Africa that you can think of. Need based such as Solar power, Electricity, Clean water, Logistics of trade from several different countries. Meaning the transportation of goods to and from other countries. Tourism is a great industry to start up and be in. There are so many other to name and for that reason alone should be a motivating factor in wanting to be a part of it. Just think of it this way, all of these potentials I mentioned are already established here in the U.S. and we rely heavily on them and they provide a great source of income as well as jobs. If you do it in Africa in one of the under developed areas, you get the chance to be that person to build that future historical game changing, life altering company. Agriculture makes up about 15% of Africa’s economy. Emerging market room for growth in every area you can possibly imagine. Most other countries already have established businesses and monopoly’s here in America, meaning seats have already been taken as the business climate here is over saturated and competition is scarce. Africa Prime for building your business from the ground up and branding it in the process. Real estate cheap. If you build it they will come. You have the opportunity here to develop here which gives you the most power. The power to bring your vision to life from scratch. You can get some land maybe build a farm […]

What is financial discipline? For me it all comes down to delayed gratification. The lack of financial discipline will have you headed for one or two things. Either you’ll end up broke or your financial disaster will be soon arriving.   I think we all have our hard headed ways about ourselves, but I have to admit when it comes to your finances if you have no financial discipline in this area then you are sure to be in a financial bind sooner or later. Discipline in any area of your life takes dedication consistency and for you to be committed. The discipline practiced will only get better with time and effort. Being in denial stops all progress or any remedy to the problem and keeps you in an excuse state of mind.  Signs of financial denial might include a person bringing up an accomplishment of some sort to justify and cover up the denial that they don’t have a hold over their finances.   Signs to look for when a person is in financial denial -Over all amount of money does not get better year after year. -Person has no plans with money in case of an emergency -Persons don’t keep track of their money ( So they don’t know what they spent nor what they spent it on) Not keeping track of money coming in and going out will surely lead you to not knowing where you stand when It comes to your finances. -No plans for retirement or money flowing in when they stop working, whether that be through retiring or just simply not being able to work. -Person doesn’t know or has not made any plans on what to do with their money when they get it. (The 5 P’s –Proper Planning Prevents Poor Performance)   Financial discipline has a lot to do with the ability to delay gratification. One of the things I can pride myself on was my ability to be able to have a car that was paid off in the first 2 years  and to keep this car long enough ( 16 years) 11 years before I bought another car. Those eleven years before the purchase of another car was filled with delayed gratification. Now, had I been in the same mind frame I am today at the current moment, my finances would have been in a lot better shape. I am […]

The thrill that comes with traveling to new places, experiencing different cultures and learning about the history and culture of a place is an amazing and irreplaceable feeling, don’t you agree? Every once in a while, it is important to take a break from your day to day hustles and routines, and take time off to relax, rejuvenate and explore the world. And learning something while you are at it is an added bonus. Planning vacations that will be exciting, fun, affordable and yet educational seems almost next to impossible. However, this doesn’t have to be case. With proper research and planning, you could easily find hidden gems worldwide that will both satisfy your wanderlust and leave you thrilled, excited and looking forward to the next holiday so that you can take another trip. Below are some of our favorite picks on vacations you could take that will be friendly to your budget, educational and fun! Cambodia. From its pristine beaches and stunning architectural sites to untouched jungles, the South-East Asian country has an endless array of attractions. Few travelers, right from backpackers, luxury tourists, to families on vacation, are immune to the country’s beguiling charms and flock to see legendary sights and learn more about the country’s culture. The locals in Cambodia are incredibly hospitable too. There are plenty of sights to visit like the famous Angkor Wat temple, one of the most impressive and excellently preserved temples. It is easy to get private and air-conditioned rooms for all little as $20, transportation for less than $20 and affordable food and drinks in the city. South Africa. South Africa is home to beautiful wildlife and a wide array of amazing natural wonders.  You can easily experience the marvels of this great country on a budget without having to break your savings account, save for the traveling fees depending on where you are coming from. Cape Town, the heart of South Africa, is a striking metropolis with jaw-dropping natural wonders. On top of amazing landscapes and plenty of wildlife to explore, there are also a variety of other places to visit and things to do. The restaurants and bars are also wallet-friendly. To top it all up, some beaches and tourist attractions are completely free. Therefore if you are up for a safari adventure, South Africa is definitely the place to go. South Korea. Undoubtedly, South Korea is one of […]

Everything is negotiable when it comes to bills. Negotiate your life and all aspects when it comes to paying a bill. I’m going to go over a few examples of how I have applied negotiating bills that I pay for every month and how I went about negotiating them. Every year about this time, I go over all of my bills and I assess what it is that I need and what I don’t need. The things that I need I keep, such as home insurance as well as car insurance the things that I want services such as Satellite radio, Extra data on phone, or cable TV come next. I like to make a list and speak with each company that is responsible for taking my money every month. Once again I do this every year and it has always been a good practice that I would recommend anyone do and create a habit of. Case and point I called my I was able to call my satellite radio subscriber Sirius and got a $80 discount. I simply called them up and stated that I could not afford the price that they had automatically charged my credit card for. They apologized then transferred me to another branch that was in charge of negotiating with customers and from there they charged me $24 for a 6 month subscription. The next thing I had on my list was my car insurance. I have Geico, I went online and got a quote from USAA . As I compared them both side to side I saw there were differences in the types of coverage things such as bodily injury payouts as well as the deductible. I decreased the amounts of these and amazingly that decreased the amount that they would cost overall. I also noted that I did not need roadside assistance for one of my vehicle as it was already covered so I took that away and saved even more, You should always review policies with insurance and know what you have covered as well as what you do not. You will not always need everything that you have so it is important that you make sure you are not double covered for something that you already have insurance from. Remember that everything is negotiable, and you should always consider negotiating mostly everything. Never be shy or not question the money you […]

Nobody likes to go into debt, true? Unfortunately, however, keeping those prominently red marks out of your account books is often easier said than done. And if we are honest with ourselves, we will agree that debt is not something that happens overnight, out of nowhere or just coincidentally. It comes about as a buildup of certain spending habits. Some habits that we indulge in daily; you know, buying a latte every morning, a new pair of shoes every so often, might seem harmless at first but have an adverse effect on your finances in the long run. Recognizing and identifying these habits early could not only save you a lot of cash but also stress in your later year. Often when people find themselves in over their heads in debt, they regret their past actions and wish they could turn back time and make a few adjustments to their prior habits. However, lamenting over past mistakes is as good as crying over spilled milk, don’t you agree? Why not start identifying bad habits now and start stopping them in their tracks? Take a look at some of these bad habits that could easily lead to debt and how you could possibly avoid them. Spending more than you make. It is impossible for you to spend $800 per month while your paycheck is just $500, right? Wrong! The habit of spending more money than you earn is easier than you think. And the worst part is, you may be doing this without realizing it. This could be through borrowing from other people, dipping into your savings or using a credit card. You can get away with this for a short amount of time, but sooner or later these terrible spending habits will catch up with you. You may end up maxing out of your credit cards, depleting your savings or run out of creditors to borrow from. Remedying this is simple! Keep your spending within your income in order to leave within your means, and rid yourself of debt. Managing money without a budget. Budgeting, just like dieting, is one of those terms that make some people cringe just at the sound of it. However, creating a budget and working with one is one of the best ways to keep oneself debt free. With a budget, you are in a position to know exactly how much money you will be […]

  Rich ; Having abundant possessions ; abundantly supplied with resources, means or funds. Wealth is the abundance of valuable resources or valuable material possessions   I start by plagiarizing and updating one of Chris rocks lines in his stand up. Lebron is rich, The person(s) who write his checks are wealthy. Do you get the difference? I wanted to highlight the difference so that people of color can strive to be wealthy and wealth building mindsets.   Examples of people who are rich are football stars basketball stars, actors as well as baseball stars and golfers. The type of money that these individuals make is very substantial. I mean for instance Matt Ryan of the NFL team Falcons has signed a $150 Million contract with 100 million guaranteed. When I look at that I’m like damn that’s a lot of money, but then my brain starts kicking in and the gears start turning. 150 mil is a lot of money, but I know with a lot of money comes great responsibility. I also know money can go just as quick as it comes. When I look and see some of these stars getting large sums of money my thoughts are like how are they going to sustain that after they retire or if it’s a sport what if they get hurt? When someone gets a large amount of money I look at what are they planning to do maintain that? When you retire you will no longer have that type of earning potential what are the plans to take that amount and have that work for you?  One simple rule if there is nothing coming in then eventually everything going out will leave you with less or nothing. This means if you spend and don’t have anything coming in then you will eventually end up broke busted and disgusted lmao. The example I just gave with the NFL star is an example of someone being rich.   Wealth in a sense is when you are rich and have working parts towards maintaining you being rich. Like for instance Donald trump has a number of different businesses that he once ran like a few golf resorts. Hotels and resort land developing. All of the wealth that was accumulated before by his father afforded him the opportunity to be able to make this happen. All of the business that DJ trump […]