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CONNECT WITH THE Editor In Chief:
you are in your business or career, you will always
have to budget your money effectively. For most
African Americans, unfortunately, when we get
money, we spend it. We don't invest it, or do anything
to make it grow.
According to a recent study called "African-Americans
Revealed," based on a BET survey of 80,000 black
consumers over 18 months, black buying power is
estimated now at about $913 billion and is projected to
increase to $1.2 trillion by 2013.
For many of us, the problem lies not with getting the
money, but with keeping it and reinvesting it. Money
runs in and out of many black households, like water
streams out of a faucet. Then, we end up broke and in
a predicament, like the popular Christian author and
relationships expert, Michelle McKinney Hammond,
recently found herself in, when she ran out of loot!
You're probably wondering how a writer of 30 books,
sought after speaker, and frequent television and radio
guest on national shows, wakes up one day and
discovers she's fresh out of money.
The answer is simple. She spent it on designer clothes,
five-star restaurants, and bag after bag of high-end
nonessentials. After a while, the poor budgeting and
lack of money management caught up to her.
Michelle writes in her book, Divanomics: How to Still
be Fabulous when You're Broke, "When I saw Ed
McMahon on television talking about declaring
bankruptcy, I couldn't fathom how such a thing could
be possible. How could a man who had obviously been
a multimillionaire celebrity high roller with tons of
money end up flatlining to nothing? But I found out. A
funny thing happened on my way to my fabulous life
that I thought would go on ad infinitum. I hit a dead
end I didn't see coming."
have to budget your money effectively. For most
African Americans, unfortunately, when we get
money, we spend it. We don't invest it, or do anything
to make it grow.
According to a recent study called "African-Americans
Revealed," based on a BET survey of 80,000 black
consumers over 18 months, black buying power is
estimated now at about $913 billion and is projected to
increase to $1.2 trillion by 2013.
For many of us, the problem lies not with getting the
money, but with keeping it and reinvesting it. Money
runs in and out of many black households, like water
streams out of a faucet. Then, we end up broke and in
a predicament, like the popular Christian author and
relationships expert, Michelle McKinney Hammond,
recently found herself in, when she ran out of loot!
You're probably wondering how a writer of 30 books,
sought after speaker, and frequent television and radio
guest on national shows, wakes up one day and
discovers she's fresh out of money.
The answer is simple. She spent it on designer clothes,
five-star restaurants, and bag after bag of high-end
nonessentials. After a while, the poor budgeting and
lack of money management caught up to her.
Michelle writes in her book, Divanomics: How to Still
be Fabulous when You're Broke, "When I saw Ed
McMahon on television talking about declaring
bankruptcy, I couldn't fathom how such a thing could
be possible. How could a man who had obviously been
a multimillionaire celebrity high roller with tons of
money end up flatlining to nothing? But I found out. A
funny thing happened on my way to my fabulous life
that I thought would go on ad infinitum. I hit a dead
end I didn't see coming."
How Popular Author, Expert & Speaker, Michelle McKinney
Hammond Ran Out of Money... but YOU Don't Have to!
by Marilyn Walsh, EEW Business & Finance Editor
Hammond Ran Out of Money... but YOU Don't Have to!
by Marilyn Walsh, EEW Business & Finance Editor
Now Michelle has learned the value of a buck, albeit
the hard way, and is sharing her great tips for saving
on all kinds of things in Divanomics.
Here are 10 tips from EEW Magazine to help you get
your money on track in 2010.
1. The Envelope Trick It's old school, I know. But it
works. Budget out your money allowance for that "pay
cycle" and stick it in an envelope and label it. When it's
gone, it's gone.
2. "Plastic Surgery" Get rid of some of that plastic!
Those credit cards give a false sense of security and
keep you in debt.
3. "Prepaid Cards" Don't want to eliminate plastic
altogether? Get a Green Dot card and load it with a set
amount. That way, it's impossible to overspend.
4. Keep your Balance Don't ever depend on an
automated system to tell you how much is in the bank!
Balance your checkbook the old fashioned way.
5. Shop Off Season If you know when to buy, you'll
save a whole truckload of money! Shop for winter
clothes in March, and watch how much you save.
6. Mind Your Business Find a way to keep a steady
stream of income. Get something you believe in, sell it,
and make some extra cash in the process.
7. Eat at Home We spend too much money eating
out! Learn to make your own lunch and cook your
meals. Dining out should be an occasional luxury.
8. Cancel Your Subscription Sometimes, being
subscribed to a bunch of different catalogs tempts you
to spend. Eliminate the temptation and cancel.
9. Try Some Store Brands Some of my girlfriends
are "label crazy," and won't buy store brands. Some
(Though not all) store brands are just as good.
10. Stick to the Basics If you don't need it, don't buy
it, simple as that. Walk on by those shoes, that
handbag, or even those sweet treats. Just say no!
the hard way, and is sharing her great tips for saving
on all kinds of things in Divanomics.
Here are 10 tips from EEW Magazine to help you get
your money on track in 2010.
1. The Envelope Trick It's old school, I know. But it
works. Budget out your money allowance for that "pay
cycle" and stick it in an envelope and label it. When it's
gone, it's gone.
2. "Plastic Surgery" Get rid of some of that plastic!
Those credit cards give a false sense of security and
keep you in debt.
3. "Prepaid Cards" Don't want to eliminate plastic
altogether? Get a Green Dot card and load it with a set
amount. That way, it's impossible to overspend.
4. Keep your Balance Don't ever depend on an
automated system to tell you how much is in the bank!
Balance your checkbook the old fashioned way.
5. Shop Off Season If you know when to buy, you'll
save a whole truckload of money! Shop for winter
clothes in March, and watch how much you save.
6. Mind Your Business Find a way to keep a steady
stream of income. Get something you believe in, sell it,
and make some extra cash in the process.
7. Eat at Home We spend too much money eating
out! Learn to make your own lunch and cook your
meals. Dining out should be an occasional luxury.
8. Cancel Your Subscription Sometimes, being
subscribed to a bunch of different catalogs tempts you
to spend. Eliminate the temptation and cancel.
9. Try Some Store Brands Some of my girlfriends
are "label crazy," and won't buy store brands. Some
(Though not all) store brands are just as good.
10. Stick to the Basics If you don't need it, don't buy
it, simple as that. Walk on by those shoes, that
handbag, or even those sweet treats. Just say no!
ou, like most other women, have
at some point equated success
with the ability to spend cash on
the "finer things in life," without
having to worry about running out
of money. But ladies, that just isn't
reality. No matter how successful
at some point equated success
with the ability to spend cash on
the "finer things in life," without
having to worry about running out
of money. But ladies, that just isn't
reality. No matter how successful
Marilyn Walsh is a Jersey-based business and financial planner. She is also a business and finance editor for EEW Magazine.