Friday, October 17, 2008

I Am Taking Action

Jacquesa and Charone came down from Atl to talk about financial planning. Overall the meeting went well. We both got life insurance and the policies are less then $80.00 a month for over $500,000 worth of coverage. I honestly learned a lot from our meeting. Well, actually things I knew, but the meeting really brought things to the fore front. For instance, with my mortgages, the interest rates are 6.25 and 7 percent, but over the 30 span I will have paid about $200,000 for one house that is only worth $52,000. That is a mess. Regardless of the market, you need to know how to manage your finances. No one is going to help you, but yourself. Also, putting your money in the bank and only getting 3% interest for the life of your money or investing it and receiving more for the duration of time. Which is better? Overall, shorter mortgages and investing are the best thing for you. If you are young, please put your money to good use. If I knew then what I know now, boy I wouldn't have to work. The money I wasted, what am I talking about the money I waste now is a crime shame. I do admit, I am not where I need or want to be, but with the help of this blog, friends, and my financial circle I will get there.

Ya, I have life insurance and I am glad. One thing off of my list. The next step is a living will and a will. They are needed with GA being a probate state. I do not want the state to take my assets. Start early and put your money to good use. The economy will be, but if you are prepared you will sustain the ups and downs. Think about it. Start now, tomorrow is not promised.

You know we learn many things from school, but we don't learn about finances and how to manage money, or make the right financial decisions. Take the time out to learn about your money. Diversify, please. Banks make money off of your money. Most plans invest your money and charge you a penalty for pulling your money out. Why? Because they are using your money to earn money for themselves. I know we say that I will handle my finances later when I have enough time. The time is now. Stop putting it off and take a stance for your money. Generational poverty exists. What will you do to stop it?

Generational Poverty

CHAPTER FOUR: CHARACTERISTICS OF GENERATIONAL POVERTY

Family Patterns in Generational Poverty

Hidden Rules
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