All Articles Tagged "financial lessons"
Hindsight is always 20/20 and whether you are a parent or a child you always tend to think about those missed opportunities to give/receive life lessons. Granted no one is perfect as we all do our best when it comes to our families, but wouldn’t it have been awesome if our parents taught us some things sooner rather than later? Maybe it was an unwillingness to listen (often the culprit with youth), but here are some financial lessons we wish our parents taught early on. But hey, there’s no time like the present to improve your situation.
Who tuned in to the 65th Primetime Emmys last night? Clearly a ton of people because it had its highest number of viewers since 2005. But if you didn’t that’s okay because they were a bit like any other award show with winners, a few shocking snubs and your average (or above average) celebrity. A ton of people thought they were a bit to somber… and a bit too boring.
With so many shows, miniseries and made for television movies nominated, we thought it would be fun to look at a few programs for life lessons on money management, careers and more. Here are some financial and career lessons from 2013 Primetime Emmy nominated shows.
A friend of mine, shortly after Kanye West’s performance on Saturday Night Live, started getting all indignant on Facebook about Kanye’s new material. Too angry, too dark, too cynical. Too critical of a world that had given him so much. He argued that Kanye’s early work had the most appeal. I felt I had to remind him that, well, Kanye’s always been cynical about money, fame and its transformative powers; from All Falls Down to We Don’t Care to Spaceship, Kanye’s first record is full of angst about the topic of money, just like his most recent releases — New Slaves and Black Skinhead. Not much has changed, folks.
1. Success comes with critics, but it can’t determine your drive.
For more about what you can learn from Kanye’s new single, click through to Black Enterprise.
Trouble in a relationship most often can be boiled down to one word: infidelity. But it’s not just sexual infidelity you’ve got to be worried about. Your partner could also be cheating financially. It’s the problem that came up in Today.com and Self.com’s online survey.
More than 23,000 people responded to the survey, and about two-thirds revealed that they believe honesty is equally important in dealing with finances as it is in sexual relations. Still this realization isn’t enough to stop the lying. The survey discovered that 37 percent of men and 56 percent of women admit that they have lied to a partner about money.
Jillian Phillips tells MSNBC that she and her fiancé have always been open and honest about their financial situations. Within two months of their relationship, the two were discussing school loans, checking accounts and future plans. Currently they have a joint checking account for shared expenses. Even still, Phillips admits she does keep some money secrets.
“I feel guilty, for some reason, when I come home with a new pair of boots or a new bag,” she said to MSNBC. “I always say that I got it on sale even though that’s not true 98 percent of the time.” Women are about twice as likely as men to hide a purchase or a receipt from a partner. About one-fourth of women have even said something that was new was old or on sale.
But why do they do it? Most women respond that it’s their hard-earned money, and they deserve to spend it how they want, even if they have to hide it.
While financial cheating is not sexual cheating, that doesn’t mean it’s consequence free. “Those are the two domains where they do fundamentally function based on trust,” Scott Stanley, University of Denver research professor and co-author of “Fighting for Your Marriage,” said to MSNBC. “Those are the two domains where, once you’re really hooked on somebody in life, they can completely ruin you.”
More on Madame Noire Business!
- About Their Business: 7 Black Female Politicians Who Made History
- How She Made It: Alia Jones-Harvey, Producer of A Streetcar Named Desire
- The Career Freshman Part II: Getting To The Next Level in Your Career
- Crisis Management Lessons: Handle Scandal Like Your Name Is Kerry Washington
- Behind the Click: Susan Nicholas, Founder & CEO of DocPons Inc.
- Entrepreneur Spotlight: A Sister-Run Business Brings High-End Tea Stateside
Managing finances can be a struggle, especially when you’re a single parent. You have the challenge of running all aspects of a household, working and raising a child, alone. It’s tough to stay organized and sometimes things get lost in the shuffle. However, it’s very important for you and your child that money management is intact.
The easiest way to pay off debts, maintain good credit, save and live within your means is to create a budget. Wealthy people know where every cent goes and you should, too. When you know exactly how much is coming in, how much is going out and where all of it is going, you can make responsible decisions and be better prepared to handle unforeseen circumstances. This is especially important when you’re all you have for support—financially, emotionally and physically. Your child doesn’t need to know or see the madness mismanagement creates when funds are surprisingly low. As a parent, it is also your responsibility to teach good habits and be the first example of financial planning.
Your budget should account for all income (excluding child support and/or alimony) and fixed and variable expenses. Child support and alimony should only be included as a reliable source of income when the father has a strong track record of paying in full and on time. Expenses should be listed according to importance. That way, if you are currently in over your head and can’t afford to pay everything on time (if at all), you know which bills are most pressing. Additionally, allocations to an emergency fund (six months worth of total living expenses) and savings should take precedence over clothing allowances and entertainment for you.
Single Mom Financial Help is a great resource for single mothers looking to spend wisely. The site offers printable monthly budget and grocery list forms to help track your funds and prevent overspending. There are also free budget calculators online.
Below is a sample of where your money should go when preparing your budget:
|Miscellaneous (Life Ins., Entertainment, etc.)||5-10%|
Are you a single mom? What financial advice do you have for your fellow single parents?
I recently participated in a discussion about women and money with a panel of mothers. Living through the times we are now, it’s extremely crucial to be financially literate. It’s never too early to teach your little one good spending habits and you better believe financial literacy will be my child’s second language.
Read the rest of this entry »
Read the rest of this entry »