Listen Now

Three reasons why using your credit card for emergency savings is not a great idea.1. Using a Credit Card in an Emergency Situation Is Like Getting a Loan2. A Second or Third Emergency May Send Your Finances Out of Control3. It Will Be Harder to Build Up an Emergency Fund with a Credit Card Balance Justaboutfinance.com

If you think you could be the victim of identity theft, consider a credit freeze. This is a tool that lets you restrict access to your credit report. And since most creditors need to see your credit report before they’ll let someone open a new account, this could make it harder for potential thieves to apply for credit or open accounts in your name.Justaboutfinance.com

Step One: Write down your goal.Write your goal where you can see it.Studies have shown that those who not only make goals but also write them down dramatically increase their chance of success in achieving their goals.Second Step:You need to define all of the components of the goalsThe best method for doing so is using the acronym "SMART."Specific, Measurable, Attainable, Realistic and TimelySpecific: Paying off your credit cardMeasurable: I need to pay of $2000, Time to achieve the goal is 8 monthsAttainable: I can put $250 a month after my expenses.Realistic: With my budget and income I can pay it off within 8 monthsTimely: I gave myself 8 months to pay it off.You can now see the difference between just setting a goal and setting a well-defined goal.Step Three:Consider the cost of achieving the goal.When you count the cost, you are more informed about what is needed and aware of the sacrifices required to reach your goal.2019 book Listwww.juestaboutfinance.com

More notes and info @ Justaboutfinance.com

Get episode notes @ Justaboutfinance.com

Steps to take before investing:1. You need to start savings: Investing begins with saving, for you to start investing you have to get in the habit of saving money every month. The savings you have will be the money you use to start investing.2. Build an emergency savings fund: You need an emergency fund to give your investments the best chance of long-term success. The idea is to tap into the fund if something comes up, and not your investments. Emergency savings fund also prevents you from getting off track on your investing plan.3. Pay off your high-interest rate debt: This would usually be your credit cards.Visit Justaboutfinance.com podcast for full podcast notes.

In this podcast, Abdul sits down with Rob Ansah who's a real estate agent with Long & Foster to discuss the home buying process. His entire life has been built on building lifelong relationships and serving others with authenticity and integrity.

Step One: Write down your goal.Write your goal where you can see it.Studies have shown that those who not only make goals but also write them down dramatically increase their chance of success in achieving their goals.Second Step: You need to define all of the components of the goalsThe best method for doing so is using the acronym "SMART".Specific, Measurable, Attainable, Realistic and TimelySpecific: Paying off your credit cardMeasurable: I need to pay of $2000, Time to achieve the goal is 8 monthsAttainable: I can put $250 a month after my expenses. Realistic: With my budget and income I can pay it off with 8 monthsTimely: I gave myself 8 months to pay it off.You can now see the difference between just setting a goal, and setting a well-defined goal.Step Three:Consider the cost of achieving the goal. When you count the cost, you are more informed about what is needed and aware of the sacrifices required to reach your goalNow you can stake action!

With low financial literacy, the consequence of making the wrong financial choices becomes greater. The mistakes that we make in our 20’s are not so forgiving as we go on further into adulthood. Many of us are facing new financial challenges, which we are ill-prepared to handle. In this podcast, I want to tell you a story that highlights the cost of not learning about personal finance.  

Podcast notes:The Four Kinds of money scripts:Money avoidanceMoney worshipMoney statusMoney VigilanceMoney Avoidance:How do you know if you follow the money avoidance script? The money avoider views money as bad, and they also avoid taking responsibility for their money. They avoid discussions about money; believing it to be taboo. Money avoiders are more than likely to have low net-worth and are workaholics, live in financial denial, they can be financial enablers, and do not follow a budget.Money worship:If you follow the money worship script, you believe money can solve all your problems, and that money will make you happy. You believe that things will get better for you when you get more money. This individual carries a credit card balance, has compulsive buying/shopping, workaholic, and in financial denial.Money Status:Individuals, equate self-worth with their net worth. They like to keep up with the "Jones" to show that they have " "made it" or arrived. It’s “correlated with growing up in a lower socioeconomic household, and predictive of compulsive buying, gambling disorder, hoarding, workaholism, financial dependence, financial enabling, financial denial, financial enmeshment, and lying to one’s spouse about spending.”Money vigilance:The beliefs include statements such as “it is important to save for a rainy day,” “you should not tell others how much money you have or make,” and “money should be saved not spent.” Money vigilance has been found to be positively correlated with paying off one’s credit cards each month and lower levels of compulsive buying, pathological gambling, financial-enabling behaviors, financial denial, and lying to one’s spouse or partner around spending.To start changing your money script, you have to start by knowing what your current money script is. Then start learning good money behaviors to have and include them in your financial practice. Over time these new habits will become your new norm. Sources:Integrating Behavioral Finance, Financial Psychology, and Financial Therapy into the 6-Step Financial Planning Process by Derek R. Lawson, CFP®; and Bradley T. Klontz,Psy.D., CFP®THE WEALTHY: A FINANCIAL PSYCHOLOGICAL PROFILE by Bradley T. Klontz and Paul Sullivanhttps://www.justaboutfinance.com/jafpodcast/wwwjustaboutfinancecom/blog-page-url-2Do you have a question for Abdul?Send your questions to Abdul@justaboutfinance.com.Message me on instagram: https://www.instagram.com/justaboutfinance/

Paying yourself first is a critical practice. Every time you receive an income, you give a percentage of it to yourself first before anything else.

In this episode of Just About Finance podcast, Abdul talks about the importance of creating a budget and provides you with the steps to create one. You can now take charge of your money, with a monthly budget in place you're able to give every dollar a name.He also provides you with tools, and tips get you started.Here are some apps to help you budget:- https://www.everydollar.com/budget-app- https://www.mint.com/Do you have a question for Abdul?Send your questions to Abdul@justaboutfinance.com.Message me on instagram: https://www.instagram.com/justaboutfinance/

In this episode of Just About Finance podcast, Abdul gives you the financial tip of the day. He talks about why you should always create a budget for every month.We tend to equate the word “budget“ with restrictions. A budget isn’t meant to contain or limit how much you can spend but instead gives you a plan to spend your money the best way possible. Setting a financial goal without a budget is like travailing to a new destination without a map.