Money Talk Matters

Posts Tagged ‘cash’

Your daughter is engaged and the wedding plans are in full force. For some of you the wedding is happening relatively soon and you continue to charge this and pay cash for that so your daughter can have the wedding of her dreams. Regardless of what the economy is doing, wedding are happening throughout the United States and worldwide.

 You want this to be a day she remembers for the rest of her life. Are you prepared to protect your wedding investment or throw your money down the drain? Think about this, we have all heard money is one of the top reasons for divorce. Do you realize that the BIGGEST marital expense of them all is divorce?

 Now that I have your attention parents, do something that is not the norm when it comes to paying for weddings. I’m talking about protecting your wedding investment and include life skills for your daughter’s marriage. When young women are getting married, their main focus is on their wedding day because they have dreamed about it for years, yet they do not think about what happens after the honeymoon.

 I have talked with different parents over the last few months in various settings and they ask me what do I do? When I share with them that I am a money and marriage advocate, I teach couples how to communicate about money throughout the lifetime of their marriage. Their immediate response is, “I wish you had talked to my daughter before she got married.”

 Have you felt like this as you have watched your daughter plan the wedding and spend your money? So how do you protect your wedding investment? Give your daughter financial skills that she can utilize throughout the life of her marriage. It does not have to be intrusive nor judgmental but in essence a tool that says this is an area where most couples struggle and have limited financial knowledge. Therefore, as your parent that wants to see your marriage succeed, I am giving you this gift of financial education that will keep on giving.  Once you learn how to talk WITH your soon-to-be groom about money throughout your marriage and financial challenges you may face, you can handle anything.  

 Of course you could say, she is an adult and knows how to manage money. Are you thinking that or do you know 100% that she is a good money manager? If there is any doubt, get her Money Talk Before The Commitment Walk and The Debt Stops At The Altar today which was created by Dr. Taffy Wagner, of Money Talk Matters, LLC. This financial education program can be purchased through  this site, www.MoneyTalkMatters.com .

I had to include this one because it was a great kids movie with adult lessons that I am all to happy to share. We saw this movie in 3D with our twins about a month or so ago and I was posting the other movies – I said to myself, this one will not be expected. 

Carl and Ellie meet when they were very young. Ellie was into exploring, likes Carl and says he can become a part of her exploring club. They grow up and Carl marries Ellie. One of the things that Carl promised Ellie is that he would take her to Paradise Falls.

Everytime they would think about going to Paradise Falls, something would happen in the house and need the money. They would take the money from their savings and repair whatever needed repairing.  Do they ever make it to Paradise Falls….. you will have to watch the movie to find out.

Money Implications:  This couple had mutual dreams and goals for their marriage.

Money Tip #1: We can learn a lot from this movie – first thing being this couple was saving money for their trip to Paradise Falls. When repairs came that were needed they took the money out of savings and paid for it. Notice I didn’t say they charged it.

Money Tip #2: They discussed financial obligations and made sure they handled them.

Money Tip #3: The husband became very creative when he took the steps to travel to Paradise Falls.

Money Tip #4:  Remain focused on your financial goals. This husband knew the goal was to get to Paradise Falls and worked it out.

Recommendation: Get into the habit of paying cash for your items or save the money to purchase.

Money Talk is an on-going conversation and not a one time discussion.

Do not limit yourself by saying things can only be accomplished one way. Allow yourself to think outside of the box.

Great movie for kids and adults, buy it below:

This is one of those things that I have always known because some become professional athletes at such a young age and are bombarded with limelight, money and opportunities that they are not necessarily prepared for. I came across this story tonight and could not resist sharing it, it is titled Taking Vows in a League Hit Hard by Divorce.

This story shares that 78% of NFL players are bankrupt, divorced or jobless. WHOA! That statistic says that they are not being protected nor surrounded by people that are truly looking out for their best interest long term. There is absolutely NO REASON on GOD’s Green earth why these individuals should end up bankrupt or jobless.  I had to say it that way.

This is the way I see it - their job is to play football but is not a reason for them to neglect their marriage.  It still takes work – TEAMWORK as a matter of fact. The wife cannot feel as if she is doing all the work. Furthermore, the athlete should not be made to feel as if he is strictly a cash machine.

There is sooo much in this article but another thing I want to point out is it says, “When athletes retire, most face an identity crisis. Many do not retire on their own terms, and once they leave the game, they also leave behind the fame and fortune, the crowds and adoration. Their wives experience a similar loss of status.”  Wives need to have their own identity whether they are married to a professional athlete or not because as soon as that person stops that particular position she could easily fall into depression. That does not help that husband in any way shape or form, especially if he did not leave that position on his own terms.

Athletes and wives should be taking the time to establish who they are outside of his job. What are your dreams and goals? If he was not a professional athlete what would both of you be doing? What is it you would do if you had to retire today?

Being a professional athlete does not define who you are. Put a plan in place so that when the job is done, you can move on to the next phase of your life with minimal stress and disarray to your household.

Read the article and share your thoughts here.

As I was doing some research today, I found the follow-up story. Seems there was an agreement reached. Break up was due to many factors – infidelity by both parties, etc. Post-nuptial agreement is upheld. I must say I am glad that it was upheld. Both parties are happy with the way it turned out. Watch below and send in your comments to this blog:

http://today.msnbc.msn.com/id/26184891/vp/31992814#31992814

Weigh in. Do you think she should have been given this amount?

Interestingly enough I was thinking about writing a post on cash versus credit when I was asked this very thing on twitter last week. Therefore, I know “ears and eyes” are waiting on this response.

Everyone in some capacity knows about the “wrath” of Credit. There comes a point when every consumer must ask themselves which is better for me right now – Cash or Credit? Let me say right now, that regardless of what the economy is doing, cash should be the first choice. Cash because when you make a purchase – you own it. There is no interest, no chance at make a late payment and incurring other debt.

Cash says that you have established your ground rules for your household. That regardless you will stay within your boundaries and not incur debt.

When you Buy on CREDIT below is what begins to happen:

1) The message is sent saying I am going to have that job to pay this bill in the future. Hmmm is this true or false?

2) The door to financial stress in the household is now open. Let me explain even more. Debt does not generally occur overnight. All the small charges add up over time and become unmanageable when we use one or more credit cards. That is when financial stress and strain creep in.

3) Whether single or married, personalities change when unmanageable credit card debt has crept in. You allow your emotions dictate your life. This leads to spur of the moment decisions without considering the long-term consequences. Incidentally the person on the other end who you are directing your emotions at either get hurt or disgusted. This causes distance.

When you CHOOSE to purchase by cash, it has benefits such as:

1) If you purchase your groceries by cash, you will more than likely look compare what is on sale with what you normally buy. This way you can see which is the bigger bargain and if the sale item is really a sale. Result: You might find that you spend less and have extra money left over. This money can be applied towards something else.

2) Purchasing by cash causes you to budget your money accordingly and not impulse buy. Using cash should keep you from purchasing large ticket items that are a Want versus a Need.

3) If you are married, this can remove financial stress because now you have extra money. Every little bit adds up. You can put it towards a bill or a joint financial goal.

Which will you choose today?

Yesterday during Money Talk Matters weekly financial show on GLORI Radio I discussed creating your own bailout. I shared with the listeners that my Sponsor, KareChiefs thought outside of the box and created a product that Barbara, who is a cancer survivor could utilize during her chemotherapy. She and her sister saw what on the market and decided to create a viable alternative for herself while she was going through chemotherapy. Consequently, this ends up being a product that many could benefit from. That is one way to create your own bailout.

Then as I was reading about Credit cards and fees this morning, I was thinking to myself, you do not have to remain bound by credit cards and fees. Create your credit bailout. Get focused and pay credit cards off. Take them one at a time and be done. Sure you can live on a cash system. Why not! Ponder this thought: If you walked into a car dealership or furniture store with x amount of cash in your wallet or a check that would pay in full for an item, do you think they would not take you money? Enough said.

If you are a small business owner, let me ask you what is another way that your business could provide income? Just recently my husband and I were having a discussion about the digital printing he does in his business, Progressive Graphics. Mind you this business had not had a website before. So I created a site for him that is almost 100% automated from choosing quantity, placing the order, uploading your file and paying all online. The only thing that is left is delivery or shipping if it is out of state. This site is great because small business owners can order business cards, flyers, doorhangers, etc and it is economical. That opens the window for more business.

Think OUTSIDE of the box and do not limit yourself. You might be surprised as to what can happen.