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"Teaching individuals and small businesses how to budget and manage their finances more effectively"

Q. When it comes to finances; especially in the Black

Community have we done enough to fully educated ourselves about the consequences of not applying good financial judgements?

In the African American/Black Community there is still a serious disconnect with the understanding of basic financial components. Our ancestors were not taught the much needed financial concepts; they simply knew and did what was needed to survive. However, because this is an era of information and technology, we have to stop dwelling on the past (not being taught how to properly manage our finances etc.), and start becoming aware and in tune with our individual financial pictures.

We have to learn and enforce within our minds that there are consequences when we do not practice good financial behaviors. Once we grasp these concepts we then have to instill in our future generations the importance of having a solid financial mindset and implementing good financial behaviors.and enforce within our minds that there are consequences when we do not practice good financial behaviors.

Q. Woman are still in this day and time the sole provid-

ers for their families, often not able to set aside funds for larger investments ie housing, transportation, education, how would you counsel, the best practices?

To those individuals who have dreams of homeownership, furthering your education, even investing, I am advising you to set whatever you want to accomplish financially as a goal. Depending on your time frame as to when you would like to see these things happen, these goals can be either short or long term. What I like to do is break goals down monthly, quarterly and annually.

Your short term goals should set the foundation for you long term goals. May I also suggest creating a spread sheet for your expenses. By doing this you have an idea of how your money is being spent, along with determining what “extra expenses” can be eliminated. Once you have pinpointed those extra expenses which can be cut -exclude them and save towards your goal (s).

Q. Business owners make financial decisions based on

the need of the company daily, temptation certainly can play a role in purchasing personal items not necessary allocated within the budget, how would you advise? Is it okay to spluge?

It is OK to reward yourself with the purchase a personal item every once and awhile (twice a year ~ semiannually). HOWEVER please don’t make it a habit, after all your mindset as a business owner should be to have money coming in NOT going out unnecessarily.

Q. How ofter should business owners revamp or revisit

their business plan?

As a business owner you should get into the habit of revamping/revisiting your business plan annually, preferably the last quarter of the year. By doing so, this gives you, the owner of your business an awareness of what has been accomplished over the last 11 months, and gives a sense of direction of what needs to be completed during the New Year. Q. Your first published project” The Fundamentals of

Finances –Applied to Everyday Living” a teaching resource for current/future clients brings a basic understanding about finances, the fear is not having enough, its keeping what we have, what are some of the basic rules you tell your clients?

What I like to do is start of by informing my clients that understanding your finances will become easier over time. You have to first change your mindset of doing and becoming better with knowing and understanding your financial picture. It will take effort however, the more effort that is put into understanding; the more accomplished you will began to feel. Secondly you have to understand the WHAT (those expenses that are needed to be operable; living, operational, and transportation), then understand the WHY (why do these expenses have to be paid?) Once you start to understand the what and why, you will have an awareness of not spending money unnecessarily. As this process becomes easier, you will realize that you do have enough money to take care of your basic necessities.

Q. As parents, its important that we teach our children

about saving, purchasing power, investing (future), becoming self-sufficient, you speak to our youth, how are you received and do our youth see a pattern of increase or decrease?

Being an independent consultant one of the many joys I have is speaking to our youth. It’s unfortunate that basic financial literacyhasnotbeentaughttoouryoungpeople, astheyareour future.