Financial Literacy and Money – Page 132

Five Branding Decisions Every Startup Needs to Make

Some of the key focuses of my blog are: Financial Literacy, Wealth Building, Business and Entrepreneurship. A key aspect of starting a successful business is ‘Branding’. The following contributed post is thus titled; Five Branding Decisions Every Startup Needs to Make.

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If you are thinking about going out in the big world and starting your own company, you will need to get the market positioning right, or you will never make it in the competitive world of commerce. No matter which industry you are dipping your toes into, you will need to make some important branding decisions so you can communicate what you offer and what your company is about. We will cover five of them below.

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1. Business Name

One of the first things you should decide on is your business name. You might choose something catchy, unique, or creative, but make sure that you create a name search to make sure that there are no other companies using the same name, or you can get into legal trouble. For more information, check out https://www.qdosaccounting.com/choosing-right-company-name/ so you can make the right branding decision.

2. Logo and Website Design

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Once you have the business name registered, you will have to make sure that you are getting a logo and a website designed. However, you might not want to rush into the decision. In fact, an average college student could put together a good looking website. What really matters is how you engage with your online audience and how many customers your website generates automatically. You might be better off finding a local marketing expert who can take care of your design and branding at the same time.

3. Color Schemes

Once you have your logo, you will have to use the same colors throughout your site and your business literature. You might want to create leaflets, cards, and online banners for your social media sites that match the rest of your brand image and delivers a consistent message to your visitors.

4. Slogan

Without a slogan, your customers will have a hard time working out what your business is about and what you are offering. Many small business owners neglect the importance of a good business slogan. Your slogan will stick in your potential customers’ head. You might want to learn some branding tips from the big companies. We all remember Nike and McDonald’s, because they keep on repeating the same brand messages.

5. Mission, Vision, and Value Statement

If you would like to increase your brand value and connect with your potential buyers on an emotional level, you will have to find a way to communicate what you stand for and align your values with your market’s. While this requires a bit of research, if you get it right, you will be able to strengthen your brand’s reputation and attract the right clients to your business. You need to display your mission, vision, and value statement on your professional business literature, website, and it needs to be communicated through every piece of content you produce.

To start your company the right way, you will have to make some challenging branding decisions. If you get them right, you can create meaningful connections with your target market and increase your brand recognition fast.

Breaking Free From The Shackles of Debt

Two of the focuses of my blog are Financial Literacy and Money. A key aspect of one’s financial health is controlling and minimizing debt. The following contributed post is thus titled; Breaking Free From The Shackles of Debt.

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If you’re in debt then life can start to feel quite gloomy, indeed, having a huge amount of debt can sometimes make people feel trapped like they are a prisoner confined in a prison where they are emotionally paying for what they might feel they have done ‘wrong’.

Yet, debt isn’t as dirty a word as some people feel it is, it doesn’t make you a bad person, and it doesn’t even mean you are necessarily irresponsible. Life is unpredictable and we’re all just a few twists and turns away from being in financial trouble… the greatest challenge is the fact debt is often a slippery slope where one or two missed payments suddenly mount up, and escalate to the point things start snowballing out of control.

The worst thing, though often the most natural thing to do in such circumstances, is to bury your head in the sand. The challenge here is that this is the time you need most to take control and get a handle on the situation.

If your financial situation has snowballed out of control then all is not lost; even if you feel on the brink of despair in most western countries the option to declare bankruptcy exists, meaning you can have a second chance to get things back on track.

People often over complicate the process of breaking free from the shackles of debt as their emotions take over their logical thinking, in psychology this is known as an amygdala hijack where essentially the brain goes into survival mode, and when feeling such intense financial stress, a common response is to bury one’s head in the sand.

The greater challenge, however, is that people in debt often focus on the “debt” as almost a definition of who they are, it’s as if being in debt becomes their identity, and this is dangerous as what we focus on the most we become.

If we liken this to being a prisoner trapped in debt, it’s like looking down at the shackles around your feet, focusing on how trapped and impotent you feel to change the circumstances you’ve found yourself in – yet, it’s only when you stop focusing on the shackles around your feet, start looking up, and shifting your focus that you can get out of debt.

See, the fuel you require to get out of debt is money, as this is the source of freedom in that having money is the only thing that will help you break free from the shackles of debt – whether that’s in the form of a consolidation loan from The Ascent or by earning an extra income through business or employment activities.

When you are focused on the shackles of debt, your attention is not focused on doing the thing that is required to break free – therefore, the predominant thing you need to do to “break free” from debt is to stop focusing on the debt and start focusing on taking the required action to get out of debt.

A Small Business Branding Guide

Some of the key focuses of my blog are: Financial Literacy, Wealth Building, Business and Entrepreneurship. Many Entrepreneurs start off as Small Business Owners and a key aspect of starting a successful business is ‘Branding’. The following contributed post is thus a Small Business Branding Guide.

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It does not matter what sort of business you run, or how big or small it is, branding is pivotal. If you are to stand out from the crowd and achieve your business goals, you need to brand effectively. With that being said, read on to discover the steps that small businesses need to follow when branding their company.

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Put together a budget – The first thing you need to do is determine how much money you have available for your branding budget. A lot of business owners look into lending options for this, as branding is such a pivotal aspect of their company. Head to https://smallbusinessloans.co/ for some more information on this. Either way, it is vital that you know exactly how much money you have available.

Begin by defining your brand – What marketspace do you occupy? You can’t do anything in terms of branding until you define your brand.

Business driver – What drives your company? What is the purpose of your business? Who are your heroes? All of this needs to be considered carefully so that your brand has the right direction.

Think of your brand as a person – This can really help you in terms of making your brand feel like a tangible being, which people can relate to. If your brand was a person what would it be like?

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It’s more than your logo – One of the biggest mistakes that a lot of business owners make is assuming that their logo is their brand. This is a minute part of your brand. Yes, it is a vital part of it, but there is so much more to branding than merely slapping your logo everywhere.

Aim for consistency – Consistency is everything when it comes to having an effective brand. Head to https://www.meltwater.com/blog/5-ways-to-maintain-brand-consistency-as-you-grow-your-business/ for some good advice on this. If your brand is not consistent, you are only going to confuse your audience.

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Don’t copy – Yes, you can seek inspiration from the big brands, but you should never merely copy what other companies are doing. Not only could you end up with a lawsuit on your hands, but you need to have your own identity if you are going to have a strong business presence. The last thing you want to do is make it appear like you are simply a cheap copy of what is already out there.

If you follow the advice that has been presented above, you should be able to establish a strong brand image for your business. As a small business owner, this is imperative if you are to grow your business to the level you hope to.

The Three Biggest Sources of Money Stress

Two of the main focuses of my blog are Financial Literacy and Money. The following contributed post was written by Faye McDonald. It discusses The Three Biggest Sources of Money Stress.

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Most of us have felt it at some point or another. When you’re facing money trouble, stress becomes a real factor in your life. It can affect your sleep, your work, your relationships, and even your health. Here, we’re going to look at some of the biggest sources of money stress and what you can do about them. After all, the impact of money troubles goes a lot further than your bank account.

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Income
A lot of importance is put on getting a job with a good income. It’s true that if your paycheque is big, you’ll have an easier time managing all your costs and putting together savings for your future. However, while working on your career should be a focus, it shouldn’t be the only one. There are other paths to take to financial security and prosperity. It’s all about planning better with what you have. By creating a budget, it’s easy to find the little extra savings that you can contribute to long-term goals. These investments from Profitable Venture show that you can even start contributing them to strategies that can see them playing a part in growing your wealth outside of your job. Investments allow you to diversify not only your income but also your reserves for retirement and bigger investments in the future.

Debt
The fear of debt is often a lot worse than debt, itself. There are a lot of different strategies to try and handle it. None of them involve ignoring the problem and hoping you don’t get noticed, which is unfortunately what most people in a panic tend to do. There are options to help control it like debt consolidation loans from Buddy Loans, but you should always try talking to your creditors first and foremost. If you begin to suspect you will have trouble repaying your debts to the letter of the agreement, you may be able to negotiate it with them. You might not always have your debt reduced, but you can get your repayments restructured. Most creditors don’t want to have to turn to collectors just as much as you want to avoid them.

Insecurity
If you’re living on a low income, one of the biggest fears might be the risk that an unexpected cost could bring with it. If you suddenly have to pay for major car repairs, would it put you in debt? Besides insurance, building an emergency fund is one of the best ways to ensure that you at least have some safety nets to stop you from going into freefall. Contribute a little bit of your income every month towards a fund that can cover all of your expenses lasting three-to-five months. That way it can cover not only unexpected costs but some of the danger of being put out of employment, too.

Don’t forget that there are resources like the Money Advice Service that you can turn to when you can’t see any options that can help your financial situation. It’s easy to feel like you’re stuck in a downward spiral, but if you’re not a financial expert, there may be solutions and plans that you haven’t considered.

The Best Influence: Saving Money As A Father

Two of the focuses of my blog are Financial Literacy and Money. The following contributed post was written by Emma Morgan. It discusses The Best Influence: Saving Money As A Father.

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When you’re trying to be a great dad, having little to no spare cash during the year makes it a challenge to stay positive, and money worries are often a cause of family quarrels and arguments. Therefore, it’s worth looking into ways you can be thrifty, and save money each day in your home and lifestyle. It’s never too late to begin making wiser, considered choices regarding your finances, so make plans as soon as possible to start making positive change.

You can put your excess cash into savings for next year and the future, or your money can go towards covering the cost of family life, and ensure that you and your kids want for nothing. Being smart with money is also a great thing to instill in your children; they’ll be influenced by your good habits. The following are some ideas, tips, and advice for fathers looking to cut back their spending, and ensure their outgoings aren’t too much, by making little lifestyle changes that will add up to making a big difference.

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Family Transport

Vehicles can cost a lot to maintain, so it’s worthwhile reducing the family’s car to just one, and figuring out how you can reduce using them regularly. It’s also worth checking out a car payment calculator so that you can get a better idea of your monthly outgoings regarding your car, for more successful budgeting.

Your daily commute might be costing you heavily in fuel, especially when you’re stuck in traffic. Therefore, many are choosing to cycle to work, and bikes are a common sight on the roads during rush hour. Public transport passes work out cheaper if you buy them in bulk, and many services will get you to work far quicker than if you were in a car on the roads, so this could be another option for you if you’re not confident when cycling.

Family Food

Often, it’s easy to get home and realize there’s nothing in the fridge to eat, and end up ordering an expensive takeaway. The same goes for when you’re out in the day; you can end up spending a lot of cash on food from shops and cafes. Therefore, when you write your weekly grocery list; make sure you meal plan each day for the family. If you have the ingredients ready to use when you get in or can create a tasty lunch to take to work; you’ll reap the savings every day.

Family Budget

Sadly, it can sometimes be easy to find yourself in debt, especially when you’ve had unexpected costs to fork out for, or you’ve got behind with payments on something. Therefore, it’s crucial that you create a detailed account of what you’re bringing each month and compare it to your outgoings. This is the best place to start regarding how you can make changes to improve things long-term, so make sure you include everything, right down to the last cent. You can begin to change your monthly budget and improve family life in the meantime, for a bright future as a father ahead.

The Signs You’re Carrying Far Too Much Debt

Two of the main focuses of my blog are Financial Literacy and Money. The following contributed post was written by Emma Morgan. It discusses The Signs You’re Carrying Far Too Much Debt.

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We live in a time of consumerism and most of us have a mindset of ‘I need it now’, which makes us impulsive when it comes to credit. The problem with credit, though, is that we can have whatever we want, and the consequences come later. While credit seems like a great idea in the moment, when you’ve got too much month at the end of your money and you can’t make your repayments, it becomes a big problem.

Debt is, for most people, a very unfortunate part of life. Buying a house, a car and even getting an education can put you into debt. While these are the debts you’d want to have, rather than because you couldn’t put the Manolo’s back at the store, it’s still not nice to have to deal with debt in that way. Having a house is a good thing, until you can’t make the mortgage repayments and you’re getting help from DoveBankruptcyLaw.com/chapter-13-bankruptcy to get you back on track. There are some signs, though, that can tell you whether you are carrying too much debt. It’s time to get your head out of the sand and start sorting out your finances, because they’re not going to sort themselves.

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1. The first sign you’re carrying too much debt is that this is where your money goes. You should have enough money to cover your mortgage, your bills and your savings before having a portion for disposable income. If your disposable income is covering the minimums on your loans and cards, there’s an issue. Working to pay debt is not living, and you need to start making some adjustments so that this is no longer the case for you.
2. The next sign is that you won’t ever pay off your debts early, because the money that you have can only cover the minimum payments. Get onto the creditors that you have and ask them to lower the repayment amounts for you. Creditors are not easy to deal with – in your head. In reality, if you have a good history, they’re usually more than happy to help you out. As long as they are getting paid, they will work with you and not against you.
3. Your health is important, but if the stress of debt is starting to manifest physically, you’re going to suffer. Your sleep, your happiness, the jumpy feeling you get when the doorbell goes? All of these things are not healthy, and they can be affected by debt.
4. Trying to get a consolidation loan to cover your debts is the move that most people make so that they can pay things off quickly. However, if you’re being turned down even for this, then you’ve got too much on your plate. The more debt you have, the harder it is to get credit.

It’s important to recognize when you are carrying too much debt as much as it is to know where to ask for help. Don’t suffer alone – get the debt help you need now to lessen the burden on your shoulders.

Seven Times You’ll Be Glad You Have An Emergency Fund

Two of the main focuses of my blog are Financial Literacy and Money. The following contributed post was written by Faye McDonald. It discusses the Seven Times You’ll Be Glad You Have An Emergency Fund.

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You can’t always predict what’s going to happen in life, but you can make your finances disaster-proof. The best way that you can do this is by having an emergency fund to back you up every step of the way. Ideally, you should already be managing your money each month and budgeting for savings, but you should also be paying into a separate savings account for emergency reasons. Obviously, you won’t be putting in the same amount each month because you need to be able to keep living the way that you want to live. However, there will be times you will be exceedingly grateful that you had an emergency fund to fall back on and below, you can find seven times in life you’ll be whispering thanks to yourself for your own forward thinking!

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Job Loss. It doesn’t matter how long you’ve been in your job, no one is safe from being made redundant or losing their job. Companies fold all the time due to tough economic times and you have to be prepared for this. Losing your job means that you will be behind financially, and your emergency fund can save you from that.

Divorce. There’s something horribly stressful about a broken marriage. Divorce is costly, and your emergency fund can back you up while you’re paying for lawyers.

Accident. Being in financial difficulty when you’ve had an accident is stress on top of stress. You can speak to Tenge Law Firm, LLC when you need to figure out if you are due compensation from your accident. There’s no need to get behind on bills if you don’t have to!

You Quit. Sometimes, you don’t lose your job due to the recession or the fact your company is folding. Personality clashes mean that you could find yourself out of work off your own volition and you decide to quit.

Disaster. You can’t control mother nature and she is a fearsome beast. An emergency fund can be there for you if you lose your home or are dealing with a flooded house after a disaster. You can incur costs when you go through a natural disaster, and your emergency fund can absorb those.

Supporting Spouses. If your other half is out of work suddenly, or takes ill, you are the main breadwinner. Your savings could keep you above water if your money isn’t enough to support the pair of you.

Widowed. If you find yourself in a situation where you are suddenly without a partner at all, and they have passed away, you will need to have your emergency fund supporting you through a funeral and the expenses incurred there.

You see, an emergency fund isn’t something that is an inconvenience. On the contrary, it will be there for you for when life becomes an inconvenience instead. Most of these situations happen to us in life, it’s important that you manage your own money and keep yourself safe at all times.

Should HBCUs Teach Their Students Financial Literacy And About The Business Of Higher Education?

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“A graduate is someone who gets a degree from an institution and never looks back. An alumnus is someone who gives their time and money back to their alma mater!”

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A Visit From Our School President

This piece was originally published on Dr. Matthew Lynch’s online publication The Edvocate back in May of 2015. It was entitled, Thoughts on Why HBCUs could use more Alumni than Graduates, and Financial Literacy. I decided to republish this story after the new President of my alma mater, Johnson C. Smith University (JCSU), recently visited our Washington DC alumni chapter to discuss his vision for the university which is currently on probation due to financial distress.

Paltry Alumni Giving And Its Effect On Corporate Giving

A lack of alumni giving has long been a major issue for Historically Black Colleges and Universities (HBCUs). Something our new President Clarence Armbrister shared with us that I didn’t know, was that securing funding from Corporate America is difficult if alumni aren’t already giving significantly. Donors in fact inquire about alumni giving when deciding to give money themselves confounding the problem.

What’s at the heart of this conundrum? I think a major piece is that the concepts of wealth-building aren’t passed on in the ecosystems many HBCU students come from. When I say ‘ecosystems’ in this context, I’m referring to the environment the students have come from prior to matriculating into their particular schools – their home, their social circles, their church and the school systems they’ve come from – in some instances where the goal is simply survival.

The Importance Of Alumni Giving

Coincidentally when you start studying money, a common theme you see is the importance of giving. Since many of these students are not receiving this information from wherever they come from, perhaps our HBCUs should consider planting these seeds in their student’s minds before they graduate – weaving it into their curricula somehow. After all, higher education is actually a business, and it isn’t free as someone somewhere has to pay for it.

In a previous post regarding the Tax Reform and Jobs Act, I discussed my alma mater being on probation, and challenged other HBCU alums to take some of the money they’ve received from their tax break and pass it on to their alma maters – something which may have upset some readers. In this piece, I suggest that the HBCUs themselves should proactively arm their students with information which will not only empower them during their working lives, but also compel them to give support back to the places which gave them their start, allowing other kids to have similar opportunities.

A Lack Of Alumni Giving

Being highly involved in the Washington DC Alumni Chapter for Johnson C. Smith University (JCSU), I’ve become keenly aware of the issues facing HBCUs. As an education advocate and writer, I’ve helped promote the “Quotes for Education” collaboration between Allstate and the Tom Joyner Foundation the last two years. In numerous interviews with Allstate’s Senior Vice-President and Florida A&M University alumnus Cheryl Harris, the importance of HBCU alumni giving back to their alma maters was stressed. In addition to the other pressures these institutions are facing, one of the more significant problems is the lack of alumni giving.

At a recent Executive Board meeting, our Chapter President Robert Ridley shared with us an idea he read stating that, “A graduate is someone who gets a degree from an institution and never looks back. An alumnus is someone who gives their time and money back to their alma mater!” This was an important distinction that I’d never heard before, not even when I was a student at JCSU. It’s an important concept that arguably should be introduced from day one at our HBCUs.

Giving Future Generations A Fighting Chance

Why is it important for graduates to give back to their alma maters? The main reason is to give future generations a fighting chance to succeed. This is particularly important for Black America. Secondly, institutions of higher learning rely on state, federal and extramural funding from private donors. Many HBCU’s are “Land Grant” institutions and their funding has been decreased ironically under the Obama Administration, in addition to the tightening of the borrowing criteria for the “Parent Plus Loans” which many HBCU students and families heavily relied upon. Thus donations from alumni have become more important.

As unofficially told by an insider, for the 2014 fiscal year, less than 14% of my class of 1999 gave anything back to JCSU, a staggeringly low number. When our school President Dr. Ronald Carter gave an overview of the current health of the University here in Washington, DC, he cited low alumni giving as one potential threat to the University’s future. A key piece of that evening was encouraging alumni to consider cutting back on certain luxuries to free up money to give back.

Why Don’t HBCU Alumni Give Back In Greater Numbers?

Why don’t HBCU Alums give more to their alma maters? Why would only 14% of my class give back to the University? One reason is that many students who’ve attended HBCUs feel as though they’ve given enough of their money to their alma mater when pursuing their educations, and don’t feel inclined to give anything else after graduating. Another reason is hard feelings towards one’s alma mater. Many graduates feel bitter about their experience for one reason or the other as well. I’ve heard this personally and read about it in other articles.

Another piece to this puzzle though is socioeconomic. Of the many curses to being born black in the United States, a key one is starting from lower rungs on the economic ladder than our counterparts of other ethnicities. If for example, your parents planned ahead and saved a college fund for you, your economic burden will likely be lessened or non-existent upon graduation as discussed by Georgette Miller, Esq. in Living Debt Free. You’ll have less debt and more disposable income (some to donate) once starting your career.

“They just weren’t thinking that way,” my father said in a discussion about my grandparents in a discussion about mortgages. I stumbled upon the basics of financial literacy by accident (from books like Rich Dad Poor Dad and The Millionaire Next Door), and wondered why my parents didn’t teach me more about the vital knowledge shared in these books. They didn’t know themselves and I think this is true for a lot of African American families in the United States.

Low Levels Of Financial Literacy

Likewise, I hypothesize that many other college graduates from my community have a low level of financial literacy and that in part drives this lack of giving that we see from alumni towards their HBCUs. In other words, they know how to lavishly spend it, but not how to gradually save and grow it. If my hypothesis is true and many students are matriculating into our HBCUs with low levels of financial literacy, HBCU’s may do good to start educating their students on these topics from day one and also stressing that higher education is in fact a business. A good place to start would be Dave Ramsey’s Financial Peace University (FPU), or something similar.

I honestly didn’t seriously start giving to either of my alma maters until going through the FPU class taught at my church. In FPU, I learned that the greatest misunderstanding about money is that one of major keys to building and maintaining wealth is blessing others. Put another way, sustained financial health and giving are a function of one another, and in order for one to be able to give, one’s own financial house must first be in order.

Student loan debt can also help explain the lack of giving, but my suspicion is that there’s a percentage of graduates that once they get established, their finances aren’t situated so that they’re able to give back, or giving back just isn’t a priority. Coming from the African American community, there is truth to the myth that we as a community often collectively make poor financial decisions, particularly when ‘keeping up with the Joneses’, ‘signaling’, and trying to portray a certain image. For this reason, and because so many of us don’t get it at home, HBCUs once again may do good to expose their students to a financial literacy curricula such as FPU which ultimately stresses sound financial decision making and ultimately charitable giving.

Why Give Back?

So why give back? Giving back to our alma maters, especially HBCUs is important if we want to see future generations grow and thrive. One of the keys to advancement of the African American community in the United States is financial stability as a group. Likewise the community itself has a responsibility to give its younger generations a fighting chance to participate in our new global economy. In the United States, economic power influences everything else. Regarding my own graduating class of 1999, we can do better than a 14% rate of participation in terms of giving back to our alma mater, as can graduates from other institutions.

Thank you for taking the time to read this blog post. In you enjoyed this post you might also enjoy:

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• Who will have the skills to benefit from Apple’s $350 investment?
• Challenging stereotypes and misconceptions on household income and wealth building
• We should’ve bought Facebook and Bitcoin stock: An investing story
• Your net worth, your gross salary and what they mean
• The difference between being cheap and frugal

If you’ve found value here and think it would benefit others, please share it and or leave a comment. To receive all of the most up to date content from the Big Words Blog Site, subscribe using the subscription box in the right-hand column in this post and throughout the site. Please visit my YouTube channel entitled, Big Discussions76. Lastly follow me on the Big Words Blog Site Facebook page, Twitter at @BWArePowerful, and on Instagram at @anwaryusef76. While my main areas of focus are Education, STEM and Financial Literacy, there are other blogs/sites I endorse which can be found on that particular page of my site.

My personal experience With Dave Ramsey’s Debt Snowball Revisited

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“The rich rule over the poor, and the borrower is slave to the lender.” – Proverbs 22:7

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One of the principles of my blog is the “Teaching of Wealth Building and Financial Literacy”. A key component of Financial Literacy is understanding debt – specifically what happens when you carry too much of it. I painfully learned what it’s like to carry exorbitant amounts of debt – a place I hope never to return to. The featured image of this post is the exact same American Express Gold Charge Card which was a critical piece in my debt journey. The image of it will always hold a special significance for me – a reminder of what not to do.

My Inspiration For Writing This Piece

I got out of debt because some friends graciously shared Dave Ramsey’s “Financial Peace University” with me. While there are supporters of Financial Peace University and Dave’s “Debt Snowball”, I found that there are also detractors and critics. I wrote the following piece on the Examiner in early 2016 after someone else wrote an article about why she quit her Debt Snowball. I didn’t write this to rebut the author in a confrontational way or to discard her experience altogether, but instead to share an alternative perspective. By the way, to read about how to prolong your Debt Snowball, see my Mother’s Day 2017 blog post.

Giving Up On Dave Ramsey’s Debt Snowball

Over the holiday season, an article appeared on my Twitter feed from another passionate Financial Literacy writer (there are many) entitled, “Why I Gave Up on Dave Ramsey’s Debt Snowball”. Being a coordinator within the Financial Peace University ministry at the Alfred Street Baptist Church, and also in the final stages of my own Debt snowball, the article resonated with me and prompted the crafting of this piece. This piece won’t refute Jennifer Calonia’s experience, but will actually agree with some of her points and discuss my own experiences.

Starting To Accumulate Debt

No one plans to go into crippling financial debt which usually occurs because of a lack of Financial Literacy; living above one’s means, or something else such as today’s soaring costs of higher education. Many people don’t understand what they’re doing and the long-term ramifications as was in my case. Roughly nine years were spent completing my Ph.D. and then the two and a half years of subsequent training – all on a taxable graduate stipend which ranged from $17,000-$22,000, and then a postdoctoral salary of $37,000. During that time, my expenses often exceeded my income for a number reasons. My old Saturn SL2 was bought with my father’s credit card. It was maintained using another credit card whose balance eventually ballooned to $8,500 (just paid off this month). An unhealthy relationship or two also contributed to the bonanza.

Going Deeper Into Debt

After starting my first real job in the federal government, my debt swelled at least two to three times due to wanting to learn to invest in real estate, and wanting to do too much too soon money-wise. It was a good idea but the trainings came at a steep price which in hindsight could’ve been obtained for less money. Those who gave those particular trainings dangerously encouraged us as students who didn’t have tens of thousands of dollars saved up, to use our credit cards, under the assumption that the costs of the classes would get paid off relatively easily once we got some real estate deals done (to be covered in depth in a later piece).

Finding A Way Out

After accumulating my mound of debt, my life was blessed when two friends (from the same real estate trainings) discovered and shared Dave Ramsey’s Financial Peace University (FPU). Just briefly, four of the key components of FPU – the cornerstones of Dave’s “Baby Steps” include:

• Saving an Emergency Fund – one month and then four to six months
• Learning how to budget
• Using cash instead of credit cards and debit cards
• The Debt Snowball

The Debt Snowball is a strategy for eliminating debt. The individual lines up all of their debts smallest to largest, steadily paying them off one by one using the money from each paid off debt on the next one, steadily increasing the size of the payments on the larger ones until everything is paid off using “Gazelle Intensity” as Dave Ramsey calls it. Dave Ramsey uses the parable of the Gazelle who represents consumers who are preyed upon by the Cheetahs who represent credit card companies, banks and marketers.

The Debt Snowball Takes Determination And Work

Jennifer Calonia’s points are honestly all valid. My own Debt Snowball has taken two to three difficult years (and that’s without children), and it is easy to feel like quitting. Life continues to happen not just to you, but those around you – some of whom aren’t making good financial decisions and ultimately need your help – often unexpectedly. There is also the pull to do what others are doing – taking lavish vacations and acquiring luxury items for example. Finally, because you’re living on a fixed income when doing the debt snowball, some people may conclude that you’re “strapped” for cash which can be hurtful if you’re sensitive to the words of others.

These are all reasons why Ramsey discusses prayer when pursuing this effort (if that’s in your value system of course). From experience, when doing the Debt Snowball, one has to know that there are times when this financial plan can and must be altered temporarily – the holiday season for example. Furthermore, periodic rewards are realistically a good idea too (within reason). In other words, if you’re doing the Debt Snowball, you have to allow yourself some fun, or else you’ll stop it and never go back.

Other Ways To Pay Down Debt

Much to my surprise, Dave Ramsey does have his detractors and critics as does every author/speaker/guru. There is for example a second method to paying down debts which involves paying down the highest interest rate obligations first. Some consider this more financially intelligent than the debt snowball which is powerful because of the ‘emotional’ effect of seeing the debts go away.

Closing Thoughts

“We’re going to live like no one else, so later we can live like no one else,” Ramsey says frequently during frequently during Financial Peace University meaning that some sacrifices are initially involved, for greater gains and a comfortable life later on. Money is an emotional topic and as with most things, everyone has to make the best decisions for their own lives. Being on the cusp of completing my own debt snowball, it admittedly wasn’t easy, but if one can find a way to stick to it, it does work.

Thank you for taking the time to read this post. If you enjoyed this one, you might also enjoy:

• Chris Brown discusses true stewardship and financial peace
• Your gross net worth, your gross salary and what they mean
• The difference between being cheap and frugal
• Mother’s Day 2017: One of my mother’s greatest gifts, getting engaged, and avoiding my own personal fiscal cliff
• Father’s Day 2017: Reflections on some of Dad’s money and life lessons
• We should’ve bought Facebook and Bitcoin stock: An investing and technology story
• Challenging misconceptions and stereotypes in class, household income, wealth and privilege

If you’ve found value here and think it would benefit others, please share it and/or leave a comment. To receive all of the most up to date content from the Big Words Blog Site, subscribe using the subscription box in the right-hand column in this post and throughout the site, or add the link to my RSS feed to your feedreader. Please visit me on one or all of my channels on YouTube. You can follow me on the Big Words Blog Site Facebook page, and Twitter at @BWArePowerful. Lastly, you can follow me on Instagram at @anwaryusef76. While my main areas of focus are Education, STEM and Financial Literacy, there are other blogs/sites I endorse which can be found on that particular page of my site.

Why SEO really is the key to a successful online business

Regardless of what your business is, or what your content is as a writer, it’s critical to make your presence known and easy to find. The following guest post comes courtesy of Michael Kordvani. It discusses importance of Search Engine Optimization (SEO) for the success of online businesses. Michael Kordvani can be contacted at [email protected].

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When it comes to search engine optimization (SEO), many are aware it’s something that’s supposed to help their online business but very few make time to learn anything about it or to even try. Many tell you they rely on word of mouth marketing or paid advertising that can take a chunk out of your business budget.

It’s a shame that SEO marketing is misunderstood and underused. SEO is a series of techniques designed to make your website easier for both search engines and your visitors to understand. Since search engines don’t see and understand your web pages the way a human can, SEO helps them ascertain what each page is about and why it’s useful to its users. Then it helps the search engines bring their users to you.

6 Ways SEO Helps Your Online Business Succeed

While there are many ways SEO can benefit your online business, here are six of the top ones.

Use Professional Services: There are SEO specialists out there who can help you to achieve everything you want from your SEO campaign. Take a look around and visit site to learn more!

More Clients: With so many websites available for any given product, service, or niche, getting clients can be a challenge. Using solid SEO techniques will improve your ranking in the search engines and make it easier to find. The easier your site is to find, the more potential customers you will receive. With the increased traffic, you will see more conversions.

Mobile Friendly: According to Hitwise, as much as 58% of all search engine queries are conducted on mobile devices and that number will continue to grow. How does SEO factor into that? An entirely new set of SEO techniques, like local search optimization, have been developed to help businesses get their products and services in front of the mobile audience. Choosing to ignore this particular trend is allowing your business to fall behind and out of the minds of today’s consumers.

Reputation Building: Reaching the first page of a search engine is quite an accomplishment and much more than something to brag about. Greater consumer trust is given to pages that are highly ranked. For many customers, if they can’t find a business on the first page of their Google search results, it’s not good enough. SEO boosts your website’s ranking in the search engines, gradually helping you move towards the top of users’ search results.

Brand Awareness: Another great benefit of SEO is that it lets your site appear on relevant pages of the search engines. As your ranking goes up, your site will appear more often at the top of user searches. That increases awareness among potential customers, even for niche things like singularsound.com, more of them being aware of you means a higher conversion rate. Getting your SEO optimized content on social media channels too will also help increase your brand’s awareness and inspire consumer trust and loyalty.

Cost Effective: People are often afraid of investing in SEO because they don’t understand it. In educating yourself about the true power potential of SEO, you’ll see that such investment is much like investing in real estate. If you invest wisely in SEO, you get more from it. The remarkable thing is that a huge investment isn’t necessary and it’s very cost effective when compared to what you’d pay for PPC and social media marketing. The cost for SEO is extremely low compared to other marketing types, especially seeing as you also have social media, and applications like TubeBuddy which are free to use, unless you use an upgraded version. If you use a professional, this is going to be a little more expensive, but will be well worth it when you see the results that they can achieve.