Creating a budget is easy but maintain a budget can be a challenge. A person no longer has to create a budget using an excel spreadsheet because there is an increasing amount of budgeting apps available such as Mint and You Need a Budget. However, creating a budget with no goal, realistic mindset, or picking what works for you is as useless as signing up for a gym membership and not knowing what to do. When creating a budget no matter if it's on an app or excel spreadsheet follow these rules. Set goals Without setting goals, you cannot achieve anything. You have to set goals or else you’ll lose motivation for maintaining a budget. Goals can range from paying off $10,000 in credit card debt, saving for a down payment on a house, or saving for a vacation trip. Without setting goals in your budget you run the risk of spending what you don't have and not managing correctly, which can be the cause of severe credit card debt. Be realistic Saving for a brand new Mercedes Benz in one year when you’re only making $35,000 is not realistic. A realistic budget consists of living within one's means and saving for something that is within purchasing power. When I budgeted my money to pay off my credit card debt I was realistic and knowing that it would not be paid off within one year. I gave my self at the very least three years if not less. I accomplished my goal of paying off $10,000 of debt in 41 months because I was realistic. Pick what works best for you Everyone has their secret recipe for what works best. You have to decide what works best for you. For me having a budget app and writing things down on paper helps me budget my money. There are hundreds of ways to budget your money and each one may have own benefits. Listen to what others budget methods but use what works best for your needs and wants. it's Starting a budget is easy but maintaining one can be a challenge. Do not lose sight of your money and be aware of your expenses. Spending $3.45 every day on a cup of coffee can add up without even realizing and affect your budget. So how do you budget your money? Mr. J Real TalkBusiness educator and blogger.Follow Mr. J on social media @MrJRealTalk
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In last weeks Facebook Live show during the finance with attitude segment, I discussed lessons from the original Godfather of personal finance – Benjamin Franklin. Benjamin Franklin was more than just a statesman and inventor he provided fantastic personal finance advice: live within your means, don’t keep up with the Joneses, and save every penny. Over two hundred years later the majority of Americans have not learned from Franklin’s words of wisdom. Rather go to bed without dinner than to rise in debt Benjamin Franklin was obviously not telling people to go hungry every night that would be foolish. The meaning of Benjamin’s quote is to live within your means, but American’s still do not live with their means. U.S. consumer households carry on average $16,425 in credit card debt, and that’s not adding student loan debt. Don’t go shopping for items you know you cannot afford, stop buying expensive coffee, and please stop with the avocado sandwiches for lunch. There is nothing wrong with making your coffee, eating peanut butter and jelly sandwiches for lunch, and not shopping for items you want. It is easier to suppress the first desire, than to satisfy all that follow There should be no reason to keep up with others appearances. Years ago a group of colleagues decided to go out for drinks after a busy work week. One of the colleagues bought shots for all of us in the group. Another colleague from the group was upset because he told me he was the one who bought shots for everyone. My colleague was upset and had to show everyone he was the man and decided to buy shots for everyone regardless of the fact that he was in financial limbo. I told my colleague there is no way you can compete against the guy because he is way much wealthier than you are at the moment. The moral of the story is don’t compete with others when it comes to money. If someone buys drinks for the entire group, let them it's not your money wasted on drinks. A penny saved is a penny earned Saving a penny or two is not easy especially when television commercials are telling us to spend, spend, and spend some more. However, saving a penny or two can go a long way. Whenever I buy products or services in cash, I deposit the change into a savings piggy bank and at the end of six months it can add up to at least $20. Every penny counts no matter how small or little. I advise you to wait for your penny change whenever you go shopping. If the cashier waits for you to hand over every penny you owe in the transaction why can’t you get your penny that you are owed? There is no need to get into financial debt if you don’t have so make sure you live within your means, don’t compete against the Joneses, and save every penny. Mr. J Real TalkBusiness educator and blogger. Follow Mr. J on social media @MrJRealTalk Mr. J Real TalkBusiness educator and blogger. Follow Mr. J on social media @MrJRealTalk
Learn the top ways you can build an emergency fund with a simple change in your shopping habits. Also, get insights on how to learn entrepreneurship while working full time.
Make sure you watch the Mr. J Real Talk Facebook Live show every Sunday at 9pm(CST). Check out my guest appearance on the #OklaEd podcast as I discuss financial literacy in education. Also, the questions and replies from the Twitter chat I guest hosted Sunday, August 20, 2017 Enjoy http://teachingfromhere.com/podcast/episode-27-financial-literacy-in-education/ Mr. J Real TalkBusiness educator and blogger. Follow Mr. J on social media @MrJRealTalk A few days ago I was sitting working on my weekly email from a local Starbucks when next to me I could hear the conversation between an older gentleman and a young man talk about business. The older gentleman was giving all types of business advice from knowing how to manage a business, setting up a budget, to knowing what to charge as a business expense. I was trying to concentrate on my business, but the older gentleman kept talking until finally, he said something that got my full attention, “entrepreneurs always find a way to get the thing done no matter the circumstances.” I felt like going up to the older gentleman and give him a high-five. Entrepreneurs always find a way to get things done no matter the circumstances. Think of all the celebrity entrepreneurs you hear about on television (e.g., Michael Dell, Mark Zuckerberg) all of them have done what impossible to possible no matter the circumstances. John Paul Dejoria (Co-Founder of Paul Mitchel hair products) went from door to door selling his hair products to saloons when he was dirt poor. 50cent was selling his mix tapes to bootleggers so that they could hand them out to people. Michael Dell built computers from his dorm room. As an entrepreneur, you have to find a way to get things done no matter the circumstances. As Dr. Michal Morris writes in his book Entrepreneurial Intensity, “successful entrepreneurs can combine adaptability with persistence in adjusting their concept when confronted with the obstacles, both natural and arbitrary, that arise along the way.” Next time you face an obstacle in your business, startup, or life make sure you find a way to get through your obstacle, that’s what entrepreneurs do. Mr. J Real TalkBusiness educator and blogger. Follow Mr. J on social media @MrJRealTalk Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk
July 30th, 2017 I discuss the incredible insane spirit that Elon Mush has to achieve his goals, how passion is part of the formula, and consumer protection laws.
Elon Musk gave up all his fortune to focus on SpaceX and Tesla. Would you give up your fortunate to chase your passion? Passion is part of the process. Don't let yourself be discouraged by someone else's failures. Learn about the different consumer protection laws. I talk in detail about The Equal Credit Opportunity Act and Credit Card Act of 2009. Tune in Sundays at 9pm CST on my Facebook Live to catch the best commentary, news, and opinion on entrepreneurship and personal finance. Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk Student loan debt is getting out of control. So much so that it is in the $1 trillion mark on the amount of student loans. Let's hope that the government wipes out student loans for good so we can move on from this debt. What do you think? Subscribe to my YouTube Channel Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk 50cent once said, "I don't think ambition is a learned behavior. I think it's part of a person's natural character." The question I ask in this vlog is, "do you think ambition is part of a person's natural character?" Let me know by commenting on the video. Subscribe to the YouTube Channel Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk Listen as I discuss why passion is part of the process. People will try to get you away from chasing your dreams and doing something that you are passionate about but what people forget is that passion is part of the formula. Subscribe to my YouTube Channel Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk In my vlog episode 3 I continue to talk about LeBron James $1 million investment in Blaze Pizza current value at $25 million after a significant investment by a private equity firm. Subscribe to my YouTube Channel Mr. JPersonal Finance/Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk Last night's Facebook live I discussed LeBron "King" James turning his $1million investment in Blaze Pizza into $25million after a private equity firm invested in the company. How to be an entrepreneur in your own right, and establishing SMART financial goals. Mr. JPersonal Finance & Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk Mr. J Real Talk Vlog Episode 2 is all about writing SMART Financial Goals. SMART is the acronym for Specific, Measurable, Action-0riented, Realistic, Time-Based. Every financial goal that you create must be written down a specific goal, measure the amount, take action towards that goal, be realistic, and have a deadline. Make sure you subscribe to my YouTube Channel for daily Vlog updates. Mr. JPersonal Finance & Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk Watch my first of many Vlog episode that I host on my YouTube channel proving with impactful insights on ed tech, entrepreneurship, and personal finance. Subscribe to my YouTube channel today. Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk Earlier this week I received my copy of The Economist, The future of learning: How technology is transforming education. The first article under the leader's section titled, “Together, technology and teachers can revamp schools” captivated my attention from the first to the last word. As an educational technology (ed tech) advocate, user, and student of the profession I will highlight parts of the article that I agree and disagree. The article started by stating how the ed tech has a cycle of hype and flop due to teachers and their unions along with the unproven methods of ed tech. I am assuming the writer has not talked to all teachers across the country because surely not every teacher or union is against ed tech. The hype and flop happen with any industry except in the education industry “factory methods” of teaching is still prevalent, and innovation takes a while. The article also claims that for ed tech to function correctly in schools three things must be right: personalized learning must follow how students learn, narrows the inequalities of education, and ed tech potential relies on teachers embracing it. I will agree on the personalized learning must follow how students learn. When a new ed tech tool comes out everyone is fascinated by the tool and when you add the “personalized learning” tag to it even more so. The tool has to do what it says it will do, and there has been actual evidence that it is increasing student’s knowledge, not just scores. In regards to the inequalities that is up to the states to determine when every school district gets its far share. As long as school districts rely on property tax for funding, I don’t see how inequality in education will disappear. There is only so much philanthropy money to go around. Teachers are embracing technology, but with time the newer breed of students will take over the arcane methods of “factory teaching.” All over the country, there are weekly education twitter chats such as #oklaed for educators in Oklahoma and #edchatsa for teachers in South Africa among many others that share ideas and better teaching practices. So going back to the point of teachers being the reason for the hype and flop, check out one the local ed chats to see not every teacher is to blame. I wholeheartedly agree with the article's statement, “given what ed tech promises today, closed-mindedness has no place in the classroom.” For ed tech to work there has to be an open mind, find what works for the class, and have results not just outcomes. Mr. JPersonal Finance & Entrepreneurship educator and blogger. Follow Mr. J on social media @MrJRealTalk
In last night's Mr. J Real Talk show I discussed the new rules affecting credit scores, developing an elevator pitch, and private student loans.
Credit Scores In a new ruling public records on credit reports will not affect peoples credit scores. The two public records include tax liens and civil judgements. The new rules will affect 7% of the U.S. population and will raise their scores by at least 20 points. However, the new scores does not mean that banks and other lending institutions will not look at other factors affecting credit score and history such as high credit card debt. The best things to do is lower your credit card debt, pay your taxes, and try not to get sued. Elevator Pitch An elevator pitch is a one minute speech to persuade a potential investor you meet in an elevator to invest in your company. In reality the elevator pitch is just a speech about your business said during a business plan competition or investor meeting. In my experience the best elevator pitches come from people who are fully invested in their company, give passion, and do not have to use notecards to give their pitch. I used a template from the Founders Institute to write my pitch for this show and you should too if your having trouble writing your elevator pitch. Private Student Loans If you have private student loans you may be in for some luck. The National Collegiate Student Loan Trust recently lost $5 billion in student loan paperwork. If you have a private student loan with the Trust I highly suggest you check to see if your paperwork went missing because you may be off the hook. Let's just keep our eyes and ears open for any other company who loses their paperwork. Tune in Sunday, July 30 at 9pm CT for the Mr. J Real Talk show live on Facebook Live. Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk 50 Cent is known for his music, books, acting and entrepreneurial ventures. He is highly successful, with a net worth estimated at $270 million, despite lacking even a high school degree. Read more at http://www.commdiginews.com/business-2/words-of-wisdom-from-50-cent-20326/#SSFDIXCyo6vqLd4Y.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk 50cent made a guest appearance on the New York City radio morning show The Breakfast Club, where he discussed a number of topics. One verbal riff in particular was loaded with business relevance, as 50 Cent opined on the power of social media in the hip-hop industry. The artist claimed that social media has actually changed the way hip-hop artists market themselves and their music to the general audience. Read more at http://www.commdiginews.com/business-2/social-media-in-the-hip-hop-industry-20852/#6lZlZ0QOMeaVkAzG.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk Hip hop artists and professional athletes have something in common: Most go bankrupt during or at the end of their careers. There are only so many shoe deals, commercials, and sponsorships available for either hip hop artists or athletes, and both tend to live large. Read more at http://www.commdiginews.com/business-2/50-cent-building-wealth-it-takes-more-than-a-beat-37100/#7RThvJ8sMwHOWyd7.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk Before the birth of iTunes, the career of a music artist was entirely focused on selling albums, getting their songs on the radio. Getting on tour. iTunes changed that dynamic. Hip-Hop artists, along with the entire music industry, realized that selling albums would not guarantee financial success because people could easily download the songs for free illegally or purchase them individually from iTunes. It no longer required an album investment for a body of work. Consumers could spend less than $2.00 and buy the one song they wanted. Read more at http://www.commdiginews.com/business-2/hip-hop-entrepreneurs-establishing-wealth-outside-of-album-sales-20516/#QoGA6f3m8Y2f3UI5.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk College students today are worried. Will their massive investment in a $100,000 liberal arts degree pay off in the future? Will the non-paying internship they’re involved with actually open the door to a career after graduation? Read more at http://www.commdiginews.com/business-2/entrepreneurship-in-college-building-valuable-real-world-skills-31802/#b6G6I1zGOt1Dr7lu.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk “Shark Tank,” the popular ABC business reality show (also running in syndication on CNBC) has gained fame for the pronouncements of its tough-nosed business “sharks,” such as Mark Cuban, Daymond John, and Barbara Corcoran. All are blunt with their business critiques, giving the show’s would-be entrepreneurs chills up and down their spines when they pitch their own business plans to these bigwigs, hoping for an initial investment of real money. Read more at http://www.commdiginews.com/business-2/would-be-entrepreneurs-miss-the-real-lessons-of-tvs-shark-tank-33044/#LXlohppc4hEDfuk4.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk Entrepreneurship has become an increasingly popular alternative to working for an established company. Millennials do not want to work for one company for their entire careers, and they also want control of their own destiny. Read more at http://www.commdiginews.com/business-2/entrepreneurship-lesson-test-your-concept-locally-33663/#0XM6Skqr7eu2oTH3.99 Mr. JPersonal finance & entrepreneur educator and blogger. Follow Mr. J on social media @MrJRealTalk |