Money Management at Mint.com
November 28, 2007
What’s up fam,
As folks scramble to prepare for the holidays, I want to put you up on a financial management website called Mint.com
If you are like me, you are very detailed when it comes to keeping track of your money and this is a tool that might help. If you are paranoid about sharing financial info, this is not for you but if you can get over that initial fear, the website will help you categorize all of your expenses and make nice graphs to help you really understand where your money goes. More than that though, the site provides analysis on your spending trends and tips on how you can save money. Check it out, let me know what you think.
Stay up fam,
Brandon Q.
The Cares of This World
November 5, 2007
“Do not wear yourself out to become rich; have the wisdom to show restraint”
-Proverbs 23:4
“One man pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth.”
-Proverbs 13:7
“Havin’ money aint everything, not having it is”-Kanye West
I have spoken of this many times, but it is a topic that has turned up many times as of late. So I am taking that as a sign that I should revisit this topic. And topic has to do with money and our relation to it. Read more
The Unforgivable Sin
October 7, 2007
What is the unforgivable sin for a black man? One would think calling a black woman out of her name, but apparently hip-hop and Isaiah Thomas have taken the sting out of that one. It used to be taboo to participate in interracial dating, but even that has lost its bite.
Actually, it is something a lot less politically charged than that or is it? It took me 24 years to figure it out, but the unforgivable sin for a black man is…to be unemployed. I did not realize it, now I am faced with the looming prospect of unemployment upon completing my post-graduate studies. And as the song says, I am living under pressure.
Up until this point, I have tried to be a pretty responsible guy. I have done my best to be the Dream of Dr. King and what not. But apparently, I did not realize how quickly that accounts for nothing when you do not have a J-O-B.
Surprise! There’s discrimination in lending.
September 13, 2007
Captain obvious says: Black folks and Latino folks get jerked more often when financing/refinancing mortgages.
Isn’t this the same thing Martin Luther King Jr. was marching against in Chicago during the 60s? This is yet another piece of rebuttal material to the “Race no longer matters” crowd.
One Love. One II
What is independence?
July 4, 2007
Many moons ago, I wrote a piece about the concept of Indivisible Freedom, which essentially came to the conclusion that the notion is does not really exist in practical terms. Today, this “Independence” Day, I’d like to do a similar exploration of the the concept of independence.
Actively wanting less
June 18, 2007
After reading Garlin’s fantastic post on the Black Middle Class, I was inspired to think of ways that we can maintain an engaged and active middle class. This idea is not original, but I think the answer comes from actively wanting less.
The National Priorities Project
March 29, 2007
This morning on the radio I heard about a group called the National Priorities Project. This group gives people an easy way to visualize how the government spends money. This is an important thing to know.
Read more
Guerrilla Banking
October 14, 2006
Many of you may not know who Muhammad Yunus is, or what the Grameen Bank is, but this cat won a Nobel Prize yesterday for his system. Basically, it is a people-powered lending network that allows people to lend others in the community small amounts of money without requiring collateral like traditional loans. Instead, it has kind of a barter system approach, with the theory being that other things besides money have value.
My question is, could we pull this off in our own neighborhoods and communities here? Here are some benefits:
1. The money stays in the community longer and passes through more community members’ hands before leaving it (if it ever does).
2. Since most of the time we probably only need small loans (say, $100 or less) for day-to-day stuff, the anxiety of being in debt will be reduced.
3. It is a great way to combat gentrification.
I think this could really work. Could it?
Categories:
Economics
Financial
Banking
Black folks and money (or lack thereof)
March 18, 2006
You know what I hate? It’s when Black people who have somewhat of a handle on managing their money don’t pass on that information to other people. We here at Superspade are well aware of all the financial trials that Black people face on a regular. (Like when the only “good” groceries you get are the week after payday but you’re eating peanut butter and jelly sandwiches the week of payday) But rarely do you see discussions focused on the tools others have used to reach their financial goals. This is where you come in.
If you have made some moves financially, whether it was learning how to budget or buy stocks, or you want to know how others have done it, you need to make your presence known on this post. I’ll go first. I am a recent college graduate and I am currently working my first “real” job. As such, there are several things I learned that have really helped me out. For starters, I realized the difference between needs and wants. For example, I used to buy Reynold’s Wrap just because I saw it on TV. But did I really need name brand aluminum foil? Probably not, so I made the switch. And if you multiply this example many times over, you will get an idea of how I spend my money.
The other thing I learned was balancing a checkbook didn’t help me keep things in perspective. So I started a budget in Excel such that I have three columns for each pay period. The first column shows all the money I have coming in and the second column shows all the bills and expenses I have to pay. The third column is my cash flow that I use to keep track of everything I pay with cash. The advantage I found with this method is that by using addition and subtraction functions within Excel, bills never sneak up on me and I can quickly see where I can cut back and where I am spending too much. Now I still use my checkbook but using Excel helps me see the big picture.
I have also started to take out cash that is strictly used for groceries and gas. For example, on a typical week I may spend anywhere between $30 and $40 on gas so I take out $40 for gas and I keep track of gas spending in my Excel spreadsheet as well. The same thing goes for food. I make a point to shop once a week and I am one of those people who shop with a calculator, notebook, and pen. Because I know it’s hard for me to put something back after the cashier rang up my bill, even if I am over budget. So rather than cross my fingers, I already know how much I am getting before I get in line.
Right now, I am preparing to go to Law school in fall of 2007 but I don’t know how people make the financial transition from working full time to going to school full time. So for all my Superspades who have been there, help a brother out.
For all my shareholders out there, what books/websites were helpful in allowing you to get a handle on investing?
I want everyone reading this post to put a comment that shows something you learned to help you financially and something you would like to know. Because whether you are in high school, a college graduate, or a seasoned investor, we are all in this together and we learn as we go. And while you may think your financial woes will end if you made more money, they won’t unless you learn how to budget, save, and invest. Essentially, I am tired of Black folk getting all riled up over anything political, but get all quiet when someone asks us about our finances. Let’s step our game up because solutions have a weird way of canceling out sorrows.
Stay up fam,
Brandon
Financial Insecurity & Money Mentees
January 11, 2006
My generation is one faced with economic challenges that are different from those of previous generations. The Christian Science Monitor has a nice story about this. We’ve talked about this before on The SuperSpade, but the issue isn’t going anywhere, and thus warrants further thought and action.
I have said it before and I will say it again: instant gratification, especially when applied to financial decisions, is a sure way to monetary suicide. I used to be under the impression that this was simply a Black problem. However, more and more I see my compatriots from all backgrounds and makeups drinking the same Kool-Aid. The article says:
“Compounding these generational challenges is what Ms. Yochim calls ‘incessant commercial wooing’…with commercials filling 20 minutes of every televised hour, she adds, ‘No wonder we all suffer from *the wants.*’”
This ‘incessant commercial wooing’ is the pull of instant gratification. It’s what says that Hummers are more important than Houses and platinum jewelry is more important than the debt that [usually] comes with it.
How do we break this cycle? It is obviously not enough to provide counterexamples. No, the approach must be much more personal. This knowledge must be transferred, like all wisdom, one on one. This follows from the notion that an individual can and often will make a better decision when taken out of the context of the masses. This is a charge to the wealthy of the current and previous and current generations to get a “Money Mentee.”
It is proven that the Apprentice Model of teaching is the most effective: learning by following an example. For the purposes of this exercise, we will call this the Mentor-Mentee Model. The qualifications are simple, to be a mentee, you simply have to have a desire to learn about how money works. You may or may not be in financial trouble, that doesn’t matter. In order to be a mentor, we ask a bit more.
The first criteria is that you must “have money.” Note please that “having money” does not equal “having income.” This means that the amount of money you make is not the only deciding factor in the amount of money you have. To be a mentor you will have to present demonstrated success of your own economic plan (how much you save, how much you invest, etc.). After all, you need to have something to tell the mentee.
The interaction is straightforward. Weekly conversations over the phone, at least bi-weekly electronic email communication, at-least monthly face-to-face interaction. The content of these interactions should include, but not be limited to:
- discussion of past financial success and failure stories
- discussion of finance related books to read
- discussion of finance resources available (newspapers, magazines, websites, etc.)
- apprentice/internship opportunities (if the mentor is a business owner)
- reference to financial advising centers
The list goes on to infinity, but you get the idea. Such a program will thrive on the personal interaction between the Money Mentor and the Money Mentee.
This is how we will slay the savage beast of irresponsibility.
