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Posts Tagged ‘college’

Its Friday July 25, 2008, and I just paid off a bill!!!!! A check went out to the tune of $960.62, to Henry Ford Community College. The bill was 2,071 to start and had been lingering in my life from a school I never went back to since 2001!!!!. I have been to court over this bill, had my paychecks garnished over this bill and my income tax refund taken a few times OVER THIS BILL!!! I am so glad to finally say its out of my life for good.

Now who wants to be next!!!!


Laying debt to rest for good

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Ok as you all know I have been on this huge financial kick for the past 4 months. Had a large amount of set backs and finally able to get the ball back rolling. As I was enjoying my friday evening I was reading blogs one to be exact called stuff educated black people like (yall know bout it). Anyways I started to wonder about us folk and what it is that actually makes us successful people.

Most Educated folk after they get their college degrees move outta state and make there first home purchase, get their first car, and take that first trip to another country. At first I used to be close minded thinkin yea this was really how to show people you made it. After I hit rock bottom from losing just about all my stuff (and mind) I started to realize that all that stuff didn’t really make sense and the friends I thought I was keeping up with had less than I did. So now I have a new list of what it means (to start) to be financially successful along with your college education. Just because you have an education does not give you permission to be stupid about money.

1. Don’t buy a house unless its more than just you living in it and if you do pay it off in 15 years or less

Yea I know we look good and we can show off but truth is now days unless you are purchasing a home for 50 cents on the dollar its not a wise choice. Most of us if we travel and work them 75k and up jobs dont even have time to enjoy that lavish home so it just sits there looking cute and going down in value. Also paying a home in 15 years will cost you more on the front end but will save 10’s of thousands in the long run. Most folk say they don’t plan to own a home more than 5 or 10 years but truth told if you pay it off you can have this as an asset in addition to the new home you purchase, instead of dumping all the interest. Also the so called tax deduction you think you get from owning a home (per the irs) is not really helping you (ask me for more info on this)

2. Pay off your student loans

We all think its the American way to live in debt and have student loans but truth is the longer you keep them the longer you will be broke. I looked at my student loan balance it said it would be an extra 7,000 if i drag my payments on for life instead of paying off the original 11,000 I actually owe, the rest is interest. It is a wise choice to pay off all your loans regardless of what they tell u in college. also stop going to school trying to avoid paying back loans and get a job!!!!


3. Pay for cars with cash Thats just smart and its what rich folk do they don’t typically drive BMW’S

4. Actually contribute 15% of your income to retirement some kinda way

Please don’t believe ssi will be there when you turn 65.

5. Stop borrowing money

Buying everything on credit is not cute anymore even if it is a 0% interest card.

6. Have a net worth

The definition of net worth is what you own – (MINUS) what you owe = what you are worth. meaning if you had to get rid of everything what would you be left with. If all your money is tied up in house payments credit cards, car payments, bikes, boats, and time shares and when you add it all up hello?? your broke. You have to actually have something you own to be wealthy and also not have debt if you owe 500,000 on stuff and none of it is paid for unless you got 1 million in the bank your broke

7. Stop Using credit cards

Who wants to argue with me about this really?

8. Learn how to really invest in real estate

This does not mean borrowing the equity against your principal residence to go buy rental properties and fix and flip its (this is not property ladder on TLC). Those people who do that don’t have money and neither do you. If you wanna be a tv look a like, the least you can do is pay cash for your investments and us cash to fix them up. If all those rental properties you never sell go belly up or u lose your job God forbid, your house will be foreclosed on first!!! this isn’t cute when you have mouths to feed.

9. Save Money for stuff you want to buy

So I know we live in a get it now pay for it later society but honestly if we saved for it for a couple months you might not feel such stress later on when your not using it.

10. Don’t get a loan to start up a business

Most new businesses cost under 5,000 to start so you do not need the SBA to get off the ground!! Stop being lazy, if you want to advertise print some flyers and drive around town and post them, make a website, tell friends, work your butt off. You don’t need hundreds and thousands of dollars in capital to start a company and make it work.

I am learning these things now. It took me losing most of all I had to figure out I really had nothing. I don’t want to live the life of my broke friends who look like they got it going on. I want to be the one who actually has money to lend and not need it back, actually take real vacations and actually own nice cars and houses. Most importantly I want to give back to my community we can’t do that financially or spiritually if we work 100 hours a week trying to pay a house note.

I am currently working on getting out of debt, its not cute to be in it. Its not fun getting out. I have to live on nothing and work my butt off for a number of years (hopefully less that two) but it will be a great feeling when I say I truly have a net worth.

Mikki

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It was 2:43pm, I was sitting at my lil desk at work typing up some labels for some stuff I had to mail out. The cell phone rings in a message alert and who is it, my little loving brother James. Now if yall dunno about James, he is my favorite (and only) lil brother, who is in Alabama attending his first year in college at Tuskegee University. His message reads “hey lil how are you? You don’t suppose you could send some spare change for your loving but struggling brother” Now if yall know me, I am the type to bitch and pitch a fit when it comes to dealing with James cuz sometimes we aren’t exactly treated fairly by mommy, but I love him to death and I do anything for him always when he ask. So I let him know I would put some funds in his account when I got of work and he happily replied “thank you so much”  

Now as I resume my work load I get to thinking to myself, where the FUCK is his father??? Now my mom is working her ass off having not even enough food to feed herself trying to pay for his college. The boy is holding down a 3.0 his first year and he is in the engineering program and he aint taking kiddy classes either. So I commend my mom for doing all she can to keep his butt in school. But his daddy is MIA. Now this man is not the typical dead beat no having job 10 kids man. He has worked a good job ever since I known him, separated from my mom (we have diff dads) then went to marry another woman and have 1 other child. Currently this nigga is living now in a big house drives 2 cars and affords to put his one lil munchkin in a private school somewhere to the tune of 3,000 a semester and she only in 1st grade, but has yet to send my brother a dime. WTF is wrong with this picture???? I am angry on a whole nother level, because here you have a young man that has stayed out of trouble for his 18 years, went on to make something of himself without the help of his dad and he cant even ask you for a couple bucks for food for his dorm room??. He could be a drug dealer, gang banging, pants sagging weed smoking kid in the streets. But he is not. The boy goes to church even!!! What father in his right mind wouldn’t support his only son that’s doing so well? I just don’t get it. I know hate is a strong word but I’m tempted to use it. This man will and has shown up for all of my brothers sporting events acting like he somebody to other folks, thinking he actually participates in my brother’s life. I swear if I see him at my brother’s graduation I’m going to go off on him and try not to kill him because I seriously am sick and tired of this shit. 

 So to all yall dead beat fathers and yall know what dead beat means, don’t ever say a word to me about kickin it or hanging or anything of the sort, matter fact don’t even look my way if your not taking care of your kids ALL of them. Because I am utterly disgusted with you !!!!

 

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