Do you pay yourself first?

Cain. I have lurked on the other site and posted there years ago. You have been in your field a while now you are a brand and should look to treat yourself as such. Once you figure out a good way to cover the medical benefits for your family it is easier than you think to convert from working for someone to working for yourself. Not in the Dame Dash none sense talk but in a real way or finding young people trying to get into the field that can consult while you still work for someone. It is a little harder in finance because you have to find a place to park your licenses or give them up but in other fields it works well. In the bookkeepeing business we charge 40 and pay 20 to 25 just on average. So it works for everyone.
 
Lurker10 said:
Cain. I have lurked on the other site and posted there years ago. You have been in your field a while now you are a brand and should look to treat yourself as such. Once you figure out a good way to cover the medical benefits for your family it is easier than you think to convert from working for someone to working for yourself. Not in the Dame Dash none sense talk but in a real way or finding young people trying to get into the field that can consult while you still work for someone. It is a little harder in finance because you have to find a place to park your licenses or give them up but in other fields it works well. In the bookkeepeing business we charge 40 and pay 20 to 25 just on average. So it works for everyone.
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We(my business partners and I l) got something in the works. Working on be the first 100℅ black owned one stop engineering telecom firm in NC and SC. By onestop I mean engineering OSP & ISP, splicing, placing and IT. Basically we plan on building it from the ground up and giving our customers what they need when they need it. I'm 20 plus years in OSP(outside plant) and splicing. My partner's are 20+ plus in IT and ISP design.

Also dabble in purchasing of land and selling it. We bought about 25acres awhile back and it's been looked at for retail. If that sales yay me/us
 
Cain said:
We(my business partners and I l) got something in the works. Working on be the first 100℅ black owned one stop engineering telecom firm in NC and SC. By onestop I mean engineering OSP & ISP, splicing, placing and IT. Basically we plan on building it from the ground up and giving our customers what they need when they need it. I'm 20 plus years in OSP(outside plant) and splicing. My partner's are 20+ plus in IT and ISP design.

Also dabble in purchasing of land and selling it. We bought about 25acres awhile back and it's been looked at for retail. If that sales yay me/us
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That is something worth investing in. When you guys have something put together we should talk besides me little change I do have access to investment capital from people and have a few connections in getting government contracts. I am at the beginning stages of those contacts tho because of my lack of trust in the government but I am willing to share information with you. Private investors are easier for me. We should have had this conversation last week you could have met me while I was stuck in the Charlette airport for three hours. My mother just moved to Durham tho so I should be in that area more often.
 
Lurker10 said:
That is something worth investing in. When you guys have something put together we should talk besides me little change I do have access to investment capital from people and have a few connections in getting government contracts. I am at the beginning stages of those contacts tho because of my lack of trust in the government but I am willing to share information with you. Private investors are easier for me. We should have had this conversation last week you could have met me while I was stuck in the Charlette airport for three hours. My mother just moved to Durham tho so I should be in that area more often.
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No doubt I'll hit you up
 
Paying off 100 percent of debt and not having money for something unexpected is bad because you will just put yourself in debt to cover the unexpected. Paying down on debt while investing a little into yourself is much healthier and better way to stop the cycle of constant debt.
 
BNE said:
Do u mean mortgages or things like credit card n medical debt too?

I'm super financially conservative. Debt is the first stop in my philosophy
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There is good debt and bad debt. Good debt is home loans, land purchase and rental property. Bad debt is credit cards car's and student loans.

Basically anything that doesn't bring you in income is bad debt. So it's good to have those items paid off ASAP
 
BNE said:
Primary home debt doesn't usually bring income unless u payin the mortgage with rental properties tho. I have a deep fear of foreclosure of residential property, might be irrational but I always encourage payin ur home loan early if it's at all possible.
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They usually call home debt "good debt" due to the fact you can sell it and make a profit out of it (usually).

Nothing wrong with paying your home off BUT if you make a certain income and you do not have the interest to right off from your house payment you get hit in the pocket. There's a reason the wealthy and stars do not buy a house outright. They buy the homes to get the tax right off.
 
BNE said:
Yeah I did hear that u can make like 14k from tax write off.

I don't have a high income so that likely informs my conservationist view. Ima take bigger risks when I get my funds up.
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As Cain said there is such a thing as good debt . Paying off your mortgage early is not always a good thing. People should treat their financial health the way they treat their physical or spiritual health. If you go from eating everything to saying today I am going to give up all unhealthy eating your chances of success is slimmer. If you say I am going to watch what I eat and start out making small adjustments it is easier to change your diet. The first step is honesty with yourself. Look at what you spend and figure out a ratio of spending, paying off debt and putting something even small away. The goal is to stop going further into debt first and in order to do that you have to have available cash somewhere
 
Like everything else you have to figure out what works for you. Read and listen to people that may know more about finance but always remember know one knows more about you than you. So never follow anyone else plan blindly!!!i know people that have more death insurance than they will ever need because some insurance salesman or cfp talked them into it. You got 35k in debt and you paying 250 got death(life) insurance . I know people want to leave money for their kids and stuff but cover your funaral cost and find a different way. Ok I am going to save all other points when that other forum gets made
 
BNE said:
Yeah, def agree with not following another's plan blindly. U gotta assess ur situation, goals n lifestyle choices n sometimes that of ur dependents. A tangent but an element of the housing changes in Crown Heights were folks selling their properties in haste cuz they didn't wanna pass n leave some of their addict children with high value assets during the crack epidemic.
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I think we could have a Brooklyn based conversation in its own section. Gentrification!!!!!! But if they were going to sell their properties they should have done what other races do and sell to their own or have enough knowledge to protect the family from 1 generation of addicts.
 
Financial literacy is one of our major problems. That is why we as a people get shortchanged. We won't fall for a street con because we know the street but we will fall for the sign on the tree that says sell your house now for cash.
 
Lurker10 said:
Financial literacy is one of our major problems. That is why we as a people get shortchanged. We won't fall for a street con because we know the street but we will fall for the sign on the tree that says sell your house now for cash.
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The bold man smh. We have the buying power, the ingenuity, the bodies and yet we're falling behind every year.
 
BNE said:
Found it http://nymag.com/daily/intelligencer/2015/05/grim-racist-methods-of-one-brooklyn-landlord.html

it's exaggerated but I don't doubt some of those methods prolly bein used.



It's infuriating. People in my own fam fell for that back in the day. Not the sign in the street but lowball offers n shit.

The lack of financial literacy that typically comes with generations of ur fam having money n knowing how to keep/grow is helping keep us in a disadvantaged position. Even when/if ur no longer poor, if u don't know how somethin should be valued or when an opportunistic greedy figure is doin u foul, ur gonna be taken advantage of at every turn.
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BNE said:
Be careful with 529 plans. Colleges factor them in, I believe
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the Tax benefits out weigh the other factors
 
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