Tag Archives: credit card

BBM Interviews Mary Johnson: A College Student’s Money Perspective

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Mary Johnson is the daughter of Lisa and Darren Johnson, a Godly couple my wife and I befriended while attending Calvary CHapel of Idaho Falls, ID. Both parents are hard-working, dedicated to God and very friendly to those around them. It is no surprise that their work ethic and perspective on money has been passed down to their daughter who exhibits discipline, kindness and a great head on her shoulders. I am very glad to have interviewed this young lady. Keep reading and you’ll see why.

BBM: Is the Bible one of your Financial Education sources? Why or why not?

Mary: Yes. If I use the Bible to guide other aspects of my life like avoiding sin or loving others, I can apply it to my finances. Dave Ramsey helped me see how much the Bible actually talks about money.

BBM: Do you believe that small business contributes positively to the economy? If yes, how so?

Mary: I’m not too educated on this topic, but yes I do. I think it allows average people to have a say regarding governments laws on business and have- even though it may be small- a piece of the market “pie”.

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BBM: How do you manage your finances? (Examples: Financial adviser, spreadsheets, envelope system, checkbook register, a combination of tools, or something else)

Mary: I currently use a form of the envelope system. At the beginning of the month, I estimate how much I’ll make and list all of my expenses, including “fun money”. The most important things are at the top: tithe, gas, and other bills. Every dollar gets accounted for, before I even spend a dollar. I then get out some categories in cash, like tithe and my fun” money. Some of the other expenses are only on my card, like my phone payment and gas. If I have any left over at the end of the month, it either goes towards savings or towards next months expenses. I’ve been told that it takes time to really perfect this system, but so far I’ve enjoyed it. It takes away a lot of my spending guilt when I know what I have in my wallet is what I can spend:)

BBM: At what age did you begin to form a “Financial Freedom mindset”?

Mary: I began this mindset literally 7 weeks ago, so age 18.

BBM: Why do you believe financial wisdom is important?

Mary: Debt has the power to steal away so much peace. It can ruin marriages, keep people stuck doing something they didn’t want to do in life, and above all, it can keep one from pursuing the Lords calling. If i know I have the power to avoid all that, I’m going to take advantage of it. Wouldn’t you?

BBM: How do you feel about credit cards as a young lady getting ready to enter college?

Mary: I know I could go my entire life without ever needing one. I know that sounds crazy, but if I plan on never needing loans for anything, I don’t need to “build my credit”. They can be OK if you have good self discipline and are maybe at a later stage in life than I’m currently positioned, but for college students, I recommend they stay far away from them.

BBM: Is “giving back” part of your future financial strategy? If yes, how so? If no, do you think it should be added to your plan?

Mary: Yes. Tithing has always been something I have done since I got my first paycheck. Besides tithing, I believe it is important to be open financially to give if an opportunity comes along. My dream is to be able to give back by going on a mission (or multiple) and though you’re going to serve others, you have to pay your way out there.

BBM: Have you read the book “Do Hard Things”? If yes, did you enjoy it? If no, would you read it if it was bought for you?

Mary: Yes! I love it.

BBM: Do you think society expects too little of adolescents & teens?

Mary: Definitely. Still being in the teens myself, I feel the drag of society pulling on me saying you don’t need to be responsible, you’re young. You can’t really do much anyway”. As a result, our young people feel that they can’t accomplish anything until later, so they usually don’t even try. What would our world be like if young people took a stand and started really doing the hard stuff while they were young?.

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That is a perfect question to pose at the ending of this interview. It is a question that both parents and their adolescent/teen children should ask themselves. Let’s stop acting as if our young ones cannot achieve extraordinary things. In fact, let’s start requiring it of them!!

BBM Interviews Audrey Ostoyic

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Today’s interviewee is a wonderful lady I met through a Google+ group, Christians In Business. Mrs. Audrey Ostoyic is an upbeat, positive, social media strategist, mother, wife and Christian business owner. Through following Audrey’s posts, blog and YouTube videos, I’ve come to greatly respect and admire her. Due to this respect and admiration I asked to interview her concerning her perspective on personal finance.

I hope you find her answers as inspiring and encouraging as I did.

BBM: Is the Bible one of your financial education sources? Why or why not?

Audrey: The Bible is my ONLY financial education source. I have listened to Dave Ramsey before and he gives amazing tips on the ins and outs of debt and debt collection agencies that are relevant for today and that you don’t find in the Bible, however the Bible is it for me. If you think about it, if you read your Bible and follow it then you don’t need to worry about your credit score, debt or debt collection agencies calling you. I’ve never owned a credit card in my life and never will. My husband on the other hand has 2 but pays them off every month. The only debt my husband and I have together is our home and we are working on getting that debt erased. My motto has always been, “If I don’t have the cash to buy it then I don’t need it and if I need it then God will supply it according to His Word.”

BBM: Do you believe that small businesses contribute positively to the economy? If yes, how so?

Audrey: Absolutely! I believe that Small Businesses, for the most part, really care about, not only their customers, but also their employees. Every Small Business that I have had the pleasure of training in Social Media is more like a family than the larger corporations I’ve worked with. I’ve also noticed that small businesses take care of their employees by paying them more and giving more/better benefits. In this way small businesses are keeping employees longer, they (employees) are more loyal and they become invested in the business as much as the owners.

BBM: How do you manage your finances? (Examples: Financial adviser, spreadsheets, envelope system, checkbook register, a combination of tools, or something else)

Audrey: Well, I’m very blessed (or some might say not very smart) to have my husband take care of the finances. I am not a spender at all and have always thought about each purchase as to whether it is a need or a want. If there is something I do want I simply ask my husband if there is enough money and if he says yes, I go buy it, if he says no then I just don’t get it. 😉

BBM: At what age did you begin to form a “financial freedom mindset”?

Audrey: About two years ago when I turned 39 yrs. old (I guess I just gave my age away lol) Took a long time but it’s not only the “financial freedom mindset” as much as it is the “God’s got this” mindset. No matter what financially may be going on if I abide in Him and He abides in me then there is nothing that can touch my finances.

BBM: Why do you believe financial wisdom is important?

Audrey: I believe Financial Wisdom is so important because it allows us to be in a position for The Lord to use us whenever he needs to. For me every single penny that comes into my home is The Lord’s. When the Holy Spirit speaks to me to give, no matter how much it is I will do it in obedience. My husband and I have gone through some of the worst financial storms since we got married in 2001 and through it all we HAD to rely 100% on the Lord and he never failed us.

Amen Audrey! Thanks so much for agreeing to be interviewed and I really appreciate your openess and honesty.

I highly encourage BBM readers to follow Audrey Ostoyic on Google+ as well as her blog page, http://www.livinlyfemarketing.com

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Rethinking Higher Education, Part Two: Internship vs University

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In part one of this series I spoke of the high price tag of higher education and proposed the idea that traditional college degrees were not neccessary for financial success. With that belief in mind I will spend the next few blogs explaining the proven alternatives to traditional colleges and universities.

The first alternative is an old idea, the internship.

Many years ago if a young man wanted to learn to work with metal he would approach the local blacksmith and ask to learn from the more experienced man. If the instructor agreed the young man would work for free in exchange for real life, hands on experience and education. The young student would learn how to run the blacksmith business including what to charge customers, how to accept payment, how to deal with inevitable customer conflict, working the forge, and personal responsibility, among other things.

An obvious advantage of internships is there is zero cost to the student and the student’s family. Picture a small village in colonial America with familes of meager means. Keeping food on the table is already a challenge. Asking these families to find money for the educatiin of their children would be like expecting to slap a rock with a stick and get water from it. It’s just not going to happen. But these families were not without hope. If their young son was determined, hard-working and future minded, he’d receive a valuable, FREE internship, aka apprenticeship, which would eventually help him become an entrepruener!

Nobody spends a dime, no debt is created, a skill is learned and the Blacksmith/teacher has help in his shop for a certain amount of time. That’s a win, win, win situation.

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“But Taz, aren’t internships a thing of the past?” Great question.

I searched online for “Internships in Houston, TX” and found there are a lot of both paid and unpaid internships out there of varying types. One company is in search of a “Marketing Intern to work 10-15 hours a week” offering “reimbursment for gas used at a per mile basis, free lunch during any events, experience meeting professionals at networking events…” along with several other perks. Another company offered full-time employment with great benefits after only three months as an unpaid intern. These internships offer something traditional colleges lack- practical, usable experience in the field.

Internships are alive and well and they can help you gain valuable knowledge without taking on the burden of debt. I love the concept of internships because they offer an alternative to spending a large amount of money in exchange for an education. This concept gives hope to those who are less fortunate in the area of finances. Recently I learned of a doctor who is still paying off his student loans THIRTY YEARS after earning his degree.

When I look at both the American and global economy I see there is a need to question the status quo. The American dream is harder to acheive, upper middle class citizens have lost their houses due to the dishonest practices of the banking industry, the middle class is shrinking, etc. etc.

Higher education is no different. We have to question the status quo. What do we want for our futures, financial freedom or a life of servitude to creditors like the doctor I mentioned? Obviously we want financial freedom. Then, it’s time for us to question tradition, look for alternatives like internships, place them on a scale and make an honest evaluation of what is best for our financial futures.

So, what’s your opinion on including an internship in your Higher Education plan?

Black Friday- Humanity Lost

You’ve had a day’s fill of turkey, stuffing, cranberry sauce, some unidentified…thing… your aunt brought over, wine, champagne and anything else that wasn’t moving. You’ve, hopefully, taken time to thank God for your blessings and thanked those around you for how they’ve blessed your life or been there for you in some way or another.

 

Thanksgiving is a time when we set aside materialism, lift our eyes to Heaven and just say, Thank You!

 

(insert calming breath of gratitude here)

 

The day following this yearly day of thanks has become a dark day in this bloggers opinion. Instead of relaxing with family, continuing to be thankful and enjoying time off to relax and rejuvinate, it’s been replaced with the tention that comes with freezing in long lines outside our favorite retail stores in an effort to be the first to grab the latest products. Folks are sacrificing over a day and a half away from family and friends, sitting in folding chairs, drinking hot chocolate & sleeping in shifts just to grab the newest phones, games, game console, designer clothing, flat TV or some other product that will be “outdated” by the time they gather next year to repeat this greed-based ritual.

 

Then comes the loss of human dignity and respect once the doors are opened allowing access to the so-called must-not-miss deals.

 

People are willing to trample over each other like animals if it means grabbing the last X-Box or PS3. Normally respectful individuals are so caught up in not “missing out” that thay miss out on the opportunity to show love to their fellow shoppers. The cut-throat focus is on getting, getting more and me, me, me!

 

(so much for that calming breath)

 

There are some Biblical principles that, if applied to these shopping frenzies, would result in a much more humane experience.

 

Matthew 6:19-21

 

Don’t store up treasures here on earth, where moths eat them and rust destroys them, and where thieves break in and steal. Store your treasures in heaven, where moths and rust cannot destroy, and thieves do not break in and steal. Wherever your treasure is, there the desires of your heart will also be.

 

Imagine a crowd of folks, mowing each other down over the latest gadget. Then suddenly they all remembering this verse. They’d realize that the stuff they’re so eager to posess is not only temporary but completely unnecessary.  The truly important things are those that last eternally, the things of Heaven.

 

This verse doesn’t say that we are to never posess anything on earth, it is reminding us that we are to keep things in propper perspective.

 

Instead of dad running frantic through Toys R Us, feeling pressured to get little Janine that new doll AND get that particular game for young Jason, he would be of the mindset that his children have more than enough and that they should be content with the many things they already have.

 

Mrs. Jones (trying to stay ahead of those trying to keep up with her) would realize how futile it is to spend so much energy and time on the limited edition, top-designer perfume while missing out on time with her grandchildren.

 

Matthew 6:33

 

Seek the Kingdom of God above all else, and live righteously, and he will give you everything you need.

 

Man, I love this verse! Can you imagine what this world would look like if we all sought after the things of God first and let everything else fall where they may? We’d all want to please Him by loving Him and keeping His commandments which includes the golden rule found in Matthew 7:12:

 

Do to others whatever you would like them to do to you. This is the essence of all that is taught in the law and the prophets.

 

I’d love to see a black Friday where this is practiced- patient people, lovingly letting others go infront of them, letting the other person grab the last of the hottest item off the shelf, polite excuse me’s, smiles & harmony.

 

Imagine that!!

 

As I write this blog on Friday November 27th, 2013, there are folks out there commiting these acts of greed and selfishness. My honest prayer is that as they treat each other with such disrespect, enslaved by the advertizing of retailers, that these verses and the peace of Christ will overwhelm them and bring them back into the realization that Thanksgiving is not a day on the calendar, it’s a way of life!

As it stands Black Friday just reminds me of Humanity Lost. I pray the Black Fridays of the future are characterized by more humane, compassionate and thankful human hearts.