Tag Archives: money management

BBM Interviews Melissa Dougherty: This Energetic Christian, Wife, Mother and Avid Minister to Jehovah’s Witnesses Gives Her Perspective on Money Matters

I met Mrs. Melissa Dougherty through a Facebook group dedicated to ministering to #Jehovah’s Witnesses and #LDS members. I always appreciated her attitude of tenderness and love for those we brought the Gospel to. I look up to her knowledge of the #Bible and what Jehovah’s Witnesses believe/preach. Her boldness was always a motivator and both her humbleness and passion for teaching are to be admired. Because of these, and other, attributes I decided I had to interview her on the topic of Personal #Finance.

Let’s dive right in!

BBM: Is the Bible One of your Financial #Education sources? Why or Why Not?

Melissa: Yes, but not like I want it to be. Mainly because I’m not really the breadwinner of our home, so though I have some control over finances, ultimately it’s in my hubby’s hands.

BBM: Do you believe that Small Business contributes positively to the Economy?

Melissa: Yes I do. They’re the ones that are going to help the country not become so monopolized, and give to the people. Not the corporations.

BBM: How do you manage your finances? Examples: Financial Adviser, checkbook register, a combination of tools or something else)

Melissa: A lot of math! We don’t ever really know what we’ll make every month, so we budget out our money by keeping a planner of bills and what’s spent

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

Melissa: I felt very good about saving and spending money around age 18.

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BBM: Why do you believe financial wisdom is important?

Melissa: Financial management is the cause of much stress! Knowing how to manage our money wisely can contribute to a much more fulfilling life.

Thanks very much to this amazing, Christian teacher for her time and honesty. I hope to feature her again in the future.

Teen Business Owners- Part One: While Growing Up

When I was younger I remember teachers asking me, “What do you want to be when you grow up?” It was a legitimate question. They were trying to get me to think ahead, get into the practice of thinking about my #Financial Future. This is an important aspect of growing into a well-rounded, contributing adult.

What bothered me is they never phrased the question in a way that impressed upon me that I didn’t have to “grow up” in order to be something. They could have asked, “What do you want to be right now?”, and used my answer to show me how I can create a career for myself right away.
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Many of us are familiar with Proverbs 22:6 which says, “Train up a child in the way he should go; even when he is old he will not depart from it”. Obviously we see this verse as telling us we need to train our child in the Way of the Bible, and that is 100% accurate. Reading the five verses before it shows that this passage is mainly concerned with being sure the child is trained in the ways of strong #spiritual character.

But, why didn’t my teachers and other adults in my life think to themselves to use lessons in business ownership as a way to mold me in both future career concerns as well as spiritual matters? If they had asked me, “What business would you start right now if you could?” I would have told them “a dance squad” or “running errands for people in the neighborhood”. This would have been their opportunity to explain to me:
1. How I’d go about finding other teens to join my business
2. How to attain clients
3. The importance of being honest in my business dealings
4. How to manage an income, etc.

Let’s say a young lady of ten years old wants to start a lemonade stand. Her parents can sit with her to decide a work schedule, price, location of the stand and also what to do with the money earned.
The average American ten year old is well-practiced at asking, “Mom can you buy me that toy?” In this parent’s mind, children of this age should also know intimately how long it takes to earn the money for said toy. If she owned a lemonade stand she’d look back at her many hours sitting on the sideaalk waiting for customers, the energy it took to make pitcher after pitcher of lemonade after mom and dad’s friends bought it all. She’d remember the thankful mailman who bought two cups, the draining effect of the weather on her energy and of course the thrill of counting her money at the end of the day. And, of course, she would appreciate her earnings more because she sacrificed her Saturday cartoons in order to work her business. Of course, let’s not forget, this young lady would learn how much of her profits should be put back into the business in order to cover the expenses for the next two weeks, next month, etc.

Our children should be educated in these things when they’re young so that “when they are old they will not depart from” them. Imagine how much better off the American #economy would be today if our citizens were better trained in #entrepreneurship (and all it entails) during their elementary, junior high and high school years.

If a fifth grader started a business and continued his entrepreneurship through his high school graduation he would have seven years of business experience which his peers lack. He would already have a resume whereas his college-bound peers would only be starting their real-life education at the local burger joint.

Imagine where you would be right now if you’d had seven years of business ownership experience right out the gate after your high school graduation! That is a BIG step up ahead of the competition.

Do you not want that for your children?

Adults, I think it is time to stop asking our precious young ones what they want to be WHEN they grow up.

Let’s ask them, “What do you want to be WHILE growing up?”

How To Shop Frugally

Proverbs 22:3 A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences.In today’s world it seems that danger is always close. Financial woes are only one accident away. It makes sense to put aside money for those unexpected and inevitable events. Let’s dive into ways that will allow you to put aside as much as God’s money as possible.If you are determined to live a frugal lifestyle it is essential that you learn the art of purchasing items at the lowest possible prices. Doing so allows you to keep a higher percentage of your paycheck; therefore, allowing more for paying off debt, saving, and investing.

How do you accomplish frugal spending?

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First, pawn shops.  These stores are very underrated.  My wife and I frequently shop at a pawn shop next to our apartment. Since we both love buying movies we were thrilled that this shop sells DVDs & Blue-rays for less than $5. We can buy three movies for the price of one brand new movie at popular store chains. The movies haven’t been shortened, altered, or otherwise made any less great just because they are priced lower than their brand-new counterparts. Also, we love knowing we are getting the most bang for our hard-earned bucks.
Second, thrift stores. Along with pawn shops, these stores are a great resource for clothing, furniture, electronics, and power tools. There is a thrift store in my neighborhood where I can buy a jacket, tie, slacks, and dress shirt for less than $5. Yes, all those items for less than $5! You may be thinking these items are off brand, unimpressive rags that I would not wear in public. You would be wrong. I’m talking about brands like Perry Ellis, Liz Claiborne, and many others. Of course, off brands are also available. However, if you are dedicated to living frugally, the brand’s name should not matter at all.Thrift: noun \’thrift\ prudent use of money and goods: the sensible and cautious management of money and good in order to waste as little as possible and obtain maximum value.

Imagine that you have $50 set aside for clothes. You can go to a famous chain store and purchase one, maybe two outfits. Conversely, you can go to a thrift store and spend $10 for similar items. That is the art of Frugal Shopping! And of course you cannot get any more frugal than free. I like to browse the free section of Craigslist every now and then. Over the years I have acquired things like glass shelves, vases, a mattress, indoor plants, clothes, shoes, couches, a TV, and many more. It would be difficult to add up the monetary savings I have achieved over the years. Also, the barter section of Craigslist is very helpful. Why not exchange something you are willing to get rid of for something you want or need? Bartering allows you to acquire items without taking away from your bank account.

If you want to keep more of your paycheck and become a frugal shopper, the first step is to search for thrift stores and pawn shops in your area; and pay them a visit.  Happy, frugal shopping!

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Living Frugally Through The Struggle- Part Two

After selling a lot of my possessions and reducing my expenses, I suddenly felt stuck. What else could I do in order to keep increasing my meager savings and get ahead financially? Then it hit me; I could use my talents. I had always been told I should be a teacher, so I decided to teach what I knew – martial arts and hip hop dance. I put a low-cost ad in the paper and before long, my phone was ringing, with future students on the other end on the line. While this didn’t bring home a ton of money, it was enough that I started paying off some of the debt caused by the identity thief. I got a secured Visa in order to start rebuilding my credit and I started a savings account with around $300…and at that point, $300 was a lot of money in my world! I finally felt like things were looking up.

One very important event helped me tremendously.  A friend told me about a monthly plan that would allow me access to attorneys who could advise me on my situation.  Only five minutes into the DVD presentation I hit pause, got online, and signed up.  As mentioned in part one of this blog, I was arrested multiple times for crimes I never committed, each time paying bail to be released.  The law firm was able to refund my bail on four of the six occasions.  I then repaid family and friends from whom the bail money had come. The attorneys also spoke to the IRS on my behalf and proved that I didn’t owe the taxes they were seeking. I was very impressed with everything the attorneys did for me. That fact led to my next frugal decision…network marketing. I asked my friend how to make money with the company. She explained, I signed up, and within three months I earned three promotions and three raises. Enter massive sigh of relief and a sense of accomplishment.

I continued shopping at thrift stores and clearance racks while marketing the legal plan. I still bought the lowest-priced fuel and went to free – or almost free – events with my son.  I only used my secured Visa after sending a payment in the amount I planned to spend and I saved as much as possible.  I still ran into setbacks but I pushed forward.  Eventually I reached an income level that allowed me to get an apartment and purchase a used vehicle, 100% cash. I’d like to say that was the end of the story but it was not. However, I had reached a point where I could relax and felt zero financial anxiety. There would be many more years of suffering the consequences of the thief’s actions. But through it all, Living Frugally played an important role in helping me bounce back and rise above!

Thinking back to this traumatic event, throughout which I spent less than I made, reminds me of Proverbs 21: 20— The wise have wealth and luxury, but fools spend whatever they get.

PS: When I started this ministry I intended to never mention where a person could get the legal plan I mentioned in this blog. I made this decision because it seemed very self-serving because I am now an associate of the company, selling the legal plan products. However, i know it helped me out of a serious financial bind. And, isn’t what this blog site and my ministry are a ll about? So, here is a link to my site. Look around, check out the videos and write to me if you have questions. let God- not me- be your guide when it comes to deciding if the membership is right for you and your loved ones.

http://www.ebright.legalshield.com

Biblical Money Smarts- Part Five: Ignore The Hype

So, you’ve reduced your spending, created assets and learned to manage debt while educating yourself about money….wonderful! What’s next on the road to financial freedom? The answer is more of a mindset than an actual action to take, however, it is ultimately integral to your financial goals.

IGNORE THE HYPE

What do I mean by that?

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Easy, ignore commercials, the next “must have” item, the easy payments and the advice of using “other people’s money”. It’s ALL hype. It’s designed to make you feel that you MUST buy into their sales pitch. But, guess what…..you don’t need the item, the sale, the update or the newest version. You need food, clothing, shelter and most importantly, God. Everything else is not neccessary.

This is the mindset associated with Matthew 6:20 & 21 which says, “Store your treasures in Heaven, where moths and rust cannot destroy, and theives do not break in and steal. Wherever your treasure is, there the desires of your heart will also be.”

You know the cable package you’re paying for with tons of channels you dont watch? You know why you don’t watch them? Because you DON’T NEED THEM. Human civilization thrived without cable, internet, smart phones and smart cars.

And, yes, I know….many of you will have a heartattack at the idea of cancelling your cable or downgrading to a cell phone plan without internet access. But, consider this: In the not-too-distant past there were some very well-off upper middle class folks living in California. They were making over 200, 000 dollars a year. They had the fancy cars in the best neighborhoods, their kids had the expensive cell phones with a ton of bells and whistles. They had country club memberships and prestigue. Then, one day, it was all gone. Cars were repossessed, the houses was forclosed on and families were living in “tent villages”. Lavish lifestyles became a thing of the past in a short period of time.

I’m sure you’re wondering why this happenned to such affluent families.

Well, they bought into the hype. They believed they were “supposed” to have the bigger house once dad got his raise. And when mom’s business started bringing in significantly more money they strongly believed that they were entitled to a higher credit card limit which then, of course, meant they could spend more on those great sales at the mall and the Home Shopping Network.
What they didn’t know was that behind the hype was a sinister plot to get as much of their money as possible, not caring if they ended up in financial hell. The plot went like this…

First the banker down the street sold a house to the Jones family knowing they couldn’t afford it. This didn’t matter to the banker because her plan was to sell the loan to Big Time investments. This way the bank receives the entire amount of the loan right away instead of over the next 30 years. The Jones family continues paying their mortgage as usual, not to the bank but to Big Time. Again Big Time is not concerned about the Jones Family’s financial future because they have collected hundreds of loans just like the Jones’. They sell these large clumps of loans to an even larger investor, Prime Time.

Second, the Jones family runs into a problem, their transmission on the Audi goes out. This is not a massive problem in itself for such an affluent family because they put the entire charge on a credit card with a newly increased limit. After all, they’ll pay it off easily- they’re affluent! The problem is that their daughter broke an ankle playing softball a few weeks later, mom’s business is in a seasonal lull and the roof of their house starts leaking due to a recent storm.

In this situation the sellers of those must have items don’t run to the rescue. Prime Time wasn’t sympathetic, they didn’t arrive at Mr. Jones’ doorstep with a new contract reducing his monthly mortage payments. Nor, did the credit card company voluntarily deffer payments till after they are back on their feet.

No, the Jones family found themselves in a tent with many others from their upper-middle-class neighborhood. They were all in the same situation because they all believed the hype associated with collecting stuff, stuff and more stuff.

The words of the verse I mentioned earlier would have served them well and saved them a lot of heartache and loss. With this verse in mind they would have taken the extra money from dad’s raise and invested a portion, saved some for emergencies or donated some to charity. With savings and investments they would have been prepared to deal with a leaking roof, a broken ankle and a business going through a seasonal lull.

Another verse that helps keep us in the right mindset is Proverbs 31: 10-18. This passage speaks about the wife of Noble Character. It talks about how she wakes up early, makes breakfast, buys a field and plants a vineyard. Why is that important? Because of what it goes on to say in verse 18, ” She makes sure her dealings are profitable, her lamp burns late into the night”. This is the picture of a smart woman who is not captivated by materialism. She thinks far into the future and works hard to not only maintain but thrive in any economy.

So, now that you’re on the path to financial freedom you must develope a long-term, anti-hype mindset. Heed the words of the Bible and concentrate on Heavenly treasures more than the material stuff that can be lost in a moment. Don’t assist in stuffing the pockets of businessess that don’t give one iota about your financial future. Be like the shrewd woman of Proverbs, work hard, save and be sure that every financial decision helps get you and your family closer to financial independence!!