Now is not the time to throw in the towel and give in to a moment of debt.
Happy new year, Billionaire!
2018 is going to be an exceptional year! Full of massive results.
12 New chapters that we get to rewrite our money story.
I am taking one month at a time.
It's all math:
Check this out...
$1 Million Dollars a year.
$83,333 a month.
$19,230 a week.
$2739 a day. (Oh, this is not my goal yet but I have it on my vision board).
Do you have a goal set? Share them with me! What's your goal?
God has given each of us a calling, As every man hath received the gift.
Think about the Proverbs 31 woman.
She was eager to work, yes.
She even had employees (her servants) help her work smarter.
She used wisdom to stay in the “ready” position so she can work AND enjoy her family.
What are you using?
To a Successful 2018, with Love!
There are two characteristics of a Proverbs 31 woman that I tend to hear all the time: she is married and she has money.
While that may be true, there’s more to her that many people overlook.
For example, she makes mindful decisions with her time and money. That’s something you can do right now whether you’re married or not.
Another thing is that she is a believer of the Most High, which is something you can do no matter what your marital or financial status may be.
But she does a few other things with her faith and wealth that you can do right now. So, let’s check out what they are...
Because she is a woman of faith, you have to assume she does this quite often. And this is the most important step that should not just be done at the beginning when you need help. And it shouldn’t be done alone without no follow-up action. I’ve said this before but it’s worth repeating “Faith without works is dead.” We’ll go over the “works” part in the next steps.
In the meantime, ask the Lord to guide your steps throughout the process because it won’t be easy to change your mind from coming from a place of “I need it now” to “I have what I need.” Your mind and faith have to be right in order for your money to be right. One does not work without the other.
If you think that prayer alone is going to help you become the Proverbs 31 type of woman, think again. Remember this: if you want to be successful at anything, it requires a plan.
So, let’s do this exercise really quick. If you needed to make $100 in one day, do you have a plan for it? If not, now is the time to tap into your creative genius and use your gifts to help you come up with ways to make $100.
So, let’s say you’re gifted at baking. And you know you’re gifted at it because not only do you enjoy it, but people go crazy over your baked goods and request specific items from you. Now, it may require you to have startup costs (like milk, eggs, flour, etc.) but how many baked goods will you be able to make then sell with that small investment? Oftentimes, we look at the price of the initial investment without looking at the potential outcome. This is where having faith, especially in the preparation stage, is really important. You have to pray and believe that your gifts matched with the investments you make to grow your gift will pay off.
Let’s be honest. Most things don’t happen overnight and unless you’ve won the lottery, building up your money is one of those things. Now, think of a plant. You may want that plant to grow tall in three months, but if you don’t consistently do your part to help it grow - it dies. You can pray for the plant to grow, but if you’re not watering it on a consistent basis, if you’re leaving it in a dark closet where it doesn’t see sunlight or get any air if you’re not caring for it at all, it simply won’t survive. But if you’re constantly pouring love, attention, and care into that plant, it can grow into the most beautiful thing you’ve ever seen.
4. Practice (what you’ve prayed for)
Becoming successful is not a one-time event. It’s the discipline of the consistent steps you take that help you become successful. Let’s use the example of the plant again. You can’t just water it once then expect it to live for months without having to water it again. Building your finances require something from you each and every day and you have to be willing to give it the attention it deserves in order to be financially successful.
Keep making those deposits. I’m not just talking about money. I’m talking about those faith deposits. It will carry you when the creativity and discipline aren't enough in that moment. If you had your conversation with God and he helped you develop a solid plan for you to grow your finances from lack to living, it won’t always be an easy road. But once you get there, it will be worth it.
I did a poll of my #AskTani followers. I wanted insight on what they were most worried about. I wanted to learn what they didn’t worry about at all. How confident or unconfident they were in their personal finances. What I discovered was that nearly half of those surveyed had a common fear:
They worried about what they would do if the unexpected happened. If they suddenly lost their job, car broke down, or fell behind on their bills for an unforeseen reason. And this was a worry that showed no matter what they made. Yes, people who make enough money to pay their bills or “get by” and people who just simply worry about how to plan for the unexpected no matter what they make had the same worry.
Was I surprised about my findings? No.
We don’t expect the “unexpected” to happen. But the “unexpected” doesn’t have to be so “unexpected” if you prepare for it. Imagine thinking to yourself, yes – I’m on top of my bills – and you know what, if I were to lose my job, I’d be good for 6 months – or a year – or even two years!
So, just where can you begin to even plan for the unexpected? After all, it’s called that for a reason, right? Think about your current bills. What do you have that will need to be paid no matter what? Maybe it’s your car loan, mortgage, or medical bills. These are recurring expenses that if you were to take a loss in income, you would have enough stashed away to cover these bills until you got back up on your feet.
Or check this out – what about your uncontrolled expenses, things like gas, food, or insurance premiums that you can’t always predict what there exact price will be? Plan for these too. You know on average how much they cost. Create a spending plan of how much you’ll set aside plus a little more in case prices go up. But keep track of your spending plan, so you’re not spending too much on food or gas.
What else? Replenish. In the case you go through your emergency fund on a rainy day, make sure you immediately start setting aside money to build it back it up. Don’t let a rainy day be an excuse for why you still aren’t prepared for the unforeseen. Pick back up. Even if you’re putting away as much as $500 or $25. It’s still progress.
And when you put it in your savings – keep it there. Live by the hashtag #DontTransferSavingstoCheckings2017! Don’t do it! I know it’s tempting when you see $500 just sitting in your bank account – and you think, this watch would look nice on me – I can add back to my savings or I’ll just eat out today and put it back next week when I get paid, it’s no big deal. Man!!! I am so guilty about this and many others. Say NO to “tempting money spending” #DontTransferSavingstoCheckings2017!
Well, I love to break it to you, but this is a big deal. That money you take out today and tell yourself you’re going to replaced next week, will not be replaced. Think of it like this, let’s say you had $200 in your account and you took out $50 one week. Next week, you place $250 in your bank account and consider it no lost, right?
Wrong, you still lost $50. Instead of having $450 in your account, you could’ve had $500 if you’ve kept that $50 in there. And if you keep taking out $50 every other week? That’s $1,300 you’ve lost in a year.
And the most important way to “know” the unexpected? Look at your past “unexpected” occurrences. Did you car break down? How much did it cost? Did you have medical bills? How much did you pay out of pocket? Did you have to repair your home? How much was that? Use these past unforeseen events to make the future expenses more foreseen. The unexpected doesn’t have to be unexpected on your finances if you know what to do.
Weigh in with me, using #AskTani, what’s something unforeseen on your finances you’ve encountered? How would you handle it today? #Share.
During the past three days I've been reflecting on my amazing time in Orlando at the Speak to Impact LIVE! event. Every moment I spent with fellow entrepreneurs, I was able to elevate myself to another level. Our group was overcome by authentic and pure connections. I was surrounded by other entrepreneurs who were empowered to create the impossible. The pure openness of everyone and the ability to be coached in front of more than 300 people made my skin shiver. By the third day, I boldly walked up to the mic with my body sweating from head to toe. I knew it was my moment; I knew it was my time.
I knew it was now or never.
I listened to countless stories of what inspired other entrepreneurs. I knew exactly why I was there. I knew that my passion is to inspire others to take control of their financial future, to not let debt control their lives, and to not let a three-digit number determine what they can and can't do.
It was a pivotal point in my walk when I drew a line in the sand. It was time for my moment. It was time for me to make an impact on people. I was taking giant elephant steps. Some caused hesitation because I wanted to make the perfect impact. The moment I had been avoiding finally came; it was me and the mic. It was time to share my stand with the entire world. The words flooded out of my mouth from my gut, not my head. I stood before the mic, sharing my story with all my heart and might.
The crowd applauded and tears ran down my face. It was a magical moment. All three days were indescribable. Lifelong connections were made. Accountability partners were shaking hands. And world changers came together and decided that our stand was worth more than any circumstance — more than any feeling. I'm full of expectancy and desire to give the world everything I have. My name is Tanisha Layne. I stand for women to live their dreams, no matter what their circumstances. I believe that when women are focused on their God-given purposes, they are powerful beings able to create the impossible. You can be a part of this movement. Just ask me how.
Did you know you can gain more money (possibly an extra $200 or more) just by changing some of your financial habits? No, it does not involve taking out a loan or opening a new credit card to gain more money. What it does involve is simply saving. If you cut costs in different areas, you’ll end up with more money in your bank.
With more money in your bank, you will sleep better at night knowing you have the ability to create an emergency savings account for unexpected life events. Your financial worries will start to diminish because you’ll be prepared for anything that could go wrong. Your thoughts will start to turn into all of the things your savings will allow you to do. Maybe you want to invest more in your retirement (the sooner you start saving for retirement, the less you will have to save in future!) Or maybe you’re planning to go back to school or start your education. It all begins with taking the initiative to cut costs, gain more money in your account, and put it in your savings.
Savings allows you to live abundantly and open up all of the financial possibilities in your life. Remember, you direct your money and only YOU can tell it where to go.
Not sure how to start saving?
Don’t worry, that’s what I’m here for. This week, for the next couple of days, I will be sharing tips and strategies of how to save more. You can follow the hashtag #AskTaniSavingsTips to stay updated and join in on the conversation. Follow the tips on Facebook, Twitter, and LinkedIn and then join the discussion with fellow #MoneyMakers.
Are you ready to see more money in your bank? I know I am.
Historically, November and December are my quiet months of the year where I like to focus on planning for the upcoming year, BUT this past December I got to spend weeks traveling in India with some really great people. I myself feel blessed that I got to spend the end of the year crossing off one of my bucket list items. It was such a shocking beauty, as well as, absolutely amazing and inspiring! Check out my Instagram profile to see how amazing time I had in India. You might want to start following me as well if you don't already :)
While I was traveling, I kept thinking about my AskTani followers and how far we've come. We've come so far, because despite whatever we experience through our finances, you are able to see the abundance in your life. Sometimes we experience chaotic situations, where we can’t see the beauty of the tragedy we’re experiencing but we somehow manage to make it to the next day. Whether we’re facing a foreclosure, eviction, repossession of a car, or past due statements - there is beauty in our tragedy. One of the reasons I love what I'm doing is because I get to empower people to see the prosperity that I see in them. And that is a goal I am proud to have fulfilled in 2016. I want for people to continue to take control of their internal GPS and not allow financial chaos to dictate which direction they go. Whenever something comes up as a negative, shut it down. Do you hear the word lack approaching? Shut it down. See through the financial chaos towards your abundance.
Not only do I want you to see the prosperity and abundance in your situations, I want you to realize the story behind what you’re experiencing.
Because there is a story behind everyone’s relationship with money, even mine.
I first learned about money from my grandmother - she would give me plates of food, which I would then take out and exchange for money. This action taught me at an early age the value of money.
My second lesson was from my amazing mother. We always had the best clothes and I even won "best dressed" in 8th grade. But I never saw her pay a bill.
My third lesson was from my uncle. When he had money he was happy. And when he didn’t have money he wasn’t happy. But when he did, we all knew it.
I am sharing this because each of these experiences has shaped my viewpoint and relationship with money which led me to where I am today. You, too, have a story which has shaped your current relationship with money. You too, have to dig deeper than the surface level of the relationship you have with money. Dig into your inner self to see what your relationship with money is and how you can treat it better.
Remember: Money stays with those who treat it right.
Understand that your relationship with money is also a reflection of your self-worth. Wake up every day and tell yourself that you are more than enough. It doesn’t matter if you have - $600 in the bank account - that does not dictate your worth. Begin to realize who you are and value yourself in order to build a healthy relationship with your finances. It’s about your inner blueprint and the way you manage your finances that have to deal with your way of thinking. If you do not value yourself and see the value of your wealth, then your lack of confidence and self-worth will be reflected in your funds.
Don’t allow this.
We are created to be and have more than enough from God. Embrace and acknowledge that money is meant to be a blessing for you and to others. Money is simply a piece of paper and shouldn’t determine who you are, but you should determine what it does.
So, take control of your finances by carefully monitoring where your coins go each day, week, and month. Work with me today to start buying your first house, or trade in your vehicle, or boost your credit score within 90 days. Use your inner GPS to program your mindset and lead your future.
What are you waiting for?
Don’t miss out. I am offering free credit audits to anyone who wants to increase their credit scores NOW schedule your time with me for your “Free Credit Audit.” Spots are unlimited, so respond now and start speaking about abundance in your life.
I must tell you about a discovery call session I had with a client. Let's call him “Mike.”
While evaluating options for his situation, we considered three possible solutions. Here is a quick overview.
- He has over $51,000 in credit card debt.
- He has other unsecured loans totaling $15,000.
- Even though he hasn’t been late on his bills yet, he is having a difficult time getting caught up and doesn’t think he will ever dig himself out of this enormous amount of debt.
- When he put his debt into a debt reduction calculator, it gave him 22 years as an approximate amount of time to pay everything off at his current pace.
(Wow. At this point, Mike is overwhelmed, and I could hear it in his voice.)
During our chat, I explained his three options:
Option #1 – Continue to pay the bills for 22 years. (Sad Face).
Option #2 – File for Bankruptcy (Ouch).
Option #3 – Negotiate ALL his debt with each creditor.
Let’s check it out:
Option #1 – Continue to pay. I must tell you that Mike did communicate with each credit card company and was successful at reducing his rates. The obstacle is that, by executing their plan, he will be paying for approximately 22 years.
That is like being held hostage by your credit card company for 22 years. I say “held hostage” because I believe that. Plus, this amount of debt will hurt your credit scores.
Yes, I know he took out the debt, but to pay $51,000 in credit card debt for 22 years is a little crazy, and I thought it was important to look at other options.
Option #2 –The big "B," Bankruptcy. If he qualifies for a Chapter 7 bankruptcy, he will have no more debt (YES). However, the bankruptcy will stay on his credit report for ten years.
He can quickly repair his credit (to 700+) after the bankruptcy, which can be done in 1 ½ to 2 years.
There are two crucial downsides to this option:
The bankruptcy blemishes his credit report. That will impact his ability to borrow MONEY for the next 2-3 years.
Does he even qualify for a Chapter 7 Bankruptcy? Believe it or not, many people cannot qualify for bankruptcy because their income is too high.
If this is the case, he will have to file Chapter 13 Bankruptcy. That means he will have to repay all his debt plus have a bankruptcy on his credit report. (Sad Face).
Let’s move on to Option #3.
Option #3 – Renegotiate all his credit card debt with each credit card company.
Here is what I know without a shadow of doubt:
- Your credit card company will not negotiate with you unless you stop paying your bills. They may tell you differently, but this is what I know to be true.
- Your credit card company will lie to you, so you continue to pay. I’m sure this is not their “policy”; however, when you combine eager employees looking to get their bonus with vulnerable debtors, this happens.
- Once they have deemed your account to be delinquent, they will put your phone number into an autodialer system, which means that you will get up to eight calls per day trying to collect payment. Ouch!
- If you understand how to negotiate with your credit card company (and I don’t), you may gain a settlement. I have heard from numerous clients that companies will offer a settlement of somewhere between 15% and 40%.
This means, if this gentleman did it right, he would pay off his credit card debt for a sum of between $7,950 and $21,200.
You read that correctly; he would pay off $51,000 in debt for between $7,950 and $21,200.
After you pay off your debt, your credit score increases; our clients are getting back to a 700+ credit score in approximately 18-24 months. (Yes, Baby!)
The biggest problem with Option #3 is having the stomach to handle the negotiations… because it is very stressful, overwhelming and daunting. Also, if you don’t know the proper way to negotiate, you will pay even MORE than you should.
If this sounds like your situation, LET'S talk about it and evaluate your options.
Remember this: Every problem has a solution! #AskTani.
A lot has been on mind and I’ve been thinking about the word wealth. During last weeks #MoneyDateNight which is a time and space where we all need to come together and create a mindset of wealth. Wealth starts with your mindset by not thinking of what you don’t have, but what you do have. Don’t constantly say to yourself - “I don’t have hardly any money,” or “I can’t stop living paycheck to paycheck.” Instead discover with me how you can create a mindset to think differently and have solutions to all of your money obstacles.
Wealth starts with you. Wealth is truly a habit and develops by changing your mindset and it has to start now. Everyday you wait to start investing in yourself, investing in your money, and investing in changing your perspective about money is another day you lose money. It’s one of those things you can’t say, “I’m going to do tomorrow,” and tomorrow comes and you say, “Well, I’ll just do it next week,” because if you keep this mindset and don’t change then you can’t establish wealth. You have to learn about money. The more you learn about the money, the more you are exercising that money muscle and creating a positive attitude of abundance. This is called “attitude money,” where you spend more time thinking about what you don’t have instead of thinking about what you do have. We all have everything we need to accomplish the goals we are given.
You can start achieving those goals by sitting down on your #MoneyDateNights and making it a game of understanding where you are and facing the things you need to do. During your #MoneyDateNights you have to be disciplined and do the following:
- Establish a plan. Visualize where you want to be with your money and what you want to do with it. For me, I am visualizing myself in India and planning how I’m going to get there.
- Follow the plan. Make sure you are actually sitting down and writing it down. Do this so you can read it and stick with following through with it.
- Review the plan regularly. Review the plan weekly to make sure you aren’t trailing off from it. Stick with it. Check your bank account, your credit cards, your savings account. Are you over the limit? What can you do to fix this?
When you make a plan, it becomes something you stick with and follow through on and becomes a habit for you. That’s what wealth is all about. Wealth is about establishing a plan, following through with it, and reviewing it to make sure you’re sticking with it - making your #MoneyDateNights into a habit.
As you stick with your plan, remember to reward yourself. I mentioned this in our last #MoneyDateNight, but if you accomplish something - let’s say you pay off a bill, then reward yourself! Don’t go overboard now - if you pay off a bill worth $250, don’t blow $250, use a portion of it - maybe $50 to reward yourself.
If you encounter setbacks with your plan, look at ways you can combat these situations that may cut into your monthly spending plan. If you have a credit card that is due - contact them and inform them you are experiencing an emergency and you may need an extension, grace period or have to skip a payment. If they approve, check in with them weekly to establish trust on where you are.
Use the Billionaire Inside of You Facebook Group as a space to evaluate things like this and where you are. Connect with me and other members to learn different strategies to increase your wealth and live abundantly. Make your wealth muscle grow with us! When you do this, it will literally free your mind.
Come ready to our next #MoneyDateNight. Tweet me your questions using #MoneyDateNight hashtag.
To YOUR Prosperity,
Current and future biz owners: you should read this now...
I know this is a touchy subject and one you rather not think about, but it's a necessary conversation to have.
You hit a wall in your business.
You're not sure where your next steady cash flow will come from.
You hit the "panic button" because you have people to pay and you need to stay afloat.
Thinking about committing to anyone's 9-5 is not an option.
Chaos and confusion about your next move is taking over your mind.
So your focus shifts to the fear or losing everything you worked so hard to build and now your performance in your business is suffering.
Now, let's stop right here.
There is a preventable solution to this.
And it starts with this formula:
Preparation + Attitude + Good Energy = Positive Cash Flow.
Preparation. Consider taking out a business loan BEFORE you need it. For this, you need to be in business for a minimum of 2 years and have a credit score of at least 620.
Attitude. Stay positive and keep a mindset of gratitude no matter how bad the situation seems. Think of how far you've come to be your own boss. Be thankful that you've made it this far and keep pushing! Now is not the time to throw in the towel and give in to a moment of debt.
Good energy. Focus on what you can control. Your performance. That's' totally up to you. Keep up the good work to keep your client base steady while you work out the other financial aspect.
Positive cash flow. What you focus on you will surely CREATE. Always be in abundance thinking and focus on THAT part of finances while working on a solution.
Remember this: Preparation + Attitude + Good Energy = Positive Cash Flow.
Listen, learn to buy on the sales rack, it will impact your credit scores.
Imagine having an increase in cashflow. It can be done but you have to be disciplined. You have to have a clear plan in place to ATTACK debt. It won’t be easy because you will have to change some things, starting with your mindset.
Money should be viewed as a tool to help you pursue your purpose in life.
Separate your emotions from the lack of money that you believe you have. Always look at the cup as half full and not half empty.
In today’s episode of AskTani TV, you will learn some tips to decrease your consumption, in order to increase your capital. Begin with a strategy to save money by cutting costs. Make it a game where you can include your WHOLE family. Start with the 10/10 principle. This is where you reduce 10 expenses by $10.
You end up with an extra $100 a month. You can use a portion of the money you save to treat yourself and the family for being disciplined in regards to saving money. I will explain this principle in more detail in the video, so you don’t want to miss out on this valuable information.
Make sure that everyone in your family is involved in the saving money game. It’s more fun and rewarding when everyone is on the same page and want to succeed in saving money. It doesn’t have to be something that you hide from your family. Their support and accountability is essential in being successful.
After you watch the video, leave a comment below on how this video has helped you. Also share it with your amazing friends so they can join in the fun of saving money.
Take control of your debt and don’t let it take control of you.
With LOTS of Love,
I wanted to share something interesting with you guys.
A couple of weeks ago I gave a dynamic money presentation at a local event about credit and
I asked the crowd how many of them had good credit.
Out of a crowd of about thirty five, about 20 people raised their hands.
I then asked those that had checked their credit within the past 90 days, to keep their hands up.
That number QUICKLY dipped down to 8 people.
I asked a man in the front row, who had a smug look on his face.
"How do you know you have good credit?"
He quickly came back with "I know I have good credit because I have never missed a payment!"
I asked him did he know that payment history only makes up 65% of his credit score.
Then I noticed his eyes shift as he paused and then admitted that no he did not know that.
We have clients all the time who thought that their credit was perfect, until they went to apply for something and realized that they have a 620 credit score and have never been late on a payment!
A recent client of ours had this exact same scenario and could not figure out why - and as it turns out she got rejected for new credit because she had 4 maxed out credit cards and 7 inquiries in a very short period of time.
Your debt utilization, credit mix, age of credit and recent inquiries are all factors that make up a significant portion of your credit score.
But even if that wasn't the case, it’s a FACT that 4 out of 5 credit reports have errors.
...and one of the biggest errors that we see time and time again is - unauthorized credit inquiries :(
An inquiry here and there won't dramatically hurt your score - however if you have a number
of inquiries within a short period of time - it can easily make your score dip down 20+ points!
As of NOW - we offer credit inquiry removal services to remove unauthorized inquiries from your credit report and can often bring your score up 20-50+ points in the process. (Join or set up an appointment to get yours today).
If you are ready to add a quick 20-50+ to your credit score by simply removing inquiries from your report - CLICK HERE TO set your 1-1 Session.
Don't delay! This offer is good only through this Friday, July 29, 2016.
Transparent moment from me...
I am finally writing about a "Fatal Flaw" in my business. A story I believe will save you a lot of hardship and heartache, if you choose to learn from the money mistakes I made.
See, during my first 10 years in business, we made a lot of money. Many people called us rich, but we certainly didn't feel rich – or how I thought rich would feel. I somehow believed the flood of money I had was going to last forever. I saw it as a water faucet that would never run dry. And then one day, it was all gone. All of it.
Ouch! I had a lot of expensive stuff, and no money. Zero. I had a $50,000 monthly overhead for payroll and other business expenses, and yet, I had no income. No income. The feeling of homelessness paralyzed my being. Do you know how it feels to be one step away from homelessness? I hope you never have to think about that. Day dreaming of what could be drained my spirit into desperation. I spent money just as fast. As I made more money, I spent more money.
What I do know is... that I have devoted most of my life to the study of success, business, impact, influence... everything that had to do with money and credit... I also know that in the last four years I’ve personally received more acceleration, more growth, more prosperity in every part of my life (physical, emotional, spiritual, relational, and yes... financial) even in the midst of facing what some would consider overwhelming personal challenges. What I do know is... I know money and I understand money. Through my business failures, I have found success. Once I started climbing back on the ladder of success, I also realized that I wanted to help every. single. person that I connected with when in reality.... I was... spread thing... I was giving my time, energy and attention to the wrong target market... focused on the wrong things... hitting brick wall, after brick wall. I wasn’t producing the desired results. I was increasing the dollars and cents but my curiosity was not being met until the I starting “Dating my money.” Until I started studying it from a biblical perspective. Until I learned that money is attracted to anyone that treats it right.
The Greatest Book that was ever written states that “money is the answer to all things.” It wasn’t until I faced my own personal money demons that I was able to break free and truly understand that. I read book, after book on credit and finance and BOOM!!! I cracked the code, developed the Blueprint, and it was everything I stood for. Join me and see how you can save time and money that you don’t have mastering this Blueprint... The reason why I am successful today is because I failed several times, I’ve witness my bank account at negative ZERO many days, got back up and was still able to dream out loud and freely.
What I know is... I knew what I wanted. I wanted to help women understand that money does its own thing unless, YOU give it direction. I wanted to make an impact on women in such a way that she never has to go through all that I’ve been through. I’ve tried many things, but this one God has His stamp approval all over it. He has made a way out of no way and showed me The Way.
You don’t want to miss the BEST #MoneyDateNight experience that can change your life and how you look at money forever. Through it, I learned to be financially faithful and become a blessing to many because I am blessed to be a blessing.
I want you to be able to do that for you TOO!
Do you find yourself saying, “I can’t save my money right now, I have way too many bills to pay” or “There’s no point in me making a spending plan, I never stick with it anyways,” or even: “At this point in my life, my credit score is a lost cause, there is no way it’s going to improve.” If you find yourself making any of these comments, you have allowed yourself to create a scarcity mindset.
But what is a scarcity mindset?
A scarcity mindset is where you limit yourself by thinking from a position of “I can’t” or “I’m not able to.” When you begin thinking in this manner in ANY aspect of your life, it appears in your bank account and allows you to become stagnant in your growth.
So, what should I do?
Change the way you are thinking NOW! Start thinking in new, positive ways and allow yourself to realize the abundance of possibilities you can achieve. You should monitor what you say and stop and correct yourself every time you use phrases such as “I can’t” and replace them with “I can” and “I will.” Focus on the positives of your lifestyle and finances, instead of thinking, “I’ll never be able to buy my dream home with my credit score,” realize what you do have. Maybe you’ve always paid your rent on time or you’re almost close to paying off your car. Whatever it is, identify your positive abundances and embrace them! Then, to allow growth and new results, think of ways to continue to improve your financial standing by making a list of goals and a plan of how you will accomplish them or making a dream vision board of everything you WILL have by the end of the year. By writing down your goals or even positive quotes to keep yourself motivated – you will begin to actually SEE your dreams as a reality.
Scarcity – Taking the First Steps to Changes
With positive thinking follows positive change.I want to encourage my AskTani followers to create a new flow of beneficial financial changes in your life by sharing ways to effectively save money and managed limited funds. First off, you should have a savings account and set aside 10% of your income into that account for each month. For instance, if you make $2,500 a month, you should be placing $250 in your savings account each month. This will total to $3000 saved at the end of the year and of course, if you’re able to put more in savings account, do it! You can even look into your bank account to see if it has an automatic savings program where a set amount of money is automatically transferred each month.
Next, make your reality a plan and get creative with it! Create a finance vision board and place it somewhere you will see every day! Whether this is above your bed, your bathroom mirror, or refrigerator, put it somewhere that you see constantly so you can always be reminded of the end result. And remember: make your vision board interactive. This could be through having a section where you can check off when you accomplished a step or item on your board! Imagine the abundance of positivity you will experience by not only seeing your goals every day, but seeing the actual progress you’ve made towards them!
My next tip for change is to successfully examine how you are spending your money. If you are consumed by scarcity and want to successfully combat it, you need to be aware of the root causes. For example, if you find yourself saying, “I don’t have the money for my dream home,” your first step to exploring your abundances is to investigate WHERE your money is going and how you can better manage your funds. Some banks allow you to view the percentages of where you spend your money each month. You may be surprised to realize that a huge chunk of your income that could be dedicated to your dream home is actually going to frivolous activities such as eating out constantly or excessive shopping. By being aware of this, you can pinpoint what changes you need to make in your spending habits.
Are you ready to take the next step to combatting scarcity? Schedule a specialized one-on-one consultation with me to take the steps to your financial freedom NOW.
There are so many possibilities for individuals with good credit scores and I hate to see the limitations caused by low scores. When my clients come in and tell me how much I helped them realize their financial possibilities by raising their credit score, I always feel overwhelmed with joy and excitement! That is why I want to share with YOU today just why a credit score is so important and the things you may not be aware of that are preventing you from attaining your dream score.
To get started, a bad credit score generally ranges below 650 and an excellent credit score starts at 750. Those who have are at the lower end will face less opportunities in buying a car, obtaining a credit card, mortgaging their home, or even getting a job! I see it too many times with my clients with bad credit who attempt to buy a car but have to place a large down payment, seek a co-signer, and pay a high interest rate just because of their credit history. Not only that, but if you attempt to get a job, many employers will look at your credit history during the interview process and this can display a lack of responsibility and carelessness. What’s even worst? If you are seeking a job to pay off your outstanding debt to help your credit score and you are unable to get a job BECAUSE of your debt, then this only creates a bad cycle for you. Furthermore, good credit is needed to obtain a loan for various activities such as cosmetic surgery, business and student loans acquiring a new home, etc..
So now that you know all about why credit scores matter and what you need them for, just what is preventing you from getting that dream score of yours?
A huge factor could be your utilization rate. When you obtain your credit card you should only use 25% of your card. Meaning, if your card has a limit of $10,000, the maximum balance you should have on your card is $2,500. Typically, individuals who minimize their spending with credits to 25% have less difficulty paying off their credit cards and have higher scores! Furthermore, you should pay off your credit cards as much as you can! Consider this: credit reports take snapshots of your financial activity at any given moment and if you have an outstanding amount due on your card, this will reflect negatively on your credit report even if you plan to pay it off in a couple of weeks. Not only should you make payments, but you should pay off as much as you possibly can. You should start by paying off the card that has the lowest available credit on it as well so you are lowering your utilization rate as well in the process.
Next, people with higher credit scores tend to have a mixture of credit lines that they pay off and balance successfully. This includes credit cards, student loans, business loans, car loans, etc. Although you shouldn’t excessively apply for different types of credit to build your credit, managing different lines of credit showcases responsibility and reflects well on your credit report.
Another cause for bad credit is if you apply for too many applications that require lenders to look at your credit reports. This leads to an inquiry on your report, which will stay there by federal law for 24 months. This plays a role in your credit score as inquiries reflect that you are “shopping around for credit,” which statistically represents you will generally be a higher credit risk.
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... harassed to pay your bills by collectors?
... threated with an arrest or lawsuit if you don’t pay your bills?
... called at work after you asked them to stop?
... contacted by the collector after you have hired an attorney?
... been treated with abusive or foul language?
... called before 8:00 a.m., or after 9:00 p.m.?
... been called an extreme amount of times?
This is happening everyday all across America, and it’s illegal!
If one or any of these has happened, you are protected by the Fair Debt Collection
According to the Fair Debt Collection Practices Act (FDCPA) a debt collector is supposed to notify you a consumer in writing 30 days prior to them calling the consumer. When a letter is received from a debt collector the consumer should then mail back a cease and desist letter.
According to the FDCPA when the debt collector receives this letter they must stop calling or writing that consumer. If calls have already started the consumer can obtain the debt collector’s name and send the cease and desist letter to stop future phone calls.
A Cease & Desist letter will stop almost all debt collector contact attempts. But the FDCPA doesn’t apply to the original creditor, only the debt collector.
In Florida, Statute Fla. Stat. 559.55 -.785 Part VI, is an extension of the FDCPA and extends the reach of the law to include original creditors also. Check your own state laws as many states also have their own state FDCPA laws.
Here is a sample Cease and Desist letter you can use to stop illegal and harassing collection attempts:
Dear Debt Collector /Debt Collector Attorney:
This will serve as your legal notice under provisions of federal law, the Fair Debt Collection Practices Act (FDCPA), to cease all communication with me in regard to the debt referenced above. If you fail to heed this notice, I will file a formal complaint against you with the Federal Trade Commission who is responsible for enforcement, the States Attorney General office and/or the American Collectors Association or local State Bar Association.
I/We have decided that we do not desire to work with a collection agency under any circumstances. I/We will contact the original creditor to resolve this matter directly, as circumstances warrant.
You are also notified that should any adverse information be placed against my/our credit reports as a result of this notice that appropriate actions will be taken. Give this very important matter the attention it deserves.
Today, I wanted to share an inspirational video with my AskTani followers of a phenomenal interview featuring Lisa Nichols discussing our everyday relationship with money. My sister randomly texted the interview and I was so drawn into and intrigued by Nichols speech that I HAD to share it with my followers. She discusses how money and being rich is so often associated with negative connotations such as being “stingy,” “selfish” or “greedy” that people unknowingly distance themselves from pursuing wealth. Nichols even admitted to doing this herself while she was selling her book.
Not only do these negative connotations play a role in withholding us from being rich, but various “blueprints” as Nichols deems play a factor in our everyday life and relationship with money. She discusses our cultural blueprints of taking pride from doing more with less and wanting to fit in within our community as well as our economic blueprint of how money played a role and factor for us growing up. Was it prominent? Did it cause our parents to always be away as they sought to provide for their family? These blueprints unconsciously cause us to stay away and avoid becoming wealthy.
Furthermore, gender roles play a huge factor in our relationship with money in that masculinity is often affiliated with being able to provide for the household whilst femininity with having the choice of a great job OR a great man with money. These gender roles lead to the implications of women receiving less pay in our workforce. Lisa Nichols goes on to discuss the blueprint of spirituality, in how we often opt to use what we need and give the rest away based on our religious beliefs. It is through these various blueprints that I wanted to share with my readers at AskTani as they unknowingly lead us away from achieving ALL of our financial possibilities.
I challenge you to combat your unconscious fears and prior assumptions about money to reach the billionaire inside of you. You can finish learning more about Nichols vision for success and money blueprints here.
And remember: “You are the designer of your destiny; you are the author of your story” – Lisa Nichols
As a business owner, it is imperative that you understand all of the instruments and mechanisms of business credit. Your credit can lead to the opening or closing of many financial doors. It can allow your business to build credibility amongst other businesses as companies with excellent history profiles look more sincere and reliable. This is especially pertinent to small businesses or startup companies as it cannot only display credibility, but can be a way to gain investments and financing. However, it has come to my realization at AskTani that many people aren’t aware of an important component when applying for business loans: the difference between how your personal credit and business credit affects your application. You should realize a key element with personal credit is that they look at your personal financial background such as your car, home and how your payments reflect on your credit report.
Why is this important? If your business is less than 5 years old than they will look at your personal credit reports to see if you qualify for personal loans. If your business is over 3 years old, then they will look to see if you’re incorporated, if you have your LLC (Limited Liability Company), the EIN (Employer ID Number) of your business and your bank account. (You can become incorporated and acquire a LLC through your state and apply for your EIN through the IRS). Your bank account is pivotal in your business loan application process because this is the starting point of your business’ credit, meaning your bank account should be established immediately following the creation of your LLC or incorporation. Secondly, you must ensure that you are properly utilizing your bank account by consistently depositing money into it and leaving a portion of that money in there as well. Why? Because unlike with personal loans, your business’ cash flow is a key point of evaluation for eligibility of business loans is in addition to payment history. Furthermore, your business’ credit scores are mostly known as “Paydex” or “Intelliscore”; and unlike your personal credit score which ranges roughly from 100 to 800, your business credit score will range from 0 to 100, with 100 being the best. Credit scores that are at least 75 are considered favorable.
AskTani Tip #1: Before applying for a business loan, ensure you have established a physical business address. Although P.O. boxes are relatively cheaper, creditors prefer a physical address. You can even use your home address as your business address if your company is based from home.
You should also know that there is less protection against false information for your business credit unlike your personal credit. This is because many business credit agencies will not always explicitly say who is reporting the inaccurate information. What does this mean? You should always monitor the information on your business credit report to ensure accuracy.
AskTani Tip #2: You should be aware that if you as a business owner opt to apply for a business loan under your personal identity than you will be held responsible for any missed payments or debt. You should be careful in making payments or it can lead to a negative history on your personal credit report. Furthermore, when you mix your personal credit and business credit it can lead to confusion when attempting to keep track of expenses between your business and personal accounts.
As I mentioned before, your business credit starts as soon as you open your business bank account. It sets the foundation and a strong foundation will build a strong company. Through maintaining a solid credit history, it can allow for establishing a relationship with retailers, banks, etc. for future business loans and credit.
Applying for your first business loan can be challenging and you shouldn’t go through it alone. Subscribe to my AskTani YouTube channel to learn more tips and strategies to make your business strive to its fullest.
Financial Matters: I receive so many questions about how to deal with financial matters. I know how devastating it can be to face financial hardships, but you don’t have to go through it alone. When dealing with various financial obstacles from foreclosure to trying to sell your home or paying off the balances for your credit card, it is important to have a team that is there to support you and allow you to see ALL of your financial possibilities.
A financial team can give you a breath of fresh air as you share your financial burdens, deepest questions, and concerns in confidentiality with trusted professionals. From sharing your financial problems and listing your possible solutions, to implementing them to achieve your financial goals, they can allow you to piece together your financial future and show you that you are not stuck in this hardship alone. Instead, a team can aid you in your transition to financial freedom by providing you a non-judgmental and safe space.
What’s more? Depending on the problem you are facing, you will need an expert specialized in the area you are seeking help. For instance, if you are struggling with how to finance a new home, you’ll want to make sure you can consult with someone on your team that has familiarity and experience in this area.
So, just how do you get started with your team? Make sure you evaluate what you need help with so you and your team can begin implementing a plan of action. Share your short-term and long-term goals so your team is aware of the end results they should be aiming for.
This will unite your team to a shared goal. Remember, without visions or goals your team lacks direction. Furthermore, you can keep track of your progress through the successful achievements of your goals.
But wait, just why do you need a team? A financial team can help to empower and support you to achieving and implementing your goals. You’ll gain outside insight into your problems allowing for diverse viewpoints. Your team may call attention to bad spending or investment habits that you weren’t aware of before! Additionally, throughout the initial planning process you and your team will be bouncing ideas off of each other – which is great!
This will allow you to develop a new of thinking and handling your problems that you may have never thought of before. Your team may also challenge your ideas and challenge you to be successful. This may be through implementing a savings plan, achieving a credit score, or being debt free within a year. Whatever the goal, you now have a team that you can lean on and that fully has your support.
You should also know that your team isn’t just for the now problems, it’s for the what-ifs, the future, and the unexpected finance issues that may arise. Unfortunately, unexpected things may happen and detour the plan you and your team created, however your team will be there to help you get back on track to your goals. You’ll feel at ease and secure by having a resource you can call when things aren’t going as planned. You can start preparing in advance by having an emergency financial plan for the unexpected future. This way you are always one step ahead.
So, are you ready to begin and see the possibilities of your future?
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