LEVELS UP

Money Moves

Hey Rayne Drops! Money is a resource and most of the time when it's talked about in music, it relates to spending it and using it to show immediately what you have and be a status symbol. I say, that's cool and you know I love a new shoe BUT let's have a space where we can support each other stacking and building legacy.

I believe we all have insight on how to make things happen since we are all unique and have different skills. What would happen if we started putting those things together? - GREATNESS and probably some really good music inspired from it.

Please share in the comments of this blog, download the money saving hack eBook below and tell a friend. Let's Move!

Rayne Drops Money Level Up Corner

Blog: She Levels Up

We're Not Paying Annual Fees 

Credit cards should not be things you pay for regularly. The goal is not to use them for emergency measures but in lieu of the money you already have. Paying interest or an annual fee when you are trying to get out of debt or create a sizeable savings is a no.

Live Under Your Means 

Just because you have money currently in your possession and you've paid all of your bills for the month does not mean you have to or should spend the rest of your earnings. Leaving a portion of your money for another day will be the difference between you staying in debt, getting in debt or you carving out a great financial future for yourself. Build the groundwork for you to not feel like you are living paycheck to paycheck. 

Live under your means. Put a portion of your pay away in savings. Students, put it away in a savings or CD account. If you're knowledgeable enough or have a knowledgeable and reliable teacher or mentor, look into opening a Roth IRA. Its never to early to start saving for retirement. Or do a combination of these suggestions or more in areas you understand. Just make sure you are not spending every dime of your pay.

Don't let the knowledge of the money your have burn a whole in your pocket.

Who You Have to Tell 

So people will ask all the time how much you get paid? Where you're going? How much it cost? How did you get that? And everyone's intentions are not the same. 

Some people may see you doing well or on track with your goals and congratulate you and genuinely be happy for you. Or they might give you some suggestions or motivate you to get on track. Keep those people around! Some other people may not. Keep a stick between you and those people. Jealousy, envy and greed usually follow with those people and just like anything else, you want to safeguard what is yours. 

Yes, they could probably figure it out but you are in no way obligated to share the details of your money with anyone. Feel comfortable saying nicely, I'm not comfortable discussing that with you if you want to. And end that conversation and move on to the next.

Let Your Credit Breathe 

Once you open a credit card and have been using it and paying it off for a month or so can feel really rewarding. You might even want to accept that offer for that other card. Don't fall for other offers. 

When you open too much credit at one time, you are a bigger risk to creditors and actually hurt your credit score a bit.

Use Credit to Make Money 

Its Thursday and February is gone so chances are you are ready to spend, if even from your computer.

Make your credit create a bit of money for you as you spend. If you were going to spend a certain amount of cash, spend that same amount on your rewards or cash back credit card. 

Also be sure to check if your debit card has any cash back offers for the stores you need to purchase from. Get a little bit of what you're spending back! 

Get the free eBook for more super easy savings tips!

You Might Already Be A Sole Proprietor 

Starting a business does not necessarily mean you have to have a lawyer and accountant and file a ton of paper work. You may already be working as one of the simplest and cheapest business structures already - Sole Proprietor. You can be a sole proprietor if you sell keychains for heaven's sake. LLC's are popular too but if you are not ready financially to take that on and your business is simple enough, you could jus begin as a Sole Proprietor.

You can still have some tax deductions, you can still get an EID (a social security number for businesses) and still open a business bank account or brokerage account.

 

Have you heard of the term Sole Proprietorship before or do you have one?

Include Your Dreams In Your Money Goals 

Start thinking now about your dreams and include them into your regular budget. Set a special savings aside just that. Yes you want to cut out excess but none of your goals are excess, they are yours so feed them and encourage them to flourish so you can too. 

And if you're saving a bit for your goals, you'll probably be less likely to waste on random splurges in between.

Seek Mentors 

Seek someone, books, a course or something with knowledge in an area you are not familiar with. They can help you navigate and figure out what, where and how you need to do something and save you a ton of time. 

Don't waste time and your resources trying to reinvent the wheel. Get the best of someone else's knowledge and expertise and use it.

You can even look at Youtube, Patron, and IG for more inspiration and guidance. Check out podcasts and pages like, Earn Your Leisure, Max Maxwell, Todd Capital, Wall Street Trapper, Danielle Pierce and more. If there are any other social pages, groups, podcasts or other that you like and/or has helped you, drop the info. below.

Don't Crack Open the Bulk of Your Savings to Pay Debt 

You will probably reach a point in your savings and debt elimination goals where you will have a hefty amount of money tucked away in your savings. It gives you confidence just thinking about it. 
Then you look at your loan or credit card or other debt balance and the feeling starts to dissipate. The next thing you know, you're contemplating dumping your entire savings into that debt balance so you can either get rid of it all or a chunk and pay less interest over the long haul. 

I'll say this now, what happens if the next day your car breaks down or you need to fly across the country to see a dying relative or disaster strikes and you need to move? Anything can happen and if you dig into your savings to pay off debt, you'll position yourself to easily get right back in the whole you've been digging yourself out of. 

Keep your savings for what its for. You can always pay extra to your debtors when you have extra.

Do You Need A Co-Signer? 

If you need a co-signer that's a sign that you need to do 1 of 3 things: 

1. Don't get it. 
2. Wait a bit longer to get it. 
3. Find another way to get it. 

Being told you need a co-signer can be good since it will stop you - even momentarily to look at your current financial situation and evaluate what you can really afford and where you can best put your dollars to use. 
Once in a while, if it is an item that you have already calculated for and you know you can realistically handle it but you may not have the greatest or longest history you may just need to go in for the ask. Ask for that better rate, as for another lender, and if you don't get a "good deal" be comfortable with walking away.

There are even ways to obtain a house without a hard credit inquiry. 

Evaluate.

I ain't out here needing your validation...I be bout my money”

Larayne

Rayne Drop Money Corner Forum

Board nameTopicsLast post

Finance Books

Useful books along the way.

112/19/2019 by Larayne

All Things Credit Related

Credit Reports & Scores, credit cards, etc.

0

Starting A New Business & Keeping it Open

Tips & tricks to opening a successful business and sustaining it.

0

Budgeting Tools

Apps, websites, practices.

0