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

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. 


Your Emergency Stash 

The unexpected can and will eventually come. Do you feel prepared for when it comes? How has your emergency savings goal been going? Are you on track, reached your goal or not quite there? If you need a marker, aim to have at least $1,000 in savings by the end of the year. If you've done the before, try for $2,000.

Evaluate where you are and take action if needed. But make sure you have yourself covered so you are not scrambling at the buzzer and getting yourself in debt with high interest trying to cover yourself.



Work On Increasing Your Net Worth 

What your keep vs. What you owe. 

How are you working to increase yours? The first step is figuring out how to manage and maximize what you currently have. I mean like really maximize your dollars and no make unnecessary and unplanned purchases regularly. 

Next, make sure you are spending an appropriate amount on your purchases. You might not want to skimp on your mechanic but if that blouse is on sale tomorrow or you have a coupon at home then wait. 

Look into ways to create a second or third income and reinvest your earning. If you are unsure of what you can do then look to your hobbies.

Pay More Than Once Per Month 

So you've got some debt, a credit card, an annoying student loan that doesnt want to budge. 

Yes you have a minimum to amount to pay towards you credit accounts once per billing cycle but consider paying a bit more. Better yet, pay the minimum early and then by the due date, add in your additional payment to be applied to the principle balance.

Monetize Your Side Hustle 

What is the one thing you fully enjoy and always think about? What do you always come back to like its your personal true north? It will likely solve a problem or make things in some area of life easier. Its the one thing you cannot live the rest if your life without. 

Got it now? Good! Now is your time, in this exact moment, to start and figure out how to monetize it so you can do it forever! 

It doesn't have to be as big as Coca Cola but big enough for you and the people you want or need to reach. Support others in your field and your friends and celebrate all of your wins.

Minimize Hard Credit Inquiries 

Credit card offers keep popping up in your mail box and your bank is sending you emails with card offers while you have classes to get ready for and you are tired of the bus and train. Don’t break drastically from your regular financial set up because things are getting to you. The last thing you want to do is open a bunch of new lines of credit in a short period of time. Do not fall for the trap of “building your credit” by buying a new car and opening that credit card you were offered with the 30,000 point bonus if you don’t actually have the money for any of it! 

Imagine how hard and long it will be if you don’t have the money for these things now. That’s what financial institutions analyze when they pull your credit report and you will see it quickly with your credit score. The more hard inquiries you have (credit card applications, personal loan apps, etc.) the more of a risk you will seem when you do apply for something that you need and want. Step yourself up in a good way and build your credit organically as you need it. And aim to live below your means as you do it. 

Start out with a secured credit card. Your limit will be contingent on the amount of money you deposited available. Then after 6 or more months you can apply for one other new line of credit, either your standard credit card, small personal loan or line of credit, or that car loan. But the key is to take your time and pay in full at least the day before your due date and you will see a healthy credit report being to take form.

Ditch Credit & Use Cash 

Christmas is fast approaching and I am all for getting the most bang for your buck, loading up on rewards and all but if you've been experiencing an absence of control use cash. 

Its simple enough to keep you or put you back on track. Put your cards up for the rest of the week and carry with you only the remaining balance of your weekly budget. Your bank account will thank you later! 

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


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