Girl, Get Your Money Straight! by Glinda Bridgforth

This week I'm going to dig a little into the financial side of the world. I went back deep into my book arsenal (kept nice and neatly in my livingroom) and found this book by Ms. Bridgforth. As long as the world continues to use money, you can never read enough on keeping yourself out of the financial grave. This particular book was written by and is written for the sistas....however I think everyone can benefit :-) and so I'm let the healing begin!

As you can see from the front of the book, Glinda (love the way her name is spelled by the way) makes it simple to navigate through what may be a treacherous time for some women today. There are 7 easy steps to take in order to, as she says, heal your bank account and fund your dreams. First off, I'm sure you've heard that the first step to overcoming any problem is to acknowledge that there is a problem. In today's society, it is VERY hard to acknowledge that you might be having financial problems. Everyone is about getting and spending money. They breathe, sleep, eat, and poop thinking about how to get money and what they are going to spend it on next. Others brag about how much money they have to spend. You may feel the pressure to spend as well even if you don't have the money to do so. :-(

Therein lies the problem that makes it absolutely beneficial and necessary that you pay attention to the contents of Glinda's book. Let's dig in, shall we?

First things first, in order to succeed in any area of your life, you must be in the right mindset. If not, you ultimately will fail. Part one of this books makes you think deeply about the reason you are in trouble financially. She goes past the obvious reasons of peer pressure and talks about how your family history affects the way you see and handle money. I like how Glinda lets you in on all of the details of her life and how she has come from being financially burdened (and why) and how she has triumphed over such sore straits. To begin financial healing, it's important to let go of negative energy by forgiving yourself and anyone else for whom you might harbor feelings of blame. In her case, she and her ex-husband accumulated $50,000 in debt together and everyone knows you divorce people, not shared debt. There are three things to keep in mind while on the road to financial healing: 1. Be accepting of yourself and your present circumstances. 2. Be grateful for life's lessons. and 3. Be patient with yourself.

This is yet another book that I'm love to do death! I'm going to try really hard to keep this summary simple, to the point, and interesting because I want you to actually read the book. There is soooo much information in here that I could spend forever talking about.

You begin to see in Chapter 2 why this book is tailored to black women. The topics she elaborates on are how culture influences our emotional attitudes, the challenges of African-American history and heritage, contemporary workplace woes, shopping while black, the distorted mirror of American media, salving our wounds with money, "keeping" our men in more ways than one, and being obsessed with looking good though we are broke. All of those were sections worthy of more than just a summary. However, if you'd like me to elaborate more on a subject or two, please leave a comment at the bottom of this post. :-)

So, now that we are in the right mindset, let's move on to the 7 steps for financial health and healing. You sure you're ready?

1. Set goals that speak to your heart.
I think we all should know by now that in order for a person to really stick with anything, they must have a passion for it and a drive to do what needs to be done. Glinda addresses this directly. Think about your burning desire. It's not enough to say that you just want to save money or you just want to be debt free. Try and keep your goal visible throughout the day and formulate action steps to achieve it. You must be directed toward achieving balance in your life. Don't forget to create benchmarks in order to keep tabs on your progress. She also brings out examples of financial benchmarks for your twenties, thirties, forties, fifties, and sixties. Remember to establish a set of spiritual practices that put you in touch with your higher self. In other words, don't neglect God when trying to get your money straight. He's not going balance your checkbook for you of course lol but he can give you peace of mind on your financial journey.

2. Balance your checkbook and know your net worth.
In generations past, African Americans with limited education and resources feared the complexity of checking accounts and resorted early on to using money orders and paying cash. Other blacks may have had a checkbook in the past but become so frustrated with trying to maintain it properly that they gave up. Some blacks have had banks even give up on them! That sounds like a horrible background. That is why steps must be taken to get people educated and keep them educated (things change all the time in today's society) about money and their finances. One thing that Glinda says to always remember is you are not your net worth. What you make has nothing to do with how you live, love, help and communicate. Whatever you make now is only an assessment of your finances today. Not tomorrow, not forever. Keep in mind that some people with wealth and assets are very unhappy and unfulfilled. Some people have six-figure assets along with six-figure liabilities. These people actually have less net worth than a person with a $40,000 annual income!

3. Develop a spending plan.
I know, I know. It's easier said than done, right? I struggle with this all the time lol. But hey, we are all works in progress. Often black women are put off by budgets because we don't want any ceilings (no ceilings! lol) put on our spending. We tend to see a budget like someone telling us how to spend our money and we don't have time for that. The word budget almost always carries a negative connotation. So, that's why Ms. Bridgforth talks about developing a spending plan. A plan is always proactive and empowering. The purpose of creating one is to identify what we need for a quality of life that has a sense of balance and well-being. It's a blueprint to keep our financial house in order. In this book, Glinda shows an example of someone's actual spending plan and then encourages you to make one as well. In fact, she suggests that you make 3 spending plans: one identifying the least amount of money you can get by on during a month, one where you factor in an amortized amount in every category of spending, and one showing the ideal amount you would like to spend (without going too crazy) in each category.

4. Track and analyze your spending.
This is sort of self-explanatory. Glinda gives you some worksheets in this section in ordr to do just that. There are other tools you can use to record everything. These include calendars, organizers, palm pilots, receipts, envelopes, spiral notebooks, and checkbook registers. Make sure you get into the habit of asking for receipts everytime you spend money. Also, keep those receipts organized in envelopes to avoid clutter. One of the greatest benefits of tracking your spending over a long period of time is that you have a history to look back on. You may not realize exactly how much money you spend on food, for example, but with a tracking system you can make a conscious effort to make changes if needed.

5. Pay off debt with discipline - not deprivation.
Don't think of credit card limits as a balance to be drawn against but more like a loan that HAS to be repaid. Think of credit more like a liability than an asset. That should keep you out of the "spend now, worry later" mindset that so many (including myself) have fallen into. Credit is a necessary evil in the world today so it's best to use it to our advantage as a financial tool.  If you need to rebuild your credit, think about obtaining store or gasoline accounts, getting a secured credit card or taking out a secured personal loan to begin to get you back on the right track. Remember this is all after you've established firm goals as to why you want to get out of debt. DO NOT create any new, unnecessary debt. DO close extra charge accounts. DO use a debt or check card. DO NOT carry credit cards with you. DO NOT charge anything that will be gon eby the time the bill comes. I especially need to keep that in the forefront of my mind. DO NOT be seduced by special offers. For instance, airline miles are not worth it if you are paying finance charges each month because you carry over balances. DO shift debt to lower-interest-rate cards. DO communicate with creditors. DO make settlement offers to creditors. DO get support. We all need it.

6. Save consistently without being a miser.
Glinda points out that African Americans as a people are actually very familiar with the concept of savings. I know everyone has that one family member with a HUGE jar just full of coins lol. However, as author George Kraser said, knowledge is not power but acting on knowledge is power. So, how do you start saving money? Consider yourself a creditor. By thinking that way, you make sure that you pay yourself first. Also, sign up for payroll deduction with your employer. By having money automatically deducted before you see it, you are more likely to keep up with saving and you won't miss it too much. Be sure to set up an automatic transfer at the bank if you don't have your money deducted by your employer. Remember to save your spare change. Start a "serial savings" plan. I'm very familiar with this plan myself. I use to always save $5 bills that I had. Glinda suggests that everytime you break a large bill you check the serial numbers of the $1 bills. If one of them starts with your initial, save it. Deposit at least half of all gift money into savings. This is definitely something to keep in mind with the holidays coming up. Many receive gifts of money or get a bonus from their employer. It may be tempting but try to save that extra money! Last but not least, check your motives behind all of your spending. Assess if each purchase is for immediate gratification or long-term value.

7. Get the support and expert advice you need.
In the book The Dynamic Laws of Healing, Catherine Ponder writes: "If you have a problem, you have something to forgive. Anyone who experiences pain has a need to forgive. Anyone who finds himself in unpleasant circumstances has a need to forgive. Anyone who finds himself in debt has a need to forgive. Where there is suffering, unhappiness, lack, confusion or misery of any sort, there is a need to forgive....To forgive means to 'give for,' to 'replace' the ill feeling, to gain a sense of peace and harmony again. To forgive literally means to 'give up' that which you should not have held on to in the first place." It is very important to forgive others but it is MOST important to forgive ourselves. I think alot of people look over this fact.

Glinda ends her book with tips on how to build wealth and fund our dreams. She talks about how to create wealth through investments, investing for the long term, real estate, and entrepreneurship. Madam C. J. Walker (the first self-made female millionaire) once said, "I started out in the cotton fields. Then I was promoted to the washer tub. Then I was promoted to the cook kitchen. Then I promoted myself." We must promote ourselves to prosperity and wealth. Remember self-acceptance without judgment and criticism is essential.

Along with recanting her own personal financial journey, the book is filled with real life examples of women that Glinda has either helped or been inspired by. So, if you're tired of feeling powerless over your finances and are ready to start funding your dreams, come on girl! It's time to get your money straight!

~BB

Six Pixels of Separation by Mitch Joel...Part 2 (Chapters 8-14)

So we left off last time with the first 7 chapters of this great book I just finished reading the other weekend. What did you guys thing? Are you ready for more? Well, here are the main points again that I enjoyed:

Whatever choice you make, focus on where your passion truly lies.
If you like to write or have a knack for words, consider making a blog. Also, don't focus too much on what others have or have not done.

Be curious about everything, but ruthless in what you get involved with.
I would think that most people would automatically know this little tidbit of information. But I guess not. I'm sure you've all heard of someone investing money into a friend's business with huge promises of more than satisfactory returns only to wind up broke and downtrodden later. That's the scenario that came to mind first when I read about being ruthless with what you get involved with. This also goes well with something else Mitch mentioned in his book about the "long tail". The internet saves EVERYTHING you ever put on it. Be careful about what you decide to put up for all of the world to see. If you get involved with the wrong thing, it could come back to bite you in the arse some day.

Traffic does not equal community.
In order to really push things forward and grow you newfound media properties, it's important to stay focused on why you are doing this in the first place. Are you doing this to become Internet famous? Will you measure your success only by the revenue you've received from ads and the like? Well then good luck defining serious business goals and maintaining ongoing development later on down the line. Focus on building community and not traffic.

Never underestimate the power of what asking a good question can do to create content and to give you ongoing feedback.
Alot of people are afraid of asking questions because they are scared of not getting any responses. You'll be surprised to find out, however, that approximately only 2% of people online actually comment. So why bother you ask? Well, asking questions helps keep your content alive for a longer period of time. It will also lead you to do a lot more self-analysis of your industry and business. Asking questions is always one of the best ways to start a conversation.

Finding and defining your niche is not easy.
I've experienced this firsthand. I can name a million and one things I enjoy doing (reading is one of them obviously lol) but ask me if I've found my niche and eh I'd say I'm not quite there yet. But I was pleased to read in this book that the majority of people who have found and defined their niche well probably stumbled upon it rather than strategizing and plotting their success. That really makes you want to try out every idea that's ever just popped into your head while in the shower, working out, or while sleeping, doesn't it? Also remember that you don't have to be thinking leaps and bounds into the future. Another point brought out was many people struggle to uncover their niches because what they love to do is not directly linked to what they do professionally. However, alot of times, your unique hobbies do intersect with your business and can be adapted to help your business grow. In the book, Mitch states an example of such by writing about Scott Monty. You'll find his story interesting because he found a way to combine his marketing profession with his love of Sherlock Holmes O_o...yeaaaa I know but just read it lol. It's actually very thought provoking.

Always be experimenting.
The win is not in creating something that appeals to the masses. Your personal win will be in leveraging the power of a very specific and unique niche that you can serve, protect, and call your own. Remember to embrace your community as they become more and more passionate about your niche.

Burn the ships!
The "burn the ships" point comes from a true story. Hernando Cortez was the captain of 11 ships that were headed to Mexico. As you know, back then sailors and other men on the sea were oftentimes not in the best of shape because of being on the sea so long and because of lack of modern medication. Well the crew asked Cortez what the plan would be if things did not work out for them as planned when they reached thier destination. His response? He burned the ships. By doing this he showed that there was no going back. It was out with the old way and in with the new. So how do you burn your ships? Mitch tells you how!

People have a very intimate and personal link with their mobile devices.
Just about everyone I know can relate to this. I'm borderline nomophobia I believe lol because I feel absolutely lost if I leave my phone at home by accident and I know I will be gone for the majority of the day. Mostly everyone nowadays is a "digital nomad." This means that we no long have to be tied down to a landline or a desktop computer when we want information or to connect to other people. Dozens of places (even Krystal's and Taco Bell!) have wifi. With that being said, focus on mobile marketing but not mobile advertising. If it's done right by respecting the consumer and the relationship they have with their mobile device, the long-term outcome will be that you've managed to build a new and loyal database with huge growth potential.

The new rules of the new mobile movement:
1. New device = new rules. 2. Think in terms of tribes, not mass. 3. Mobile adds a new dimension to all messages - make it work for the person in control of the device. 4. If you try to port an old way of doing things in another channel to these channels, it will fail. BURN THE SHIPS. 5. Think about what we had before podcasts and start from there to build with success. 6. If you can port content from TV to computer to iPhone, think about the level of control the user has. 7. Start building a permission-based list of people who do want to be contacted via mobile. 8. Think about building a mobile app. 9. Offer compelling incentives. 10. Establish conversation.

Weren't those some awesome things to think about? Mitch leaves you with this thought in his book. "Six pixels of separation is not about how you can connect your business more efficiently in these online channels to be successful. It's too late for that. We are all intrinsically connected. In this world of interconnectedness, the bigger question is, How are you going to spread your story, connect, and add value to your life and the people whose lives you touch? How are you going to explore your network to grow your net worth? How are you going to add tremendous value to a brand, product, or service that can always be made cheaper and afaster by someone else? How are you going to connect and stay connected?" (Italics theirs.)

It looks like we all have alot more thinking to do. The tools are there before us and easily accessible. What are we going to do with it all? Will we have the determination, ambition, and passion to take advantage of what is there? What will you do? Please sound off below if you like. Did you find this information helpful in making you think more about what you can do for your business? I encourage each and every one to read this book in its entirety. You will not regret partaking of the knowledge that Mitch Joel has shared with each and every one of us.

~BB~

Six Pixels of Separation by Mitch Joel... Part 1 (Chapters 1-7)

I've never made two posts about the same book before but OMG I loved this book so much that it just must be done. I learned so much and at the same time I read about things that I already knew about, however, I just never thought about in depth before. So that I don't give out too much information about the book (I strongly encourage you to read it), I'll just point out a few specific things. These points were either italicized in the book or just things that I highlighted.

You don't have to be a computer whiz or a member of the Geek Squad to make the online channel and communities work for you. Thanks to the different media outlets like YouTube and Blogger :-), people are able to connect and engage with millions of other people worldwide. It is through digital channels like these that we are all connected.

Making real money as an entrepreneur is all about adding value.
You should match your products and services up to consumers who are looking for them. You want to preferably do this at the moment they are looking for it. That is why so many are drawn to the contextual ads that companies like Google offer. With these you can show your consumers different things pertaining to your site (and also their interests) and at the same time, you gain some moulah. You also want to make sure that your business is present on the search engines. This draws more traffic to your site.

The big idea in a world of Six Pixels of Separation is to embrace community as the new currency.
This is one point I read over and over and over in this book. Community is everything! Your goal for your business is to connect to the right people and connect to similar others. The SPS world is where mass brands are overtaken by personal brands. Individuals are connecting to very specific niche content and media that they are choosing and controlling. You also must sometimes warm up to networking. You network to build your circle of influence by adding value to your community and helping others get what they want.

There are six social needs in order to help entrepreneurs understand how to create better affinity with their consumers.
1. Online social networks provide people with the ultimate tool  for defining and redefining themselves. 2. The need for autonomy, recognition, and achievement are essential to our self-worth and are fulfilled in online communities. 3. People have a need to both seek help from and provide help to others. 4. Online communities are becoing the way people find, create, and connect with others. 5. A sense of belonging or affiliation alone is not equal to true community. 6. People want to be reassured of their worth and value and seek confirmation that what they say and do matters to others and has an impact on he world around them.

Digital marketing is about being slow.
The older the content of your site, the longer it has been online and searchable through the engines, the more people who have linked to it, shared it, and tagged it, the more valuable it is. Content rises to the top of Google based on how long it has been available and how valuable it has been to the online community. Important and valuable sites don't get to that state overnight. IT TAKES TIME. The sooner you realize that, the sooner you can post your content and start gaining your online community and their trust. Trust is always built slowly and over time. In order to gain this trust, you must be consistent in everything you do.

Online etiquette: Respond quickly and honestly
It is extremely important that whenever someone comments on your site or blog, emails you, interviews you, or podcasts about you MUST respond. It shows others that you are reading, paying attention, and most importantly appreciative. Nothing stinks of insincerity more than a person using these new digital channels who is not listening to the other conversations. Also, when you speak to people, do it as a human being and not a press release. The key is to always add value and push the conversation forward. Nobody likes someone who is taking part with the sole intent of pimping their own agenda.

It's not just about the internet anymore: think mobile too
I think this part really stuck out in my head especially when I think about how many times a day I'm messing with my iPhone lol. Get your website into a mobile version and encourage your customers to help you be more present. Doesn't that make so much sense when you think about it? I don't know a single person that likes to leave home without their cell phone (besides the occasional ugh I'm so tired of being plugged into the system moments). So what better way than to always engage your consumers and keep your brand in the forefront than by focusing on mobile content.

In this digital age, your personal brand will be your most powerful ally or enemy.
You should always take out time to do what Mitch calls a personal brand audit. Do a search through Google or another search engine on your name and your business.  Check your Google alerts. If you have a blog, join Technorati. There's also a three step process he mentions for auditing yourself on Facebook. Make sure you join LinkedIn. Also, remember that your personal brand is all about strategy and not about tactics. Understand who you are and know what you stand for.

So much information and not the same amount of time. :-( But no worries! Next week, please join me to learn about the contents in chapters 8 through 14. They talk about the subjects digital darwinism, from mass media to mass content, burn the ships (which is all about giving up the old ways of doing things and defining new ways), and digital nomads. In the meantime, go to your local Barnes & Noble or Borders or what have you and find this book! Even if you just look through the table of contents, I'm sure you'll find at least one chapter you would like to learn more about. I promise you that you will not be disappointed.

~BB~

P.S. What were your thoughts on my blog for this week? Were there any subjects that I touched on that you would like to hear more about? The comments section is for you guys! I'd love to hear feedback, suggestions, complaints, or even just everyday thoughts on how the online world is fast becoming our real world more and more. Let me hear from you!