Let's Talk About Money

Do you talk to anyone about money? A lot of people prefer not to discuss the topic. Seventy percent of Americans consider talking about money to be rude. There are various reasons why people don’t like to open up about finances, including, but not limited to, perspectives that regard the topic as taboo, stress about money-related issues, and privacy concerns.

You should know, there’s value in talking to the right people about finances. Talking helps us rationalize and sort our thoughts, can provide relief when needed, forces us to assess our choices, and it points us in the direction of growth.

 

Benefits of talking about money

  • You can gain an accountability partner. An accountability partner is someone who you share your goals with and they assist you with keeping your commitment.
  • You can finally start to kick thought patterns that don’t serve you and get a new perspective.
  • You can expand your knowledge and learn how to grow financially. Increasing your financial literacy can help you achieve your goals, build wealth, and develop new habits to pass on to loved ones.

 

How to talk about money

Make sure the person you choose to talk to about finances is someone you trust. Talking finances and opportunities for growth doesn’t require you to divulge confidential information. So although the act of talking about finances may be a little out of your comfort zone, you shouldn't have to worry about anyone having all of your personal details.

Don’t roll up on your finance confidant and start reading off account balances and salary. But rather, start the conversation by telling them what you’ve recently learned, what books you’re reading to help improve your financial literacy, sharing what profiles you follow on social for tips, and asking them what’s on their radar.

Be transparent and tell them what you’re hoping to gain by talking to those close to you about finances. This should be a give and take relationship and you don’t have to be a finance mastermind to contribute. Be willing to do some research and digging on your own so when you chat you can show that growing financially is important to you.

Download the MoCaFi app today, enroll in a MoCaFi Mobility Bank Account, and get a free one-on-one Financial Coaching session once you reach 120 Mobility Score Points. 


Weekend Agenda 024

The Weekend Agenda - 024


So you want to Spend Smart, Build Credit, and Do You? We’ve got you covered. You follow us on social and everyday you digest spending tips, financial insight, and credit advice. Over the weekend, take a little time and get into what we’ve lined up for you. From the screens of the MoCaFi team, we’ll be sharing content from across the web that matters. Because to start a business, level up, build generational wealth, or to just be ten toes down,
you’ll need to know what’s happening around you.
Enjoy and stay up!
- 9/25/20 -


LISTEN TO THIS: Weekend Agenda 024 - Still.


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5 Habits of Savvy Savers

Mastering the art of saving is an important part of your financial comeup. Knowing how much to save and how to go about saving it can be a tricky task for a lot of people. According to GOBankingRates’ 2019 savings survey, 69 percent of Americans have less than $1,000 stashed away and 45 percent have nothing saved. 

 

The same survey identified what respondents considered as barriers to saving. Obstacles to saving include living paycheck to paycheck, not knowing how to budget, forgetting to save, and others. The great news is, for every challenge there’s an opportunity to pivot and do something different and better. 

 

These 5 habits of savvy savers will help address some of the challenges many of us face when it comes to saving.

 

Savvy Savers Plan

Planning is an important part of being a good saver. Budgeting is part of planning. You have to know exactly what’s coming in and exactly how you are spending it. When you’re clear on the money flow you can better know what adjustments need to be made, for instance where you should focus on cutting costs. Having a detailed plan also includes setting make adjustments. 

 

Savvy Savers Understand Finances

If you’re thinking being a financial guru are big shoes to fill, you’re absolutely right! But when it comes to creating economic mobility for yourself, effort goes a long way. You might not become the world’s leading financial mind but that’s okay. Savvy savers know it’s important to understand the basics and when it’s time to seek more knowledge. They definitely understand the financial topics that relate to them and their financial path. 

 

 

via GIPHY

 

Savvy Savers Pay Themselves

Making sure your savings account sees a piece of the pie is the only way it’ll grow. Making having a high priority by including it in your budget. By making paying yourself (saving) a priority, it adds a level of importance and you’ll find a way to adjust your budget to account for your priorities and goals. 

 

Savvy Savers Use Tools

Using available applications and features can help keep you on track to achieving your financial goals. Use technology for what it was intended, to make life a little easier. Automating bill pay and transfers cuts back on some of the manual work you have to do. It saves money and time. 

 

Savvy Savers Talk About Finances

Being rigid in your perspective about finances can get in the way managing your money and being a savvy saver. People adept at saving don’t clam up when the topic of finances comes up. They might not be the authority on the topic in the room but the subject doesn’t make them flee the scene. Being receptive, flexible and eager to learn from experiences and people around can take you far.

 

Making a continuous effort can add up to big wins. Because everyone’s situation is different, there’s no perfect science to managing and saving but there are basic practices that’ll help build a solid foundation for you to build financially. The best way to identify what works for you, is to get started right away with incorporating the habits we  outlined above. 

 

You might also like:

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Want to get your finances in order? Read these books


Weekend Agenda 022

The Weekend Agenda - 022


So you want to Spend Smart, Build Credit, and Do You? We’ve got you covered. You follow us on social and everyday you digest spending tips, financial insight, and credit advice. Over the weekend, take a little time and get into what we’ve lined up for you. From the screens of the MoCaFi team, we’ll be sharing content from across the web that matters. Because to start a business, level up, build generational wealth, or to just be ten toes down,
you’ll need to know what’s happening around you.
Enjoy and stay up!
- 9/04/20 -


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Want to get your finances in order? Read these books

Getting your finances in order can seem challenging. You might find yourself wondering where to start or thinking it’s as simple as making more money. The great news, it’s not hard. But it also isn’t as simple as just finding a bigger money bag. 

 

Are you trying to get to a place where you feel like you aren’t sinking and that you’re finally in control? We can relate.  

 

Making a shift requires knowledge. Here are a few books to help get you started with getting your finances in order and closer to achieving your goals.

 

The One Week Budget: Learn to Create Your Money Management System in 7 Days or Less! by Tiffany Aliche

 

In this book, Tiffany Aliche, better known as The Budgetnista, walks you through the steps of building a personal budget. Even if you already have a budget system in place, don’t sleep on this book. Take the time, read the book, and do the work. You’ll be happy you did. You’re guaranteed to walk away from this book with a clearer understanding of how you should proceed. 

 

 

via GIPHY

 

Credit is King: Transforming Your Credit to Royalty by Will Roundtree 

 

In this book, the author Roundtree breaks down everything you need to know about credit, addresses myths you’ve been told, and gives direction on how to communicate with creditors and debt collectors, and more. If you aren’t already in the 700 club or better, this is a must read. Even if you are, read it, there are plenty of gems that’ll help improve your situation, from understanding how to improve your personal score to learning how to build your business credit. 

 

The Secret by Rhonda Byrne

 

This book recommendation might not be as obvious as the others but you’re going places and usually when we’re headed into a new space, we need to shift our thinking too or we might find ourselves back in the same position. Our thoughts carry a lot of weight. This book reminds us of the power of our thoughts and how we can shift our thinking and hopefully the way we experience life. 

 

Dive into these books and take notes. You’ll definitely learn quite a bit to help you build momentum with improving your financial situation. These are just a few of the many great resources available to you as you work to create economic mobility. Stay tuned for part two. 

 


Teaching Your Kids About Money

It’s not too early to teach your children about money. Working with them early to build a healthy attitude and habits with money will help make sure they know how to manage money later in life. With children being home, and plans for a virtual school year, this might even be the perfect time to get started with the money lessons. Sounds like a great bonus elective to me. 

 

It’s common among many families across the country to not talk about money. Parents find themselves trying to protect their children from having to deal with the stress and burden of money or their experience with money and managing finances prevent them from wanting to discuss it. 

 

Not only do young people not get adequate money lessons at home but also, learning about money has not been fully implemented into curriculums. According to a 2020 report by the Council for Economic Education, less than 17% of high school students are required to take a personal finance course. However, there are some states that have made personal finance education a requirement to graduate. Although 21 states claim to require financial education, fewer states (6) have requirements that could make a difference on how much students learn about finances. 

 

Learning starts at home. According to a 2018 PBS article, children can grasp money concepts as early as the age of three. Also keep in mind that our behaviors are passed onto our children. So even if we aren’t pulling out a stack of finance flashcards to school them, we are still teaching them how to think about, respond to, and feel about money. Before you get started, take inventory of the money thoughts that you adopted early in life. 

 

Here are some pointers to help guide you as you prepare to teach your children about finances. 

 

Lead by example

If you have children, you’ve noticed how important it is to be mindful of what we do and say in front of children because they’ll imitate everything. They soak up their environmental cues and at some point give it all right back to us. So lead by example when it comes to teaching kids about money. For example use a budget and let it be known, stay focused on your family’s priorities, save, invest, and make it a point to have impactful and age appropriate conversations about it with your children.

 

Teach them the fundamentals

Teach them about the different ways in which people earn money, why saving is important, and creating a budget. In addition to talking about these topics, find ways to apply them. For example consider paying them for additional chores, encourage them to create a business, open a savings account in their name and include them in the process, and guide them through the process of creating a budget.

 

Teach them to want to learn more

Encourage them to seek knowledge and to understand the value of lifelong learning. As they grow through the phases of life it’s important that they understand their priorities may shift and their financial needs will evolve. Show them how to find the answers to the questions they may have and why it’s always important to learn more. Help them see the value in continuing to learn about money and finances.

 

Teach them about consequences and goal setting 

Helping them understand that there are consequences for every choice will be essential to helping them develop good money habits and seeing the alignment in how they help them reach their financial goals.

 

Developing financial literacy and healthy money habits to sustain you through life starts early. We can afford our children better opportunities by making time to share knowledge with them now and fostering their growth over the years. The MoCaFi app and Blog are great sources of information for helping you make better financial decisions and finding access to other resources that can help you spend smart, build credit, and do you. Check back regularly for tips and information to help you and your family along the way.

 

 

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image via Yahoo Finance

Weekend Agenda 019

The Weekend Agenda - 019


So you want to Spend Smart, Build Credit, and Do You? We’ve got you covered. You follow us on social and everyday you digest spending tips, financial insight, and credit advice. Over the weekend, take a little time and get into what we’ve lined up for you. From the screens of the MoCaFi team, we’ll be sharing content from across the web that matters. Because to start a business, level up, build generational wealth, or to just be ten toes down,
you’ll need to know what’s happening around you.
Enjoy and stay up!
- 8/14/20 -


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Bad for your health, bad for your pockets, the colossal problem of lack of affordable healthcare

Getting access to affordable healthcare is an issue for many Americans. As of 2019 Hispanics (19%) and Blacks (11%) had significantly higher uninsured rates than Whites (8%). Racial disparities persist even in healthcare. Not only does the lack of health insurance prevent people from getting the medical services they need, it also can lead to major financial strain and contributes to keeping large segments of the population in poverty. 

 

The disparities in access to healthcare and treatment have been seen with the events surrounding the current pandemic, with disproportionate numbers of African Americans being affected by COVID-19. Black Americans are experiencing the highest COVID-19 mortality rates — about 2.3 times as high as the rate for Whites and Asians. These figures parallel the disparities of uninsured individuals among Blacks (11%), Whites (8%) and Asians (7%). The challenges faced by the collective have hit those who have been disproportionately impacted by an inequitable system the hardest. 

 

The cost of healthcare – a necessary expense – presents a huge financial burden for many Americans. Even with health insurance coverage, high costs often prevent many from getting the care they need because they simply cannot afford it. A 2019 report showed that approximately 137.1 million Americans faced financial hardship that year because of medical costs. As a result many Americans allow conditions to go untreated or fall into debt because of treatment, worsening the challenge of maintaining financial well being.    

 

True access to affordable healthcare – and eventually universal healthcare – would result in more preventative medicine, adequate treatment, and ultimately, healthier people and less medical costs. This would help to bridge the gap, not only in healthcare, but also in economic and social justice.

 

“Access to health services ensures healthier people; while financial risk protection prevents people from being pushed into poverty. Therefore, universal health coverage is a critical component of sustainable development and poverty reduction, and a key element to reducing social inequities.” –World Health Organization

 

There are many moving parts in the agenda to design and implement an integrative financial ecosystem that will empower black households and businesses in America. You can't undertake economic justice without addressing critical components such as affordable healthcare and other basic needs.

 

Login to the MoCaFi app to access the affordable healthcare enrollment tool from Stride Health. Right from the MoCaFi app, you can find the best insurance plans at affordable rates from Stride. You’ll be able to compare thousands of plans and find ways to lower your health insurance payments.