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JENNIFER STREAKS
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JENNIFERJENNIFERJENNIFER STREAKSSTREAKSSTREAKS
Breaking Generational Curses While Building Wealth in The African- American Community! Written By: Natashia Bobbitt
Jennifer Streaks is a nationally-recognized expert on money and affordable lifestyle living. She delivers practical and cutting-edge information to help you face the challenge of getting and keeping your financial house in order. Jennifer Streaks is a Senior Investing Reporter, and her main focus is to help the Black community build and maintain Black wealth and break generational curses. Streaks would like to share tips with your audience on how to increase homeownership, break bad money habits and build strong credit. Due to her extensive background in consumer finance, she has been an on-air commentator for years. She is an established financial columnist, having written for The Huffington Post, Motley Fool, Forbes, Black Enterprise and CNBC. Jennifer has been featured on ABC, MSNBC, FOX Business, HuffPost Live and TVOne. Her soughtafter financial tips show consumers that you can achieve an “affordable lifestyle” and that finances do not have to be a chore. Jennifer has helped Gez-Z and Millennials boost their retirement savings by 40% in 2022.
What do you feel has been the greatest struggle in the black community in recent years with budgeting?
Right now, so many of us are living paycheck to paycheck. It’s hard to budget when you just don’t have enough money. It’s important to increase your income. Get a side hustle, ask for a raise or start looking for a new job that pays more money.
The Holidays are approaching and many will possibly go into large debt for gifting. What advice do you have for those who plan to spend big?
If you want to spend big for the holidays, then save for it in advance. Do not go into credit card debt for the holidays! Make a list of what you want to buy and stick to it. Determine the amount of money that you want to spend and do not go over that amount. Try to pay in cash if you can, when the cash is gone, you are done spending.
What made you follow the career path of financing and how has it helped you in your everyday life?
When the housing market crashed in 2008 and there were so many that were losing their homes to foreclosure and struggling with credit card debt, I was asked to write articles on homebuying and paying off credit card debt, I then started writing as a contributor for Black Enterprise, went on to CNBC and then Forbes and now I’m at Business Insider. I have learned so much about money and investing and credit being a financial journalist and I really do apply it to my everyday life. It also helps me understand why people, especially Black people, have trouble with money. There are a number of money lessons that we just were not taught.
Having good credit is a goal for so many, in what ways can one boost their credit score and what is a good debt ratio for credit cards?
Having good credit is really important, especially now. The best way to improve your credit is to pay your bills on time, every month without fail. Just one missed payment can drop your credit score as much as 100 points. So paying your bills on time is key. Also, with credit card balances, if you are going to carry a balance, aim for 30% credit utilization or less and then work over time to get the utilization down to 10% which is best for raising your score.
How do you break the habit of spending your last when some feel they are just barely breaking even with bills and household expenses?
The best way to break the habit of spending your last is to build a habit of saving. Whenever you receive money/income, save whatever you can. Even if it’s $5.00. Once you get in the habit of saving, then you won’t be in the position of spending your last because you will have money saved. Even if you think you are barely breaking even with bills and household expenses, save $5.00 each payday, look into getting a side hustle. Once you get in the habit of saving and see the money start growing, you will want to do it all the time.
Many are renting homes more now than considering buying a home. Do you feel the market for buyers is in a good place right now?
Buyers in today’s housing market will have to make sure that they are in an optimal financial position to buy right now, and credit will play a big part in that situation. Potential buyers with the best credit scores will get the lowest interest rates.
What resources do you offer for those looking to work with you and meet their financial goals?
Connect:
If you want to improve your financial literacy you can buy my book Thrive! Affordably, which is on Amazon. Also, subscribe to my articles on the Business Insider website.
