VOL. 4 E-MAGAZINE, 3rd Quarter Edition
INSIDE
FIND HIGHLIGHTS OF THE UPCOMING dfree® HOMECOMING CONFERENCE HOW MENTORS ENHANCE YOUR PROFESSIONAL LIFE
TIME TO CONDUCT A FINANCIAL CHECK-UP
THE FEARLESS
TAMIKA STEMBRIDGE
TALKS TAKING RISKS & LEARNING FROM EVERY EXPERIENCE 1 | LIVINGMONEY,
YOUNG MONEY
Jumpstart the Journey to Financial Freedom dfree Young Money is a movement designed to awaken and educate youth and young adults ages 12–27 on the importance of incorporating financial freedom as a daily lifestyle. ®
Our goal is to reach youth and young adults where they are, through mediums and with messaging that is age — and interest — appropriate in order to authentically jumpstart their journey to Financial Freedom.
2 | LIVING
ORE AT LEARN M
oney
rg/youngm mydfree.o
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4 | LIVING
GET AHEAD. ADMIT THE PROBLEM. ADDRESS THE MESS. ADJUST THE ATTITUDE. FINANCIAL FREEDOM IS IN YOUR REACH. www.mydfree.org
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CONTENTS FEATURES
6. The Fearless Tamika Stemdbrige Talks Money, Taking Risks and Learning from Every Experience 15. Time to Conduct a Financial Checkup 49. How Mentors Enhance Your Professional Life
63
LIFE 6. The Fearless Tamika Stemdbrige Talks Money, Taking Risks and Learning from Every Experience 12. Book Club: Do I look Like an ATM? 13. Life Tools & Tips
MONEY 15. It’s Time for a Financial Fitness Checkup Review your budget and goals to stay on track.
19. Improve your Health and Increase your Financial Fitness with Dr. Ro 22. Don’t Squander the Extra Money in your Pocket…Make It Work for You!
4 | LIVING
26. Money Tools & Tips
YOUNG MONEY
27. July was Independent Retailer Month – Remember to Buy Black
35. On the Road to Billionaire, Your First Stop Should be Thousandaire
GENERATIONAL WEALTH
39. Jessica Brown Your Financial Aid Fairy Godmother Provides Tips on How to Pay For College
28. Ignite dfree® Living: Draw Others to the Movement Share your knowledge and increase wealth in your community
31. Before They are Gone, Have a Heart-to-Heart Talk with Your Parents Summer is the perfect time to discuss legacy issues with your family
33. Wealth Tools & Tips
42. Sonia Lewis The Student Loan Doctor is in and Answering Questions 47. Delayed Gratification: An Important Financial Lesson You Can Teach Your Youngster Show your children by example how to live dfree®
98
51 WOMEN EMPOWERMENT 49. How Mentors Enhance Your Professional Life
NEST EGG 75. Stay Committed to a Debt-Free Lifestyle and Retire Well
54. Women Tools & Tips
INSPIRATION 55. The Joy of Financial Discipline: Giving Back Make a commitment to being financially healthy enough to be a blessing to others
59. Pregame - dfree® Homecoming
OUR PEOPLE 78. Michelle Charles Teaches How to Make Smart Financial Decisions at Any Age Meet an ordinary young adult that is making money moves and decisions to set her up for life
ON THE COVER:
Tamika Stembridge, Esq., shows us how the dreams in her heart led to God’s plan for her life.
81. Final Word with Tamika Stembridge
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LIFE
THE FEARLESS TAMIKA STEMBRIDGE TALKS MONEY, TAKING RISKS & LEARNING FROM EXPERIENCE Meet Tamika Stembridge — an attorney, MBA and marketing guru who serves as the Executive PICTURED ABOVE: Tamika Stembridge, ESQ.
and Sonia Lewis, the Student Loan Doctor.
Director of dfree®. She describes herself somewhere between a Black Panther and Beyonce. She has a quiet strength, is highly educated and fearless. Like Beyonce, she has a presence and the ability to seamlessly move through Maslow’s Hierarchy
6 | LIVING
of Needs on her way to self-actualization. Some
always looked good.
of us take the path least traveled, but Tamika jumped out of a plane and started from an entirely different area!
risk taker
Like all of us, Tamika has been given a vast number of opportunities in her life. The remarkable thing is that she recognizes them and, in many cases, takes them. She is always asking, “Why me?” When in fact, why not her? Why not us? The thing separating most of us from people like Tamika is fear. When discussing her life, it was amazing to learn how quickly and easily she is willing to take calculated risks. While some of us find comfort
Tamika’s mother was a corporate employee,
in sticking with a job even if we dislike it, Tamika
and her father was a truck driver. A pivotal and
is all about exploring her passions. As is often
unexpected point in her life came when both
the case, to truly understand Tamika you must
of her parents were laid off. It set off a financial
go back to her origins.
storm that eventually ended with divorce. Before
the
divorce,
the
daughters
were
big sister
blissfully unaware of the marital challenges,
Tamika is the eldest of three daughters. She
and in Tamika’s words, “After all these years
was a studious girl born with a book in her
they like each other again.”
hands and a passion for Black History that she shared with everyone around her — regardless
Even though Tamika was unaware of her
of whether they wanted to know or not. She
parents’ situation, it affected her, and she
lived in a well-rounded home, which was rich
always makes sure to include this piece of the
with things of value that matter to young
puzzle in the telling of her story. The work she
people including love, education and a great
does with dfree® is so important to her as she
work ethic. They weren’t rich, but not poor
believes it should be to everyone. We all need
either. They didn’t wear name brands but
to be financially prepared for every stage of life
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because bad things happen to good people.
the law, it was exciting and allowed for her love of hip-hop to be matched with a career as an
When Tamika speaks about her sisters, she
entertainment attorney.
always talks about them together. All of them graduated at the top of their class and attended
Tamika
attended
law
school,
but
never
Spelman College on full-tuition scholarships
changed her shopaholic ways, which led to
with very few undergraduate loans. All of them
some difficult lessons with credit cards. As
worked in their chosen fields: one sister is a
she said, “None of us have money issues, we
math teacher and the other is a social worker.
have life management issues. If you fix your life your finances will work out.” (For more on
rising star
what happened during her last semester at law
After graduating from Spelman, Tamika was
school check out next quarter’s magazine to
recruited to work in Corporate America. The
hear this fascinating financial story.)
salary and benefits were precisely what she was seeking, but she felt a call to the nonprofit
During Tamika’s last year in law school, she had
world. She dedicated time to mentoring young
worked a few days a week on the business side
people and tried to make a difference in their
of a fashion line in New York. The Devil Wears
lives with her extra time, but it wasn’t enough.
Prada is her favorite movie, and it was like a
Four years into her corporate life she was
dream to work in the field. As graduation drew
offered a full-time position in the nonprofit
near the fashion line offered her a position
world at Communities in Schools of NJ (CISNJ).
as their fifth employee and in-house counsel.
This opportunity came with a $50,000 pay cut,
Although it was an exciting offer, Tamika
but she didn’t change her lifestyle. As Tamika
considered the totals of her student loans and
said, “I lived in the same house, drove the same
realized that the more lucrative offer from a
car and cashed out money from my 401K to
big law firm in Philadelphia was the responsible
cover the difference.”
choice.
financial difficulties
hand of god
Tamika discovered the position was not a
After Tamika had taken the bar and two weeks
good fit for her after less than a year. That
before she was ready to move to Philadelphia
realization corresponded with an invitation to
to start at the law firm, she received a call
apply to law school. Never having considered
that would change her life. Tamika’s boss at
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the fashion line, who was head of production,
third arm. It is not often that your dream job
connected Tamika to her hairdresser whose
is offered to you two weeks before the start
husband was the manager of CeeLo Green at
of a career you know you are going to hate.
the time. A meeting was arranged between
She got the formal offer the Friday before the
Tamika and Blue Williams at his management
Philadelphia job was set to start. It seemed like
company. During the meeting, Blue discussed
her happily ever after.
an upcoming partnership with Chris Lighty, who ran Violator Management and managed
After almost two years, Tamika realized that
artists such as Sean “Diddy” Combs and
she wasn’t wholly fulfilled at her dream job.
Missy Elliott. Blue invited Tamika to be their
It was around this time that she crashed her car, likely because she was stressed and not thinking clearly. Even though she lived around the corner from the train station, Tamika purchased a new car because she thought it would make her feel better. Surprise, it didn’t. Eventually, Tamika decided to leave this job too.
searching for more
After being on her own for about a year, Tamika reached out for pastoral care for the first time in her life with Dr. Soaries. He had always been her pastor, but she had never met with him one-on-one. Their meeting was exactly what she needed. He was helping her better manage her life and even hired her to handle some legal work for him.
A month later, Dr. Soaries included Tamika in a meeting where he discussed moving forward with dfree®. She knew he would need someone to manage it and she offered herself. And as they say, the rest is history. Four years later
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she is the Executive Director of the dfree®
on your desire from God, take inventory and
foundation. She loves the work. dfree started
one action step at a time. It is possible.”
®
with 250 churches and now has more than 2,000. And dfree® worked for her own life too
To keep up with Tamika follow her on Instagram
– finally helping her balance things that once
@TheFreeBlackGirl and on Twitter
seemed elusive. Now, Tamika gets to use her
@OGFreeBlackGirl. Also read her blogs on
personal testimony and dfree® principles to
mydfree.org.
help change other peoples’ lives.
living the good life
Tamika wants everyone to know that “the life that you truly desire is within your reach. Financial peace is great, and none of us are meant to work and die.” She said to, “Get clear
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Coming this fall, Tamika Talks on mydfree YouTube channel. Gain realworld financial advice from experts who provide tips and strategies for every stage of your financial journey.
PARTNERS MAKE IT POSSIBLE! dfree®'s RESOUNDING SUCCESS HAS BEEN BUILT THROUGH STRONG PARTNERSHIPS AND VALUED EFFORTS. THANKS, AGAIN, FOR ALL YOU DO TO GROW THE dfree® FINANCIAL FREEDOM MOVEMENT.
Delta Sigma Theta Sorority, Inc.
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DO I LOOK LIKE AN ATM? A PARENT’S GUIDE TO RAISING FINANCIALLY RESPONSIBLE AFRICAN AMERICAN CHILDREN This summer make time to read Sabrina Lamb’s book, Do I Look Like an ATM?: A Parent’s Guide to Raising Financially Responsible African American Children. Written specifically for an African American audience, Lamb provides a financial refresher for adults so that the information shared with family and friends is accurate and allows for the creation of a family legacy. Her book offers step-by-step advice and exercises for adults and youth. More than just completing activities Lamb asks readers to be self-aware of their financial habits and to learn how their financial decisions can have a generational impact.
Sabrina Lamb is the founder and chief executive officer of the WorldofMoney.org, a leading provider of financial education of underserved youth in the New York City TriState area. Their mission is to be New York City’s leading provider of immersive financial education for youth, ages 7 – 18.
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LIFE
LIFESTYLE TIPS
1
Give up a vice. Now is a perfect time to get rid of a bad habit: gambling, alcohol, tobacco or excessive shopping and put the money toward other items such as paying down your debt or increase your savings.
2
Share the responsibility. Ensure that becoming/ staying debt free is not only on one person. Decide as a family how everyone is going to make financial changes and check-in regularly to determine progress.
3
Keep receipts. After developing a budget, it is tempting to stop tracking your receipts, but remember knowledge is power.
READY, SET, GO TOOL
LIFE
TOOLS & TIPS It may feel as though you have
Next look at your vices. They tend
cut as much as possible from your
to be expensive and, in some cases,
budget, but there are some places
unhealthy. Even if you only reduce
you might not have considered yet.
your vice by half, it will probably
If you are the only person in your
make a difference in your budget.
family living on a budget, you are
Lastly, reviewing your receipts
fighting an uphill battle. Becoming
clearly shows if adjustments are
financially free requires everyone
needed to your budget. Not to
in your house to be in on the plan.
mention it keeps you honest because
Hold monthly meetings to discuss
you are always thinking about the
struggles and celebrate success.
budget line when you are spending
Seeing tangible results can inspire
money.
people to work harder together. LIVING
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IT IS TIME TO REWARD YOUR LOYALTY AND DEDICATION! The Loyalty Program certifies member churches, organizations and friends of dfreeÂŽ as official graduates of the 12-week program and acknowledges their loyalty and continued dedication to the Financial Freedom Movement by providing benefits and tools for long-term success. For more information call 1-844-MY-DFREE
14 | LIVING
MONEY
IT’S TIME FOR A FINANCIAL FITNESS CHECKUP In life, we are bombarded with reminders of
needed to complete your checkup. Constant
when it’s time for a checkup. For those who
interruptions to search and find paperwork
own a car, postcards or emails periodically
might lead you to quit altogether. Set yourself
arrive to arrange for an oil change. Dental
up for success.
offices generally reach out to patients every six months and doctors contact you annually
Once all the tools are gathered, it’s time to start
for a checkup. Consider this your formal
working. Use the following nine suggestions to
midyear reminder to conduct a financial fitness
help your midyear checkup run smoothly.
checkup. 1. Get copies of your credit reports. This is Note, this process is for people who have
not typically the first item in preparing for a
already established a budget and can review
financial fitness checkup, but with the number
and adjust as necessary. To begin a checkup,
of recent retailer data breaches, it is critical
take the time to put together all the essential
to know if someone has gotten a hold of your
components.
identity and opened new accounts or is trying
Gather
your
budget,
bills,
insurance documents, calendar, calculator,
to utilize your current accounts.
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You are eligible for one free credit report
situations in the best financial light. It’s all
every 12 months from each of the three
about achieving the end goal, which happens
major consumer reporting agencies (Equifax,
to be financial freedom.
Experian, and TransUnion). If you request one from each company every four months, you
There may be cause for celebration because
will get a picture of the entire year. You can
you are on the right track. Be careful not to
request additional copies, and by law, they are
bust your budget. Think about giving yourself
not able to charge more than $12 per report.
the gift of time to do something you don’t
To receive your free copy online go to www.
often get to do. It might be taking a bubble
AnnualCreditReport.com or call 1-877-322-8228.
bath, reading a book, watching sports, cooking your favorite meal (not something everyone
2. Review your goals. Remind yourself what
else wants). Whatever you do, make it a
you are working toward achieving. Are you
special experience for you and promise to give
paying off debt or trying to retire early? Are
yourself more of it the next time you reach a
you building generational wealth for your
milestone.
family? Whatever your specific goals, see how you are progressing toward them. If you don’t
4. Review Emergency fund. Everyone needs
seem to be making any headway, remember
an emergency fund, and financial experts
the difference between a goal and a dream
agree that it should contain six months of
is work. Are you actively working toward
savings for fixed expenses. The goal of an
achieving your goal? If not, create a plan for change.
emergency fund is to keep you from going further into debt during an emergency. An
3. Review your budget & debt. A lot of things
emergency is defined as the loss of a job, a
can change in six months, especially in your
significant household expense (such as a roof
home. For example, has there been a divorce,
or septic system) or serious illness.
a new baby, a retirement or a severe illness? Any of those factors may require adjustments
5. Analyze retirement funds. As you age,
to your goals and budgets. Conversely, other
your retirement fund will become ever more
things may have occurred that brought you
important to you. Take the time to review
increased income, such as a promotion,
your contribution and your employer’s. Make
an inheritance or a side hustle. Life brings
sure you are receiving every benefit available
change, and we conduct reviews to keep our
to you. For example, some employers match
16 | LIVING
donations up to a certain percentage point.
getting what you need and want.
Also, if you are planning to retire by a specific age see if your current plan provides the funds
7. Review taxes. During your financial checkup
to do so.
take time to review the previous tax season and consider how taxes may impact your 2018.
When reviewing your accounts, make sure
Check your deductions and determine if they
to include information from all your previous
are currently on target to ensure that you won’t
employers. Check to ensure that you are not
owe Uncle Sam at the end of the year. It’s also
owed any “unclaimed property” from any state
a great time to arrange your paperwork, so
you previously or currently reside in. In New
that come tax time you only need to prepare
Jersey alone there is $1 billion in unclaimed
for the last six months instead of the full year.
property, and some of that money is from unclaimed retirement funds.
8. Plan Christmas in August. The goal is to plan for Christmas all year long, but if you
6. Evaluate insurance coverage. This includes
were not able to before, start now. Most
all types of insurance: home, auto and health.
people overspend because they don’t have
As with many things the older you are or, the
a plan before the holiday and begin making
more you own, the more you need. However,
pressure purchases. Determine if your budget
sometimes you may not have the right
has any available funds now. Next, develop a
coverage for your current situation. Review
shopping list that includes everyone requiring
your budget again and see if your insurance
a gift. Now get creative and consider personal
rates are increasing faster than you would
experiences for a loved one. The good news is
like. It might be time to investigate switching
you have a plan and five months to make it happen.
companies or policies. 9. Plan for the end. Don’t be nervous about Before you throw in the towel with your
getting or updating a will. Having a plan
current insurance company, sit down and talk
relieves stress from your loved ones. Review
with a representative about your situation.
your will and make any necessary updates. If
There might be ways to adjust your coverage
you have children, ensure that listed guardians
to better fit your life and provide additional
are still appropriate. Consider how marriages,
savings. But if you are not satisfied, don’t be
divorces and deaths may impact your wishes.
afraid to take your business where you are
Review that all insurance policies are correctly
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MONEY
noted with your designees. Also, ensure that someone you trust knows where to find all your essential documents.
Remember that saving money takes discipline and hard work. If it were easy, everyone would do it. Don’t forget your goals and the fact that you are on the right path. One day people will come to you to ask how you achieved your financial goals.
18 | LIVING
Set yourself up for success.
IMPROVE YOUR HEALTH & INCREASE YOUR FINANCIAL FITNESS WITH DR. RO
“There is often a misconception that only wealthy people can be healthy.” Dr. Ro said. Dr. Ro shares advice on improving your body
“Having a lot of money is not necessary.
and wallet at the same time.
What is necessary is your commitment to the process. Where your commitment is placed
Dr. Ro also known as Rovenia M. Brock, Ph.D. is
your behavior will follow and actions will lead
a 20+ year nutritional coach and the author of
to the change you are seeking.”
Lose Your Final 15, a book dedicated to weight loss in 15-pound increments. Her interest in the
Dr. Soaries said he was, “Fascinated [by Dr.
field was born from a family medical history
Ro] because many of us believe our inability
consisting of high blood pressure, coronary
to take care of ourselves is directly related
artery disease and peripheral vascular disease
to our income and our financial capacity and
often known as poor circulation.
it isn’t. We want to dispel the myth that you have to be unhealthy if you are not wealthy.”
Dr. Ro stopped by the In the Black Podcast to
Dr. Ro said, “People in our community expect
discuss health and financial fitness with dfree®
the worst in life that God has to offer them.” It
Founder and CEO Dr. DeForest B. Soaries Jr.
is time to change that thinking and understand
and Tamika Stembridge, ESQ. Hear the entire
that knowledge is power by learning about
podcast here. (https://soundcloud.com/dfree-
your family medical history. By doing so, you
podcast-in-the-black /episode-23-in-the-
can develop tools and make choices that can
black-w-dr-ro)
improve your health. LIVING
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Dr. Ro provided 3 tips that anyone can start using today:
1.
Plan your meals in advance. This action
provides two major accomplishments. First, healthy options are selected and second, it reduces your spending when you shop with a list. You are less likely to make impulsive purchases and save money.
2.
Prepare meals in bulk and freeze the
extra for another time. It costs less money to purchase larger quantities of food, such as chicken or fish.
3. Eat regularly and arm yourself with snack packs. Carry protein and dried fruit whenever you go out and drink lots of water.
Dr. Ro’s mission is to help 1 million people collectively lose 15 million pounds. She said, “The first thing is just to decide to live the best life possible for you. You are the one and only one that can make this decision.” If you are interested in joining her movement visit her website at https://everythingro.com/.
20 | LIVING
People in our community expect the worst in life that God has to offer them.
OCT27 | 7PM Prepare to laugh out loud and let loose with the dfree® family at our FIRST-EVER comedy show!
+ LIVING
TO REGISTER AND BOOK HOTEL, VISIT MYDFREE.ORG
| 21
MONEY 22 | LIVING
DON’T SQUANDER THE EXTRA MONEY IN YOUR POCKET... MAKE IT WORK FOR YOU!
Congratulations! You received a tax refund,
prior to filing. Consider automating a regular
won the lottery, acquired an inheritance or
contribution for each month moving forward.
earned a bonus for your hard work. It’s easy
Even a small amount can create big results in
to let these unexpected windfalls feel like they
the long run. Your monthly contributions may
are burning a hole in your pocket. There are
also reduce your tax burden because they are
so many ways to overspend, especially with
tax exempt. (The refund is not taxable, so you
unexpectedly found money.
won’t save on taxes by investing it.)
But let’s take a minute and a deep breath.
invest in a school fund
Now’s the time to use your financial savvy and
college anymore
make a solid plan for that extra cash, before
Put your dollars to work with a 529 Savings
you spend it frivolously or let it dwindle away
Plan. This account helps you save money to
in your checking account.
pay for school for your children. A new law
–
it’s not just for
instituted this year allows qualified education If you choose to invest the money, you can turn
expenses to apply to K-12 rather than college
a one-time lump sum into a wealth-boosting
only. The money grows tax-free, and you can
asset. Or, you may feel it’s the right time to pay
withdraw it tax-free if you use the money for
off some substantial debts or take the vacation
tuition, books, or college housing.
of your dreams. Which road will you take to achieve your personal goals? Following are a
pay off high-interest debt
few ideas to consider.
Today’s credit cards can carry skyrocketing interest rates of 18% or more. Paying them
add to or start your retirement fund
off gets you an automatic 18% return on your
Many funds require a minimum to get started,
investment. That’s exponentially better than
and something like your tax refund could meet
hiding your refund in a 1% interest-bearing
that minimum (usually $500 or $1,000). If you
savings account.
don’t have the cash on hand now, you can still create the account and fund it when money
There’s another way to look at the payoff
comes in. As long as the funds are deposited
you’ll receive: Let’s say you make the minimum
prior to the tax return deadline (April 17th this
monthly payment on a $3,000 credit card
year), you can include the contribution on your
balance at 18% interest. You may spend over
tax return even if the amount is not deposited
$7,000 on interest by the time the debt is paid
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MONEY
in addition to the original $3,000 you charged.
As a homeowner, it may seem like the
Pay the debt with your new-found money and
payments to your traditional 15- or 30-year
you’ve saved yourself thousands.
mortgage will never end. But you can cut your term by several years and save tens or even
plug the holes in your insurance protection
hundreds of thousands in interest by chipping
It’s easy to cut costs by spending less on
away at your principal every year with a lump-
insurance
sum payment.
protection.
Unfortunately,
life’s
worst-case scenarios often happen when you least expect them, leaving you vulnerable in
prepay your vacation expenses
the long run.
If you’re getting used to your budget, saving for a dream vacation is a daunting task–and it’s
• If you rent, invest in a good renter’s policy
no fun to go into debt over travel. Use your
to cover you for liability in case someone gets
refund to prepay your airfare, hotel, and other
hurt in your home. Make sure you have enough
expenses, so you don’t add to the cost of your
coverage to protect all your possessions in the
trip by charging it on a credit card. As a bonus,
event of theft, fire or water damage.
you’ll likely save money booking early and comparison shopping for the best travel deals.
• Review your car insurance liability limits coverage and your exposure based on your
It’s smart to take your time before you spend
income and assets and upgrade if necessary.
every penny of your financial windfall. There is professional guidance available if you want
• Revisit any optional disability coverage you
to learn about managing your money. Think
may have opted out from at work to see if the
about bringing in a financial professional who
policy makes sense for you now.
can give you some perspective and help you make the best decisions for your situation. Click
• Look at your life insurance needs and
http://www.changingourstory.splashthat.
possibly up your coverage according to major
com and request to speak with a Prudential
life changes like engagement, marriage, new
Financial Professional in your area.
house or new baby. Prudential Financial, its affiliates, and their make
an
payment
24 | LIVING
extra
principal- only
mortgage
financial professionals do not render tax or legal advice. Please consult with your tax
and legal advisors regarding your personal circumstances.
sponsored by your partners at prudential
dfree® and Financial Freedom Movement™ are trademarks of the Corporate Community Connections, Inc., which is not affiliated with The Prudential Insurance Company of America or its affiliates, Newark, NJ. Each company is solely responsible for its own financial condition, content, liabilities and contractual obligations.
0317186-00001-00
Today’s credit cards can carry skyrocketing interest rates of 18% or more. Paying them off gets you an automatic 18% return on your investment.
LIVING
| 25
FINANCIAL TOOLS & TIPS Money management apps provide an easy and convenient way to monitor your finances daily. It’s been said that what gets measured gets managed. If the goal is to become debt free and create wealth, then the more often you are
DEBT RELIEF TIPS
connected to your expenditures and goals, the more likely you are to achieve success.
There are numerous apps available for use including many that are technically free. The no-
1
cost options make their money from advertisers, in app purchases and sponsorships. Be aware that nothing is free, and in this case, time is used as currency.
When selecting an app there are a few items
2
requiring your attention. First, research the company’s
ideal
client.
For
instance,
an
individual just beginning to pay off debt doesn’t need a service that caters to an investor with an extensive portfolio. The dashboard may likely be
3
confusing and there may be several options that don’t apply to your needs. Second, learn which safety precautions are used to protect users’ personal information. Third, look to see if the tool offers blogs, videos or press releases to educate
4
you on ability and functionality to ensure that all benefits available on the site are being utilized.
If after researching your options you decide to pay for a service, don’t forget to search online for coupon codes or discounts. Never pay full price if there are other options. 26 | LIVING
5
Mint.com is a free personal finance program with over 15 million users. This web-based site can be accessed from any browser or mobile device. Setup is easy and the tool tracks budgets, bills and your credit score. It also provides tips and advice for maximizing your money. The system is easily customizable for the individual.
Honeyfi.com is a free couples budget app that tracks household finances with links to individual and household accounts, which allow couples to view all expenses together. After entering financial information, the app will automatically recommend a budget and offer fiscal insight. Fudget.com is a free budget planner without all the bells and whistles of other apps but is so easy to use that people find themselves returning regularly to update their expenses. The system allows you to enter income, expenses and provides a timeline. Claritymoney.com is a free finance program. What sets them apart from others is that they track your subscriptions and help cancel unused services. Additionally, they deliver insights into your financial situation and provide coupons and discounts based upon your spending. Acorns.com is a small fee ($1 a month for accounts under $5,000) micro investing app with over 3.5 million users. People are encouraged to invest their spare change using a system they call “round-ups” which has Acorns monitoring your bank account and investing the left-over change from your daily purchases. This tool is widely considered the investment instrument of millennials.
JULY WAS INDEPENDENT RETAILER MONTH
REMEMBER TO BUY BLACK
There were many things to celebrate this
perks; however, you will not get the customer
summer: vacations, picnics and family fun.
service or personal satisfaction that a small
Though
has
retailer offers. This is a perfect time to start
come to an end, don’t forget to celebrate by
Buying Black or investigating new retailers
highlighting the role that smaller, independent
offering the items you already need. Your
retailers play in the communities they serve,
purchases support our community and create
the local economy they contribute to, and in
jobs.
Independent
Retailer
Month
the retail sector as a whole. Let’s not forget they add regional flavor and offer items that
If
you
need
assistance
finding
Black
often can’t be found elsewhere.
retailers check out Maggie’s List, The Black business resource center and home of the
Big Box stores are convenient and typically
conscientious consumermovement at https://
have prices that others can’t beat. Size has its
www.maggieslist.com/. LIVING
| 27
IGNITE dfree® LIVING: DRAW OTHERS TO THE MOVEMENT by DeForest B. Soaries, Jr. Once, a young lady in Ghana was so passionate
It’s important for you to promote dfree® too.
about her dfree® journey that she gave her copy of Say Yes to No Debt: 12 Steps to Financial
Groups around the world are using the dfree®
Freedom to a friend of hers. A year later, she
strategy because they realize the need for an
found that the friend had taken the book and
accessible, culturally-relevant strategy and
started a dfree club in Accra, where people
curriculum that helps people understand not
meet monthly to build upon the principles
just how to handle money but the emotional,
of financial freedom. Now that’s the spirit of
psychological and spiritual drivers that pull
igniting dfree® living.
us into financial problems rather than lifting
®
us out of financial problems – and that’s what I was in a church in another country and a
dfree® is.
woman bought 10 copies of the book, one for herself and one each for nine other family
dfree® addresses the root causes of spending
members. Last year, I received a letter from a
more money than we make. dfree® helps us
gentleman who wanted to buy 150 copies of
analyze the messages that we receive that are
the book to give as gifts at his family reunion
often deceptive and not very helpful to our
that summer. It’s wonderful when the financial
financial future. dfree® promotes the principle of
freedom message resonates with people so
owning instead of renting, of spending less than
deeply that they want to spread the message.
you earn, of using legitimate financial institutions
28 | LIVING
have the time and you have the influence.
more than reading a book; dfree is a movement. ®
Movements connect people.
There are 168 hours in every week. What I’ve discovered is that if you spend eight hours a
No matter how much you’ve learned about
day sleeping, if you spend eight hours a day
financial freedom to date, you’ll learn more
working, if you spend two or three hours a
when you teach. No matter how focused you
day showering, eating and commuting, most
are on debt relief, your focus will magnify
people still have two or three hours left. That is
when you bring others into your dfree® circle
two or three hours each day that could be used
or family. Not only have studies shown that it is
to do something redemptive and contribute
easier to do difficult challenges in groups, but
to someone’s life. Suppose you gave only 10
groups are just more fun. You have leadership,
percent of your discretionary time, suppose
gatherings,
you gave two to three hours per week to
structure,
accountability
and
an organization or individual to help them
celebrations in groups.
teach dfree® living? Any activity that teaches
We’re living in a culture where it’s normal to be drowning in debt.
GENERATIONAL WEALTH
instead of alternative financial services. It is much
financial freedom would be time well spent. There are people who need you.
There are people who make decisions in their lives based upon you. You may be surprised to learn that someone bought a pair of shoes because you wear those shoes. Someone does their hair the way they do because they saw you
So if you are part of the dfree
movement
doing your hair that way. Someone drives the
but not part of a group – it’s time. Either join
kind of car I drive because they assume, if I am
a group or start one. Most of us are part of a
driving the car, it must be a good car to drive.
group – a school group, a fraternity or sorority,
Each one of us has a sphere of influence and
a parent group, a block association, a tenant
all I’m asking you to do is to use your personal
group, a church group, a sports team, a book
influence to lead people to a point where their
club, etc. If you are not part of a group, start
financial freedom now appears to be possible
one. dfree® offers ample resources, most of
to them and they commit to paying down their
which are free, to help and train group leaders
debt. That’s powerful. It helps remove stress
and members. You may not think so but, you
from people’s lives. And, it gives you a chance
®
LIVING
| 29
to join a national movement without leaving your bedroom! You can connect with people and spread the word through social media.
In her day, my grandmother believed that segregation would end because nameless, faceless people marched down the dusty roads of the South to bring about a change. I believe we need today the kind of movement that addresses itself to financial challenges and injustices the same way, and at the same level, we had a movement to address the social and political injustices facing our people in this country.
We’re living in a culture where it’s normal to be drowning in debt. Debt is like a cancer that eats away at what would otherwise be a healthy body. Debt is like termites that eat away at the foundation of your home. This is a movement of people serving people. We need everyone who understands the severity of financial incapacity, everyone who understands the plight of people who are minorities yet represent the majority in negative statistics, to embrace and promote dfree® living today. dfree® team member Angela Dadson, Administrator & Engagement Support, lives in Ghana and assists with sharing the financial freedom strategy globally.
30 | LIVING
BEFORE THEY ARE GONE, HAVE A HEART-TO-HEART TALK WITH YOUR PARENTS with Joseph D. Anderson III,
prudential annuities
Let’s be completely honest. No one wants to
Inherited wealth is a powerful tool to help
initiate end-of-life conversations – neither the
instill those values, but it also brings much
adult children or their parents. But having
responsibility.
conversations about death and money, while
structure an inheritance in a way that prevents
uncomfortable, are necessary to ensure your
your heirs from making poor decisions. You
parents’ wishes are carried out.
can:
Since many parents are not particularly keen
* Create a comprehensive list of assets,
on engaging in these discussions, it is often up
accounts, with location and account numbers
You
have
opportunity
to
to the adult children to introduce the subject and explain the steps to take. Most significant
* Limit how much you want to leave them
are decisions about your parents’ caregiving toward the end of their lives and guidance
* When you want them to have it
about what to do with their financial legacy. It’s important for all involved to prepare for
* Be explicit about how you want it to be used
what’s to come. take the necessary estate planning steps
Here are a few points to use to set the
Do you have a will, revocable living trust, or
discussion in motion.
an irrevocable family trust? According to a new Caring.com survey, only 42 percent of
what will be your legacy?
U.S. adults currently have estate planning
What is it that you want to be remembered
documents. A will lays out how you want your
for
estate to be divided among your heirs but may
by
your
children,
grandchildren
and
other relatives? Your value of education? The
be subject to dispute and probate.
importance of a family home? What it takes to launch a successful business or perhaps
Another choice is setting up a revocable
philanthropy?
living trust. Owning extensive assets is not
LIVING
| 31
WEALTH
a prerequisite. Any asset of value will work,
an advanced directive or living will spell out
including a life insurance policy, checking
your health care wishes in advance to ensure
account or house. A living trust functions as
decisions are made according to your bidding.
a will, but allows your estate to avoid probate, makes
a
potential
guardianship
process
help your family stay united
unnecessary and gives you control of your
Whatever your plan, ensure you communicate
assets for as long as you’d like or are able
it clearly to everyone, along with the reasons
to manage them. An irrevocable family trust
behind your decision. This will potentially help
also functions as a will, but the assets are
avoid any disagreements or rifts in the family
removed from your estate and the gift cannot
after you’ve gone.
be revoked or cancelled. The irrevocable trust avoids probate, but also provides asset
Let your
parents
know
that
the
above
protection, removes capital gains taxes from
discussion comes from a place of love. Putting
your estate and the gains are no longer subject
their affairs in order will help ensure that their
to estate taxes of the grantor (keep in mind
last wishes are completed the right way — their
however there are limits to how much assets
way.
can be transferred without owing gift taxes). dfree® is a trademark of the Corporate Whichever estate plan you decide to use, it’s
Community Connections, Inc., which is not
a good idea to meet with an estate planning
affiliated
attorney to draft these documents so that all
Company of America or its affiliates, Newark,
your goals are considered.
NJ. Each company is solely responsible for its
with
The
Prudential
Insurance
own financial condition, content, liabilities and what kind of care do you want?
contractual obligations.
In addition to your money and other assets, let’s talk about your medical care and the type of treatments you want if you are no longer able to communicate your wishes. A medical power of attorney is a document that allows either a loved one or friend that you’ve chosen to make medical decisions for you and have access to your medical information. Plus,
32 | LIVING
0317584-00001-00
WEALTH TOOLS & TIPS Giving children an allowance tied to chores is one of the most significant ways to instill a healthy financial knowledge when they are young. Basic lessons such as the relationship between work and pay are invaluable. Additionally, if some chores offer different pay rates youth can learn about negotiation and budgeting. They are able to determine if a particular job is right for them or worth
DEBT RELIEF TIPS
the salary, a skill that some adults have yet to master.
To make this experience as beneficial as it can be, the allowance needs to come at regular intervals. This will allow children to figure out what they can purchase with their money and realize that they cannot afford everything they want when they want it. This will help your child begin to make goals as they decide the difference between now and later. A byproduct
1 2 3
of these experiences will be learning about delayed gratification.
When appropriate, children should be taught to start a savings account. Remind them of the amount of their savings and what that money can do for them in the future. Take the time to share other financial lessons when giving their regular allowance.
4 5
Allowance should be given for chores when children are old enough to manage it. Most children aged six and up can understand the concept of money, but your child may understand at an earlier age. Create a system that is simple enough to maintain. As the adult, you will need to sustain consistency to keep your child engaged. Use this process as a chance to teach financial literacy and instill habits such as saving, budgeting and spending responsibly. Also, share information about the family budget and why you make the decisions you do. It will require hard work, discipline, and repetition. Clearly, state the allowance spending rules. Money might be for incidentals or could cover clothing and school supplies. Explain if all of it can be spent or some needs to be saved or donated. Teaching your children about the importance of saving is vital, but if they see you always spending money on non-essentials, the lesson may be lost on them. Children learn as much if not more from seeing how you act with your finances.
LIVING
| 33
TAKE THE BILLION DOLLAR CHALLENGE The dfree® Mission: Pay Down a Billion Dollars in Debt Sign up individually or as part of a group at
billiondollarpaydown.com Discover financial freedom and become eligible to win prizes!
#MYDFREE #DFREENEXTLEVEL
34 | LIVING
TEXT DFREE TO 22828 TO JOIN OUR EMAIL LIST
!
LIBERATE. ELEVATE. CELEBRATE
The
OCTOBER 25-28 | SOMERSET, NJ
LIVING
| 35
Greetings,
generation. Our goal is to continue working diligently to improve the lives of many more
The countdown to one of the most exciting
people and extend our services beyond the
events of the year has started, and we
faith-based community.
invite you to join us for the dfree® Financial Freedom Movement’s 6th Annual National
The dfree® Homecoming Conference will
Conference: dfree® HOMECOMING! The
focus on strategy, service and support
conference will be October 25-28, in
of our common cause. There will also be
Somerset, New Jersey.
important social opportunities including praise and worship with some of today’s
Our Homecoming reunion will bring dfree®
most amazing gospel talents. We also
friends, family and community members
have a power-packed lineup of workshops,
together to be re-energized and celebrate
networking
overcoming
breaking
sessions to help you learn, launch, promote
barriers. New participants will learn about
and implement dfree® in your life, family
the culture and structure of our program.
and church or community group.
obstacles
and
opportunities
and
training
We will also take time to thank, appreciate and support each other and plan for future
Your dfree® participation and support
success.
strengthens
the
impact
of
economic
development amongst our culture overall. Since 2005, the dfree® Financial Freedom
Ensure you don’t miss HOMECOMING, by
Movement has helped to transform lives by
visiting www.mydfree.org now to register
using 12 steps which identify the spiritual,
and learn more.
cultural and behavioral habits that improve our overall economic stability and allow us
God bless you,
to live our best lives. Our programming,
Dr. DeForest B. Soaries Jr.
events, and online tools have primarily
Founder and CEO
been delivered in churches, where we have
dfree® Global Foundation, Inc.
helped thousands of families, individuals and organizations significantly reduce or eliminate debt, freeing up their money to build wealth and leave a legacy for the next
36 | LIVING
INSPIRATION
Financial indebtedness is a form of slavery. It is a debilitating situation, and it will continue to get worse until you decide to gain control over your finances. DeForest B. Saories Jr. Founder and CEO, dfree®
TAMIKASTEMBRIDGE Executive Director, dfree®
“dfree® creates a holistic experience for people by providing the inspiration and the information necessary to make a change. We add to that the tools necessary to achieve the life that you want.”
DENISEWHITFIELD Paid off $25,000 in debt
“I have been following the dfree® program for at least 2 years. I started my journey through resources from others and financial classes and I can say that I am debt free as of 6/10/2018. I give thanks to God for he is good…Thank you so much for every tip and advice that you gave me… Oh what a feeling it is to be the lender not the borrower. In all things I give thanks.”
KENDRAHILL Member, 850 FICO
“Since committing to following the dfree® principles, I have been able to relax about my finances, no matter how much income I receive. Creating a budget was the first step. The second was being consistent. I re-read chapters and follow the academy to stay on track. I haven’t reached my goal of an 850 FICO credit score YET, but I creep closer every month. Following the dfree® principles has really changed my quality of life.” LIVING
| 37
“People around the world are benefiting from the dfree® belief that if we manage our lives well, then we will use money strategically to reach our life goals. dfree® is a process and it begins by the way we think about ourselves, the way we think about our money, and the way we think about and plan for our future. The dfree® Homecoming Conference will allow dfree® participants past, present and future - to learn and grow together.” DeForest B. Soaries, Jr. Founder and CEO, dfree®
38 | LIVING
WHO SHOULD ATTEND THE dfree® HOMECOMING CONFERENCE? This conference was created to provide a
5. Is young and is looking for the strategies
hands-on approach to empowering families
and direction to become a billionaire.
and communities by fortifying the dfree® priorities of healthy living through sound
6. Has financial answers and is looking for a
and savvy financial management. It presents
place to share their knowledge to help others
an opportunity to gain valuable insights,
achieve the life they are seeking.
meet with industry experts and learn new solutions. It’s also for anyone who:
In short, this conference is for YOU. Hosted by Reverend DeForest B. Soaries, Jr., senior
1. Has ever wanted more out of life. Anyone
pastor, First Baptist Church of Lincoln Gardens
who has dreams to do something great for
and dfree® founder, you can expect to find
themselves, their families, the community or
pastors, community leaders, educators and
the world. Anyone who feels that they are
a cross-section of attendees with a desire to
held back due to a lack of money. If you’ve
improve their financial lives with a heightened
ever said, “I could
level of personal, spiritual and financial
,if only I had more
money or if only I didn’t have any debt.”
wellness using effective tools, strategies and concepts from the dfree® program.
2. Is an aspiring entrepreneur or entrepreneur ready to take a business to the next level.
All people want to do better and by adjusting
Anyone who feels that there is more for
our lifestyles anything is possible. So, expect
them to do, but they don’t know where to
to be educated but we also plan on having the
start or who to turn to for information or
kind of fun that occurs at family reunions or
motivation.
college tailgating parties. There will be music to spark your spirit, food and networking
3. Fears retirement and wonders if they will
opportunities. We plan to liberate, elevate
ever be able to stop working.
and celebrate!
4. Mastered saving money and is interested in learning how to create generational wealth.
LIVING
| 39
six reasons why you should attend the
4. Learn in a new space. It’s great to acquire
homecoming conference
knowledge from a book, webinar or podcast, but it is a unique experience when you can
1. Meet people in your same situation.
ask questions directly to a facilitator and
Attendees
cross-
learn from peers in a session. Conferences
section of people at different points on their
have an energy and excitement. You will
financial journey. There will be some new to
hear how others have used tools to improve
the program who are recently starting to
their situations and they can offer insights
break free from debt and want to change
into your circumstances. Conferences also
their circumstances. Other attendees are
have serendipity and new opportunities.
interested in becoming entrepreneurs. There
Who knows, you may bump into somebody
will be those who are ready to move to the
who has the key to your future.
will
include
a
broad
next level and take their businesses and investments to new heights. Some attendees
5. Review the essentials. Everyone needs
are building generational wealth for their
to review the basics of managing life and
prodigy. Wherever you are on your path, you
handling money. As time goes on, sometimes
will find others at similar points.
it becomes easy to lose diligence in the dfreeÂŽ plan and stop tracking spending or updating
2. Sharpen the saw. Invest in yourself while
your financial goals. However, following the
acquiring new tools. Participants will come
plan is essential to staying in the black and
away with practical ideas and approaches
attaining goals.
to make financial decisions more effectively. Also, you will experience the energy that
6. It will be fun. This is no average conference.
can only be found amongst a group of
This is a homecoming celebration complete
people working toward the same goal and
with concerts, tailgating parties, meals and
be connected to new resources.
new friends.
3. Meet experts and influencers. Learn from people in the financial world who are writing the books, hosting podcasts and guiding generations of people to live their best lives.
40 | LIVING
TIPS FOR THOSE ATTENDING THE dfreeÂŽ HOMECOMING CONFERENCE 1. Keep a one-page list of action items. While
attending
the
conference,
note
the things that need to be integrated into your life immediately upon returning home. Separating this information from the remainder of conference notes will allow you to move forward with the most critical activities and save the remaining conference materials to digest as time permits.
2. Network with a purpose. Before the conference, develop a list of your pertinent financial questions so that you can ask presenters or peers while attending the conference to gain help and insights.
3. Relax. This conference is educational, but it’s also a celebration. Take time to participate in the parties, concerts and all the social events.
REGISTER TODAY!
MYDFREE.ORG
LIVING
| 41
HOMECOMING: DAY-BY-DAY HIGHLIGHTS
Thursday
community revitalization 101 with dr. soaries
Do you have a desire to revitalize your community? Join Dr. Soaries as he shares how the First Baptist CDC (Community Development Corporation) achieved that goal. Learn how to leverage the assets of all the community members to improve living, working and playing across the board. Realize how to transform properties into
vibrant,
sustainable
communities
long-term and stop the cycle of decline. Understand how change must first start with the community, with the help of leaders to provide resources. Learn how to ensure that revitalization does not turn into gentrification. Discover what is possible when we work together.
touchdown reception
at for
the
hub:
dfree
ÂŽ
a
welcome
leaders
and
corporate partners
Don’t miss our first social event where you can share your best practices, while learning from others how to support individual and community transformation. Take time to reconnect while making new friends.
42 | LIVING
Friday building billionaires young money
dfree® next level leadership summit
LIVE
with dfree®
Workshops to help you Lead, Grow, and Network within dfree®. At dfree® we are
Would you be surprised to learn that after
always researching new ways to engage
receiving
people
advice
from
Oprah
Winfrey
with
our
proven
methods
of
a group of friends went on to start a
achieving financial freedom. We want our
successful business? What if those friends
leaders to remain energized, educated
ranged in age from 8 to 14? That’s right, a
and excited about the programs in their
group of inspired kids with determination
communities or churches, which is why we
took an idea and started a profitable house
have updated our training and created new
flipping business called Jr. Flips. In this
tools for use. Prepare to have your skills
session, learn how a dedicated work ethic
sharpened and your questions answered.
has earned these youngsters $250,000 profit after flipping their second home.
live dfree® launch training
Discover how innovative techniques have improved our best practices, as well as meet others who have incorporated dfree® into their churches and communities with amazing results. dfree® alumni: a guide to senior living
Don’t let the age on your driver’s license dictate what you are able to do with the rest of your life. It’s never too late to realize a dream and dfree® has just created a new guide for seniors to help you experience whatever wish lives in your heart. Come to be inspired and get ready to start the next best chapter of your life.
LIVING
| 43
Friday
THE HALFTIME SHOW dfreeÂŽ award winners
Join us as we honor those who have created financial freedom wins within our community. Learn how one person can make a difference to many. Hear how a group of people can transform the ordinary into extraordinary. Learn what is possible when you try.
& THE LOVE FELLOWSHIP CHOIR
44 | LIVING
homecoming gospel concert
Every great halftime show has performers to excite and amaze the viewer. Our event is no different. We promise to blow your mind and light up your spirit with two awardwinning gospel urban inspirational artists. Expect your feet to move and love to flow through your entire being. You will hear from the incomparable Bishop Hezekiah Walker and The Love Fellowship Choir, and the angelic Kierra Sheard. They have set the gospel world on fire, so prepare for an aweinspiring night that you won’t soon forget.
LIVING
| 45
Saturday on the field: financial game plays hosted by dr. soaries and tamika stembridge, esq.
Expect a day filled with information for all
endeavor. Whether you are new to the business world or preparing for the next level, this session is for you.
the distinct stages of your financial life. A sampling of sessions is listed:
credit
Join Lynnette Khalfani-Cox, aka The Money financial freedom
Learn how dfree® is a lifestyle, a journey, a mindset. It is a process and it begins by the way we think about ourselves, the way we think about our money, and the way we think about and plan for our future. Learn
Coach®, to learn all about credit. Learn how to increase your credit score, what drops your score, how to protect it and why it matters. Also, discover how to negotiate with credit card companies and what they can and can’t do legally.
how to break free from debt once and for all using the dfree® method.
women’s empowerment
Do you know the life you want but don’t generational wealth
Discover the practical aspects of money management and wealth building. Learn how generational wealth is more than just money, it is also about being able to transfer wealth in values and beliefs.
entrepreneurship
Gain inspiration on how to reach your business goals from experts in the field. Topics will include necessary financial risk, how to get to the next level, how to come back from bad decisions, and many other issues involved with running a successful
46 | LIVING
know how to get there? Meet women who have overcome obstacles to become successful and want to show you how. Prepare to be encouraged, learn valuable lessons and realize what is possible when you tap into your full potential.
“laugh
out loud” comedy show
It’s been said that ‘laughter is the best medicine’ and we couldn’t agree more. Our comedians are sure to delight you in a
family-friendly
environment.
Prepare
to have a great evening focused on entertainment, relaxation and fun.
Sunday dfree® sunday at first baptist church of lincoln gardens
Join us as we thank God for bringing together people from all over the country that have decided to change their lives and improve their circumstances, and for the opportunity to celebrate new friendships and connect with the possibilities presented by God. brunchin’ with dfree®
Don’t miss the chance to attend our final meal together. We will share memories of the previous few days, great food and fun conversation. It will be our hard to say goodbye, but it is only until next time.
LIVING
| 47
DISCOVER WHAT IS POSSIBLE WHEN WE WORK TOGETHER.
ATTEND THE
COMMUNITY REVITALIZATION 101 SESSION WITH DR. SOARIES
48 | LIVING
LIVING
| 49
YOUNG MONEY ON THE ROAD TO BILLIONAIRE, YOUR FIRST STOP SHOULD BE THOUSANDAIRE Daydreaming about billions is a pastime for
thousandaire milestone. While $1,000 may not
many of us. The ability to have whatever we
seem like a lot of money in comparison to your
want, whenever we want is thrilling. Although
ultimate goal, it shows you what is possible
many of us think ever joining the ranks of the
when you put actions behind your objectives.
2,208 billionaires in the world is impossible, so we just keep on dreaming. But, did you realize
To begin, get a notebook and write down
the word “impossible” can also be read as “I’m
your goal. You may be thinking there is no
possible”?
reason to write it down, but research shows written goals are 42 percent more likely to be
The difference between the dreamers and
achieved. According to Think and Grow Rich
doers is action. As Yoda, from Star Wars,
Author Napoleon Hill, “A goal is a dream with
says, “Do or do not. There is no try.” So if you
a deadline.”
are ready to commit to start building your financial empire, make your first stop at the 50 | LIVING
A good money goal would be something like:
savings. If you think you don’t need a budget,
I will open a savings account and save $1,000
think again. A budget shows you where your
in a year. Your situation may vary, but using
money is going and helps you determine how
the above goal, it will require savings of at
quickly you can save $1,000.
least $2.74 a day or $19.18 a week. It doesn’t matter how you decide to track your progress
Consider your income sources. If you don’t
as long as you do it. For help in setting up
have any, you need to get one quickly. Consider
your monetary breakdown, check out this site
all your skills and figure out how to monetize
to figure out the exact number of days that
them. Offer services to your community
fall between two dates: https://planetcalc.
including mowing lawns, babysitting, walking
com/274/.
dogs or teaching a class in something you know well. You can also try to get a more
Every day write an entry in your notebook
traditional job.
about your goal, such as: how you are feeling, how you have worked toward the goal, what
four tips to save money
are lessons you are learning or even if you have
1. Save all of your change, even the coins you
set the bar too low. The more you are thinking
find in the street, in a container. Once the
about your goal and investing your time on the
jar is full, take it to the bank. Did you ever
goal the easier it will be to reach.
notice that all change is stamped, “In God we Trust”? Maybe God’s making sure there is a bit
The next thing you need to do is create a
of money on the ground for you to remind you
budget. Even if you live at home and don’t have
that he’s got your back and you can reach your
any bills you need a budget. Take some time to
goal.
track your spending. This may seem like a pain, but you track your Pinterest, or Instagram
2. When you get money as a gift, don’t think
followers so think about this the same way.
of it as money to blow on yourself, but capital
Think about the places you spend money such
to invest in yourself. There is nothing wrong
as entertainment, shopping and restaurants.
with spending some money on yourself, but
If you have any bills be sure to include them.
you should always be investing in your future.
Set a realistic amount in each category. If you
Think beyond today and plan for the life you
are serious about your goal, consider doing a
want to live as a billionaire. Consider putting
drastic cut in your spending to increase your
half or more of that money into your savings.
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3. Be the one to plan outings for your friends
1. Be grateful that you have set this goal. Did
to ensure that events are economically priced.
you know that you can’t be grateful and feel
Always check to see if there are free events
negative at the same time? No matter how
in your community. There are often concerts,
long it takes, you are working on this endeavor.
free museum days and other activities that
As long as you just keep moving forward it will
you could be attending. Saving money doesn’t
all come together.
mean that you can’t still have fun. 2. Celebrate your accomplishments. Each 4. Use YouTube and Pinterest to learn how to
time you put a deposit into your savings
DIY (Do It Yourself). People teach lessons in
account say out loud that you are proud of
how to do almost anything online. Instead of
yourself for your dedication to your goal. This
getting a pricey manicure or pedicure get your
action is vital because we thrive when our
friends to meet at your home and give them to
success is recognized.
each other. Think about other things you can do for yourself.
3. Read, listen to podcasts and talk to people who are financially successful. Others have
A word to the wise, some people may try
been down the path you are embarking on,
to stop you from reaching your goal. Some
and they can assist you with potential pitfalls
friends might not see the value or have the
and shortcuts.
discipline to save money. Decide now not to listen to them. Trust that in the future the
4. Find a friend with the same goal. It can
people trying to convince you to spend today
be a relative, a church friend or someone
will be kicking themselves when you make the
from dfree® Young Money. It’s great to have
life changes they were not able to make. This
someone to talk to about your triumphs and
will take dedication, but you can do it. Just
struggles.
remember, if it were easy everyone would do it. Success is at hand. Remember you are on
5. Don’t touch your savings. This is the seed
the road to becoming a billionaire.
money to be used for getting you to a billion dollars. Down the road, you may invest it, but this is not spending money.
five important tips to assits with your thousandaire journey
52 | LIVING
to set a new goal and get one step closer to becoming a millionaire, and then a billionaire.
If you are willing to start making financial changes today that most people won’t, then you’ll be able to live the way most people can’t for the rest of your life. One day you won’t be dreaming of being a billionaire, you’ll just be one.
The difference between dreamers and doers is action.
LIVING
YOUNG MONEY
Once you’ve become a thousandaire, it’s time
| 53
JESSICA BROWN, YOUR FINANCIAL AID FAIRY GODMOTHER PROVIDES TIPS ON HOW TO PAY FOR COLLEGE
Attending college is part of the American
for loan repayment and living expenses. So,
dream and considered by many to be the path
what is a responsible person to do? It almost
to prosperity. However, this route is filled with
makes you wish for a fairy godparent to make
numerous options and decisions that will have
this process easier, magically.
repercussions that can last for decades. The answers to questions such as how to select the
Enter Jessica Brown, aka the Financial Aid
right school, how to finance your situation and
Fairy God Mother. Instead of magic wands and
how to prepare for unexpected expenses have
fairy dust she uses hope, wisdom and financial
real-world consequences.
aid literacy as her tools to help guide students on their journeys. Jessica’s passion for seeing
African-American students are more likely to
those in her community succeed fuels her
be saddled with a mound of crushing debt
work. She is the CEO of College Gurl, the
upon graduation, which they are often ill-
President of the College Gurl Foundation, and
equipped to handle. That’s when the reality
the author, of How to Pay for College When
hits that available jobs might not pay enough
You’re Broke.
54 | LIVING
No stranger to higher education, Jessica
Jessica offers insights on preparing for college
understands paying for college from both
covering topics such as how to pay and save on
sides. She has a B.A. in Broadcast Journalism,
College Gurl, collegegurl.com and @collegegurljb
an M.S. in Management in Leadership and
on social media or read her book. In addition to to
an M.Ed. in Educational Leadership and
the material and tips for prospective students, her
Administration. Additionally, Jessica is starting
program also offers participants the opportunity
a Ph.D. program because her ultimate goal
of a scholarship.
is to become president of an historically black college or university. Her professional
tips from the financial aid fairy godmother
experience in financial services comes from
1. Decide what you want to do with your life.
Strayer University and Howard University
Before selecting a college, understand your
where Jessica served as a student financial
educational goals so that you can choose an
services specialist and the coordinator of
institution that meets your needs. Parents and
special awards. There, she helped over 40,000
children are not always on the same page.
students and assisted in granting millions of
Before spending $200,000, ensure that your
dollars in scholarships.
young person wants to pursue a field that requires that type of investment, such as a
Propelling Jessica forward on her quest to help
doctor and not a graphic artist.
as many students as possible is the knowledge that student loan debt has reached $1.3 trillion,
2. Start saving money now. No matter how
far surpassing credit card debt. Today’s society
much time you have before going to college,
demands a degree as a key element of success,
save as much money as possible. Every penny
but there’s very little available about how to
counts and will make a difference. Have a real
pay for that major investment. Now more than
conversation with your family about what help
ever before students need to understand the
they can provide, if any.
available options for paying for college. The cost of not knowing is too great and could ruin
3.
students’ credit scores to the point where they
in attending. If you are planning to spend
may never achieve American dreams such as
upwards of four years at a school take the
homeownership.
time to walk the campus, see what services
Visit the colleges you are interested
are offered and look at the programs you are interested in studying. Decide if this is the right
LIVING
| 55
requires that type of investment, such as a
follow up with anyone. Remember that FAFSA
doctor and not a graphic artist.
(federal financial aid) forms are due annually. Lastly, note that receiving a financial aid
2. Start saving money now. No matter how
package one year does not automatically
much time you have before going to college,
mean you will receive the same package the
save as much money as possible. Every penny
next year.
counts and will make a difference. Have a real conversation with your family about what help
6. Read the fine print. Scholarships may have
they can provide, if any.
requirements encompassing leadership and academic. Ensure that you are maintaining
3. Visit the colleges you are interested
your standing by adhering to the rules.
in attending. If you are planning to spend upwards of four years at a school take the
7. Apply for as many scholarships as possible.
time to walk the campus, see what services
$100 million in available scholarships went
are offered and look at the programs you are
unclaimed last year. Start your search by
interested in studying. Decide if this is the right
looking first in your local community and then
environment for you. environment for you.
expand out to a national level.
4. Look at the actual costs of attendance.
8. FAFSA is time sensitive. Apply early
Beyond enrollment fees and room and board,
because awards are based on first received,
there are so many other costs that are often not
first served.
included. If your family lives on the east coast and you want to attend school on the west
9. Remember that college is an investment,
coast add in travel expenses. Also, you might
not an expense. Look at what you can afford
be selecting a part of the country that requires
and figure out which schools fit into that
a different wardrobe from what you currently
budget. College is what you make of it. Note to
own. Lastly, don’t forget about entertainment.
always look at a school’s endowment because
This is supposed to be the best time of your
the higher it is, the more likely they will have
life, so you should include a budget for fun.
extra funding for their students. Also, check the tuition increases over the past few years
5. Know the deadlines. Get a calendar and
to get an idea of how much of an increase you
mark all the different dates that you must
can expect from year to year.
56 | LIVING
SONIA LEWIS THE STUDENT LOAN DOCTOR IS IN & ANSWERING QUESTIONS There are a lot of things that bind many African
B. Soaries, Jr. and Tamika Stembridge, ESQ. to
American women. Common culture. A priority
discuss her accidental business “that could.”
on family ties. Sharing the gifts that God has given us. But another common tie, sadly, is that
Sonia did not set out to be “the Student
many African American women are dealing
Loan Doctor.” Following graduation, with her
with crippling student loan debt. Sonia Lewis
doctorate in education, she needed to contact
also known as the Student Loan Doctor knows
the owners of her student loan. While on the
this all too well. The good news? She’s here to
call she found herself repeatedly (five times)
help.
transferred because the representatives didn’t know the answers to her questions. This caused
Sonia, stopped by the In the Black podcast
her to ponder about people who didn’t know
and met with dfree® Founder Dr. DeForest
which questions to ask and what happened to
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YOUNG MONEY
those who lost patience with being transferred
become homeless or have to live off of Ramen
so many times. Sonia didn’t know it then, but a
noodles? She was reasonably sure that things
seed had been planted.
would work out. And they did.
After learning of her extensive education,
Sonia began with a hustle mindset and set small
people at church started seeking Sonia out
goals. She said, “God will give you something
to answer questions regarding their student
to birth, but you can play small with it or really
loans. To her the issues seemed natural and she
big.” A year later she had a team of eight
answered them for free, but, for others, they
people helping with her growing enterprise.
were difficult and in some cases paralyzing.
When Sonia started to lean on and trust God,
Before Sonia knew it, she had moved from
it was no coincidence that things blew up
giving advice at the church pew to a local
the way they did. She said, “I needed to get
restaurant. It was there that she placed things
out of my own way.” And doing so led to six-
into perspective and realized that she could
figure earnings. She found herself connected
monetize this service.
to Dee Marshall, a coach and lifestyle expert who opened the door for Sonia to work at
listening to the call
the White House during Barack Obama’s
It’s important to note that Sonia started this
tenure. She discussed issues affecting African
business part-time while she was working
American women and young girls. One day
a full-time, professional job. She had to be
Sonia found herself in a room full of 50 African
disciplined with her time and even asked God
American women and asked if anyone had
to provide a sign was about whether the new
problems with their student loan debt. To her
business would earn enough to support her.
surprise 50 hands raised in the air. That’s when
She knew there was no way to keep both jobs
she realized that this is a conversation we were
long-term without burning out. Sonia felt that
not having. She realized with God there are no
God was calling her to move into the new
accidents .
venture full time, and she did. Sonia said she sees this work as a ministry that Before Sonia left her full-time job, she told
didn’t just fall into her life. It also came about
colleagues that she was being obedient to
from a conscious decision to spend less time
God and following His will. In her mind, she
on things like watching television and more
still had one lingering question: would she
time finding religious mentors. Sonia attended
58 | LIVING
I needed to get out of my own way. conferences and workshops to hone her skills
review of what things are actual necessities, and cable television may not make the cut. The sad truth is that an unwillingness to tackle student loan debt may be the main hindrance to African American women achieving a wealth plan, she noted.
and make new connections. She knew that her specific talent was in sales, which directed her to look toward entrepreneurs who were where she wanted to be. Sonia found her social circle changing and becoming a reflection of the goals she was creating. This process allowed her to be where God was calling her and for her to hear His voice at the appointed time.
Many people are unaware that people with high student loan debt can be excluded from getting a mortgage. Sonia has found that approximately 90 percent of her clients are interested in purchasing a home within a year of working with her. To achieve this goal, she said connections to the right program and people are crucial. People with high student
most clients are women
Most people who come to Sonia for assistance
loan debt shouldn’t just go to any bank, she said.
are women in their 30s or 40s who have never started the student loan repayment process. The letters from their lenders have gone “from white to yellow to green,� meaning progressively worse, and some employers were even notified. About 75 percent of her walk-in clients feel paralyzed and need help getting started. Sonia said the starting goal is always to find the most affordable payment for a client.
A surprising fact is that many people who are not paying their student loan debt have the money to do so. Sonia said the issue is one of mindset, not finance. There needs to be a
what can the student loan doctor do for you?
Potential clients who go to the Student Loan Doctor can expect an individualized and customized
approach.
Initially,
the
team
schedules a virtual sit down with a new client, for a free discovery call to learn more and to determine how effective the coaching services may be.
After the first call, there is a paid personalized consultation where debt is reviewed including: who owns it, how much is owed and how The Student Loan Doctor can assist with the
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situation. Please note that the Student Loan
paralyzed, get someone to help you with this
Doctor does not purchase student loans, but
process.
rather helps set up agreeable terms between the client and lender. Following that meeting,
2. Identify your passion and figure out how
additional specialized services are available,
to monetize it to increase your income. This
depending on needs.
means taking the time to invest in yourself. Talk to others about the gifts and talents that they
God will give you something to birth, but you can play small with it or really big.
see you possess. Spend time talking to God for direction and check your heart for dreams that might be leading you to your destiny.
3. Drop the “I deserve” syndrome. It typically shows up on payday and consumes your income because you are trying to place a band-aid on a wound that needs to be healed.
The Student Loan Doctor focuses specifically
(At dfree® we call it compensatory spending:
on student loan repayment plans. However,
spending to compensate for something you
Sonia partners with other financial experts
are missing.) About nine out of 10 people
who specialize in complimentary services
Sonia works with are unhappy about their
focused on: credit card debt, life insurance,
jobs and use money to make themselves feel
stocks, bonds and legacy issues. When people
better. She said money can be used as a quick
are ready to make lifestyle changes, she wants
fix, much like a drug, yet it will not solve the
to be able to point them in the right direction.
underlying problem.
five essential tips from the student loan
4. Develop your life goals. Be clear about what
doctor:
you want to achieve. For example, if you’re going to be an entrepreneur start hanging out
1. Lose the student loan monkey on your
with entrepreneurs and exposing yourself to
back. If you haven’t started paying your loans
the books, podcasts and other items they use
back, don’t waste another minute. They will
for their success. Create short-term and long-
not magically go away. This is a problem that
term goals and then begin to achieve them.
must be addressed head-on. If you are feeling
60 | LIVING
5. Stop living in the now and develop your
To learn more about Sonia and the resources
legacy. All of us are here for a limited amount of
available from the Student Loan Doctor check
time and we need to determine the legacy we
out her Instagram account @studentloandoctor,
want to leave behind. Sonia noted that when
listen to her podcast on iTunes and at her website
people die, they usually aren’t remembered for
http://www.thestudentloandoctorllc.com/.
the stuff they left behind but for the impact they had on people. Let the reflection of your life live on beyond you. This requires sacrifices to be made and budgets to be followed.
Listen to the full In the Black podcast at https:// soundcloud.com/dfree-podcast-in-the-black/ episode-37-in-the-black-w-sonia-lewis-thestudent-loan-doctor.
She realized with God there are no accidents.
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YOUNG MONEY
DELAYED GRATIFICATION: AN IMPORTANT FINANCIAL LESSON YOU CAN TEACH YOUR YOUNGSTER with Blanche Cheeley, prudential advisors, financial planner You can be quite influential in getting your kids to learn
opportunities for them to practice self-control. You might
delayed gratification and financial self-control. It takes a
tell your preschooler you have time to go to the park
little discipline at first, but as the old saying goes, “practice
for 20 minutes now, or for 45 minutes after dinner, for
makes perfect,” especially when learning a new skill. It’s
instance. Even if he opts for immediate gratification at first,
a lot easier if you start while they are still young, before
over time he’ll realize patience has more of a payoff.
they’re headed off to college or have a pocket full of credit cards.
3. share smart strategies Self-control doesn’t translate into willpower alone. In fact,
1. mark time
researchers now know that people who successfully resist
Sow the seeds of delayed gratification by giving toddlers
temptations rely on savvy strategies to meet their goals. A
and preschoolers their own calendars and noting special
few proven techniques for helping kids save money and
occasions that are coming up: birthdays or family events,
head off impulse buys at the store include: If your child—
outings to a concert or the zoo. If you don’t have anything
* Wants to buy something, suggest he or she wait at least
scheduled, plan something for several weeks away.
a week before purchasing it. By then, passions will have
Regularly talk about the event with your child and mark
cooled and so might the desire for the object.
off each square on the calendar until the big day arrives.
* Begs for you to buy an item, reframe expectations by putting that item on a birthday or holiday wish list. Then
This simple practice will not only reassure young children
be sure to follow through. Studies show kids won’t delay
that those far-away events are, in fact, going to happen,
gratification if they don’t believe you’ll be true to your
but also it will (eventually) boost their patience quotient
word.
and teach them that anticipating an activity, or an item
* Has a hard time saving for a big purchase, put a picture
can make it more enjoyable.
of it on her piggy bank or on a poster in her room. The visual reminder will help her pinch her pennies to reach
2. provide low-key chances to practice
her goal.
Give young kids concrete chances to experience the benefits of delayed gratification — and to develop a
4. arm them with an allowance
sense of mastery over their own behavior — by offering
By the age of five or six, most kids are ready to handle
62 | LIVING
an allowance and, if you make them responsible for
dfree® is a trademark of Corporate Community
purchasing nonessentials ranging from gum to the latest
Connections, Inc., dfree® and is not affiliated with The
PlayStation game, they’ll glean the lessons of saving,
Prudential Insurance Company of America or its affiliates.
spending and budgeting while the stakes are still low.
Each company is solely responsible for its own financial conditions, content, liabilities and contractual obligations.
The key is to give them just enough to cover any basic expenses you expect them to pay for, plus a little more.
“Prudential Advisors” is a brand name of The Prudential
After all, you want them to have to save up to purchase
Insurance Company of America and its subsidiaries.
larger items — with no bailouts from you. Your kids will quickly learn that if they buy every bauble that catches
0317559-00001-00
their eye, they won’t have the reserves needed for more meaningful purchases down the road.
5. show them the power of saving The lesson is to invest your money today and you can do way more with it tomorrow. Drive that point home by letting your kids play around with an online compound interest calculator. At investor.gov, they can see how much money they would make if they save $10, $20 or $50 each month. Your children might be shocked to discover that if they save just $200 a month from age 18 to age 68 earning 5% interest, they would wind up with $502,435. A whopping $382,435 would be from interest. This is an illustration and your interest rates and results may vary.
I can further assist you with these lessons and answer any questions, please feel free to email me at blanche.cheeley@prudential.com or call (336) 541-7133. You may also visit Prudential’s main site for additional resources and services at www.prudential.com.
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WOMEN LEADERS
HOW MENTORS ENHANCE YOUR PROFESSIONAL LIFE Do you have role models in your professional
who can encourage real and lasting change
life? And no, we aren’t talking about the sparks
by helping you focus and explore your own
in your eyes for Beyoncé or Cardi B. Oprah
needs, motivations and skills. They know a
and Gale are a closer fit, but even they don’t
thing or two about workplace culture, financial
have the time to help you climb the ladder
planning and have a network of connections
to business success. You might do better by
for your next career move. In most cases,
looking for more down-to-earth sage advisors
working with a mentor can influence your
in your own stratosphere.
decision-making process and afford you new opportunities and challenges.
Mentors are experienced and trusted advisors
64 | LIVING
This article will take you on a journey on how
who has a higher profile than you. He or she
to find mentors, the best ways to work with
can share your story, knock on doors for you
them, and finally, examples of what you might
and introduce you to an entirely new network
gain from these symbiotic relationships.
within your industry.
how to find mentors
Do due diligence. While making connections
Know thyself. Mentors are not usually dropped
to find your mentor match, ask yourself these
in your lap. It takes more than walking up to
questions – Do you have similar values? Do you
someone you admire and asking, “Will you be
“click” or find the conversation forced? Are they
my mentor?”
paying attention to you or their smartphones? Do you feel like they can see your potential? It
Before approaching anyone, consider your
all boils down to this – working with a mentor
goals and future plans. No one can mentor
isn’t about having a one-stop advisor on speed
you if you aren’t clear about your wants and
dial – it’s about the relationship.
needs. Do a Professional SWOT (Strengths, Threats)
Take your time. Would you ask someone
Analysis. Then, your mentor can help you
to marry you on the first date? We can hear
identify, understand and take action on areas
you laughing! It’s basically the same line of
that need improvement. Perhaps you need a
thinking when you decide to approach possible
little finesse in a particular area, such as tact,
mentors. Perhaps start off by asking for a short,
communication skills or financial expertise.
15-minute meeting or phone call. Say you are
Weaknesses,
Opportunities
and
interested in their career and you’d like to pick Think outside the box (or your personal
their brain about a few things.
cubicle). Mentors don’t have to be from the same industry, gender, or generation.
Make sure you can explain how their experience
They can be found at business and women’s
relates to what you want to do and discuss what
associations, non-profit organizations, within
you’d like to accomplish by working with them.
your family, at church groups or even local
You get one chance to make an impression on
business chambers of commerce. In fact,
a potential mentor. Use this time to set up an
you may already know your mentor. Is there
agreement for your next encounter.
someone in your life who you often talk to about career and money advice? It might be an
working smart with mentors
already established executive in your company
Be crystal clear. Once you’ve found someone LIVING
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WOMEN LEADERS
who agrees to be your mentor, make sure you
are some of the key questions they asked
share the same commitment and expectations.
their mentors and the sage advice that they
Understand the time required and their
received.
availability.
Establish
a
regular
meeting
schedule with topics you’d like to discuss. Take
what would you do if you were me?
the initiative to connect. It’s your responsibility
Ask mentors a question that they can help you
as the mentee to maintain the relationship.
solve or give perspective on immediately. Lay out the issues and why they are troubling you.
Expect to be held accountable. Your mentors
Getting mentors to think as if they are in your
may be well-versed in your professional and
shoes, may help you see yourself in a different
financial weaknesses and invested in your
light. They may help you discover where you
goal to overcome them. So, listen to their
should or should not focus your time and
experiences and suggestions with respect.
energy, consider different customer segments
Just know that you may want to use their
or change your budget allocation.
advice but put your own spin on how to work if you could do it all again, what would
through an issue.
you do differently?
Reciprocate
and
show
thanks.
Two-way
This opening line is a great starter to hear
relationships are the most likely to succeed.
any number of relevant experiences where
Create opportunities to help your mentors,
you can learn valuable lessons from mentors’
regardless of their accomplishments and
experiences. Listen to their recommendations,
stature. Learn about their personal goals and
so you don’t make the same mistakes they
needs. Demonstrate your appreciation of their
made.
help and most of all, never take mentors for granted (or they won’t be yours for long).
what financial strides are you trying to accomplish this quarter?
valuable lessons learned from mentors
Open an invitation to discuss your mentors’
Thriving, prosperous business people who had
short- and long-term financial strategies. Take
mentors during their rise to success – whether
note of how they problem solve, calculate risk
in Corporate America or as entrepreneurs –
and budget for the future. This may also help
often stress how important these advisors
deepen your expertise in your own financial
were in their development and growth. Here
strategy.
66 | LIVING
as in your earlier years. But guidance is always
Sometimes you need to ask trusted mentors if
appreciated, so there are a few ways to find it.
you are actually on the right path or activating directly
Virtual mentorship. Social media has made it
connected to your personal situation, they can
easier to connect with fellow industry members
give it to you straight (though you may or may
and more. If you find interesting individuals in
not like their answer).
blogs or postings, you can connect online, ask
irrationally.
Since
they
are
not
for an informational interview, or keep in touch what should keep me up at night?
every few months.
WOMEN LEADERS
is my idea realistic or off-the-wall?
This is another way of asking “what worries you the most about the way I do business?”
Alumni
association or sorority/fraternity.
Hopefully, your mentors will share what they
Connect with a fellow alumni or Greek brother/
believe are your most significant pain points.
sister, even if you attended decades apart.
What am I doing wrong? Cross-sector mentors. Career advice is easily If you really want to know the answer, then
transferable
across
disciplines.
So
many
listen to your mentors’ advice without trying
professionals have made an impact, even if
to justify your actions. This is a great way to
they don’t work in your field. If you are already
begin a dialogue of how to become the best
feel connected, schedule a meeting to discuss
version of yourself without being defensive.
why you feel inspired by his/her work.
Be grateful for your mentors. Their coaching,
Peer-to-peer mentoring. You are probably
advocacy and caring will help you increase
surrounded by smart, motivated men and
your business acumen, develop skills and seize
women you’ve met along the way to your
opportunities. Plus, they will have taught you
position. Think about mentoring across versus
to how to pay it forward and mentor the next
mentoring up. Set up a small, defined group
ones in line.
of professionals on a regular basis, to discuss work culture, goals, new projects.
mentorships for the more experienced
For those of us further along in our careers, the
resources for finding a mentor
mentor/mentee relationship often changes.
* MicroMentor is a free online mentor service
You may not need the hand-holding mentoring
that connects small business owners with
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business mentors. You can find a mentor or
mentoring help to members. This program
volunteer to be one. Their mission statement:
empowers attorney mothers and encourages
“To help small businesses grow faster, generate
them to succeed while celebrating their roles
more revenue, and employ more people.�
as attorneys and mothers.
* SCORE
Mentoring
volunteer
business
provides
counselors.
access
to
SCORE
is
focused on helping grow small businesses and provides volunteer mentors who share their expertise across 62 industries.
* ACE
Mentor
Program
introduces
high
school students to job opportunities in the architecture, construction and engineering industries.
* TiE Global, founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region, helps new entrepreneurs find mentors. Membership fee required.
* MAMA USA (Mother Attorneys Mentoring Association). Many associations also provide
No one can mentor you if you aren’t clear about your wants and needs. 68 | LIVING
WOMEN’S TOOLS & TIPS Wills are not a sexy topic to discuss. However, they are necessary for all people regardless of whether you are old, young, rich, poor, married, single, childless or have children. If you have property and personal possessions that you would like to leave to certain people you need a will. Especially if your belongings are family heirlooms and people are likely to fight over them.
Women tend to have a harder time moving beyond the idea of a will to the execution of
TIPS
one. Excuses abound, such as there isn’t time; I’m not old enough; I don’t want to tempt fate; I don’t want to discuss my finances with strangers; and I’ll do it later. The sad truth is that none of us knows how much time we have in this world. Decide today to make this a priority.
Creating a will enables you to start thinking about issues such as if you have the right life insurance and if you have as much in savings as you expected at this point in your life. If not, use this as the impetus to start making necessary changes.
If a lack of money is stopping you from preparing a will know that you can create one in the privacy of your own home on your computer. Search for free templates to follow online. Check for one that is valid in your state.
1 2 3 4 5 6
Keep your will in a safe location such as a home fire case, a safe deposit box or at a fire safe facility.
Review the will annually to accommodate any life changes, such as divorce, death, birth, major purchases or home loss. If you have children name who you would like to become their guardian. Don’t assume that others know who you would choose. Carefully select the executor of your will as they will be responsible for following your wishes.
Use your will to lay out your preferences for your memorial service. Make it easy on your loved ones and develop a plan that they can follow. If you feel the need to explain your thinking as to why you are leaving specific items to people write an explanatory letter to include with your will.
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INSPIRATION
THE JOY OF FINANCIAL DISCIPLINE: GIVING BACK by DeForest B. Soaries, Jr. Many years ago, during travel to Jamaica,
in Jamaican dollars to buy the mule.
I stayed in the home of a gentleman who
We saved that man two generations of
was 65 years old. This man’s major focus
work and all we gave was $7 a piece. I’ve
at the time was saving coins to give to his
never missed that $7. That $7 would have
child to buy a mule. His son needed $175 in
bought me a burger at a fast-food joint.
Jamaican dollars to buy a mule to expand
But the joy I know from helping that man
his $700 annual income to $1,400. The
is immeasurable. And that’s not where the
father’s dream was to save enough coins
story ends.
so that one day his grandson could buy the mule!
I shared this story as I was speaking at an event in New York. After, a woman walked
Five of us chipped in $7 each and gave
up to me and asked if the man’s name was
him 35 U.S. dollars, which was enough
McCain. I said that was his name. She said,
70 | LIVING
health daily. Second, you have to identify
how good I felt knowing that this young
someone you trust and admire who can help
woman was the beneficiary of the blessings
guide you in your times of need. Third, you
received from a $7 gift to a man in Jamaica.
need to identify what you’re determined to
It truly is better to give than to receive.
do in the way of giving.
Before I took my journey toward financial
Spending time on your financial health
freedom, I wondered how I would increase
daily doesn’t mean just spending the
my income. I had dreams. I had plans. I
seven minutes per day that I recommend
had activities. My income did not begin
spending on reviewing your investments,
to increase the way it has until my giving
bank accounts, etc. It also means: learning
also increased the way it has. I believe God
about
blesses us to be a blessing to others. When
to pray so you’ll make sound decisions
we invest in others, God trusts us and
and stay on track; and, having financial
invests in us.
conversations with others so that making
new
opportunities;
taking
INSPIRATION
“I’m his granddaughter!” You can’t imagine
time
finances a priority becomes ingrained in Knowing we’re going to support someone
you.
else’s efforts with our personal resources is one of the most powerful acts we can
Finding a financial mentor is important
perform. Yet, even after all of the hard work
because not only will this person advise
is done to get on the right financial track,
you but this is someone who will hold you
it’s easy to slip off. That’s where focus and
accountable to your own commitments.
discipline enter. It’s not enough to invest in
Don’t just think of someone you can go to if
others. You have to make the commitment
you need advice. It’s specificity that brings
to stay healthy enough, strong enough and
success in this area. Pick someone before
fit enough to be a blessing to others. You
you have a need because then it will be more
have to make sure you don’t lose all of the
likely that you’ll pick the right someone.
work you’ve put in, all of your steps toward
When I was going through this process, I
financial freedom.
talked to a fellow in my neighborhood who I had greatly admired for his success. You
First, you have to make a commitment to
can find someone by joining the Billion
yourself to spend time on your financial
Dollar Challenge.
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Also, be specific in determining, in advance, your giving strategy. Will you focus on individuals, organizations, giving through church? Once you have picked someone or some avenue or organization, reach out to them and let them know your future plan so they will come back to you in time to hold you accountable.
This
is
a
marvelous
stage
in
our
development because it has less to do with how we treat money and more to do with how we treat people, including ourselves. It’s critical that we understand that dfreeŽ is not really about money management. We don’t manage money; we manage our lives and we use money strategically to reach our life goals. Our life goals should always be inclusive of helping others reach their life goals, because it is truly better to give than to receive.
You have to make the commitment to stay healthy enough, strong enough and fit enough to be a blessing to others. 72 | LIVING
JOIN THE MOVEMENT GET IN THE BLACK Be in the black with dfree®. visit mydfree.org to join. #MYDFREE #DFREENEXTLEVEL LIVING | 73
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We salute all of our (s)heroes and encourage you to make a difference by joining the Financial Freedom Movement. to learn how visit mydfree.org 74 | LIVING
by DeForest B. Soaries, Jr. When I was paying credit cards with other
changing some habits. I needed to become
credit cards, when I was taking calls from
a lifelong financial learner and I needed to
bill collectors every Tuesday and Thursday
set new goals, like starting a nest egg for
night, when I was broke all of the time, I
my family’s future.
NEST EGG
STAY COMMITTED TO A DEBT-FREE LIFESTYLE AND RETIRE WELL
could not imagine walking into a real estate office to talk to an agent about buying a
I didn’t just puff up my chest and feel
house and telling that real estate agent that
proud of all that I had accomplished. And I
I owed no one any money. Five years prior
am so proud of getting out of debt, as you
to that I owed everybody.
should be. I did take time to celebrate my accomplishments, as you should celebrate.
It wasn’t easy, but I developed a strategy
But I didn’t stop there.
for getting out of debt and sustaining my success. One of the reasons I share that
I started learning about mutual funds that
strategy with so many people today is
were growing at faster rates than anyone
because I believe one of the best ways to
could imagine. I started studying real estate
reinforce what you’ve learned is to teach
and bought my first income property where
other people. Teaching others keeps you
people were paying me rent and I used the
on your toes. It also reminds you that when
rent to pay off the mortgage and in so doing
you have setbacks you can just start all
I let other people pay off my debt. The only
over.
good debt is debt that other people pay off for you. All other debt is bad debt. I
When I paid off all of my credit cards,
was able to make these changes because
got rid of those car notes, starting paying
I became part of the financial information
with cash – I thought I was there. I really
age.
thought I had made it. But I realized how quickly I could slip backward if I didn’t
There’s no excuse to remain small or
make a lifestyle change instead of just
ignorant in any category, including finance. LIVING
| 75
Today,
there’s
so
much
information
available right at your fingertips. Whether
— so that you can envision that brighter future.
its online, on the radio, in a podcast or in a book, you have so many free resources
Saving $1 million or more for retirement
available to you. What I’d like you to do is
may seem like a daunting task now, but it’s
commit to spending just seven minutes a
no harder than getting out of debt. In fact,
day, every day, on your finances. Take a few
it’s easier. When you were in debt, you were
of those minutes and make sure you are
working for your money. When you’re out
learning something new.
of debt, you can make your money work for you.
Do you know that a recent survey found that 42 percent of average Americans will retire
When you were in debt, you fell prey to
broke? That’s with $10,000 or less to their
scams and schemes like payday lenders.
names. According to the Bureau of Labor
You willingly gave your hard-earned money
Statistics, Americans age 65 or older spend
to people who said upfront that they would
an average of $46,000 annually. If you plan
charge you fees and up to 800 percent
on living only 20 years in retirement, you
interest! Now, you know better. But do you
can plan on spending at least $920,000.
know enough to figure out what kind of
Where is that money going to come from?
investments you can make to earn even 8
If you don’t know the answer, you need a
percent interest?
lifestyle change – and you need it now, not later.
For those of you who have already made
If you’ve become debt free, I applaud you.
the commitment to put in the hard work
Stay committed to your new debt-free
and become debt free, I applaud you. If
lifestyle. Learn as much as you can as
you’ve become debt free, I am proud of you.
quickly as you can. You’ve worked hard to
Yet now is not the time to lose focus and
get to where you are now. You deserve to
succumb to splurges or too many rewards.
enjoy a wonderful retirement, and you’re
Now is the time to double down and learn
the only one who can give it to you.
everything you can about the stock market, about real estate, about angel investing
76 | LIVING
Get a ride in minutes. download the app and go.
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| 77
78 | LIVING
Meet an ordinary young adult that is making
mascot because of the savvy financial
money moves and decisions to set her up
moves that allowed her to purchase a home
for life.
while in her 20s. She started her first job at
OUR PEOPLE
MICHELLE CHARLES TEACHES HOW TO MAKE SMART FINANCIAL DECISIONS AT ANY AGE a restaurant when 17 years old, while still in Michelle Charles is a member of the dfree®
high school. Excited to have a part-time job
Young Money team and serves as the
she got tips and a little salary. Michelle put
Executive Coordinator for the First Baptist
her entire paycheck into savings and used
Church of Lincoln Gardens in Somerset,
the cash tips as spending money. When
New Jersey. She has a B.A. in psychology
she turned 18, right before college, she got
from William Paterson University. Michelle
a second part-time job working at the mall.
stopped by the In the Black Podcast dfree®
She continued placing her paychecks into
Young Money edition to discuss how to make
savings and using the tip money to enjoy
money, keep money and invest money while
life. By the time she was 27, she had saved
also having a life. Team members Jasmine
enough money for a down payment on a
Walden and Nia Baskerville conducted the
2-bedroom, 2-bath condo – a home that
interview. Hear the entire podcast here.
she now owns.
(https://soundcloud.com/dfree-podcastin-the-black /episode-25-dfree-young-
Michelle’s mother raised her as a saver.
money-in-the-black-with-michelle-charles)
“For as long as I can remember any time I got money for a birthday, Christmas or
A
native
considered
New the
Jerseyan, dfree
®
Michelle
Young
is
whatever holiday she always told me you
Money
have to save some of it. If I got $20, she
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| 79
told me to put aside $10 or $5. Something.”
Adjust your lifestyle to the amount of
Also, her mother taught her to place any
money in your budget. Don’t spend beyond
unexpected money into savings.
your means. If you get $10 remind yourself, you really have $7 or $8 to spend.
smart money tips michelle shared:
Always put money into savings no matter Building a positive credit history is important,
how small an amount.
but before getting a credit card be sure to familiarize yourself with benefits and risks.
Shop for items on sale and clearance. No
As a student look into a student card with
one knows if you paid $500 or $25 for the
a lower limit and pay the balance as soon
item. Being on a budget doesn’t mean you
as the bill arrives. Never spend more money
can’t shop it means you need to create a
than you have to pay off.
budget for shopping and follow it.
Consider buying a home (condo, townhouse)
Michelle shared that being financially free,
so you are not wasting money on rent. Work
“means not to feel pressed for money. To
with your parents to see how long they will
elaborate on that, [she] pretty much feel[s]
allow you to live at home rent free so you
financially free now because can pay bills
can save for a down payment. Develop a
and save.” She said she doesn’t “have
clear plan with a timeline.
to live paycheck to paycheck.” Michelle considers herself an “ordinary young adult
Remember a first home is not necessarily
that spends money responsibly.”
your forever home. Make it affordable to you and know that you are building equity.
Separate your checking and savings account. Remove easy accessibility to additional funds.
Set up automatic deposits to your savings account from your paycheck. If you don’t see it, you won’t miss it.
80 | LIVING
Always put money into savings no matter how big or small.
While
summer
provides
a
beautiful
landscape for good times, family gatherings, and outings with friends, it is also the perfect season for a financial fitness tuneup. And this issue of Living dfree® gave you plenty of tips, tools, and insight to get you into shape.
But beyond budgeting, bills, and building a nest egg, remember that summer is the season for making new memories, enhancing your life, and embracing your next level.
As you prepare for the new and next, I challenge you to let this moment, today, be the last time for anything that stands in the way of your joy or your journey. Let this be the last time!!!
Let this be the last time you live below your Godly calling; you allow your shortcomings and failures be the leading narrative of your life’s story; you succumb to thoughts, behaviors, attitudes, and habits that hamper your wellbeing; you have to say “This is the last time (fill in the blank).”
You have dreams to fulfill, goals to achieve, and but a single life to get it all done. Make
FINAL WORD
magic this summer!
WITH TAMIKA STEMBRIDGE, ESQ. LIVING
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PRUDENTIAL IS THE PROUD TITLE SPONSOR OF THE DFREE® FINANCIAL FREEDOM MOVEMENT
Prudential is here to help you make the decisions that will have a lasting impact on your financial wellness. For more information, please visit us at www.prudential.com #PruEmpowers
dfree™ and Financial Freedom Movement™ are trademarks of the Corporate Community Connections, Inc., which is not affiliated with The Prudential Insurance Company of America or its affiliates, Newark, NJ. Each company is solely responsible for its own financial condition, content, liabilities and contractual obligations. 0317582-00001-00
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