Hi,
Michelle
Singletary is the nationally syndicated columnist for the Washington Post. Her
award-winning column, The
Color of Money, appears twice a week in newspapers across America. Plus, her
online financial programs reach millions of people around the world.
She’s
a frequent contributor to CNN’s New Day, CNN Newsroom, and The Situation Room
with Wolf Blitzer. She has also been the host of a PBS Special and a nationally
syndicated TV show on TV One.
In
addition to her professional work, she directs the Prosperity Partners Ministry,
a financial education program, at the First Baptist Church of Glenarden in
Maryland.
Michelle’s
newest best seller book is What
To Do with Your Money When Crisis Hits.
In
this powerful interview for my Sirius XM radio show, Michelle Singletary shares
the finance principles she learned from her grandmother and she has taught to
millions of others to help them create wealth:
- Regardless
of your profession, there are areas where you can improve your financial
education.
- It’s
not a matter of “if there will be a crisis," but "when there will be a new
crisis."
- Manage
your finances as if you are in a “perpetual” recession.
- The
best tool to help you create an effective budget is the one that works best for
you, and that includes a pen and paper.
- A
good budget works best when your brain is involved and action is taken! You must
decide that it’s important to do it, and then do it now.
- The
formula for making good financial decisions:
a. Is this a need or a
want?
b. Can I afford it without taking on more debt?
c. Seek good counsel
from wise mentors
d. Always “run the numbers" before you make that financial
call
- Have
different pots for your money.
a. Emergency Fund (at least 3 months of
household expenses in case you have a serious emergency)
b. Life Happens
Fund i.e. air conditioning or heater breaks down, car repair bill (a flat tire
should not create a crisis moment)
c. Retirement Fund
d. College
Fund
- Make
sure every penny has a purpose.
- Encourage
kids to move home and save for a house! Home ownership is a financial game
changer.
- Create
a plan for accomplishing your dream