In a time of increased racial conflict, devastating hurricanes and floods, we see the power and furry of nature and the emergence of heroes that save the day and our faith in humanity. I think Mariah Carey coined it best with her 1993 Grammy award winning song “Hero.” The lyrics from this song remind us that we are stronger than we think: “And you cast your fears aside, and you know you can survive. So, when you feel like hope is gone, look inside you and be strong. And you’ll finally see the truth that a hero lies in you.”
Remember those words when you are challenged with conflict and adversity in this fast-paced technology driven society. Individuals have the power to make a difference in the world by leading by example. Channel your inner strength to find where your power lies.
Taking control and ownership over things you have authority of is empowering. For instance, if you wish you had more money but are stuck in a job with no advancement, decide how you spend your finances. Decide what you can cut from your budget to save, while you look at other possible solutions. It could mean taking your lunch, which is typically better for you, and will save you money. When we think of transformation and empowerment we think BIG but in the words of an old Chinese proverb “A journey of a thousand miles begins with a single step.” Take control and find strength in managing your thoughts, ideas and plans, one step, one day at a time.
You may recall, Dr. Speights was our inaugural guest on the Suite Talk podcast. If you haven’t checked it out, please do so, it is Episode 01. It is just as relevant today as when we recorded it last year.
“Traditional financial planning says that you should have 3 to 6 months of living expenses … In a perfect world this is true,” Lea says. “Admittedly, this can be difficult to do. You should always have some savings, but while you’re working on the other steps, $1000 should be enough cushion to get you over most things that could come up.”
“This is the hardest one for most people,” Lea says of understanding how folks spend and on what. But, he says, “tracking your expenses will help you understand where your money is going and how it is used. Budgets also help you avoid spending unnecessarily.”
Listen to learn more! Here you can find out Wilson’s advice on saving for retirement and eliminating debt. Next week we’ll talk with Wilson about developing strategies to build and maintain a liquid savings.
“What I suggest is that you start with the smallest balance credit card and make bigger payments on that card and make the minimum payments on other cards,” says Lea of Parallax Advisors, a boutique wealth management firm based in Irvine, CA. “As you pay off the smaller cards take those payments and move them up with the payments on the next biggest balance.”
With over two decades of expertise, Wilson has a proven track record of helping businesses, executives, retirees and families meet their financial goals.
Listen to learn more! In case you missed earlier portions of our conversation, you can find them here and here. Next week we’ll be talking about creating a budget to better help you achieve your wealth aspirations.
In this segment of our chat we focus on saving for retirement.
“This is a must, must, must,” says Lea, a wealth managment advisor with over two decades of experience in finance. “If you are working full time, you HAVE to save your money … Zero percent is not an option. Pay yourself first.”
In 2009, she was appointed by the White House to the Center for Faith-based and Neighborhood Partnerships at the U.S. Department of Health and Human Services (HHS) in 2009, serving throughout the Obama Administration.
She served as the Director and her portfolio included engagement on minority health outreach and health disparities reduction strategies.