Ep52 Eric B is President, and it obviously doesn’t matter.
In 1986 the song titled “Eric B. is President” was a #1 hit song in the Hip Hop community. At the time it was a strange title, but the title sank in and it didn’t even matter. The Hip Hop community went on to take over the music world and Rakim became one of the most well known and prolific rappers in Hip Hop history -still to this day. He debuted by nominating his DJ for president, that’s 1986, talk about making America great again.
The 2016 election is over and a new president will be sitting in the White House soon. There’s a lot of anxiety surrounding what is to become of the new presidency? So the question remains, how will affect your daily finances, your money, your ability to save and invest because that’s all that really matters. In episode 52, what may or may not be of concern with a new presidency.
At the very minimum, there are at least 5 finance accounts every couple should share, or are working toward getting together:
Joint Checking: Day to day and monthly household management, utilities and food, etc.
Savings/ (MMA) Money Market Account: For the Emergency Fund, home down payment, vacations, large purchases like cars and appliances.
Checking/ MMA Investment: For making investments and speculative activity into anything ranging from real estate investing to small business ventures.
Brokerage Account: For investing in mutual funds, stock and other long term investments.
Credit Card Account: For shared benefit expenses like vacation rentals, car rentals, travel, bookings and on the spot issues.
How does finances play a role in relationships when you’re trying to build yourself up? Can it be expected that your spouse, boyfriend or girlfriend will take on your bills with your now that you’re together? Are old debts now shared debts? Do you share bank accounts and saving accounts?
When it come to relationships, another major qualifier other than how great a personality someone has, how good they look and make you feel should be what is their philosophy about finances. Do you have a spender, a compulsive saver or someone that just doesn’t have or want a clue about money on your hands? The time to figure this out may not be after you’ve kind of fallen head over heels, you know when you’re not thinking so clearly.
What if you’re already in a relationship and the finances are jacked up, one sided or no one is taking responsibility for your financial future? Who should be in charge of the finances? Probably you if you’re the one who noticed. Who should be guiding and ensuring you’re reaching financial goals of home buying, savings, retirement and education? Again, probably you. Credit scores, retirement savings and financial does matter. Unless of course you don’t mind making up the difference where your partner lacks in these areas. Now is always a good time to take a look at your finances and how they work in your relationship, because as you may already know, ain’t no romance without finance.
Right NOW… Steps to take for buying your first home.
This week’s Right NOW segment highlights critical yet nontraditional first steps you can take to buy your first home. Most Real Estate Agents, Lawyers, Home Inspectors and anyone else that will assist in the home buying process will have you go right out and begin shopping as a first step. If you look around online, many home buying guides will have you shopping ahead of some very critical steps as well. Understand the differences between Pre-Approved and Pre-Qualified… you might find that both can mean to PRETEND. On this week’s episode I share my unorthodox which was born out of fear of “The Closing” and why it’s worth taking the path less traveled to ensure success in your venture to buy your first home.