If you want to build market share you must know strategy.

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David Choe is a graffiti artist who is on his way to becoming a millionaire. Choe created artwork for Facebook.  According to The New York Times Choe was given a choice in his payment Cash or Facebook stock. Choe decided on the stock. At the time, he found the social network “ridiculous and pointless,” but he picked the stock anyway. The stock is now valued at about $200 million.

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Terrell Goes Broke

Terrell Owens recently revealed that he is broke. According to him, his financial situation was a result of bad investments, baby mothers, and double crossing friends. The sad part about it is that in his 15 years of playing football he has made about $80 million dollars. Terrell, in a recent Wendy Williams interview, revealed that his financial difficulties are the result of over spending or a frivolous lifestyle but mostly bad decisions and being too trusting.  The story of once rich athletes who became poor again is all too common. Terrell’s case is another lesson of what not to do.

The Dollars Must Make Sense!

The basic understanding of investing is return on investment (ROI). All investments must provide you with a positive cash flow, which can be less or more depending on the type of risk associated with the investment. If one cannot properly project positive cash flow, the investment is a waste of time. Terrell invested in real estate, which was once thought to be a “safe” investment. However, all investors must understand the risk and details of a potential investment. All investments have risk, even real estate. Terrell’s real estate holdings became liabilities when the real estate market crashed. Terrell and all investors should have their investments go through projections/situations in all market conditions, including a recession ( I didn’t learn this until I went through corporate finance in graduate school). By doing this you will be ready for any situation.

Baby Mammas

The quickest way to mess up your money is with a baby mama. Solution = Condoms

Friends

Friends are interesting because people can change at any time.  Friends also can change the more successful you are. Therefore, it was not a shock to find out that co-stars and closest friends Monique Jackson and Kita Williams were in secret talks to get their own reality show without letting Terrell know. The rapper Fabolous’s line from his song “BET” is something every business person should remember:

“My advice? Get your money, don’t let it change you/
and don’t trust sh*t — even the devil was an angel “.

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The interview is a little old but interesting.

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It seems like it’s extremely easy to get into debt. One simply needs to have ok credit and just that like; one can get into thousands of dollars in debt. However, finding money to save appears to be a little more difficult. There are two basic ways to increase you wealth; either increase your income or decrease your expenses. The following are five things you can do this year to save money:

Automatic Savings

One of the best ways to save is to create an automatic savings plan. An automatic saving plan treats your saving account like another bill. It is not saving because you want to, but saving because it is a necessity. As a result, you will need to look at your savings as a bill, like all your other bills.  In addition, before all other bill gets paid, you will need to pay yourself. One way to do this is to create a direct deposit from your paycheck into a designated savings account. One will also need to contribute to their job’s defined contribution plans, also known as a 401(k) or 403 (b). Many people are losing out on tax-free contributions and free money, (if your employer matches), by not taking advantage of your company’s retirement plan. Like a saving plan, you will need to set it and forget.

Buy vintage

One way to save money and look great is to purchase clothing from second hand stores. The Goodwill and Salvation Amy allow one to stay fresh on a budget. In many cases, the clothing from the Goodwill or Salvation Army is of high quality. Being creative in how you put your clothing together can help develop your own personal style and save you money.

No more movies

The average cost of a movie is $7.89, if you add popcorn and a drink you are looking at over $10.00 just to watch a movie. When taking someone out on a date, you are looking at over $20.00 just to watch a movie. One way to avoid such high cost for entertainment is to use other forms of movie distributions. You can substantially decrease your cost by using Redbox, which for only $1.07; you can watch fairly new releases. You can also use Netflix, which for $8.99 a month; you can also have access to movies.  Both Redbox and Netflix are great alternatives to paying high movie cost.

Downsize

One of the greatest lessons the “Great Recession” has taught us is that less is more. Do you need 2,000 square feet if you live alone? Can you afford the lifestyle you are living? One observation is that Americans overindulge. We have the biggest houses, biggest appetite for consumption and biggest waist line. We love to live in excess like it is the American way. One way to save money is to free yourself of excess. Excess is having things you don’t need and can barely afford. Downsizing is recognizing your excess and making the hard decisions to reduce it. Downsizing is about looking at your total financial picture and seeing what is sustainable.

Watch the little Charges

One thing to watch for is the little charges that come here and there. These little charges add up big time. Therefore one way to save money is to watch the little charges that come in the way of saving. Give yourself the funds you will use for spending and stick to those funds. Little charges are a big threat to your financial future.

In summary, these tips will provide you with extra money in your savings account. Any increase in savings will assist you in becoming richer.

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One recent trend has been the increase in the size of flat screen televisions. I remember when a flat screen was selling for about $15,000. Now one can enjoy a flat screen television for as little as $174, if you choose to buy a 19 inch T.V. But we don’t choose the 19 inch do we? The flat screen is an up and coming status symbol of middle class success. When I say large, I mean 60 inches and above; televisions that can arguably take the place of a movie theater. Best Buy offers an 80 inch Sharp flat screen television for about 5,000.

Is bigger better? Do the inches you have really count? I am talking about televisions here. Do we really need to have so much T.V. in our homes? The real question is do you have the equivalent amount of funds in the bank?

If the answer is no, then we may want to check our priorities. Having a T.V. that cost $2,000 with a bank account balance of $100 shows a lack of financial planning. It may be time to take a look at our values and spending habits. A $3,000 T.V. and nothing in the bank is not a good look.

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