The Best Date Ever

I hope today has put a smile on your face - I know I can’t stop. Why? Because by the time you read this, I will be out on the town celebrating my birthday, which explains why it’s the BEST DATE EVER! In my family, birthdays are a big deal and I’m grateful for my XY year of life. Nope, I am not telling you my age…lol!

And, the best bday message you can give me is your response to this question:

What is something you claim you want to do involving investing this year but you haven’t been able to do it yet?

You see, I’m thinking about building out an online program on investing.

Before I do, however, I need your input so I can build something you actually value.

Just leave a comment to this message below. I am eager to see your response – and it better not be a “happy birthday” without being accompanied by an answer to this question.

The Birthday Gal,

Charisse

P.S. – Please share this post with 3 friends who you know face challenges when it comes to investing and want some help.

I Hate Taxes!

Happy leap year! I started gathering all of my husband’s and my tax data this weekend to file our returns for 2015. I was reminded of how much I hate the process of getting all the W2s, 1099s, giving statements, and other forms together.  It wasn’t always like this - when I was younger, I looked forward to a refund, so the process was smooth and fast - not the case lately! You know how it goes – the more combined income, investments, and/or savings you have, the more taxes you pay. But, you are also motivated to work more closely with a tax advisor to lower the tax amount (Thanks Frank – our advisor). I don’t mind paying my fair share, but boy, it’s hard to drum up excitement when Uncle Sam takes a big hunk L

Strategies to Get Those Taxes Done

It’s the year of action, however, so I’m taking it a little bit at a time so I don’t get overwhelmed. If you’re already done, comment below and share some tips you used to keep you going during tax season. Better yet, share this blog with a friend who is not done yet.

I read a couple of timely articles and did a few things differently to take away some of the mental anguish. I’m sharing the love:

1. Productivity Wins – We’ve used Dropbox to store our tax files and we share the links/folder so easily with our tax advisor.

2. Online Resources for You Business Owners – I’ve used Efile4Biz the last few years to send out my 1099s and it’s super-easy.

3. Great reads:

   1. 7 Mistakes You Will Never Make Again – Yes, some of these will surprise even the tax whizzes. My favorite? Staying Current on Obamacare.

   2. Avoiding the Estimated Taxes Death Spiral – For you business owners to keep up with payments, don’t miss this read.

End of Black History Month

It’s the last day of Black History month, so I’ll leave you with this quote from one of my favorite businesswomen – Madame C.J. Walker – to help get you in gear.

“I had to make my own living and my own opportunity. But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them.”

Get Yours. I Will Be Getting Mine!

What are you saving it for?

I felt really fortunate this weekend because I got the chance to spend lots of QT with my goddaughter. She’s cute, cuddly, and always coaxing me to play a game or turn myself into some animal that she can ride. It’s hard to believe that she’s already 2-years-old. Whether you have your own children, godchildren, nieces, nephews, and/or other kids that play a significant part in your life, I know you shell out money left and right for them. Kids are expensive! For most of us, they are a worthy investment (unless you got some bad ones – just joking).

But, are you making the smartest choice when you put away savings for a child? Well, I recently read a study, “Saving For A Purpose: The Financial Consequences of Protecting Savings.” I’ll spare you the academic jargon and simply highlight 3 findings for people with kids in their lives:

1. People are less likely to raid savings funds set aside for children;
2. In making savings sacred through earmarking (e.g. for a child’s education), people are willing to incur high credit card debt instead of using their savings; and,
3. People are motivated to do so because drawing down the savings would make them feel financially irresponsible.

Interesting, right? It’s good to know research like this because we then become aware of our own biases and behaviors. Leave a comment below sharing what mechanism you’re using to save for your kid’s (or other children’s) future.

The Promised Tip: Last week, I promised to share a tip on hitting your investment goal for 2016: Set up an automated direct deposit (or transfer) to the account that you want to build the investment dollars. Then divide your number by the frequency of the transfer, and then begin putting money into the account.

There’s Still Time I will be speaking at a Business Leadership Summit dinner this Wednesday, February 24^th at 6pm, hosted by Willow Creek Church in Chicago. You are welcome. You can sign-up here.

Best,

Charisse

How Much Money for Love?

Valentine’s weekend came and went but the love stays. I hope you told someone you love, romantic, platonic, or familial, that you love them. If not, stop reading this email, go do it, and come back. Go on! That person may not be here tomorrow. Each of us deserves to know that we are loved.

And, it’s because of our love for others that many of us go to work, although I hope you were off today, want to build wealth, and make sure we stay healthy. There’s no shame in this – as my grandmother told me yesterday, “I work because I like a nice lifestyle.” She’s the ultimate Badass.

But, how much money is enough to support a lifestyle today or ensure that your beloved future generations will be adequately provided for? If you’ve pondered this question,  you’re not alone. So…

Determine How Much You Will Invest This Year.

So, talk is cheap unless you take action. Write down how much you’re allocating for investing, which is separate from savings. This could be $1,000 or $10,000. Next week, I’ll share a great tip on hitting the goal. For now, write it down, ponder it, and envision it over the week.

Remember, your investing dollars reflects funds you hope will earn a return and you are building for the future. The markets are giving you a gift – low prices and a buying opportunity. If you’re in between jobs or have a loss of income, hit pause on this action because you’re in survival mode to find more income. Go get it!

The Bonus

If you’ve got a few hours to spare watch Where to Invade Next, directed and produced by Michael Moore. Check out the trailer here. I loved it! The movie will make you rethink your money priorities and expose how other countries have rebounded post the 2008 recession. 

You Can Come

And, finally, I want to personally invite all the Chicagoans to a Business Leadership Summit dinner on Wednesday, February 24th at 6pm, hosted by Willow Creek Church. I have been invited as the keynote speaker to share life and leadership lessons. You can sign-up here.

Are You Like a Bronco or Panther?

Are you like a Bronco or Panther? The football fan in me could not resist today’s question. By now, you know that the Denver Broncos crushed the Carolina Panthers in Sunday night’s Superbowl. I’m a big Peyton Manning fan, so go Broncos! In my opinion, the Broncos played harder, were more physical, and outplayed a Carolina team that was expected to dominate them on the field. And, oh yes, Denver played better defense and Cam was a no-show! When it comes to managing your money well, however, you should ask yourself if you have characteristics like a bronco or panther. Panthers are often described as incredibly intelligent and agile animals, but very quiet and cautious. On the other hand, broncos are aggressive, exert their brute strength when they need to, and often described as having a high level of endurance.

So, which of these characteristics would you use to describe yourself? Be honest.

Once you got this in your head, think about the way in which you handle your money. Are you overly aggressive when it comes to investing your money, or do you tend to be cautious? Do you like to have a lot of information before you make a decision, or do you just make a decision without gathering any intelligence?

The point is – your attitude and approach matter to how you handle your money. You need to be self-aware of so you can act appropriately for the right situation. In other cases, you might need someone else out to balance you out. Here’s my action-tip for this week…

Find Someone in Your Circle With the Opposite Disposition

Identify someone in your social circle who has a very different approach to money than you. Ask them 3 money tips they’ve used in the past year and share yours with them.

If you hang around with only people who handle their money with a panther approach, you might be too cautious. If you hang around with people who handle their money with a bronco approach, you might be too aggressive. We are influenced by our social circle and friends.

The trick is – to learn from others who have a different money perspective from you and keep the knowledge increasing!

Do you know someone who can use some encouragement on their finances today? Send them this email blog post or leave a comment to share whether or steer more toward a Bronco or Panther.

Sometimes You Miss It

So, it’s February and we have already completed one month of 2016. My goodness, why is time moving so quickly? Now, I’m sure you’re wondering what I missed this week, right?  The truth is that I missed buying an exchange traded fund, or ETF, at a cheap price. Don’t roll your eyes at this first world problem because when it comes to your money, acting swiftly on investment decisions will help you build wealth over time. And, you can empathize with missing sale, albeit an airline flight or a winter coat.  In my case, I had been eyeing the price of an energy ETF (Ticker: XLE) all last week so that I could buy it on the cheap. I think energy stocks will be a solid bet over the long-term. Things got so busy at work and while the ETF got down to $54.35, I did not buy it. The very next day, the ETF’s price was up big and I felt like I missed the boat.

Feeling like you’ve missed the boat on your investment decisions is completely NATURAL and expected, whether you’re buying an ETF, planning a date with a financial advisor, or rebalancing your 401k retirement plan. Here’s my tip…

Set Up an Appointment With Yourself

One of the best ways to increase your chances of executing on one of your investment “to dos” is to set up a calendar alert for yourself for successive days. I did this in the days following my own mishap, and….I bought my ETF. I did not buy it exactly at the cheapest price over the last week because it is hard to time the market, but I did get it near its 52-week low.

The key thing is to not get caught in the self-pity glut, but instead prepare to execute the next time an opportunity presents itself.  Even the best money managers miss the boat on any given day. And, one of the reasons why they’re “the best” is because they get over their mistakes very, very quickly.

Share the Good News

Do you know someone who’s missed the train on an investment decision? Please send them this blog or leave a comment below on what you are doing to not miss the train.

Dr. King's Legacy Lives On - What Will You Do?

Today we celebrate the life of Rev. Dr. Martin Luther King, Jr.mIf you attended a rally for justice, then I hope you are spurred to take action against any injustices in your community. If you snuggled on the couch in front of the television, then I hope you got the much-needed rest that has escaped you since the start of the year. Whatever way you’ve spent today thus far, here’s one of my favorite King quotes for you to chew on before the night is over:

“The dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the assurance that his income is stable and certain, and when he knows that he has the means to seek self-improvement.”

King made this statement during his 1967 "Where Do We Go From Here?" speech to the Southern Christian Leadership Conference. I love this statement because King makes clear the human need for income stability and certainty. It is hard to do any good work without the income to support your desires. As you gear up for your YEAR OF ACTION, having income stability will be important for you to take advantage of other opportunities such as investing or staring a business.

This Week’s Action

In the spirit of ensuring stable income, have you spent time with your parents to check in on their financial situation? I know – tough topic, but a critical one. My mother and I are having in depth conversations about retirement and what life looks like when she takes the plunge and joins my father. With the stock market still trending downward, make sure you ask your parents how they are preparing for (or living through) the market woes. Our parents’ financial state will affect us, for better or worse, so make the time to start asking questions. Leave a comment below and let me know what you will ask your parents.

Keep Fighting

This year’s MLK day is particularly meaningful for me because when my husband and I went to Memphis this past December, we stopped by the Lorraine Hotel, where King was murdered.

I can’t describe the feeling eloquently in words, but I will say that King’s spirit is alive and nudging us all to be better, to keep fighting, and working toward economic justice for all.

Episode 10: Financial Swagger and Holiday Tips

It is the Season 1 finale of the Charisse Says Show. I display my own financial swag and give you strategies to get your own, especially in front of the holidays. So, click on the episode and WATCH! And, you can give a special gift to your family and friends by sharing this content so they too can step up their financial swagger. Finally, I want to send a special thank you to our Executive Producer & Director, Kia Coleman, and the entire production team.