The average American has less than $25,000 in savings, including their retirement account. The majority of Americans don’t have enough cash reserves to handle a $1,000 emergency.
When I read these statistics on creditscore.net, I wasn’t surprised. As Americans, many of us fail to plan for our financial future and have not created good money management habits that we can pass along to our children.
“My Money Matters” is a collection of money management workbooks based on the Basic Money Management Principle, “I will not spend more than I earn.” There are three workbooks created for kids (young people receiving an allowance), teens/young adults (young people working part-time or living away from home) and adults. Each workbook features a weekly money management lesson as well as weekly budget sheets that allow the user to track the money coming in and going out.
Visit http://LaKeshaWomack.com/MyMoneyMatters to get a sneak peek of each workbook
While Author LaKesha Womack worked as a financial advisor for a reputable financial services firm, she realized that most people don’t know a fraction of what they should about money management. Although most books aimed at promoting financial literacy are filled with a wealth of information, they often leave the reader wondering, “What should I do first/next? How can I take this information and apply it to my situation?”
“My Money Matters” is divided into four quarters, 13 weeks each. The first quarter focuses on creating and maintaining a management budget while the second quarter discusses saving strategies and goal setting for their financial future. During the third quarter, the reader develops a basic understanding of financial management. Finally, the user will learn basic investing principles and the role that investments could play in their overall financial plan.
Who do you know that needs help with their money matters? Order ten workbooks and get your copy for FREE!
“My Money Matters” is perfect for families. Each weekly lesson focuses on the same general lesson although the information is tailored to the age group it is written for. The workbooks are also perfect for groups wishing to promote financial literacy. Groups can hold each other accountable by meeting quarterly to review the upcoming lessons and their progress from the previous quarter.
Order twenty-five workbooks for your group for $200. The workbooks retail for $10 each so that’s a savings of $50 or 5 free workbooks, which can be passed along to your members or sale them at retail and use the $2 per workbook as a fundraiser. This offer includes free shipping.
About the author…
LaKesha Womack has over ten years of business consulting experience including owning and operating Womack Consulting Group, a firm specializing in helping entrepreneurs start and grow small businesses. She has worked within a variety of industries including retail, financial services, publishing, technology and many more. She is also the author of “Building a Brand without Spending a Bundle”, “Success Secrets for the Young & Fabulous” and “Is She The ONE?” In addition, she is the Executive Producer and Host of “The LaKesha Womack Show” as well as a young adult minister within the AME Zion Church.
Host a “My Money Matters” Workshop!
Each workshop includes twenty-five workbooks and you can choose between
- The two-hour session where we define the Basic Money Management Principle and discuss budgeting strategies
- The four-hour/ half day session to explore the Basic Money Management Principle, discuss budgeting and saving strategies and create a SMART money goal
- The six-hour/ full day session to explore the Basic Money Management Principle, to discuss budgeting and saving strategies, to create a SMART money goal and to discuss the role that investing should play in their financial plan
For media appearances, email LaKesha at contact(at)LaKeshaWomack(dot)com
If you read through this blog or my business blog (http://WomackCG.com); you will probably be able to identify some central issues that I am passionate about. Aside from your spiritual growth, your money matters is at the top of the list. A few months ago, I wrote about how I believe the middle class has lost it’s voice and a part of that is because we have become silenced economically. In today’s pay to play society, we are playing the wrong game. Many of us are caught up trying to “live the life” and exude wealth rather than focusing on creating wealth, not only for ourselves but also for future generations.
Today on The LaKesha Womack Show, I will discuss the four strategies to be outlined in my fourth book “Your Money Matters: Strategies to Create Generational Wealth”. The book is scheduled to be released in July of 2012 with workshops available for your group/organization.
Your money matters… it’s not about how much you make but what you do with it. Tune in today and get a glimpse into some strategies for middle class Americans who want to secure a better future for their children, grandchildren, great-grandchildren and beyond. At some point we have to stop the cycle of living a consumer driven lifestyle and begin to focus on saving…
Listen to the show live on Thursday, April 18 at 12p CST by clicking the link below or call 646.929.2031 to listen from your phone.
Have questions about your money matters? Leave a comment or tweet me @LaKeshaWomack
Everyone says that you have some money set for a rainy day but rarely do they expand past that statement. Let’s talk about how you create a cash reserve strategy to help your money work as hard as you do.
Your cash reserve is the money that you have set aside for emergencies. An emergency is not a sale at your favorite store or a new driver to improve your golf game. An emergency is the loss of a job or an income earner becoming disabled and not being able to continue working. Most professionals will recommend that you have three to six months of living expenses in reserves. This amount includes your rent/mortgage, car payments, insurances, groceries and all other expenses that your household requires to operate on a monthly basis. Once this amount is decided, the question becomes where should I put these reserves. Holding large sums of money in a checking account can be dangerous because it is easily accessible thus can be easily spent on those non-emergency emergencies. A three-tier cash reserve allows you access to the money but it also allows you to earn a slightly higher interest rate on a portion of the funds as your account grows.
Your first tier can be your checking account. If you are a disciplined spender/saver, you can save one month of your household expenses in your checking account. In the event of an emergency, the money is readily available and there are no transfers required to take care of your obligation. However, if you are not disciplined, consider opening a separate checking account at a different bank or credit union so that you still have the ease of access during an emergency but not the temptation to spend the money frivolously.
The second tier is generally a savings account. You should maintain one to two months of living expenses in this account. Savings accounts normally provide a higher interest rate than your checking account therefore your money is working for you rather than sitting idle. You can attach your savings and checking accounts if you are disciplined, however, if you are not, you should ask your banker to separate the accounts so that the funds can not be accessed through your ATM. This account should only be accessed if your emergency is dire and you have exhausted the funds in your first tier.
The third tier can be held in a money market savings account or certificates of deposit (CDs). These accounts often have a penalty for frequent withdrawals because the bank expects you to invest the money and leave it with them for an extended period so that they can use it for loans. This is why they are able to pay a higher interest rate. Two to three months of expenses should be held in this tier and should be considered a long-term investment. Obviously, these funds should only be accessed once you have used the monies in the first and second tiers.
Although the financial market can seem scary right now, you have to be disciplined and consider your cash reserve strategy as a part of your overall investment strategy. Cash reserves, unlike stocks and mutual funds, are FDIC insured when held at a bank. Your money matters, have discipline, make smart decisions and you can weather any financial storm.
The danger of not having a cash reserve is that when you encounter an emergency you are often forced to use a credit card or apply for a high interest loan. Either of these options will increase your debit load. Some people say that they can’t save because they have to pay off their debt. I say that you have to do both even if you are just saving a little bit.
Consider this…you have paid off all your debts but saved no money, an emergency occurs, what do you do? Go back into debt because you have no cash reserve to bail you out…