Get your money right

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Russell Simmons’ Hip-Hop Summit Action Network hit Toronto this weekend with the “Get Your Money Right” forum. I wrote a while back about my own struggle to get financially empowered, so I figured I’d head down there and see if I could pick anything up.

get-your-money-right-003.jpg The red carpet was a bit of a zoo, and the auditorium was packed with kids (half of whom seemed to have shown up to demonstrate their undying love for Chris Brown by screeching at the top of their lungs). Forums like this always run the risk of being an exercise in celebrity worship, as opposed to offering any useful information. But as it turned out, panelists Russell Simmons, Dr. Benjamin Chavis, Remy Ma, Lil Mo, Chris Brown, Melyssa Ford, Lil X, Hi-Tek, Kardinal Offishal, Saukrates, MC Lyte, as well as a financial expert from Chrysler, had quite a bit to say. Here’s ten tips from HHSAN on getting your money in order. [1]

1. Set goals. It’s important to have a plan when it comes to managing your money. Get financially literate by reading books, talking to people you respect, visiting your bank manager and doing research on the Internet. Dedicate time every month to reviewing your finances. Keep on top of your progress. Be patient, don’t let setbacks get you down. 

2. Track your day-to-day spending and come up with a realistic monthly budget. Get a handle on your spending. The best way to do this is by carrying a little notebook and recording all of your daily expenses. Once you know exactly where your cash is going, you can begin to look for simple, painless ways to cut spending.

3. Live within your means. Make sure that your income and expenses balance. You shouldn’t be spending more than you make each month. Limit your use of credit, particularly high interest credit cards and department store cards. Reduce your spending on things like fast food that aren’t particularly pleasurable or healthy. (The Automatic Millionaire calls this the Latte Factor. In the book, author David Bach details how you can accumulate millions over the course of a lifetime if you skip your morning latte and invest the money instead.) Work at reducing your debt load.

4. Stop trying to keep up with the Jones. Wearing all your money doesn’t make sense. Plain and simple.

5. Save a percentage of your income. Invest your savings. Saving small amounts will add up to a fortune over a couple of decades.

6. Establish a prudent reserve. Set aside some money to ensure that you aren’t living from paycheck to paycheck and can handle unforeseen emergencies without incurring new debt.

7. Work towards purchasing a home. A home is an ideal investment because it normally appreciates in value over time.

8. Harness the power of visualization. MC Lyte suggested that audience members stop focusing on deprivation and start focusing on prosperity. If you know you want to own a condo but can’t afford one, she said, go to the open house anyway. Walk around that apartment and visualize yourself living there. You would be surprised how things that you visualize start to manifest in your life.

9. Don’t hoard money. Keep the flow moving. Be generous, support good causes, donate time and money to community projects.

10. Focus on service. Simmons said the key to success is to identify what you have that the world needs. Get up every morning thinking about what you can contribute to the world as opposed to what you can get out of it.

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[1] HHSAN has put together a handy workbook on personal finance. You can download it at: http://www.hsan.org/

  • http://rodneydugue.blogspot.com RD

    Tara Henley keeps it real by sharing bits on how to save money. Kudos!

    RD

  • Tmontana171

    werrd

  • allnice

    Very good advice. Good job posting something that can really help cats.

  • yourtimeisover

    Tara Henley, keeping it real…again.

    Fuck bol with his pessimistic white boy shit. At least Tara’s writing some real articles.

  • e aka the real noreiaga

    Good post on staying on the grind. This is all advice that people have heard before. The hardest part is sticking to the plan.

  • e aka the real noreiaga

    Stay on your grind kiddies.

  • http://myspace.com/legacyhiphop Belize

    Props Tara!

  • thoreauly77

    good post miss henley. i visulaize myself teaching university level lit in about 6 years and then paying off my gazillion dollars worth of student loans. how about we ass one more to this list of examples:
    hold off on having a child if you and your partner are not ready because them kiddies are hella expensive!

  • alleyeCNtower

    well conveyed, Tara… I took this information from the session as well, but you have presented it in a cohesive, edutaining format. The Chris Brown Scream Factor and the Mayhem Morearty Screwface Holla @ Kardinal were the only childish or negative things in the whole event. It was a success to me, and something crucially necessary for the heads of Toronto.

    Meeting Melissa Ford in person, plus MC Lyte and Remy Ma were some pretty damn great moments in that day, too!

    don’t forget, read Proverbs
    ;)

    good to see you in the media scrum… keep it gangsta, homegirl

    get money like Lil Kim say

  • E.Williams

    Much respect to T.H for a great article!

  • Joz

    15-years-olds (ie the chris brown fans) are so far from home ownership that i didn’t find no. 7 even worth addressing. but i was there and appreciated the largess of russell simmons and dr chavis…

    btw did you find it strange to be shook down by nation of islam security guards on the way in?

  • SUPERMAN

    WAIT, DIDNT YOU DO SOMETHING LIKE THIS A FEW WEEKS BACK? BOOOORRRIIINNNNGGGG!!!!

  • Dr Flav

    Good stuff, I hope Remy was paying attention. Lol But seriously she hold that bag lady chic to a science.

  • Silva

    props on this one Tara

  • daesonesb

    The one about not wearing your money is hilarious. Livin in a cardboard box rocking a gucci suit. Kids are foolish.

    Another? Go buy a motorcycle and sell your car. Shit will save you thousands on gas for the long run.

  • Young A. Simmons

    Tara you seriously obsessed with money and money management.

    From Bols site:

    “If you have no ambition beyond the acquisition and stockpiling of material things, you are not an eligible woman.”

    I’d expect petty superficiality from Fresh, but you? damn…

  • Bang

    I visualize threesomes with bad booty bikini bitches all the time, so hopefully MC Lyte is right

  • SUPERMAN

    Young A. Simmons Says:

    October 30th, 2006 at 12:17 pm
    Tara you seriously obsessed with money and money management.

    From Bols site:

    “If you have no ambition beyond the acquisition and stockpiling of material things, you are not an eligible woman.”

    I’d expect petty superficiality from Fresh, but you? damn…

    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

    HELL YEAH. TARA WHOS PAYING YOU TO WRITE THESE ARTICLES? AND YOU MUST NOT BE PAYED MUCH THATS WHY YOU KEEP WRITING THEM. ALL ABOUT MONEY MANAGEMENT. I SERIOUSLY THINK YOURE THROWING SUBLIMINALS AT XXLMAG.COM SO THEY COULD PAY YOU MORE. I DONT KNOW HOW YA GET PAID OVER THERE BUT YOU GOTTA STEP YOUR GAME UP LIKE BOL. THAT FAT ASS NIGGA GETS LIKE 342,382,374 RESPONSES IN AN HOUR. YOU RACK UP ABOUT 36 BY THE END OF THE WEEK. POW!

  • Dr Flav

    My Pop told me (RIP), you dont want a woman who doesnt want anything. You want a lady with ambition, trying to get something, otherwise you got a bum broad sucking up everything you get and is helpless when or if you fall off. two hustlers beat one ALL DAY!

  • http://www.allhiphop.com,Version=1,Version=1,Version=1 Rey

    Good one, Tara.

  • nocal

    Don’t hoard money.

    Save money.

    Don’t live outside your means.

    Visualize living outside your means.

    Intellectual masturbation, methinks. This is basically some vague, silly advice. Nothing about investing, nothing about risk, nothing about furthering a career.

    But yeah sure, this had a point I guess.

  • http://www.okayplayer.com Spark

    I got my wallet on lock

  • http://aramhiphopetc.blogspot.com/ I Fux

    This shit is harder then it seems, when I am at the bar with a honey I think I am going to lay the pipe to and she wants a 13$ cosmo as opposed to a 4$ Corona when ultimately both will do the job and get me Laid!

  • The DJ Formerly Known as N-CREDIBLE

    Jay dont want it with nobody…he to OLD to beef…its sad how he gets credit by default(PAC,BIG,NAS:lack of initiative)…but fuck Nas chillin he dont wanna be a CEO or anything like that…Jay-Z focus more on business than music…and this fuck wanna come out with a album cuz of the state of the market…dont hype your album to be something its not…same with you…dont claim to be the MJ of rap when you aint puttin in the work in the studio…Fraud…Fuck the business and money…im talking MUSIC

    ~album sales dont make a album
    ~a image dont make a album
    ~having a classic album in the past doesnt mean your album will be nice
    ~how much money you make off the album doesn’t determine its worth

  • gutta

    i must say, you have been on point lately…bol’s posts steadily losing popularity??

  • MIC RICH

    I think your intentions we’re well but that shit seems easier said than done. What kiss say “it’s easy to get $ but it’s hard to keep it.”

  • SUPERMAN

    I SAID 36 RESPONSES BUT IT LOOKS LIKE 26, PLUS MINE WHICH IS 27. DAMN TARA YOU CAN DO BETTER THAN THAT!

  • http://rakimfan.blogspot.com rakimfan

    Russell Simmons took more money out the community than Philip Morris. You wanna empower them you have to teach them about the accumulation of wealth. The list above is about sustaining a financial plan. Real money people look at this shit and think it’s a tax write-off with no true longlasting benefits! I can think of 10 ways right now that body that shit above. Good attempt tho. Your hearts in the right place.