Financial Workshops at Your Public Library

I'll be attending a Financial Management Workshop offered by Richland County Public Library (RCPL) in Columbia, SC on Monday, October 1, 2012. Below is the description from the RCPL website. If you want to learn more about personal finance, retirement, investing, etc, check out your Local library and see what workshops they offer for FREE.

Money Matters in the African-American Community: Are We Throwing It Away?

Event Type: Community Awareness Age Group(s): Adults, 13 - 18, Programs for Adults Date: 10/1/2012 Start Time: 7:00 PM End Time: 8:30 PM Description:  This community forum will kick off our Growing Savers: Smart Money@RCPL grant initiative to help families make educated financial choices for long-term and day-to-day money matters. We will look at how pay day and title loans, lottery spending, cyclical behaviors, etc. adversely affect our community and why we are not doing more to save/invest and to become entrepreneurs. Library: Main Library    Directions to the Main Library Location: Lucy Hampton Bostick Auditorium

Cutting Expenses to Have a Comfortable Retirement

I posted a few days ago about purchasing the Magic Jack to replace my current landline phone. I would only have paid $30/year and get to keep my current number. I was excited to receive the message that my number will be able to transport. However, the next day I received another message stating I had to separate my home phone and Internet service. My area does not do that. They have what is called "capped" in my area. Meaning they will not be able to get an installer to come out to separate the two services. I didn't want to lose the number I've had for the past nine and half years. Thus, I made the decision to return the Magic Jack. I may not get the whole refund, but hopefully half of it.

It has caused me to think of other areas in which I can cut back or pay more of so I can have a comfortable retirement. A few ideas I thought of:

1. Pay car loan and/or Student loans as quickly as possible. Currently paying a few extra dollars each month, toward the principal, from my part-time job(s) and cash surveys I've taken.

Photo from creditcardz-info.blogspot.com

2. Pay Credit Card bills.  Pay more than the minimum. My weakness because I love the cash back option.

3. Pay off mortgage before retirement. I refinanced a year ago from a 30 year loan to a 15 year loan. Interest rates at the moment are low, so you may get a great deal. I went from paying 5.75% to 3.75% for my mortgage.

4. Eliminate Landline phone. If you use your cell phone more often than your landline, then eliminate the landline. I continue to use my landline, so I'm looking at other ways to cut back.

5. Lower your plans for Cable/Satellite and cell phone services. If you are not at home very often, reduce the number of channels you receive. DISH has a great Welcome package for $14.99. If you are not using the Internet on your cell phone, then eliminate that cost.

6. Get a roommate If you are single, find a friend who is single and the two of you share expenses. If you are married and have an extra room, rent it out a few months out of the year. I reside with my twin sister and the savings I have by splitting the mortgage have helped me pay down many of my debts.


Remember in retirement you want your expenses low so you are not depleting your retirement funds (State retirement plan, 401k, 403b, Roth IRA, etc.) so quickly. Your retirement years can last 20 or more years.

What are other ways you are eliminating your expenses for a comfortable retirement? Please comment below.

Rhonda W.

Part-Time or Full-Time

I work at a Technical College where there are several branches from the main campus. A student asked me yesterday morning why was I at the MTC Airport campus the previous day? Was I accepting another job? He adamantly said, "You can't leave. But DO LEAVE if that is where God calls you."

It made me PAUSE.

When I decided to Take The Leap, as you sometimes say, to be a Rep for ValuTeachers. I have thought about being Part-Time or Full-Time.

Part-Time Pros 

• Keep my Full-time job with Benefits
• Guaranteed paycheck each month to pay my bills
• Can be paid by giving referrals

Part-Time Cons

• Not building my client base
• Not being able to take off work to visit Schools, Hospitals, and Churches. These employees are qualified to contribute to a 403b.

Full-Time Pros

• Set my own schedule to visit my clients with appointments and follow-ups
• Attend trainings and conferences
• Gives me self-confidence I can make money via commissions

Full-Time Cons

• A monthly paycheck is not guaranteed
• Commission is based upon my efforts (low efforts, little pay for month to cover my bills).
• No benefits

What are your thoughts on being Part-Time or Full-Time with a position that is paid by commission?

Rhonda W.

What Will You Do With An Extra $330 Per Year?

Photo from Amazon.com

I thought of the question "What Will I Do With An Extra $330 Per Year" when a co-worker came into my office a couple days ago and told me "Thank You" for informing me how to save money on my phone bill. It will help tremendously with he and his wife's budget. I was so humbled.

You see the previous day I informed him about Magic Jack. I was very touched because I was only passing along the information my relatives in Dallas informed me of.  Pay only $20 or $30 (if you keep your existing land line phone number) per YEAR for your phone bill. Not per month, but PER YEAR!! I told my co-worker how I ordered the equipment. It will arrive today or tomorrow.

With the average land line being $30 per month it equals to $360; pay $30 (Magic Jack Plus) once a year; and you SAVE $330 per year. I know saving an extra $330 per year may not seem much, but it can be the difference for a single person paying an unexpected health bill, a father wanting to take his family to the beach or the mountains for the weekend, or an educator finally making the decision to open a 403(b) or Roth 403(b) account to supplement their retirement.

Photo from Bestlunchideas.com

For many people $330 may not seem like a lot, but believe me it can make a difference. What other savings can you do to be able to contribute to your retirement. Below are my 5 Suggestions:

1) Brown Bag It: Ever since I started working at age 18 as an undergraduate at Clemson University in their Business Department, I bagged my lunch. A few times I may go to the cafeteria cafe and order a small pizza or hamburger, but 98% of the time I brought my lunch to work. It saves so much money. You only need time. Take the time either the night before or when your breakfast is in the microwave, go grab a fruit and make a sandwich. Mix it up by bringing a salad twice a week and a sandwich the other days.
My Result:
THEN: After I got my graduate assistantship for Grad School, the remainder of my tuition was paid by me stashing my savings(brown bagging it). NOW: I contribute to both a 403(b) and Roth 403(b) via ValuTeachers.

2) Automate: It is not quite a savings, but if it is out of sight it is out of mind. Have your HR automatically take the money out of your paycheck and directly to a savings account at another bank, a 401(k), Roth IRA, or 403(b) account. And when you get a raise increase the amount you contribute.
My Result: In 2008, I was able to contribute fully ($5,000) to my Roth account. You can always decrease as I did when I had to start car payments in 2009. I still contribute, but it is not near the amount I would contribute if I didn't have a car payment.

3) Buy Generic Products: There is very little difference.
My Result: I pay generic on vitamins, cleaning products, store brands of Spaghetti, jam, peanut butter, bread, etc. The savings goes to my retirement account.

4) No Name Brand Clothing: Similar to #3, but for clothing. However, if you must buy name brands shop at The Goodwill or other consignment shops. Shop off season as well. Buy Winter items during the Spring or Summer.
My Result: Recently went to The Goodwill in Brooklyn, NYC and paid for two pair of pants - $9 each - with regular price of $45 per pants. Nice clothing for work in which you paid less in clothing than what you earn in any given day.

5) Travel Savings:

Photo from Airlines.co.in

1. If you like to go on a cruise go during the Winter.
2. Travel after Labor Day, the prices goes down tremendously.
3. Use your air mileages if you travel 2-3 times per year.
4. Travel mid week and purchase airline tickets on a Tuesday or Wednesday.
My Result: I've been able to travel on a cruise in January that was half the cost of a Summer cruise and will be traveling to China for New Years. It may be cold climbing The Great Wall, but the savings goes to my retirement account.

What will you do with an extra $330 per year and what are your other ways of savings to pay for your retirement? Please comment below.

Rhonda W.