As you know, I’ve partnered with Shalena Diva to provide financial education tips to her audience. Many of us have seen the photos of 50 Cent after he lost all that weight for a new role, but how many of us thought about the financial lessons that we could learn from it? There are 3 lessons to be learned from 50’s weight loss and I share them in this week’s video for Shalena Divas’s site.
Monthly Archives: May 2010
I had a great time speaking at the financial empowerment event for Become N.E.W. yesterday and apparently they had a great time as well.
Shay, you did an excellent job. Your presentation was lively, informative, and funny! You have great energy and it comes through in your work. I would love to get a copy of your power point presentation. Please keep in touch cuz a sister gotta stay on course!
People are used to hearing professionals speak about personal finance. No offense, but speakers on money matters tend to be a little on the dry side. We talked, we laughed, we shared stories, we worked through myths to creating abundance, and I shared 7 tips to create abundance in your life. I’m glad that I’m able to share information in a way that people can hear and are motivated to put to use. Esther Joseph agrees,
Shay, you are amazing! Thank you sooo much for coming out and truly blessing us with valuable, life-altering information. You are a blessing and a gift from God. I appreciate you and look forward to working with you again in the future. Continue this walk of being a valuable resource in the lives of God’s people. …You were VERY organized and your presentation well delivered and thought out.. this is certainly only just the beginning for you.. good journey :).. God bless.
I also had the opportunity to meet comedian Barry Brewer. He did a funny set, stayed for the workshop, and added value to the conversation by asking awesome questions. Here’s what he thought about the workshop:
Cruise Control: Destination Financial Freedom
Download the press release here
Download the cruise booklet w/ registration form
February 11 – 17, 2011 I may be cruising the Caribbean with you on Carnival Cruise Line. I’m thrilled to offer my first cruise & learn, Cruise Control: Destination Financial Freedom, this spring. We’ll leave from Miami, Fl on Saturday, February 11th heading to Ocho Rios, Jamaica. We’ll have a fun day at sea on Sunday when the lecture series will begin. Monday we dock in Ocho Rios and Tuesday we dock in Grand Cayman. Wednesday we’ll have another fun day at sea and another lecture. We’ll pull back into Miami on Thursday. You’ll be a little more than and a little more wise.
Prices start at only $98 a night and a $50 deposit holds your spot. Natalie Neat over at Sand 2 Sea Cruising will be handling all the details. Give her a call at (949) 544-1991 if you have any questions.
All attendees will get a 5 night cruise, a copy of Money Matters: The Get It Done in 1 Minute Workbook, the lecture series, a souvenir book, a swag bag, and all taxes and fees. Register now.
My work deals with translating financial education jargon into simple terms that we can all use in our everyday lives and coaching you toward feeling confident enough to make choices. Many people know they want to have more money or manage their money better, but they aren’t sure where to begin or whom to speak with. Many people have fears about authority figures or emotional baggage around money. Basically, I make learning money management fun!
Mail registration form and make $50 non-refundable deposit to hold your spot.
See you in February!
The Case for Fee Only Advisors
Do you know how your financial advisor gets paid? Money is a huge motivation for most people that hold jobs. There are generally three types of financial advisors in the US: percentage based, transaction based, and fee only. If you don’t you may want to find out, it may be costing you thousands of dollars a year.
Percentage based means that the advisor works on maintaining, and hopefully growing, your wealth. They get paid by taking a cut of your overall wealth every year. The idea is that if you’re worth more they make more. If you’re worth less, they make less. This encourages them to grow your wealth because their commission is tied to your financial health. The issue here is that in an effort to increase your wealth, there may be a motivation to make moves that are more risky that you’re comfortable with. After all, if they lose some of your money they have other clients they earn commissions from. Where will you make up the difference?
I’m using the term transaction based as a catch-all term that includes advisors that get paid as brokers (when you make transactions) and as advisors (suggesting funds to you). Basically, these people get paid when you buy something. It benefits them to encourage you to make many different transactions because the more you buy, the more they make. Let’s say that Mutual Fund A is a good fit for you, but only offers the transaction based advisor $100 worth of potential commission while Mutual Fund B is more risk than you want to take on, but offers the transaction based advisor $200 worth of potential commission. I’m sure that we can all see the temptation there.
Fee-only advisors require a set amount of money for a specific action, say creating a wealth strategy, a debt management strategy, an investment portfolio, etc. Since the fee-only advisor is already getting paid for her knowledge, there is little -to-know motivation to suggest funds that will give them a commission but may not be right for you, encourage you to trade more than is necessary, or make risky trades on your behalf to try and increase your wealth.
Finding out how your financial advisor gets paid may end up saving you thousands of dollars. It’s important that you have a solid relationship with your financial advisor. If you don’t know, ask. If you feel worried about asking… you may need to find a different financial advisor, but make sure she’s a fee-only advisor.
In case you missed it, here’s the May Newsletter. So many good things are going on that I had to make a video! My second book on personal finance will be available soon, my new eBook “Guerrilla Financial Tactics’ has been downloaded almost 700 times, I’m giving they keynote at Become New’s Money & Emotion event, I’m speaking at Greater Mt. Olive’s Juneteenth event, and I’m looking forward to teaching Master Your Money: Increase Your Credit Score & Decrease Your Debt at Riverside Community College.
HBCU Digest Column – Ignorance is Bliss
This month I began writing for HBCU Digest. I’m really concerned with providing financial education to students at HBCUs. These colleges and universities graduate half of the Black professionals in the US. It makes no sense to prepare these students to get a good job and not educate them on how to handle the money they will be earning.
Every month I’ll post financial education tips, musings from my work at HBCUs, and answers to questions from students at HBCUs. The first column is titled “Ignorance is Bliss”.
June 26th – Master Your Money at Riverside Community College
I’m thrilled to be facilitating Master Your Money: Increase Your Credit Score & Decrease Your Debt at Riverside Community College.
Course Description: This class will keep you laughing as we look at a tough subject. We’ll help you understand your debt management strategies and credit scores using Money Matters: The Get it Done in 1 Minute Workbook to create a specific plan to reduce debt and increase your credit score. You will create a debt management plan in class and leave with specific, measurable, attainable, realistic and timely action items to help you take control of your finances.
Saturday, 10:00 am – 1:00 pm; 1 session on June 26, 2010
Tuition: $49.00 Materials Cost: $15.00
Instructor: Shay Olivarria
Location: Riverside City College
Money & Emotions May 29th in Carson, CA
I’m really looking forward to giving the keynote address at the money & emotions event hosted by Become N.E.W. on Saturday, May 29th in Carson, CA.
Become N.E.W. says
Join N.E.W for another EMPOWERING event! This is a financial workshop. Addressing our relationship with money and learning valuable skills in overcoming emotional spending and remaining financially stable in a struggling economy.
Shay Olivarria will lead our Financial Workshop. http://www.ShayOlivarria.com
Lester Barrie will host this event. http://www.lesterbarrie.org
Comedy relief by Comedian Barry Brewer. http://www.myspace.com/barrybrewerthecleancomic
There will be other speakers and presenters as well as additional treats and surprises to make this a very memorable and EMPOWERING event.
Can’t wait to see you there!
Please RSVP today to SAVE THIS DATE!! :o)
Money Matters: The Get It Done in 1 Minute Workbook and 10 Things College Students Need to Know About Money will be available at the event.
See you there!
10 Things College Students Need to Know About Money
I’m thrilled that my new book, 10 Things College Students Need to Know About Money, will be available in 3 weeks. With all the changes to the personal finance landscape with the CARD Act and change in management of federal student loans, it’s more important than ever that college students understand personal finance.
There are 10 things that every college student needs to know. Click here to find out what they are..
Voluptua Project – 5 Reasons You Should Open an Account at a Credit Union
This month, my article on The Voluptua Project is about credit unions.
# 1 Traditional banks don’t care about you.
Traditional banks exist to make money for shareholders. This means that regardless of how much money they spend to make you think otherwise, their main concern is for a healthy bottom line not for your welfare. Sometimes their desire to earn profits dovetails with your desire to be financially solvent, but don’t be fooled .. read the rest of the article here.
Shay Olivarria on I.O.U.S.A. Film Panel
This is a video from my participation on a panel on national debt stemming from a viewing of the film I.O.U.S.A. After the film, the audience was invited to engage with the panel about how the national debt effected the average American. The director of the film was on the panel, a representative from Operation Hope was there, and an economist were all on the panel along with little ole me representing for youth.
The question of personal responsibility came up and these are my thoughts. Personal responsibility is a huge topic and I refuse to have us think that what we do doesn’t matter. Be careful watching this one, you might get your feelings hurt.
What’s in the Money Matters Book?
I know that we all like to know what we’re buying, so I’m posting this video from a lecture that I did in San Diego to explain a bit more about what’s in the book and how it can help you. If you’re new to managing your money the book will explain things to help you start with a solid foundation. If you’ve been managing your money and want to make sure you’re staying on track, or get back on track, this book has worksheets that will take you from knowing what you should do, to doing it. It’s money management made simple.
Book Review from DC Squared
Did you read the book review for Money Matters: The Get It Done in 1 Minute Workbook at DC Squared? I’m really thrilled that she found it worthy of being reviewed. She says:
Olivarria creates a great guide for you to create your own individual plan to get out of debt and on the track to financial freedom. She states that you have to be patient and consistent. It is never too late to turn it around. I suggest you gift this book to college graduates. It is straight to the point and interactive.
Obviously, I couldn’t agree more. Read the whole review on DC Squared.
From a Writer’s Point of View
I’m so pleased that I was selected to be the featured upcoming author at From a Writer’s Point of View for May for my first book Money Matters: The Get It Done in 1 Minute Workbook!
I have a great article posted about my work on the site. Typically, folks want to know about personal finance or my background in foster care. I can honestly say, this is the first interview I’ve done of it’s kind. If you haven’t seen it yet, check it out.
Here’s an excerpt:
There’s nothing like having your book printed up and you’re holding it in your hands when you realize that you have a “its” when you meant to have an “it’s” and you think about letting it go. Then you realize that for some people this book will be their first experience with you. They won’t know that you’re a genius that has traveled to 9 countries, went to grad school for business anthropology, and usually has impeccable grammar and syntax. They’ll read your book and think, “What kind of idiot can’t use the correct form for it is”?
Check out the interview and leave a comment. I’d love to hear what your thoughts are.
PayDay Loans … ugh – 4 Other Options
If you’ve read Money Matters: The Get It Done in 1 Minute Workbook, you know how I feel about PayDay loans. I ran across this PayDay Loan Fact Sheet and I wanted to share it with my readers.
In case you’re not familiar with PayDay Loans here’s what the Fact Sheet says about them:
Typically, a borrower writes a personal check for $100-$300, plus a fee, payable to the lender. The lender agrees hold onto the check until the borrower’s next payday, usually one week to one month later, only then will the check be deposited. In return, the borrower gets cash immediately. The fees for payday loans are extremely high: up to $17.50 for every $100 borrowed(1) , up to a maximum of $300. The interest rates for such transactions are staggering: 911% for a one-week loan; 456% for a two-week loan, 212% for a one-month loan.
That’s crazy right? I know sometimes you feel like your back is against the wall and you have to do what you have to do to put food on the table, but please think long and hard before you choose to take a PayDay loan. Instead of taking this type of loan:
#1 Take money out of your Emergency Fund. These unexpected expenses are exactly what your Emergency Fund exists for.
#2 Clean house. You probably have tons of things in your house you don’t even use. Round those things up and take them to the swap meet. Ask others if they have old items you can take away for them. You’ll pay about $25 to rent a booth, but you’ll be in a place where people come to buy used items. The chances are good you’ll walk away with a few hundred dollars.
#3 Go to your credit union and ask if you can take out a small personal loan. This will provide you with the money you need while costing less and helping your credit score when you pay it off.
#4 Ask a friend or family member. Be clear about how much you need and when you’ll be able to pay it back. These type of loans can damage your relationship if they are not taken care of. Don’t lose a good situation behind money.
Emergencies are always going to occur. Plan ahead and keep at least $500 in your Emergency Fund. Whatever you do, please don’t take out a PayDay loan.