It’s that time of year when the weather has finally broken and apparently so has the clasps on your wallet. The months of planning and savings have come to an end and out comes your check book. Whether considering a real estate purchase, a backpacking trip to Europe, or paying down your student loans, it is important – now more than ever - that you weigh the pros and cons of both small and large purchases as you use your financial intelligence to acquire the things you want. If you’re like me, well then you’re dead set on checking off the laundry list of goals you plan to accomplish by years end. This is sure to include the long awaited trip to Portugal or Ireland, purchasing a motorcycle (Honda CBR 500cc), and starting a savings plan for the trip to Australia you promised mom back in college. Money is surely the common thread that connects it all. Knowing how to manage your money to get and do the things you want is a critical skill to have; one that should be developed early in life. Developing the discipline needed to acquire the house, the car, the kids, and the family vacations, can be the single most important step to turning your day dreams into reality. Your Road Map To Success Have you mapped your route to the finish line? In other words, do you have a financial plan? For me, creating a financial action plan has proven to be very beneficial and helpful in my decision making over the years. It has allowed me to see – from a broad and narrow view – what I am capable and not capable of doing. Whether or not its planning a trip to New York to visit my family or a vacation with my sorority sisters, I’ve develop an understanding of money and how it works given particular situations. It’s very simple -- make your budget your best friend. My budget and I have been BFF’s for many years now. I started back in college documenting my earnings and expenses in excel spreadsheets. Back then, I was not privy to the fancy templates now available in Microsoft Office that have pre-loaded formulas and the likes. While these templates are nice and convenient, a simple excel spreadsheet – one that you can create yourself – can get the job done. I started off with a basic three columns spread. On the far left I list the names of all items/things that I pay for throughout the month. I categorized them based on importance. I always budget to PAY MYSELF FIRST. Savings has and will always be a critical component to my budget because it allows me to set aside money that I can use in the future as I see fit. My second and third columns are broken down based on my monthly pay schedule. I typically get paid every two week so I base my spread sheet on two pay checks per month. My payments are based on when bills are due. For example, since my school loan is due on the 17th of every month, I budget to have those funds paid out of my second paycheck. What makes creating a budget fun, exciting, and beneficial is that you can design it as you see fit. You can even choose to include an “actual” column, which takes a bit more effort in maintaining but is worth it. Documenting your actual expenditures will allow you to really see how much you spend in comparison to what you think you should spend. Simply put – it keeps you honest. I truly believe creating a budget and sticking to it strengthens your financial intelligence. If you’ve paid yourself first and have accounted for all of your expenses over a given time period, you can determine if you have discretionary funds to pay for that trip to Portugal or that motorcycle you’ve dreamed of getting. You can even plan ahead and build in budget line items for each of the goals you are trying to meet. From planning to purchase furniture to airfare – your budget can be your most valuable tool in helping you get the things you want! No sense in racking up hundreds of thousands of dollars in credit card bills. Instead, take some time to budget and save for what you want and I promise, you’ll be so much happier in the end…and so will that clasps on your wallet! Till Next Time, Peace and Happy Learning
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In thinking back, can you remember the last city you visited that had almost everything you were looking for? A city that afforded you the best of both worlds; your little urban oasis as well as a welcomed suburban retreat. Having traveled to several cities both large and small in and out of the continental U.S., I can say Chicago may just be that place!
Before relocating to Chicago from one of the greatest cities in the world - New York -, I pictured Chicago being similar to the many other cities I’d traveled to in the past–nice, but not quite what I’d been use to in New York. I assumed it was going to be small with not enough to keep my attention. I’d heard Chicago being coined the second city but had ruled out any high expectations of what it could offer. My first “walk thru” of down town and the lake front area instantly gave me a change of heart. I absolutely fell in love with how “neatly packaged” Chicago appeared to be from first glance. Since I wouldn’t allow myself to fall head over heels right away, I decided to travel into some of Chicago’s most well-known, historic neighborhoods. My drive down Lake Shore Drive to Chicago’s south side Hyde Park neighborhood felt like a car ride down the West Side Highway in Manhattan, NY. Once we arrived in Hyde Park, I was overtaken by an oddly familiar feeling; Hyde Park looked and felt like Brooklyn’s Park Slope area with outside dining, a diverse make-up of people and mom and pop shops on nearly every block. The homes were cozy and well-kept and there was a real sense of community. Similarly, driving south bound down King Drive was just like taking a trip down Eastern Parkway in Brooklyn. The massive gray stone buildings that lined each side of this pass thru were grand and stately. The architectural integrity of this area of the city was absolutely breathtaking. Each time I’d visited there after further confirmed my sincere pleasure of this city, mostly because it felt like home. If you’ve had the chance to visit both Chicago and New York City you too will likely find many similarities between the two cities. And for those of you who have preconceived notions of big cities in general, I am here to share with you even big cities can bring you the peace and quiet you may be looking for. Chicago is filled with a plethora of neighborhoods filled with diversity in things to do and people to see. From Rogers Park on the far north side to Chatham on the south side; you are likely to find your urban oasis or suburban retreat. There are some neighborhoods, like Beverly (south side) and West Loop Gate (downtown) that make you feel like you’ve just arrived to your typical suburban neighborhood. Instead, you are minutes away from the most sought after amenities that come with big city living such as access to down town, public transportation, as well as a vast selection of cultural activities including state of the art museums, fine dining, and of course access to the beach! Chicago also happens to be listed as one of the country’s largest, most affordable cities. Both rent and home sale prices have remained relatively low compared to many cities of its size. According to today’s Forbes article titled “Rising Home Prices: Coming To A Market Near You”, in Chicago, asking prices - for homes - fell in all listed areas, with even lower numbers for the northern and southern suburbs. While this may not be the best news for current home owners in these suggested areas, it could mean great news to you as a potential buyer. My final recommendation: Check out Chicago for yourself! Research and read about the Chicago rental and real-estate markets as well as the different neighborhoods both on the north and south sides of the city. You may be just as surprised as I was in learning about this charming mid-western city! To read the Forbes article cited in today’s blog go to http://www.forbes.com/sites/trulia/2012/05/03/rising-home-prices-coming-to-a-market-near-you/2/. We’d love your feedback! Feel free to leave a comment below or at The Soldon Corner. Till Next Time, Happy Living and Learning |
About The AuthorSolonge Robinson is a Co-Founder of Soldon Properties, LLC and proud contributor to The Soldon Corner. Archives
January 2020
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