All posts by thefinancialhack

I am an Accredited Financial Counselor... IN TRAINING. Since I haven't earned the right to place the letters AFC to the right of my name just yet, "Money Coach" suits me just fine. I hold a BS degree in Journalism from Texas A&M University, an MBA from Amberton University, am a licensed Real Estate Sales Agent, and a Landlord/Property Manager. My goal is NOT to advise people how/where to invest their money, but to educate/counsel/train/coach people on how to become better stewards (i.e. managers) of their money. My experience comes from trial and error over the years (MOSTLY ERROR,) but that is how I’ve learned. The formal training I receive should reinforce what I've learned through my experiences managing my money. The information I provide to you are methods that have proven beneficial to me as I have navigated through my financial journey and continue to do so daily. Hopefully they will prove beneficial to you as well. Understand, what works for one may not work for all so please bear that in mind as we proceed. It is my prayer however, you make the decision to take charge of your money and gain your financial independence. Wishing you much luck and success on your financial journey. ~Andreana L. Coleman
MINI GETAWAY, RANDOM

MINI VACATION HACK- The One Day Get-Away

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I hadn’t gotten away from Dallas in a good while and sometimes a “one day getaway” is all I need to recharge. Austin is usually my “go to” city of refuge but this time, I headed east. Hot Springs, Arkansas was the destination and I was determined to go even if for only a day. Road trips are what I use to clear my head. Driving the open road is so therapeutic. It gives me time to think which is sometimes difficult to do in the hustle and bustle of the city. With me being on a strict budget I figured the day AFTER Labor Day would be an ideal time for travel. Schools have reconvened and most people have taken their yearly vacations. This means low hotel occupancies which is always a bonus for the frugal traveler.

Embassy Suites, or any Hilton Affiliate Hotel for that matter, is where I often stay for the simple fact I’m a Hilton Honors Member. One day, these points will add up and eventually I’ll get a free night or two of hotel stay. I can’t wait for that day to come.

Traveling during non-peak times is ideal if you’re able to do so. Fuel prices are low so that means low prices on airline flights, gas, car rentals, hotel rooms, attractions, you name it. For all practical purposes, I’ll focus on hotel stays. What you MUST KNOW is you’ve got to ask for hotel upgrades. Some front desk agents will upgrade you because the’re feeling gracious but mostly do it because they want your continued patronage. For example, knowing local hotels in the city would not be at more than 50% occupancy (remember I’m in a tourist town the day AFTER Labor Day,) we knew we had leverage. Upon check in, my mother, (yes I traveled with Moms this time) was quoted a price of $160. I asked if that was the best rate they could give us. They knocked off $30. She’s a member of AARP which gave us an additional discount so let’s just say we got a double bed suite with a great view on the top floor for dirt cheap. Of course they hit us with the local and tourist tax. If you’ve stayed at an Embassy Suites Hotel (my favorite location is Downtown Chicago,) they have a complimentary happy hour every evening and complimentary breakfast every morning. You can’t beat that with a bat. The bed was so comfortable, I blew my budget of spending zero dollars on this trip, to purchasing two of the hotel’s down feather pillows from the HiltonToHome.com website. Although this purchase was a budget setback, after the good night’s rest I got, blowing the budget for the month will be well worth it.

Ask for upgrades. If a hotel doesn’t have free wifi and it’s off peak season, ask them to include it. Hotels can and will offer all sorts of concessions from upgraded rooms, free wifi, room service vouchers, keys to the mini bar (if that’s your thing) complimentary spa treatments, free conference room use (for business travelers) and the list goes on. As my mother always says, “Don’t tell yourself no. Let THEM tell you no.” 

I could have easily stayed in the room and relaxed with a book, watching television, or enjoying the mountainous view, but my mom and I hit the Hot Springs streets. As we strolled down Central Ave, we visited several quaint shops and boutiques, one in particular was Snazzies Inc (find them on Facebook) where I fell in love with this baseball shirt:

  
Now here’s where the “frugal me” comes in. I just HAD to have this shirt. Non-essential items was NOT  in the budget but I purchased it anyway. It hit me after I got back to the room: I could have designed this same shirt for the same amount of money. Just on general principle, when I got back to town today, I went on a popular “design your own” t-shirt website and came up with this:

  
I like my version better…. It should arrive early next week. 

That goes to show impulse purchases are a “No No” when budgeting. I definitely didn’t think that one through. Oh well. I still LOVE the shirts.

The downside of the trip: The bathhouses were closed. We didn’t want to get in the water, just put our feet in. Also because of the off-peak season, a lot of the tours weren’t available to us. Had it been a weekend, they would have. It didn’t matter. That meant less money to spend and I didn’t care. I was enjoying myself.

The upside of the trip: I had one of the best cupcakes (an Ooey Gooey Buttercream Cupcake) from Fat Bottomed Girls Cupcake Shoppe as featured on the Food Network.

 
  
Sooooo Good.

To work off the cupcake, me and my 69 year old mother hiked some 2mi… Uphill.   

The view was beautiful. And guess what? It didn’t cost us a thing. I’m glad I packed an extra pair of sneakers. She was such a trooper, I rewarded her by dropping her off at the casino and gave her my $10 voucher the hotel gave us. Now she has $20 to play the penny slots. What is it about old ladies and slot machines? Snickering, I’ll never understand. I won’t even begin to try.

After feasting on pancakes, bacon, potatoes, omlettes, various pastries and fresh fruit this morning, it was time to head out. We couldn’t leave without taking with us what Hot Springs is best known for… ITS NATURAL SPRING WATER. We purchased a couple of two gallon jugs and proceeded to the local water dispenser. Poor Moms. Her spout was defective, the splatter leaving her shirt wet. She mumbled under her breath as she moved to the next spout. The water flowed much smoothly. I filled my jug, gave Central Street one last glance and smiled. We did a lot in 24 hours and I wasn’t tired. Window shopping didn’t cost a thing, watching the sun play peek-a-boo with the clouds while we hiked didn’t cost a thing and most importantly, the time I spent with my mom didn’t cost a thing (with the exception of a slight headache or two.) But at that very moment, the feeling of calm and inner peace I had within, my friends, certainly didn’t cost a thing. 

~The Financial Hack ©2015

Community Service, Giving Back, Project Spare Bottle, Why I Give

GIVING BACK: PROJECT SPARE BOTTLE STILL GOING STRONG

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The temptation to give in to taking today off for the Labor Day holiday was strong. VERY STRONG. I didn’t go to bed until almost 3am because of a late start I got doing weekly household chores. My sister was dragging as well but despite how we felt, we had a job to do. And although it was just the two of us today, we loaded up two cars and set off to hydrate the homeless on this scorching day. It started off cloudy, but by the time we rolled out, the sun was definitely unwavering at beating down upon us and those that we served. It’s amazing how ONE “thank you” or “God Bless You,” is enough to energize me. That which is sometimes clouded becomes as clear as a day like today. I played music from the truck and those we served seemed to enjoy my antics; the dancing, the singing, all with a smile on my face. I ran across the street about half a block to give the lady who is usually too weak to walk a cup of ice, a bottle of water and a zip lock bag of ice to keep her cool. To her left was another that needed hydrating as well. After two additional trips, I walked back triumphantly to the truck waving my arms up and down as a football player raises the roof to get the crowd hype. Man it feels good to help others.

From there, we headed to our second location, Tent City. As with the first location, the people know my truck now and are always happy to see us. With it being the holiday, my sister and I thought at the last minute of course, it would have been a nice surprise to pass out chopped beef sack lunches for the holiday. Shoot. That’s okay. There’s always next week.

Of course, there’s the lady I always visit to fill her cooler up with ice. I’m not sure what draws me to her. She’s an older woman, friendly, and always remarks about how church service was so good. Perhaps it’s her resolve that draws me to her. She doesn’t allow her circumstances to dictate her attitude. Today she told me about today’s message and how she loved her church (Turning Point.) Before I left, I asked her name. I had forgotten before. She told me Cecilia. As she told me I
looked in her eyes. I studied her and thought to myself, “I know her. I’ve seen her somewhere before,” but I couldn’t put my finger on it. As we were leaving, her husband said, “My wife is famous. She’s all over the internet.” and then it hit me….

THIS IS CECILIA…..

tentcity
Photo Cred: The Dallas Morning News

Cecilia Terrell is the woman pictured in the article where I spoke of her almost four weeks ago. The woman I promised I would come back to fill her cooler up with ice.

Read MY ARTICLE here: https://wordpress.com/post/96150968/162/

Here’s the Dallas Morning News article about “Tent City” here: http://www.dallasnews.com/opinion/editorials/20150505-editorial-tent-cities-under-i-45-are-no-way-to-solve-dallas-homelessness-problem.ece

Wow. A local celebrity. That’s more than I can say.

See you next Sunday… Miss Cecilia.

~The Financial Hack ©2015

Credit Card Management, Finance, Financial Fitness Boot Camp, Money, Money Management, Personal Finance

FINANCIAL FITNESS BOOTCAMP WEEK 9: MAMA SAID KNOCK YOU OUT… CREDIT CARD DEBT, THAT IS

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As we gear up for the Labor Day weekend, let me finish Part 2 of “Charge Now, Pay Later: Overcoming Debt.” As I stated last week, I know everyone may not have the option to withdraw/borrow from retirement plans or even borrow against the equity in their homes, but never fear….

thCYH0E1HG

WEEK 9: MAMA SAID KNOCK YOU OUT…. CREDIT CARD DEBT, THAT IS.

People that know me know not only am I a huge football fan, but a huge fan of boxing as well so what better way to illustrate getting rid of credit card debt than with a boxing analogy. At face value boxing looks like a no-brainer (no pun intended.) One would think the goal is to knock your opponent out as early as possible. Pretty cut and dried right? Not quite. Boxing requires skill and it requires quick thinking. The old “bob and weave” routine may not always work if your opponent is good at anticipating your moves. A boxer’s opponent is watching his eyes, he’s paying attention to his boxing stance. One boxer may have an orthodox stance, another may have a southpaw stance and still another may be able to switch up between the two. Unless you outsmart and/or outbox your opponent, you may end up being the one down for the count. The same applies to “the bout” you’re about to have with credit card debt. And credit card debt WILL NOT be your sparring partner. This isn’t practice, this is the “Real Deal” Holyfield (if you know a little bit about boxing, you understand the lingo.) If not, look it up. There’s nothing wrong with learning new information. You can still overcome credit card debt but once again, this will take some sacrifice on your part and you may be in for a real fight. Don’t underestimate knocking out credit card debt the way some boxers may underestimate their opponent because they’ve been labeled the underdog. Underdogs have been known to upset champions. We see it all the time. Not just in the game of sports, but in the game of life.

By now you should have long tracked your spending and found ways to cut costs. Here are links to a couple of prior posts you may want to reference.

WEEK 2: KNOW WHERE YOUR MONEY IS GOING: https://wordpress.com/post/96150968/19/

WEEK 3: IT’S TIME TO TRIM THE FAT: https://wordpress.com/post/96150968/22/

The extra money you found can be used to pay off credit card debt. Here’s the best “ONE, TWO PUNCH” I recommend for “knocking out” credit card debt:

  1. Start with the credit card that has the LOWEST balance. Others may suggest starting with the card that has the highest finance charge rate however, paying off the card with the lowest balance FIRST gives you a sense of accomplishment when you make that final payment.
  2. Use the “Domino Effect” to pay off the next card and so on and so forth. The “Domino Effect” is simply taking the monthly amount used to pay off the FIRST credit card balance and apply it to the amount being paid on the SECOND credit card, the THIRD and… hopefully you don’t have more than three major credit cards. The goal is to pay larger monthly amounts with each card until you have paid them all IN FULL.

Depending on your credit card balances, the process can take a few months or a few years. Think of boxing. Some fights end within the first few rounds, while others go the 12-round distance. How aggressively you attack your credit card debt, as a boxer attacks his opponent, is strictly up to you. Once your credit card balance is paid in full, you can move to other areas of debt such as student loans, car loans and even mortgages (if applicable.) The satisfaction of saying “I have no credit card debt,” is one of the best feelings in the world, especially if that debt was causing unnecessary stress and anxiety. You did it, you stayed the course. VICTORY OVER CREDIT CARD DEBT BELONGS TO YOU!

tko

So there you have it. A simple one, two step plan to overcome credit card debt. I know. It’s easier said than done, but the moment you become sick and tired of being sick and tired, is the moment you take action. The question you must ask of yourself is “Am I sick and tired of being sick and tired?” When you are, you won’t have to ask the question. You’ll already know.

I hope you benefitted from this posting and as always, I greatly appreciate you reading it. Feel free to SHARE. Your commentary is always important so ALL FEEDBACK IS WELCOMED. If there is a specific topic you’d like me to talk about regarding “Financial Fitness Boot Camp” on this blog, feel free to shoot me an email at Andrea.Coleman@TheFinancialHack.com. Don’t miss a posting so be sure to follow me at http://www.thefinancialhack.com.

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HAPPY LABOR DAY!

~The Financial Hack ©2015