Essence Young Women Leadership Conference... PART II

For those of you who were inspired by part I of Kenya's recap of the Essence Young Women Leadership Conference here is part II...

Set for Life: Your Fast Track to Financial Control

Moderator: Tanisha Sykes

Speakers: Jason Calhoun, Harrine Freeman, Ionnie McNeill, Lynn Richardson

Now for all those who don't know "We are in a frigging Recession for Christ sakes". We as young people need to get our finances in order. Yes you will be paying student loans, have a cell phone bill, car note, etc. But you know you did NOT need those $200 Tory Burch flats! That money could have been a payment on the interest that your loans are accruing. For those of us who are already in 9-5  jobs, I am sure we are all pretty familiar with living "check by check". Well Tanisha Sykes exposed a new financial phenomenon, well maybe its not new but no on has acknowledged it. Living "Check to Monday" Yeah that's right, you got paid on Friday, paid your bills, went grocery shopping, maybe got a mani & pedi and when Monday came around you didn't even have lunch money... You were broke! This is unacceptable. It's time to budget, invest and buy property, pay bills ON TIME and keep track of your credit score. We have to start being more conscious of our purchases; you DO NOT need to purchase a $5.00 latte on your way to work/class, Save some money and bring a lunch! Here's a little rule of thumb Ms. Sykes shared its the "10-30-60 Rule". When your payday rolls around, take 10% and invest/save, 30% goes to yourself cash only and 60% to bills/loans etc. If you tithe then break it down to 10%, 10%, 30%, and 50%. Now the reason she says cash only in your pockets, is because your are more inclined to spend if you have a debt or credit card. I.E. Your on line at the local grocery store, you have $110 for groceries but your total is $145. If you have cash you're going to start putting some items back but if you have that plastic you are going to swipe that card with the quickness. And as for student loans; it's okay to defer, if you can pay the interest down so when it's time to pay the payments won't be overwhelming.

WOW: Kenya all I can say is if this is the shorter version of the conference I wish I would have attended, the information they provided you with is so insightful, Thanks Lady...

Leah Janell: In My Shoes