Super Financial Intentions

The New Moon always feels like a good time to set intentions* and this go round, I set intentions with a “Landmark Birthday” in mind. Granted, these intentions are lofty (they may be bigger than lofty but we’ll go with that) so I’m calling them my Super Intentions. Since this blog deals with my financial state, I’ve decided to share my Super Financial Intentions with you all.

Without further ado…

By my 30th Birthday/Life Anniversary, I will…

  1. Have erased at least 80% of my student loan debt (roughly $81,000).
  2. Have amassed a savings of $20,000.
  3. Have cleared ALL of my medical debt (approximately $2,700).

Now you are probably wondering why these are being called SUPER INTENTIONS? Not only is this month’s new moon considered a Supermoon (the moon looks larger because it’s a bit closer to Earth) but my Landmark Birthday is 504 days away. That makes these goals completely outlandish seeing as I take home roughly $1,900 a month.

These goals are so crazy that I was almost afraid to write them down but there is something about putting pen to paper that makes a goal seem more attainable. Now you’re thinking to yourself, “Okay Young. That’s cute. But come on, how are you going to do this?”

Short answer – I have NO clue whatsoever but as my Life Coach Stephanie would say, “[My] job is not to figure out the details.”

Longer answer – I have thought about it and I plan to take baby steps. In light of this, I came up the following “rules” for myself.

  1. Unless a trip is sponsored, I will cease traveling until after my 30th
  2. For each leisure purchase, 15% of the total purchase price goes to the smallest uncleared loan.
  3. Every penny counts so all of my “extra” money will be split evenly between my three goals.
  4. I will stick hard to a budget because I don’t have a choice here. My priority? My financial freedom.

I will be keeping a tally of where I am on these goals and I’ll be sharing with you all (so you can share my joys and defeats).

Do you all have any financial goals by a Landmark Birthday? If so, share below in the comments.

~Young

*I’m not superstitious, I just like rituals.

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Financial Intentions for 2014

The tumultuous year of 2013 is quickly winding down. That means it is time to give some serious thought to what you want to accomplish in 2014, if you haven’t already. Since this is a blog that focuses on my finances and goal of getting (and staying) out of debt, I’ve decided to share my financial goals here.

Financial Intentions for 2014

  1. MAJOR: Pay off my remaining student loan debt by 33%. This goal is HUGE, seeing as I have over $100,000 remaining in debt. To my surprise though, there has been some interest in this series I plan to have in January. If you’re interested, sign up here.
  2. MAJOR: Save $5,000 for the entire year. This is maybe the one goal that I want to stick to. I’ve always set a goal to save a particular amount of money and it never worked out. However, I’ve made the decision that I’m prioritizing my self and my needs above others. I’m sure this will be very beneficial.
  3. MAJOR: No overdraft notices on my accounts. I’m a bit ashamed to admit that when I looked back over my account and where most of my money went, it was to overdraft notices. This year, I’m taking extra protective measures to make sure it doesn’t happen again. 12 months of no overdraft charges? I know I can do it.
  4. Minor: Pay my bills a week early. While it’s something I don’t have to do, I wonder if I’ll notice anything change in my financial habits because of it.
  5. Minor: Adopt a family for the Holiday Season in 2014. I want to find a family and adopt them from Thanksgiving on through Christmas. Ambitious? I know but it’s something that I’ve always wanted to do since I was once the recipient of a stranger’s kindness.

So there you have it! My five Financial Intentions for 2014.

What are your financial intentions for the upcoming year?

My Financial Goals

As I looked into Budgeting Basics, I realized I need to share my own financial goals and explain what I mean by “Young, Gifted, Black & Broke”?

To be Young, Gifted, Black & Broke means you realize your unlimited talent, ability and enthusiasm but you are at a point where you’re “broken.” Broken means that you’ve set goals for yourself and no matter how hard you tried to reach them, you can’t. You make some progress but you can’t sustain it. It also means that you’re doing things the way “you’re supposed to” and you’re still unhappy.

My goal is that I want people, Young People of Color especially, to release the stigma of not having it together. That stinging feeling of isolation that comes along with trying to get it together while pretending to have it together? We need to get rid of that as well. This blog is to remind you that if you are unhappy, you have the power to change your situation.

Leave your excuses behind, think new thoughts, form new habits and move forward! With that, I share my financial goals below!

GOAL 1: I want to pop tags*!

At the end of the day, my BIG financial goal is simple: I want to walk into a store, see something I like that’s not on sale and purchase it without looking at the price tag. Why? Because that’s financial freedom (to me). Currently, I walk into a store and I look at items in terms of student loan and/or credit card payments. For instance, we could go to a department store together and see a really nice pair of Jessica Simpson shoes and not think, “Oh! I could get these shoes OR I could make two Sallie Mae payments or four and a half credit card payments.” That is stressful! I want to look great because there is an inherent need to look awesome because I am awesome and I want to do it from the regular priced clothing rack. Ultimately.

GOAL 2: I don’t want debt associated with my name.

The other day, I read something very simple and profound. Proverbs 22:7 states, “Just as the rich rule the poor, so the borrower is servant to the lender.” This became very clear to me during a very heated conversation with a Sallie Mae Representative who informed me that I needed to pay them because “it’s our money. It’s not your money. We gave that you and we want it back.” She’s still waiting…but she was right! As long as Loans 05, 06, and 07 are accruing interest on principle balances, I owe them. And as long as I owe them, I can’t say that I own my name. After I realized that, I decided I want a debt free name. It’s all that’s really mine anyway.

GOAL 3: I want to live my real estate daydreams.

One of my most favorite shows in the history of shows is House Hunters International. Once I get over the questionable comments that the house seekers make about wanting to be a part of some “exotic” culture but not of it, I’m all in. I’m also in awe that people casually say, “Oh, our housing budget is 1.8 million.” They say it in the same tone of “Oh my drink is warm. More ice please.” and I think that is so cool! Because I think it’s cool, I find myself daydreaming about having homes all over the globe and I want these dreams to come true. It’s just that simple.

GOAL 4: I want to leave things for those who come behind me.

Some people may think why isn’t this up higher on the list? It’s simple – I want to enjoy the fruits of my labor. Then I’ll share those fruits. I want the ability to gift younger family members and my friends’ children monetary gifts to get them started on their life’s passions. That way, they aren’t starting at from nothing or owing something to someone.

GOAL 5: I want to start a scholarship in my Brother’s name.

My eldest Brother passed away in 1997 and I will honor his love of the sciences by starting a scholarship fund in his name. It will be for young people of color interested in furthering their education in the sciences (he went to school for Engineering). Eventually, I want to fund the college educations of 5 young men and 5 young women a year.

Those are my financial goals. Be sure to share yours in the comment section.

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*If you are unfamiliar with the phrase “popping tags,” I simply mean having so much money that you buy copious amounts of everything with no regard to the actual price. Other catchy phrases that are similar to this: “cashing out” and “getting my roll on” a la Cash Money Millionaires style.