Money Matters: Income Basics

If you are an astute financial guru with years of experience and knowledge, this blog series will likely bore you to tears. This series is for the young and young at heart who don't quite know where to start. This simplified equation will help you to clear up confusion about budget building basics and clear up the misconceptions that may be plaguing you, and it is important to understand the basics before you move into more complex issues like credit, income taxes, etc. Having an income allows you to create goals for your finances (and pay your expenses). My top 5 financial goals are listed below:

1. Save for my son's college education (should he choose to go)
2. Save for retirement
3. Travel to at least 2 countries a year
4. Build a home
5. Build a strong empire/legacy to leave to my son

For our purposes we'll use the following definition for income: all funds flowing into your bank account from all sources. This includes wages, money received from business activities, unexpected gifts, interest, etc It is important to know where your money is coming from. For most people starting out, their income comes from working a job and receiving a direct deposit on some set schedule throughout the month.




If this is your only source of income, it will be much easier for you to track. If you have multiple streams of income, it is important to know when and how much to expect at any given time. This is one area of your finances that you have complete control over! Yes, you have complete control of your finances and no one can convince me otherwise.




You may be limited on a job by your title; however, if your job offers opportunities for advancement and higher pay, you should strive to obtain that higher pay grade. If there are no offers for advancement, you may (you should) find a place that allows you to grow and be promoted. If you are an entrepreneur, you know that your income is dependent on your efforts. What can you do within your business plan and parameters to boost your income? How can you attract more paying clients and referrals? This is for you to determine and there are several industry leading experts in this area!




Once you've mastered your income, you can start building a plan to reach your financial goals. Your income is your choice, and it is the most important piece of creating a boosted budget!

Money Matters: Understanding the Equation

Once you've taken the time to discover where your money is coming from, where your money is going, and how your money is growing, you'll need to make a plan to get to where you need to go! This is where budget planning comes in handy! What are your top 5 financial goals? My goals are

1. Save for my son's college education (should he choose to go)
2. Save for retirement
3. Travel to at least 2 countries a year
4. Build a home
5. Build a strong empire/legacy to leave to my son

How can I achieve these  goals? I must set forth a realistic yet challenging budgeting and savings plan and know what options will get me to my goals in a way that truly suits my needs. The equation below is a very simplified way to understand your monetary goals:

Income = Expenses + Investments

 Although simple, if you understand what each component contributes and how to balance the equation, your financial goals are attainable.

Income: all funds flowing into your bank account from all sources. This includes wages, money received from business activities, unexpected gifts, interest, etc

Expenses: all fixed or variable outflows (rent, electricity, water, etc)

Investments: all money moved strategically and intentionally to a separate account to gain interest credit and the interest added to this account

If you've never created a budget or need a coach to guide you along the path, Start Young Financial Group and finance coach Latasha Kinnard are the place to be and the person to know! You'll have access to resources and tools that will help you create your best budget and live your healthiest financial life possible! The Virtual Budget Box is a great option for beginners or anyone who just needs help putting it all together while the 90 Day Income to Empire Intensive Course is a great option for people who are looking for a hands on, one-on-one coaching to not only reach their financial goals, but to surpass them! Get started on your path to financial freedom today!

Money Matters: Coming, Going, Growing?

This year we are going to spend a lot more time talking about finances and budgeting! When it comes to your money, you need to know where it's coming from, where it's going, and how it's growing. If you miss any one of these three areas, you can end up in a lot of trouble! This is when Payday loans and high credit card balances can create a huge sinkhole in your financial pathway! You don't want to get sucked in to a sinkhole!


How do you take control of your finances and start making smarter decisions? You start with the beginning: income. How much money do you bring home each week, biweekly, monthly? Once you have this figure, you need to look at your expenses, ALL OF THEM! This is not the time to get cute with yourself. Be honest with your expenses. Count how often you stop at the drive-thru for coffee and how many packs of roasted unsalted peanuts you buy when you stop to pay for gas. These little expenses add up very quickly over time!


Next step, determine what expenses are necessary, acceptable, and extravagant. Try to reduce your extravagant expenses to zero or less than 10% of your income. Yes, it may be nice to go to the beach every weekend in the Summer, but the amount that you spend on fuel, food, and lodging (if your relatives don't live there) could be better utilized in category three: money growth!


The last category is your money growth. What kind of investments do you have, stocks, bonds, insurance, annuities? Is that investment strategy working for you and your family? If not, you need to reevaluate your strategy, and I'd love to help!


Visit the Prosperity Legacy webpage today to schedule a free consultation by filling out the "Contact Us" form (please include 3 dates/times that you are available), and remember: when it comes to your personal finances, you need to know where your money is coming from, where it's going, and how it's growing.


~Shanta Wilkerson

Happy New Year 2016!

Happy New Year! I can't believe it's 2016 already! 2015 was a blur, but so many amazing things happened! I gained a new family/business, my cousin survived a vicious put bull attack, my son turned 4, and I am becoming more and more the woman that I was designed to be!

This journey has not been without its lessons, so I want to share three important lessons that I am taking into 2016:

1) there are no shorcuts to success

• consistency and persistency are key
• plan, try, fail, repeat, SUCCESS

2) it's ok if people say "no"; everyone isn't meant to be a part of your business or our message

• know your target audience and market to them
• brand your business and stick to it
• you have to sell yourself on your vision everyday; stay motivated so the rejections can be fuel

3) self-development is business management; you need to constantly improve for your business to improve

• my challenge this year is to read 1 book per month (not very high, but last year...)
• do a self inventory at least once a quarter to measure your growth
• the better you develop and manage yourself, the easier it is to do it for your business

What are some lessons that you learned in 2015 that will make you even better in 2016?