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black sheep finance

6 Reasons Folks Work With A Financial Coach

Personal finance is such a taboo subject.  I mean, folks really hate talking about money for some reason.

A recent study found that 74% of people will not discuss money with a financial professional.

We can point the finger at shame, insecurity, or even fear as some of the top reasons why, but the truth is, not talking about money can be detrimental to your financial health.

So what about the other 26%? What are some of the top reasons they are willing to gain additional insight when it comes to money? […]

The Key To Paying $61,000 Worth of Debt In 16 Months

If you live in South Texas like me, you know there is very little chance of snow ever happening. As a matter of fact, I’ve been in Houston since 2004, and I’ve only seen it snow twice.

To make matters worse, snow in Houston doesn’t stick to the ground for more than a few hours.

For this reason, you’ll see kids run outside the instant they catch a glimpse of snow. Not too far behind will be their parents with cameras to snap memories of this phenomenon.  […]

Houston Financial Coach

The Story Behind Paying Off $61k In Only 16 Months

Emergencies happen. be prepared.

Despite what you may believe, I have not always been Michael of Black Sheep Finance.

Truthfully speaking, there was a 3 year stretch where I made almost every financial mistake you imaginable.

I don’t think I’ll ever forget the first time I actually used a credit card.

It was February 2011 in Appleton, Wisconsin.

[…]

Financial Coach

Tired Of Being Broke? Do These 4 Things!

One afternoon, two young boys stood in front of their bathroom scale discussing the object at hand.

“How does this thing work?” asked one of the boys.

The other boy answered, “I’m not sure exactly, but I do know that when you stand on it, it either makes you mad or it makes you cry.”

[…]

“Retirement Concerns” #MoneyMondays

Question: “When will I be able to retire?”

Answer: That all depends on you! When it comes to the question of retirement, the most important thing to remember is that retirement is less about your age and more about your financial situation.

No one should want to wait around for social security or, worse, become a burden to their children. Your retirement years should be more than that.

[…]

#MoneyMondays

The Percentages You Need For A Successful Budget

Question: What do you recommend for a budget percentage?

Great question! I love this one because it shows that you really care about not only creating a budget, but creating a budget that works for you. (Heavy emphasis on works for YOU!)

Here’s a fact that may come as a surprise for you: there really is no standard budget percentage chart that works for everyone.

[…]

#MoneyMondays “Family & Finances”

Question: How do you tell your family that you’ve always helped “no” while tightening your budget?

Answer: I think it’s important to remember that “no” is, in fact, a complete sentence. Now just coming out and saying “no” can be quite difficult, so you’ll want to set aside time to have a full discussion with the family member. If the meeting feels a little awkward for you, there’s no problem with admitting that to open the meeting.

[…]

#MoneyMondays “Keeping A Credit Card For Emergencies”

Question: Why are you so against having a credit card for emergencies?

Short answer: It’s just a silly idea!!

Long answer: Ask yourself this question: Do I really want to go into debt right in the middle of an emergency? I mean do you REALLY want to make a bad situation even worse by adding owed interest?

[…]

#MoneyMondays “Why Debt Consolidation Isn’t Worth It”

Question: What are your thoughts on debt consolidation?

Answer: This is gonna be a long one! For those that don’t know, debt consolidation is when you take all of your debts and roll them into one lump sum. Folks usually go this route to get a lower payment or interest rate.

In my opinion, the concept is worthless and should be avoided.

[…]

Financial Coaching

6 Simple Habits Keeping You Broke

It’s no secret that most Americans are living paycheck to paycheck. What’s shocking is how little the average American knows about personal finance. As a result, Financial Coach Michael Lacy has shared 6 simple mistakes that keep you broke.  […]