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Digm Piece (Op-Ed)

For Time or Money: Living Everyday Like It’s Friday!

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Most look forward to the weekend because it means more time to do what we actually like doing. Clocking out on a Friday evening is met with as much glee as our paycheck. But we should take a moment to understand why this is so and more importantly what we could do to live every day like a Friday.

The Value of Time.How much is your time really worth? Can we even put a price tag on it? Time, unlike money, is infinite, however, if spent doing something we’d rather not be doing the hours tend to be too long or not enough. What we are really after when seeking financial freedom is the ability to spend our time however we like. The key to having more time while working is actually enjoying what you do. People say if you do what you love, you’ll never work a day in your life. Finding your passion and finding a way to get paid for it is a dream in and of itself. We must spend time producing something that is more valuable than the time it takes to do it.

Save Money Get More Time. The more money you save the more time you have. Imagine saving one year’s salary. You could technically not work for an entire 365 days and cover all expenses (considering all things are equal). This is the goal of retirement; saving enough money to cover expenses and then some once one retires from working. The sooner you begin to save, the better you’ll be.

Young adults tend to think they have more time ahead of them while those in old age feel as if their time is short. Depending on your stage of life time carries a different meaning. Either way, we all understand how precious time is. Money is an exchange of goods, services and yes time. Taking an Uber versus walking; microwaving versus baking; working five days a week or two. All of these represent a trade-off. The questions you must answer is it worth my time or is it worth my money?

Ash Exantus aka Ash Cash is a speaker, bestselling author, personal finance expert, and business consultant. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. He is the Head of Financial Education at BankMobile and Editor-in-Chief at Paradigm Money.

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Digm Piece (Op-Ed)

Do What You Love for Free – Here’s Why

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This is ParadigmMoney.Com, right? So, speaking about a paradigm shift should come as no surprise. In science and philosophy, a paradigm is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field. When speaking about money, most believe it is something you work for and not something that works for you. In all truth, the one percenters understand this concept quite well. In order, to wake up and do what you love, you too must shift your thoughts when it comes to finances.

Doing what you love for free allows you to create freely. You can come up with disruptive, out of this world, never seen before creations that will rock this planet. Take Elon Musk from South Africa, founder of X.com which went on to become PayPal and sold to eBay for 1.5 billion dollars. Musk is also the CEO of SpaceX which designs, manufactures and launches advanced rockets and spacecraft. The company was founded to revolutionize space technology, with the ultimate goal of enabling people to live on other planets. You may say, of course, he can do this, he is a billionaire and co-founder of Tesla.

Not true. PayPal, Tesla, and SpaceX are all products of Musk doing what he loved. As a child, he was an avid reader and taught himself computer programming leading to the creation of X.com. He dropped out of college to start a company with his brother and here’s what he had to say about that PayPal deal… “My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent.” Elon Musk’s current net worth is estimated to be at about $13.3 billion. No bad at all.

The reality of the matter is the less you are attached to money the more money flows to you. Pay more attention to creating things that move the culture forward. Starting at doing what you love with ultimately position you for financial success and happiness.

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Digm Piece (Op-Ed)

How Much Does College Cost?

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Photo credit iStock by Getty Images

How much does college cost these days? If you’re preparing to go to college and will need to find a way to finance your own education, this is one of the first steps to figure out.  Then you’ll want to find out all of your options and create a plan. Here’s a quick breakdown on the typical cost of college. (more…)

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Digm Piece (Op-Ed)

My Biggest Financial Mistake

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Happy Financial Literacy Month…the month where we shine a spotlight on financial education and the importance it plays in our lives. I talked before about my financial bounceback and received a few messages from readers about how that story showed them that anyone can have financial hardships.

Now it’s time to be even more transparent. To kick off Financial Literacy Month, I want to share my biggest financial mistake to date in hopes to further inspire people.

Whenever I want to accomplish something, I start with a plan and follow it no matter what. Some people called it stubbornness, but I like to call it persistence. One day, my persistence bit me in the ass-et, causing all kinds of grief and hardship. Having a plan can be great, until it’s not.

At one point in my life, I decided to leave a great-paying job to become a full-time entrepreneur. I was on a quest to follow my dreams. I knew the pitfalls and risks that came with my decision, but I felt like I was immune because, well it was my calling. Within a few months of taking the leap, I fell behind on my mortgage and almost lost my home.

Letters from the bank — and ultimately, their lawyers — came pouring in. In no time, my family was facing foreclosure. This was the first time anything of this magnitude had ever happened to me. I didn’t know where to start or what to do.

My family and I braced ourselves for what seemed like the inevitable: we packed our bags with nowhere to go. Just when I thought all hope was lost, I learned about less extreme ways of handling and resolving missed mortgage payments.

One option was a short sale. I could sell my home for less than I owed on the mortgage, if my lender would approve the transaction. The outstanding balance would then be forgiven. Another option was a deed in lieu of foreclosure. This would allow me to voluntarily give up my rights to the property instead of going through the stressful and costly legal foreclosure process.

Ultimately, I didn’t have to do either because I found one more option. At the time there was a federal government program called the Making Home Affordable Program which helped homeowners avoid foreclosure. I was able to do a loan modification where my lender changed the terms of my loan to allow me to make lower payments so my family could stay put. It made staying in our home a reality.

The loan modification began with a three-month trial period. After I successfully made the first three payments on time, the modification became permanent. While that was great news, the delinquent payments remained a blemish on my credit report. However, time does heal all. As I continue to make on-time payments toward my mortgage, the delinquencies will eventually fall off. Lesson learned. The next time I follow a dream, I’ll do it a lot more carefully.

Now that I put all my skeletons on the table, what is your biggest financial mistake? Use the comments below to tell us about your biggest financial mistake, what you learned from it and how you overcame it.

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