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Two Giants will Try to Get Married But Still Don’t Mortgage Your Cell Phone

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Cell phone giants T-Mobile and Sprint might get together soon to create one company. The two companies have agreed to a $26.5 billion merger deal. This is not the first time the two companies tried to tie the knot, they attempted to become one back in 2014, but they both had cold feet when Obama-era antitrust regulators said ‘not so fast.’ Now the companies are hoping this deal will push through because the US is VERY interested in a new wireless system that would make things like your smartphone or car connect to the Internet really quickly. T-Mobile and Sprint say this merger would help make it happen and give the US a lead over China. If this goes down, there would only be three major wireless companies in the US (T-Mobile, Verizon, and AT&T). The new company would be called…T-Mobile.

Regardless of what happens, we need to be careful that we are not mortgaging our cell phones. Perhaps the term mortgaging your cell phone is a bit much, but the recent trend of leasing your mobile device is hard to digest. Think about it…you are walking around with a phone you don’t even own. At one point, the goal was to own property but nowadays it’s been reduced to one day professing your ownership of a small gadget which enables you to communicate with people you don’t even know, ignore those closest to you, and has a 6 to 8 month expiration date because the latest model just released. Here are my thoughts on why you should actually buy your phone.

Ownership is highly important

Ownership provides wealth accumulation. The first step in financial freedom is getting out of debt. No matter how much you save or invest, if you are in debt, you are not truly free. And if we must choose temporary debt, let it be for an asset that appreciates in value, not one that goes out of style just as fast as it entered the marketplace.

Return on Your Investment.

There is a bit of flexibility. If your phone makes you money, perhaps a lease may do. Photographers, YouTubers, and overall content creators may need high tech smartphones that generate income. But if you have a rent-to-own plan just to keep up with the Jones’ you should reconsider.

Credit is Key.

A lot of people find themselves on that same phone speaking to debt collection agencies. With the astronomically high phone bills on top of the $37.95 installment charge, too many get caught up in a financial woe that could have been prevented. You must see the bigger picture.

When it comes to finances, we will face hard decisions and choosing a mobile device is sometimes one of them. Reality is if you can’t afford it, you probably shouldn’t have it. But if you do decide to take a leap to lease, consider your reason, look at your options, and choose wisely. Your FICO Score will thank you for it.

Tashima Jones is co-founder of Tashima Jones Media, an online television platform & advertising company connected to the independent creative. She is also the author of Being Broke Made Me Rich, a financial memoir likened to Paulo Coelho’s The Alchemist based on personal experiences and the lessons they taught on being rich. Visit www.TashimaJones.com for more.

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The Daily Digm (News)

Congress Votes to Repeal Some of Dodd-Frank + Why You Are Too Big To Fail

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Congress has officially agreed to ease Dodd-Frank financial regulations, approving a bill that cuts regulations for small and medium-sized lenders. Just as a refresher, The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173, commonly referred to as Dodd-Frank) was signed into United States federal law by President Barack Obama on July 21, 2010. The legislation created financial regulatory processes to limit risk by enforcing transparency and accountability in the wake of the financial crisis of 2008.

This new bill raises the threshold of banks “deemed too important … to fail” from $50 billion to $250 billion, allowing smaller institutions to operate more smoothly. The bill passed the Senate this year, and will now go to President Trump, who is expected to sign it before Memorial Day. But why are banks deemed too important or too big to fail? Why aren’t we as important? We are! And if we are truly to0 important and too big to fail we need to focus on our money.

Bartering became was a system of economics for centuries. A fisherman would exchange his catch with the carpenter for a table. Cattle, clothes and other necessities were traded without cash tender. The introduction of money changed that system making it of greater influence in our lives. So, why is money so darn important?

Global Exchange. Money is important mainly because it’s a tool of global exchange. Simply put, it’s important because we have made it important. Giving up other systems to heavily depend on cash and its many forms. You may not provide a product or service needed by a person who creates a need of yours. You’d use money as a medium of exchange used to obtain wants and needs.

Time. Money in some ways buys time. The key is making money work for you by creating passive income – monies earned which a person is not actively involved. Examples of passive income are royalties from intellectual properties, rental properties, or a business you don’t have to physically operate to earn a profit. Passive income equals more time to other things you love such as traveling with family, volunteering, or working for fun (not out of necessity).

Allows You to Make a Larger Difference. More money can multiply you. Volunteering at the local Girls and Boys Club requires your presence. Being able to donate financially to multiple local Boys & Girls Clubs makes an even bigger difference. Your reach increases with the amount of money you possess.

While money isn’t the most important thing in the world, it does effect the things that are. Using your money strategically will afford you more time, expand your reach, and pay for some pretty cool experiences.  And ultimately managing our money responsibly will assure that we don’t fail. Face it we are too important!

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Prince Harry and Meghan Markle’s Net Worth + The World’s Wealthiest Millennials

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This past weekend we had the honor of witnessing the star-studded royal wedding of Prince Harry and Meghn Markle. After the royal wedding on May 19, Meghan Markle and Prince Harry will merge their finances and forego a prenuptial agreement. This merging of finances will equal to a combined net worth of $30 million; Prince Harry’s net worth is at least $25 million, which is made up of inheritance from Princess Diana and an annual allowance from Prince Charles while Meghan Markle, a former TV actress, has a net worth around $5 million.

Maybe I had my sights raised too high, but $30 million seems low for the new royal couple (Disclaimer: I wish I had 10% of what they have) But still in all if the new royals aren’t the richest millennials in the world, who are?  From changing your social life to making you feel at home anywhere, and a lot in between here is a list of the world’s wealthiest millennials:

1. Mark Zuckerberg

Chairman, Facebook
Year born: 1984
Net worth: $71.2 billion

2. Huiyan Yang

Vice Chairman, Country Garden Holdings
Year born: 1981
Net worth: $22.9 billion

3. Dustin Aaron Moskovitz

CEO, Asana
Year born: 1984
Net worth: $14 billion

4. Hugh Richard Louis Grosvenor

Head, Grosvenor Estate
Year born: 1991
Net worth: $13.2 billion

5. Eduardo Luiz Saverin

Co-Founder, B Capital Group
Year born: 1982
Net worth: $10.2 billion

6. Scott Daniel Duncan

Shareholder, Enterprise Products Partners
Year born: 1982
Net worth: $5.3 billion

7. Jong Un Kim

Leader, North Korea
Year born: 1983
Net worth: $5 billion

8. Hao Yan

Chairman and CEO, China Pacific Construction Group
Year born: 1986
Net worth: $4 billion

9. Brian Joseph Chesky

CEO, Airbnb
Year born: 1981
Net worth: $3.8 billion

10. Tao Wang

CEO, SZ DJI Technology
Year born: 1980
Net worth: $3.2 billion

 

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Interest Rates on Student Loans Are Rising + The Cost of Procrastination

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Interest rates on student loans are rising for the second year in a row according to the Business Insider. The current rate of 4.45% will increase to 5% for undergraduates which is bad news for those who are already trying to figure out how they will pay back their loans. Congress has set limits on student loan interest rates — 8.25% for undergraduate borrowers and 9.5% for graduate borrowers which is some relief but can still be pretty costly. Given the fact that student loan debt accounts for the most consumer debt in the U.S. after mortgages, with about 43 million Americans currently owing almost $1.4 trillion, it is important that we get a hold on student loan debt as soon as we can. Not doing so really allows borrowers to pay more in interest rates and giving away money that can be used for other more important things. That’s the monetary cost of procrastination. This cost doesn’t only apply to our student loans, but procrastination can cost us in our lives as well.

Procrastination is the act of delaying or postponing something. And while you may be enjoying your timeline or the latest installment of that ratchet reality show, your pockets are growing leaner by doing so. Here are a few ways to beat procrastination and make more money.

Make a Commitment to Productivity. Everything starts with a decision. You have to decide to use your time wisely. It’s amazing how much we will do for ourselves and not for ourselves. You are most likely good at getting to work and class on time or completing a task for your boss, parent, or significant other. Have the same commitment to getting things done for yourself.

Have a Plan. Even if it’s a simple checklist on a sticky note. Writing your goals down is magical and motivating. Cross off each item as you complete each task. Having a why is beneficial as well. When you think of a reason big enough to keep you going, it will be hard to sit around doing nothing.

Take Breaks. Wasting time is bad. Resting is good. Don’t burn yourself out to the point you can’t go on or have no desire to do so. The definition of grind is to whittle down to the bone. It is not wise to subscribe to this method of working. Resting your mind and body refreshes you for the next lab of winning. This is the best time to take a nap, grab a drink with friends, or catch up on your favorite shows.

Reward Yourself. Celebrate with each milestone a celebration is in order. As long as that celebration doesn’t include going broke or a hangover reflect on how far you have come and share that moment with those you like and love. You just may inspire them to do great things in the process.

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