Here they come yo, here they come!

Industry:

Sales – Marketing
Insurance
Banking – Financial Services

Job Type:

Sales
Insurance
Banking

Req’d Education:

High School

Req’d Experience:

None

Being a vet in the finance industry for over 15 years in positions ranging from Personal banker to Private wealth manager, I understand how difficult and challenging it can be to successfully work in this field. Not only did I have to take classes and study hours upon hours to get the various investment licenses I have, I had to deal with the daunting task of increasing my knowledge of financial products that changed every single day. I also had to ensure that I stayed compliant by following every rule and law, so my firm would not end up having to pay a fine or sued, and I would not end up in jail like so many of my former colleagues.

Imagine a financial professional with no experience soliciting you to invest your hard-earned money with them, sounds crazy huh? Well unfortunately for us it’s true, if you don’t believe me, all you have to do is scroll through the various job sites and see the many financial institutions requiring no experience to join their team. It’s not the savvy investor with $100k of invest able  assets they are going after, it’s the person with limited income and financial knowledge who may not trust financial institutions but is at the point in their life where they are finally trying to get their finances in order.

Here are 5 things they are taught in training classes to help increase their chances of closing you. Make sure you understand these tactics so you won’t be caught off guard and forced to pay for something you can’t afford or don’t need.

1. Earn Your Prospects Trust.

They are taught that the ability to earn a prospects trust is a trait that the most successful sales professionals share. Because, when a prospect trusts them, they will put their defenses down and follow any advice and buy any product the adviser is selling.

2. Gain The Competitive Edge.

Since people form impressions about you based on factors such as appearance and attitude. There is nothing more favorable when it comes to building trust and rapport than making a favorable first impression.  So they are instructed to dress appropriately and maintain well-groomed appearance.

3. Adjust to Your prospects Temperament Style.

Studies show that people are born into one of four primary temperament styles: Aggressive, Expressive, Passive, or Analytical. So, one would imagine that each temperament style requires a unique approach and selling strategy. They are taught that once they are able to identify each of the styles, they will be able to close more sales in less time by adjusting to their prospect’s preferred buying style.

4. Understand Body Language to Build Trust.

Body language is a mixture of movement, posture, and tone of voice. Research indicates that more than 70% of our communication during a face-face conversation is nonverbal. A prospects deepest feelings and thoughts are revealed through their body language. The key is to create a harmony by matching and mirroring your prospect’s body language and gestures. By understanding the meaning behind their prospect’s body language, they will minimize any sales pressures they may have and know the appropriate time to close the sale.

5. Look For Common Ground.

In today’s highly competitive marketplace, prospects have many options and are looking for an adviser they feel they can trust. They are taught that the easiest way to get their prospect to like them is to find common ground, so before they begin with their sales presentation, do a warm up first and make the prospect comfortable by talking about sports, weather, or a local news story. If the meeting is at their home or office look at personal items such as pictures or awards and ask them about it and watch them beam with pride.

In as little as 14 days of training, these foot soldiers will be hitting the streets hungry to add you to their book of business.

Here are 3 things I advise you to consider if you are faced with any type of financial professional from rookie to seasoned veteran.

1. They Are Not Your Friend.

And even if they are, treat them like any other adviser and compare their proposal to at least 2 competitors to make sure you are getting the best option for you and your family.

2. Ask Questions.

If you do not understand something, the worse thing you can do is to not ask a question. It could mean the difference of saying no to something you need or buying something you don’t. There are no dumb questions when it comes to your finances.

3. Don’t Be Afraid To Say No.

Don’t feel obligated to invest your money because you don’t want to hurt the adviser’s feelings, follow your gut and do not become emotionally tied to a product or a person.

I know how tough it is out there to find the right adviser, but take your time, and do your due diligence, because if  you entrust your finances with the wrong financial professional there is no guarantee you will recover.

Join my movement, end the cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)

I pray my daughters don’t marry a guy like I used to be!

As a father, I am very concerned and therefore I take a very active role in sharpening my children’s life skill tools to help increase their chances of successfully navigating through this crazy and unpredictable thing called life. I show them the rewards having  good character can bring. I enable them to develop their drive and increase their tenacity for success by helping them identify their passions and interest in life. I also help strengthen their faith in God by talking and praying with them. Now, in my household growing up, that’s where my mother stopped with the life lessons. I was never taught or shown the proper way of financial management, which is very essential so I did not understand or respect the value of money.

Last night as with every Friday night, my wife and daughters had their girl’s night out, which involves dinner, a movie, and a sleepover (in my room). While my wife and I sat on the couch looking at our daughters stretched out so comfortably on our bed you would think it was theirs, my wife grabbed my hand and said, “They are so blessed to have you!”  I smiled back at her, gave her a kiss and responded, “Not as blessed as I am to have them! When the show we were watching came back on, my wife turned to watch it as I kept staring at my girls and thought to myself, “Lord, I pray they don’t marry a guy like I used to be!”

Not for anything other than the fact that I was so reckless when it came to handling my finances, that everyday for over 12 years I woke up stressed, depressed, sad, detached, and jaded. And as a father I would never want my children to be subjected to those hardships.  Here are 5 bad financial habits I had that made me walk around like a zombie from the despair it caused on my life.

1. I bought everything on credit

When I saw something I wanted, I went ahead and bought it even though I did not have the money. In my mind, there was no reason for delayed gratification when I had a credit card. Instead of living that way, what I should have done was bought only the things I saved up for. Instead of purchasing the items impulsively, I should have given myself a waiting period to decide if the purchases were really necessary.

2. I depended on others to bail me out

One practice that has unfortunately been carried on from generation to generation in my family is the reliance on other family members or friends to bail us out of any financial hole we dug for ourselves.  When I attended college I somehow was able to finance a car that I did not need, all because I thought it was the cool thing to do but the worse part is that not only did I not have a job to pay the monthly payment, it was against the rules for me to get a job because I was on a full-athletic scholarship.  I grew up watching my mother do the same thing when it came to others financing her lifestyle, and just perpetuated the bad example she set by repeating it myself. So, to my old college friends that wondered why my production on the court went down so drastically my senior year, I was stressed and could not focus on anything other than dodging the many collection calls I received daily. If you find yourself in a similar situation remember, your children will notice your reliance on others and grow up thinking it’s okay. Set up an emergency fund so that if a major negative event happens, you’ll be ready for it. Save at least 3-6 months of living expenses and always plan for the worse case scenario.

3. I always spent more than I made

It never mattered how much I made, because I always found my money ran out before the end of the month. I did not have an income problem, I had a spending problem. Every time I got a raise or promotion, instead of saving I just spent more money causing me to become disgruntled with my job because I was not making enough to sustain my lavish lifestyle. After years of hardship, I developed a plan to get back to the basics. I focused on spending less by cutting out the things I did not need. If you find yourself in a similar situation I advise you to change course, before your kids grow up thinking it’s normal to spend even when the money is not there. That mindset could only lead to financial catastrophe for you and them.

4. I never planned ahead

I got so caught up in my day-to-day stresses of trying to get out of the financial bind I created for myself that I did not allow myself to create a financial plan. With no budget, savings, or retirement goals for myself, my finances and life  became disorganized. If you find yourself in a similar situation and don’t correct it, your kids will sense when your house of cards start to crumble. It’s important to set up a family budget, teach your children about money and make sure you have a complete financial plan in place including insurance and health care coverage.

5. I believed that material things and money would bring me happiness

I conditioned myself to believe that purchasing the next gadget ,car, or suit would allow me to finally experience the happiness that I’d longed for all of my life.  I soon realized that while my possessions were increasing so was my debt. However, what did not increase was my happiness. Eventually, I learned first hand that the old saying was not true about, the man who has the most toys wins.  They just have more bills. As a parent we should teach our children the importance of finding happiness in their faith, family, friends and in solid financial management. You should also stress the fact that money and material possessions cannot bring happiness in and of themselves, true happiness lies elsewhere.

Like me, many of you never learned sound financial management from your parents so I know how difficult it could be to break out of the vicious cycle of financial nonchalance long enough to teach your children the solid financial principles they need. Like my children, your kids are sponges and pick up all of your habits financially (Good and Bad) and could develop the same bad financial habits you have without even realizing it.

For children, actions speak louder than words so everyday dedicate yourself to being a Great example for them to follow. Remember, everyone makes mistakes in life but the key is to learn from them, so don’t be so hard on yourself.

I changed my reckless ways, and now focus everyday on being a great example of a man to all of my children and you can do the same.

Join my movement, end the vicious cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)

Who needs credit repair services when you can fix it yourself in 5 steps

As I watched my six-year-old daughter become so frustrated as she stared at the hour-glass on the computer that she asked in disappointment, “Daddy, why is this computer so slow?” That moment caused me to reflect on the times we live in today where in our minds the faster things are the easier our life is, just think about it. From microwaves ovens, to online shopping with overnight delivery, to express lines in grocery stores (just to name a few!), the less time it takes to do something the happier and less stressed we become. In most cases the immediate need for gratification is harmless, but it can also be a major detriment to a person with damaged or bad credit who thinks there is a quick fix to years of mishandling their finances.

I know from experience the isolated feeling that you are the only one in the world with bad credit, but recent studies on the roughly 230 million Americans that have files with the big three credit bureaus (Equifax, TransUnion, and Experian) show that a troubling 1 out of every 5 individuals have very poor credit and unfortunately, that number is still rising with the report in 2012 finding the number of individuals with sub 600 credit scores had risen over 22% to 43 million.

We are bombarded everyday with unrealistic ads from credit repair companies promising to fix credit problems in 30 days or less, but unfortunately there is no magic wand you (or they) can wave to erase your credit issues. In reality, one bad decision with your credit can take anywhere from 7-10 years to be removed from your report which is why I warn people against using credit repair services. In most cases, desperate uninformed consumers throw their hard-earned money away using credit repair establishments to pay for services they can do themselves.

Here are 5 steps you can follow to start repairing your credit issues.

1. Get the most current copy of your credit report by requesting your free (once a year) copy from the credit bureaus. Another option that I highly recommend is signing up for credit monitoring services such as LifeLock which not only protects you from identity theft but will also provide you with your credit report whenever you want it.
2. Mistakes in credit reports are so common that the Federal Trade Commission did a study and found that 1 in 5 consumers had an error on at least one of their credit reports, so once you receive your copy carefully examine it for any erroneous information.
3. Dispute any erroneous information by writing a letter to the credit bureaus stating why the information is wrong and request that it is removed from your file. If you signed up for the credit monitoring service you can dispute the items by just pointing and clicking. The credit bureaus have 30 days to respond to your request or by law the disputed items most be totally expunged from your credit file.
4. For items that are correct on your credit report, the creditor just wants their money, so cash is king.  In most cases the creditor would be willing to report your account as current after paying the account off in full or making a few on-time payments, but it may take some negotiating on your part.
5. Lastly, get another copy of your updated credit report to confirm the credit bureaus have complied with your request and removed the disputed items from your report.

Let me remind you that it is impossible to fix your credit overnight, it can potentially be a long and tedious process depending on the situation but don’t be discouraged. Through hard work, discipline, dedication, and education you can better your situation.

The most important thing is to not be ashamed of the mistakes you’ve made with your finances, talk to your children about them and that will help decrease the chances that they will repeat them.

I’m confident you can do it, and excited about your future.

Join my movement, end the vicious cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)

The Shutdown

Basketball (Photo credit: mvongrue)

Regardless of what side of the fence you’re on when deciding who is right, we are all negatively impacted by both political parties deciding to shut down the US government. If it’s not you, then it’s a family member or even a friend that has been told not to bother coming into work because they’ve been classified as “Nonessential”.

The decision the two parties made reminded me of the time when I was playing a game of one-on-one basketball against a high school friend. I was dominating him as I drained three-pointers from all over the court. When I got to game point, I gave him a pump fake then dribbled past him and threw down a windmill slam to the cheers of about four guys who were throwing a football to one another on the other side.  I made my friend so mad that not only did he quit playing, he took his basketball and left. That’s when I realized that, “He who controls the ball controls the game!” It didn’t matter how good I was, without a basketball to shoot with I couldn’t score any points.

Now I’m sure many of you are wondering how me going down memory lane relates to you. Well here’s how I will break it down:

My friend = Political parties

The Basketball = Your Jobs

Points = Paycheck

As many are forced to sit on the sidelines and watch the three-ring circus in hopes of a speedy resolution, they are like I was when I didn’t have a basketball to score with.  Without their jobs, they can’t earn their paycheck.

Now there comes a time in everyone’s life when we are faced with a situation that is not in our control, and this is one of them. The politicians are elected to take care of these issues so don’t worry because it’s out of your control (until election day) but that’s another topic.

What you can worry about is setting up a cash reserve of at least six months for emergency situations like this. Imagine you are living from paycheck to paycheck like CNN reported 76% of Americans are doing, but then you’re told that not only are you not allowed to come to work until further notice, but that you are not getting paid either.

If that doesn’t move you, then imagine your child has a field trip with their classmates to go on that you were waiting to pay for with a future check but now because you have no savings to sustain you when you are forced to sit at home, he/she unfortunately cannot go.  You may have been deemed nonessential as an employee, but you are very essential when it comes to the lives and security of the ones who depend on you.

If you have not started saving for a rainy day, then its imperative that you start now. It’s not going to be easy, believe me I know from experience, but just like me you can do it!

Here are a few steps I took that may be beneficial to you.

1. I made a monthly budget and stuck to it.

2. I developed a savings plan.

3. I quit trying to keep up with the Jones’s.

4. I lived within my means.

5. I evaluated my plan quarterly to track my progress.

 

After following these steps for a few short months you will begin to see positive results when it comes to managing your money. However, this is just the beginning of your long life of financial freedom!

Join my movement, end the vicious cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)

Wolves in Sheep’s clothing pt1

Yesterday I stumbled upon an article in Yahoo finance that I found very intriguing.  It addressed the issues of the astronomical fees associated with celebrity endorsed debit cards, and how the companies use the beloved stars to increase their market share by putting their names or faces on the card in hopes of tapping into their loyal fan bases.

The list read like a who’s who in the entertainment field; Justin Bieber, Lil Wayne (Yes, LIL WAYNE), Magic Johnson, George Lopez, Russell Simmons, and the infamous Kim Kardashian and her sisters to name a few. Have or have had cards they were being heavily compensated to endorse at the expense of the customers. What you have to understand as a consumer is that In a capitalistic society, you have to question everyone’s intentions!

My goal for this post is not to bash the celebrities for endorsing a product that exploits the uninformed, but to warn you to always make sure you fully understand everything you are agreeing to. And by any means necessary, avoid all dealings with A Wolf in Sheep’s clothing.

I’m sure your wondering what I mean when I say a wolf in sheep’s clothing. Well, all you have to do is ask the members of New Birth Missionary Baptist Church in Atlanta, Ga when the head of their church, Bishop Eddie Long personally endorsed a corrupt business man as he carried out a ponzi scheme on his congregation costing them millions. All for a kick back. Or ask Hope Chapel Christian Church in Hermosa Beach California, whose Associate Pastor Mike Maffe personally defrauded his congregation when he convinced them to invest in a fake real estate deal in Texas.

The meaning of the phrase wolf in sheep’s clothing is: Someone who hides malicious intent under the guise of kindliness.

In the case of Pastor Maffe, that is exactly what he did.  He took advantage of his position as a senior leader in the church and defrauded his parishioners, the people who trusted in him the most.To an extent however, I will give Bishop Long a pass because he didn’t personally defraud the members of his church and it would be difficult to prove that he knew exactly what the unscrupulous adviser planned to do.

Now I know that I’m about to make some people mad but it’s my personal commitment to give you the best advice that I can, without worrying about who’s feelings I’m hurting.  So with that, my advice to you is to always err on the side of caution and never allow your Preacher, Bishop, Deacon, or anyone in senior leadership of your church be your financial adviser, insurance agent, or anything dealing with your finances. It just makes for an awkward situation if things go awry.

Now if you still decide to do business with your pastor after reading this then make sure you treat him like any other adviser and compare his quote that he gives you to at least 2 others.

It’s a tough job but I know you can do it!

Remember, taking ownership of your personal finances does not just increase the quality of your life, but also the lives of the people who depend on you.

Join my movement, end the vicious cycle of financial illiteracy!

Signed Bruce Wayne (And yes this is my real name!)