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!)

PayDay Loans

“APPLY NOW!” The email read, with a message sounding to good to be true. “It’s easy to get the cash you need to pay your bills or cover unexpected expenses!” “Just click here and have up to $1,600 deposited in your bank account in 1 hour or less.

“Wow!” I thought as I finished reading the advertisement. Normally you’d find a payday loan service on every other street corner while driving through the hood. You know the one located right next to the liquor store.  Now it appears they have expanded their marketing campaign in an effort to tighten the grip they already have on the residence of the distressed urban market, but let me digress. As you can tell from my rant this is a very sensitive subject to me because for a long time, I was a SLAVE to the payday loan system and would not wish the stress and pain it caused me on anyone. But instead of bashing a system that people could actually benefit using (if used correctly), I will educate you on what payday loans are, and how they should be used.

 What is a payday loan?

A payday loan (also called a payday advance) is legal in 37 states and defined as small, short-term unsecured loans, that rely on the borrower having current payroll and employment records as a basis to qualify.

What’s the process?

For example an emergency arises and you are short on cash, you go and borrow $500 to take care of the emergency from the payday lender. You’ll write a post-dated check for $550 (the amount plus finance fees)and make it payable to the lending institution. If you qualify, the lender will then advance you $500 for a set period (usually 14 days). When the period expires, you can either pay the lender $550 in cash, or let them deposit the post-dated check. If you do not pay them back at the end of the term, you will be charged additional finance charges and fees.

Who uses payday loan services?

Anyone with a job and a checking account can potentially qualify for the services, but according to a recent study done by the Pew Charitable Trusts, “most payday loan borrowers,(to my surprise) are white, female, and are 25 to 44 years old. However, are five groups that have higher odds of having used a payday loan:

1. Those without a four-year college degree

2. Home renters

3. African-Americans 

4. Those earning below $40,000 annually

5. Those who are separated or divorced.

The Negatives:

The average borrower is indebted to the payday loan service for an average of 5 months out of the year, which makes it very costly being stuck in the payday loan cycle for such a long time.  It can also potentially lead to larger financial problems down the road, so it’s very imperative that you repay the payday loan establishment back as soon as possible. Many borrowers get into major financial trouble when they can not quickly repay the debt due to the expensive fees that are added on to the balance of the loan when they are unable to pay off the debt at the end of the term. With the average annual percentage rate (APR) hovering around 400%, the payday loans are much more expensive than any other methods of borrowing money.

The Positives:

Getting a loan from a payday lender is relatively easy because they do not require a credit check so it grants the ability to borrow money to high-risk borrowers, and provide loans to poor households to take care of an emergency when other financial institutions will not. For example, you might use a payday lender for an immediate financial need such as a car repair, medical-bill, or any other unexpected expense. Payday loans are also a good option for people who don’t have credit cards or any type of savings available.

Is a payday loan the best option for you?

If you are in the need for a loan, before you run out and apply for a payday loan please consider all of your options. Payday loans can be good in assisting you with an emergency, but not for funding unnecessary expenses. Ask yourself if it’s possible to wait to repair your broken item or pay that bill with your next check? Remember, a $35 late fee on a bill is still cheaper than a $50 finance charge on a payday loan.

5 Payday loan alternatives:

1. Use your overdraft protection from your bank
2. Request an advance from work
3. Borrow money from your savings
4. Apply for a traditional loan
5. Use a cash advance from your credit card

While I don’t recommend using the payday loan services, if you are in a financial bind and have explored all of your options and decided that an emergency payday loan is your best route, then follow these 4 steps to make sure you choose the right loan.

1. Shop around for a trusted lender that offers the lowest rates and fees
2. Understand all of the costs, terms, and fees before you sign the contract
3. Only borrow as much as you can pay back with your next check
4. Make paying the loan back your first priority when you get paid.

Misusing the payday loan system made my life a living hell, but through education, hard work, discipline and a little bit of luck, I was able to break the chains of slavery. Remember knowledge is power, so read and understand everything you’re agreeing to. If you don’t understand the terms just ask (there are no dumb questions when it comes to your finances!)

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

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

Aaron Carter

2 Good 2 B True (Photo credit: Wikipedia)

My wife and I were in the kitchen eating when I picked up my iPad to check for an email I was expecting. Not surprising to me,  all over the internet, news had began to spread about another former child star that lost it all and was forced to file for bankruptcy. While reading the article out loud, my youngest son walked in the kitchen and asked who the article was about. “Aaron Carter,” I answered. “Who is Aaron Carter?” He asked.  “He was as big as Justin Bieber during the late 1990s.” I responded. With a puzzled look on his face my son questioned in a dismissive tone, “Justin Bieber, big?” then states, “I believe more in the tooth fairy than in Bieber!” “Whatcha  talking bout Willis?” My wife asked.  After a brief moment of laughter, I began to explain the irony of my wife’s comical response to my son announcing that he no longer believed in the tooth fairy.

The year was 1989, the first time I ever heard of a child taking their parents to court over money.  The case involved the late Gary Coleman, arguably the biggest child star of that era who starred on the hit television show “Diff’rent Strokes”. He sued his adoptive parents for the misappropriation of his funds and ultimately won a judgement of $1,280,000, but it wasn’t enough to stop the inevitable from happening. Gary Coleman blamed multiple people for his insolvency starting with himself, accountants, adoptive parents, and lawyers. He unfortunately died a broke and unhappy man at the young age of 42 in 2010.

The Vicious Cycle of Child stars struggling financially didn’t start with Gary Coleman, and it certainly did not end with him either. From Corey Haim, to Leif Garrett, to Tori Spelling (yes, you read it right!) Tori Spelling.

A few protective measures were put in place in an effort to protect a portion of the earnings child stars make, the most popular one is named The California Child Actor’s Bill (also known as the Coogan Act or Coogan Bill).

The original Bill was passed in 1939 by the State of California in response to the plight of Jackie Coogan, who earned millions of dollars as a successful child actor only to discover, upon reaching adulthood, that his parents had spent almost all of his money. As it stands, money earned and accumulated under a contract under the code remains the sole legal property of the minor child.

While The California Child Actor’s Bill helps protect a portion of the earnings made by child stars, there are 4 major issues it does not guard against:

1. Greed — American society is competitive and all about “keeping up with the Joneses.” Celebrities (and their parents) are often caught up with the new-found financial freedom and find themselves overspending and buying to impress others.

2. Lack of financial literacy – Most young people are not taught how to create a budget, how to save money, or proper ways to invest. Celebrities are in the same situation as the average kid learning (or not learning) about money. In addition, many child actors rely on managers or parents to handle their finances. This is not always the best decision given that parents may not be financially educated either.

3. Money stops when kids age – For most child actors, this sentiment is sad but true. At a young age, it is easy to think money will always be plentiful. Yet many young celebrities cannot find work after they hit puberty. And once the work goes so does the cash.

4. People not acting in the best interest of the child – It is common for celebrities (especially children) to have their finances managed by lawyers, financial planners, and their own parents. However, these individuals may not have the young actor’s best interests at heart. And if no one is checking the trusted advisor’s work, the money may easily disappear without a trace.

While their lives may seem all glitz and glamour, let me remind you that all that glitters is not gold.  Child stars have a tough life because it’s difficult for anyone who suddenly comes into a windfall of money, especially for a child who may be unaware of what they are earning or what their money is being spent on.  Not being aware increases the risks of financial mismanagement and makes bankruptcy in the future highly likely.  Parents of today’s young actors should become educated, plan ahead, and look at the past to know what mistakes to avoid.

The number one tip I can give anyone in this situation is to build a financial advisory team comprised of these professionals!

1. Financial Advisor

This team member is the managing director and quarterback of your financial team. So, this individual should practice comprehensive planning, not just selling investments. Comprehensive planning includes choosing investments, cash flow planning, budgeting, tax planning, portfolio maintenance and risk assessment.

2. CPA

Taxes are the single largest expense an individual will pay during the course of their lifetime. And, they are also often a significant expense upon death. So, tax planning is an important element to a properly implemented financial plan. A CPA can help individuals reduce their tax liabilities and make sure you accurately/adequately pay when you’re supposed to.

3. Attorney

An attorney will read and advise you on any contracts you enter in, they will also help their clients with any legal issues that may arise from criminal, and DUI’s, to wills and other services. Choose an attorney with estate planning experience and someone whom you can understand and trust with your personal wishes.

4. Insurance professional

Numerous things will change within our lives over time, including our health, wealth, relationships, career and interests. In order to properly protect ourselves and our loved ones against the things we cannot afford to lose, insurance planning is critical. A professional insurance agent will work with you to monitor changes in order to protect your assets and ultimately, your financial wishes. Choose someone who can effectively anticipate your needs and who will work with you throughout your retirement. And, be sure to address long-term care insurance, disability and life insurance needs with your insurance professional.

It is very important to interview multiple professionals for each category. Not only does each individual need to achieve their goals and objectives within their individual specialties, they need to work well together in a team environment. 

I know it sounds like a lot of work, but believe me it will be well worth it in the end.

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

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