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!)

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!)

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!)

New Slaves

English: A slave auction was held near this location in Zanzibar for many years. This is an image of a sculpture, Memory for the Slaves by Clara Sörnäs, concrete, 1998. See here for more details. (Photo credit: Wikipedia)

I listened to my son during Sunday dinner as he rattled off names like The Good Jesus, Henrietta Maria, Adelaide, and Le Amistad in an attempt to show off his knowledge of the history of slavery. After his impromptu presentation and the many surprise questions he successfully fielded from his younger brother and sisters as they tried to stump him, all I could do was lean back in my chair with an enormous smile of satisfaction on my face.

“Great job son, I’m very proud of your hard work on this assignment!” I told him as I sat back up before continuing. “A couple of the slave ships you named that was used to transport the slaves to their destination I hadn’t heard of before but, there are two huge names that you failed to mention.”

With a puzzled look on his face he asked;

“What are the names?”

“Mom and Dad!” I answered

“Other than making us wash the dishes every night, what do you and mom have in common with slave ships?” he asked in a dismissive tone.

After a brief moment of laughter, this is the modified version of what I told him.

The slave ships were vessels used to transport the slaves to a destination filled with uncertainty, stress, sadness, fear, struggle, bad health, and sleepless nights because someone else was in control of their lives.

Well, that’s no different from getting a rush of nervous adrenaline every time the phone rings because you’re scared it’s a bill collector calling. Or saying a prayer every time you go to the mailbox because you think this might be the day that the shut off notice comes from the utility company.

Being financially irresponsible has caused someone else to be in control of your life.

Children Learn What They Live, so if they go through life learning, while watching with a bird’s eye view as their parents mismanage the family finances by;

Not keeping track of their income and spending.

Not communicating with each other about the household finances.

Not developing a joint financial dream list.

Not living below their means.

Not taking care of their credit.

Not setting up an emergency savings fund.

Not making a savings plan and sticking to it.

Not getting any type of insurance from life to health to protect the family.

Not contributing to their employer’s retirement plan, such as a 401(k).

Not paying their bills.

the children will emulate the examples their parents set for them without any knowledge of the life they will be sentenced to, filled with uncertainty, stress, sadness, fear, struggle, bad health, and sleepless nights as they become New Slaves.

In order to save your children from a life of slavery, you have to save yourself first, by getting rid of your master!

1. Understand your needs vs your wants.

2. Say NO to your immediate need for gratification.

3. Cut your spending by 10%.

4. No more trying to keep up with the Jones’s.

5. Stop trying to sustain your lifestyle on credit because Proverbs 22:7 says borrower is a slave to the lender.

6. Have your children sit with you as you pay bills so they will gain a greater appreciation of money and not go through life as if it grows on trees.

This is a short list of actions you can start today as you gain back the control you may have lost of your life. I’m not saying that it’s going to be easy but you can do it, and it will be well worth it in the end.

I challenge you to not be the vessel leading your children into Slavery.

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

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

Broke Minded People Make Broke Decisions!

I Wanna Be Like Mike

For those of you who’ve met me, know that I am not only a former athlete but also an avid sports fan. Even though I did not make anywhere close to what today’s athletes make, I still managed to make boneheaded decisions with the little bit I had. After working in the finance industry for the last 15 years, it’s given me the opportunity to see the mistakes that I made and what I should have done differently. But with that said, I am still truly amazed to hear what the top players are raking in annually from their mega contracts and endorsement deals that potentially could enrich their future generations for eternity. Unfortunately the minute a lot of these athletes make their fortunes, (and sometimes before) they go out and spend it just as quickly. Finally being in the position to buy whatever their heart’s desire, from luxury vehicles, to lavish homes for family members and friends. Sadly, very few realize before it’s too late that life is not a sprint, but a marathon. They thrive off the attentions of being part of the elite, giving very little thought to their financial future.

The real issue is that these athletes focus, in most cases, on winning the highly competitive game of “show and tell” — neglecting to prepare for the most important competition of them all, the Game of LIFE. Many athletes, both young and old fail to fully comprehend that being a professional athlete has a far shorter lifespan than most careers and that they should use the opportunity to put up enough money for them and their loved ones to live comfortably when they retire, and not have to suffer a rude awakening when the money they thought would never run out, dries up completely.

In recent news, former NBA All Star Chris Gatling pled guilty to theft and forgery while squatting in a house in Arizona. After reading about this I immediately thought, “Wow, I just did a financial literacy seminar last year at the community center named in Chris’ honor in NJ!” Am I shocked? No! Here is just another example of a professional athlete that did not appreciate what he had, and squandered it all away, with nothing to show for it.

http://sports.yahoo.com/blogs/nba-ball-dont-lie/ex-nba-star-chris-gatling-pleads-guilty-theft-140401419.html

The list of fallen NBA heroes gets longer and longer every year.

One of the fastest ways to lose your money when you are an athlete is to father several children out of wedlock with several different women, and/or get divorced. Unfortunately for Kenny Anderson, he managed to do all of the above in a big way. The basketball legend managed to have three divorces, 8 children, and pay child support to five different women. Not surprisingly his career earnings of $60 million has all but diminished.

Another former NBA giant, Latrell Sprewell managed to make an estimated $100 million in career earnings. Any person with just a little financial discipline would have walked through life with a giant smile on their face knowing they were financially set for life, but not Sprewell. He chose a lavish lifestyle filled with a yacht and mansions that he couldn’t afford. I am sad to report that after losing his yacht in 2008, he is now renting this house in Milwaukee because ALL of his others have been foreclosed on.

The terrible reality of these former athletes is that they lived life for the present and not for the future. They blew their hard earned money on a lifestyle that brought them temporary happiness. Luckily for everyone, there is a shining star we can all look up to. Someone who had his head in the right place when it came to his money and future. The person I’m talking about is none other than Mr. “Air” Jordan.

Michael Jordan was not only gifted on the basketball court, but in the business world as well. He has always made sure that he had the right people on his team that he could trust with his riches. The kind of people that would invest his money well enough so that he could reap the benefits then and even now, 10 years after he retired. Yes, he quenched his thirst for competition with high stakes gambling which I would never recommend. But as you see, he has been somewhat responsible with the habit because he has not allowed it to financially ruin him.  Incredibly today, Jordan still out earns most of the world’s highest paid athletes. He makes an average of $80 million a year through his corporate partnerships and business ventures, and is reportedly worth over $500 million.

Jordan’s story is truly an inspirational one to me. I see a man that wasn’t perfect in life but understood that the value was just not in being arguably the greatest professional athlete to ever live but that life went on after retirement, and managed his finances accordingly. He should be an inspiration to young athletes all over the world, I wish he was to me much earlier in my life. Young guns it’s not too late. Hire the right people, leave the competition on the court/field (whatever), and think about tomorrow and the next day, and so on and so on.

My advice to these young stars who are just focusing on being better than Mike on the court, should instead focus more on being like Mike off the court. Or they will be squatting like Chris (Gatling).

Sing with me — Like Mike, if I could be like Mike. I wanna be I wanna be like Mike, Like Mike if I could be like Mike.

Join my movement, end the Vicious Cycle of Financial Illiteracy.

Signed,

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