I'm not proud of being a Broke-A$$ Brotha. My plan is to take steps necessary to get rich. The process begins by getting serious about my current financial situation. I'll share some tips with y'all as I go through the process. I would love to hear from you on some Broke-A$$ Brotha (or Sista) tips that you have learned over the few months and years as well.
My first tip is simple. You can't fix your situation if you fail to face your situation.
The largest single expense that my Dad ever had was the first (and only) home he bought. His instructions to the realtor were simple -- the home had to be located in such a manner that the sun was behind his back on both ways of his commute to work. Secondly, the total mortgage expense needed to fit into his salary. You should know that my Mom was working full-time as a public school teacher ... but, my Dad insisted that the mortgage payment fit into his salary as if we had a one-income family. It took a little longer to find the house ... but the 2-story brick house that my parents purchased is now fully-paid off and remains the family home of my Mom as she enjoys her retirement years.
I now recognize that I need to get a handle on my expenses. I need to BUDGET. The odd thing is that I've been tracking income and expenses with my Quicken software for many years. However, I've not been disciplined about reviewing the results regularly ... analyzing those financial results ... and making adjustments accordingly.
I pledge to review my budget vs. actual expenses for the first nine months of 2010. I will also create a budget for the final quarter of 2010 that details out my fixed expenses (rent, utilities, child support, etc.), my discretionary expenses (transportation, food, entertainment, etc.), my debt repayment expenses, my long-term savings and my emergency savings (six months of current income).
How about you? Do you have a written budget for the month of October? Are you tracking your actual income and expenses against that budget? If not ... it is time to get busy.