Money Matters Monday!!!! ~featuring~ Dana M. Brome

Happy Monday!!!!!  Today a very special lady (and I'm not just saying this because she is my Ace), Ms. Dana Brome, brings us some sound advice about how we can become more financially independent, a goal that every true D.I.V.A should strive for.  During these hard economical times, every little bit helps.  Take a look and be sure to share some of your tips with us... 

First, I must say I am very impressed with this project and I hope it is carried on for generations to come and becomes bigger and better with age :)


Remember back to when we were young girls and we wanted to be "fly" going back to school the first week? Wanting every new fashion out that was hot for the fall season....
Our parents would always let us know "Money doesn't grow on trees!"... but what if it did...? Would you know what to do with it?

If the D.I.V.A. Rules founders were to give a survey to young black women about our finances, would we all be able to check "YES" to being financially responsible and independent?? Sadly, I think not. The standard to which we are held in this world (in comparison to men) comes from a long, hard fight that our predecessors started that we need to finish. We CAN do the same job, We WILL get paid the same or more, and We WON'T let anybody tell us any different.

As young black women financial independence should be a quality we hold dear to our mere existence, along with being great mothers, wives, and business women. In our society, the drive to "get rich quick" is drilled into our heads but as black women we need to know and understand that everything comes to us that we work hard for, including our money. Who says the man has to be the bread winner of a household?? Let them know ladies its 2010 and we intend to keep the battle going until we have a solid WIN!

The PAST:
Nope! We sure can't change it but we can LEARN from it. Take a look at your statements from banks, credit cards, and your pay stubs. What are you spending your money on??Do the "wanted" outweigh the "needed" in regards to your purchases? Could you have bought one pair of shoes instead of two?? When you get paid, does most of your money go to frivolous atm withdrawals and fast food purchases?? If you answered yes to any of these your working to just spend, spend, spend, when you should be planning, saving, and investing.

The PRESENT: On payday - pay YOURSELF first. Set up a savings account in a FDIC Insured institution that is NOT readily accessible. From your paycheck have an amount- not a percentage- automatically deposited into this other institution. When you receive your income tax refund be sure to not spend the money before you even get it. NO big purchases. Its your money and saving it will benefit you.

The FUTURE:
One way to have/ensure financial independence for your future is to look into an investment savings plan. These may be offered through your workplace( 401k, 403b, etc) or you can also get them through any financial institution that offers IRAs (Individual Retirement Account). Both options have the sole purpose to put money away for you and your family for the future. The funds are automatically taken from your pay and put into your investment account- you wont even notice its gone... out of sight, out of mind.

Good Luck saving!

Dana Brome is a Fraud Investigator for TD Bank.  She is currently pursuing a Masters Degree in Criminal Justice from Rutgers University.  Dana is also a proud member of Alpha Kappa Alpha Sorority, Inc.  She can be contacted via e-mail at dmbrome08@yahoo.com or you can follow her on Facebook.