Financially Speaking: The Best Improvement Starts with Self-Improvement

By Michael Mathews

The second edition of Financially Speaking: The Best Improvement Starts With Self Improvement, by Michael “Bart” Mathews, starts your personal financial literacy education journey. His goal is to assist you with Creating Your Own Economic Stimulus Plan by starting you down the path of one day becoming Financially Fit for Life. Throughout this book, Michael shares his personal financial shortcomings and the steps he and his wife took to get their financial house in order. By writing it from a personal perspective, Michael hopes that others may see themselves in some of his past financial setbacks and be more compelled to use some of the tips, suggestions and resources provided within this book.

Michael covers a number of key topics (e.g. debt, credit, taxes, health, etc.) that should help you to take a more holistic view of your personal finances because any one of them can negatively impact your overall financial situation. Regardless if you are single, married, divorced, young just starting out, currently in college or retired, this book can help prevent you from making some costly financial mistakes. Michael also includes his own poems throughout this book to provide inspiration and motivation along your journey of self-education and self-improvement.

Examples of topics within this book:
Learn how to reduce and eliminate your debts and expenses using the Debt Elimination Rollover Payment Plan
Learn how to balance your checkbook
Learn how to create a plan to easily record and track your spending
Learn how to create an income and expense statement and calculate your net worth
Learn how to stop living paycheck to paycheck
And many more……

This book is a must read!

• Language: English
• Publisher: Trafford Publishing
• Release date: Feb 28, 2008
• ISBN: 9781490718675

Michael Mathews

Michael “Bart” Mathews is a successful Author, Certified Life Coach, Motivational Speaker and Real Estate Investor. He is dedicated and committed to providing Personal Financial Literacy Education via books, workshops and online. Michael also provides entertaining and exciting books for pleasure reading. With your purchase of this book, Michael is committed to donating a portion of the proceeds from this book back to the community. Visit his website www.tmeginc.com for additional resources to assist you along your journey to financial freedom.

Book preview

Copyright 2008 The Mathews Entrepreneur Group, Inc.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the written prior permission of the author.

ISBN: 978-1-4251-4018-2 (sc)

ISBN: 978-1-4907-1867-5 (e)

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Trafford rev. 09/22/2018

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North America & international

toll-free: 1 888 232 4444 (USA & Canada)

fax: [phone]

PRAISE FOR FINANCIALLY SPEAKING

"Always interested in learning how to improve my situation, I eagerly read Michael Mathews’ book, Financially Speaking, and was impressed by what I read. Speaking from his heart and personal experience, Michael speaks about how to get your finances in order. Since financial issues frequently are at the bottom of interpersonal issues in a marriage and stress-related health issues in a body, control over finances can be at the heart of improving these aspects of life as well.

The book is beautifully organized to cover the many aspects of financial life, starting from the negative side of the balance sheet by discussing steps to take to get out of debt, moving through managing money on a daily basis, and continuing on to preparing for the future by investing, insuring to cover unforeseen events, and teaching your children. Michael offers specifics, and references to places to get help or more information. He gives clear descriptions of the reasons for different considerations, and even includes a dictionary of terms.

Financially Speaking is a good read whether you’re a novice at tackling managing your money or you’re experienced. There are some good reminders and ideas which might not yet have come to mind. And all of it is presented with a sense of joy, and personal touch, shown in the poems and anecdotes included to illustrate various points.

Michael Mathews is a person of caring and integrity, with a desire to help others improve their lives. I highly recommend Financially Speaking.

-Carolyn R. Chase, Salt Lake City Utah

Masters of Arts-Teaching, Harvard University

The book is a good resource for 18 and up to understand the value of money and how to make money work for you. The first chapter laid a foundation for me to understand the intricate details of money, learn from others mistakes and not to fall into those traps. The language used in the book is relatable and I can tell a person from a generation or two before me wrote the book due to the examples and sayings used, which offered another perspective into a culture that I appreciate.

-Bianca Spratt, Graduate Student, Chicago Illinois

Masters of Art in Applied Professional Studies

The second edition of Financially Speaking: The Best Improvement Starts With Self Improvement is a guide to getting one’s financial life back with step by step action plans. This book is a must-read for anyone who wants to get ahead financially, regardless of their present financial state. I recommend this book for anyone who wants to commit to self-improvement as a way of life. In addition to providing great tips on saving and growing your money, the author shares his wisdom for living life to its fullest! I commend author Michael Bart Mathews, on this brilliant literary work.

-Zed Braden, Attorney

Ainsworth & Associates PC, Chicago Illinois

This document is a cure for sore eyes and the financially distressed. You have a plan for financial success if implemented with fidelity. This book has provided me with information that will benefit me and my offspring for generations. The book is elaborate but reader friendly.

-Leavelle Abram, Principal

Leaf Erickson School, Chicago Illinois

Congratulations on another good one! Although it’s been over 8 years (if not more), since I edited your first book, it was like a refresher in some ways; but also good and fresh information, for the most part. The chapters 5 thru 10 certainly increased my knowledge and were also food for thought". I particularly gained lots of insight from the content in Chapters:

• 7 – Estate Planning

• 8 – The Deadly Killers – very educational and so real to our culture

• 9 – The Children really resonated with me because this is something we did not get as children, but it’s such a blessing to pass it on to the youth in our families.

• 10 – Self Improvement – this resonates with me because self-improvement is continuous. Your tools and tips really add to the process of the overall self-improvement journey

Your poems are really awesome! Definitely something you should consider in the near future. Overall, I really enjoyed it. My biggest personal takeaway is to not be anxious to get the new car and purchase a condo, townhouse, etc., again until my finances say yes, without question. In summary, this is really good information and I’m sure the Lord will bless you exceedingly and abundantly because of your works – this book, which will help so many others!"

-Cathy Flowers-Oak Park, Illinois

Corporate Trainer/Fortune 500 Company

Financially Speaking is a blueprint for your financial success. It tells you how to get out of debt and pay yourself. It also shows you smart ways to invest and to build wealth for the rest of your life!"

-Dan Duster, Motivational Speaker/Professional Success Coach

Owner, 3D Development Group, Chicago, Illinois

Author: Peaceful Selling-Easy Sales Techniques to Grow Your Small Business

Extremely well done, easy to follow, and covers a wide range of topics, which are intertwined to provide an overall strategic improvement for anyone seeking to Live Long and Prosper. Michael Mathews, you provide a step by step, simple plan, which if followed as laid out, will help ensure a healthy, financial and successful path for virtually anyone.

-Mike Woods, Real Estate Agent and Investor

Century 21 Affiliated, Homewood, Illinois

Michael thanks for your transparency on prevalent issues that plague our society. There`s a great need for the wisdom and expertise depicted on these pages. You not only identify the pitfalls and their woes, but you also gave credible footage by providing the necessary tools to get you out and stay out of indebtedness. I also recommend this excellent read for young adults while transitioning into adulthood. Michael, you`ve been equipped for such an awesome task, keep arming the generations to come.

-La Sandra Gayle Thomas, President/Owner

Executive Producer/Writer/Film Maker

Sweet Pea Productions, NC Inc.

Greensboro, North Carolina

Growing up, financial literacy was not a topic at the dinner table, although we boasted about what we wanted to be when we grow up and how much money we wanted to make. The lack of financial knowledge growing up in my early twenties contributed to a fear of finances altogether. Being a business owner, facing my fear of financial literacy became detrimental to my business. Mr. Mathew’s book is very well done. Before I started reading it, I thought the content was going to be complicated because of my lack of enthusiasm. As soon as I started reading it, I became more enthusiastic about the potential of this book. The book is clear and concise and offers much more information than I expected in regards to the importance of financial literacy. Financially Speaking delivers an engaging interpretation and perspective on financial literacy. This book is an excellent resource for students, educators, and financial enthusiasts. In reviewing this book, the principal criteria included content, organization, and reference sources. Starting with the basic information of financial literacy such as; debt, expenses, credit history, the list goes on. It took me on a journey through the world of finances in which I had very little knowledge of. The tone of the book reflects a learned appreciation for understanding the power of managing your finances. And the best part, it includes poems that express the creativity of the author.

-Aini (Nura) Abukar

Entrepreneur, Chicago, Illinois

SPECIAL THANKS

A very special thank you goes to my wife, Robbie. You have supported all of my goals and dreams without hesitation. You believe that teamwork makes the dream work, and we make a great team. Your wisdom, knowledge, skills and life experiences have proved to be invaluable. Your forty-year professional career in corporate America has allowed you to exponentially grow by leaps and bo unds.

Your all hands on deck team approach for the accomplishment of this project has always been your driving motivation for personal, family, and professional success.

With each written goal that we accomplish, we are one step closer to obtaining our dreams. Our vision is clear and concise. I love you and thank you for your unwavering support. May we continue down the path of our journey to and transform your Financial DNA For Life. May our overwhelming desire to serve others, while we serve ourselves, remain the cornerstone of our wealth building legacy.

To my 92-years-young mother, Clora, who remembers many of my failures and never lost faith that I would be successful! I love you.

"Money isn`t the most important thing in life,

but it`s reasonably close to oxygen on the

gotta have it scale!"

-Zig Ziglar

TABLE OF CONTENTS

PRAISE FOR FINANCIALLY SPEAKING

SPECIAL THANKS

ACKNOWLEDGEMENTS

PREFACE

INTRODUCTION

POEM - THE BEST IMPROVEMENT STARTS WITH SELF IMPROVEMENT

CHAPTER 1   DEBT MANAGEMENT

What is Debt?

How is Interest Calculated?

Savings Simple Annual Interest

Savings Compound Annual Interest

Credit Card Interest

Debt Mismanagement Factors

Steps To Get Out Of Debt

Step 1 – Balance and Reconcile Your Checking Account Regularly

Step 2 – Create a Debt and Expense Statement

Step 3 – Create an Income Statement

Step 4 – Calculate Your Cash Flow

Step 5A – Expense Reduction Plan

Step 5B – Debt Elimination Rollover Payment Plan

Create a Spending Plan

Student Loan Debt-Turning College Dreams Into Nightmares

POEM - PRESS ON

CHAPTER 2   CREDIT MANAGEMENT

Credit Report-Do You Know What’s In Yours?

Credit Report Error’s - How to Fix Them?

What Are Your Credit Scores?

FICO

VantageScore

Debt-to-Income Ratio

How To Get Credit Without Credit

Ways to Improve Bad Credit

1. Improve Your Credit via Secured Credit Accounts

2. The Advantage of using Reward Credit Cards

3. Increase Your Income

Know Your Credit Rights

Avoid Credit Repair Scams

Identity Theft

POEM - DON’T DESPAIR

CHAPTER 3   KNOW YOUR NET WORTH

Table 3.1 - Net Worth Calculation Sample

POEM - STAY THE COURSE

CHAPTER 4   BUILDING WEALTH: CREATE A LEGACY

What is Real Wealth?

Saving

Investing

Investment Club-What Is It?

Starting an Investment Club

National Association of Investor Corporation (NAIC)

Other Investment Options

POEM - LEAVE A LEGACY

CHAPTER 5   BUILDING WEALTH: REAL ESTATE INVESTING

Home Ownership vs. Renting

Renting

Home Ownership

Property Tax Relief

Income Producing Property

Other Real Estate Related Investment Options

Refinancing Options To Keep Your Home

Home Affordable Refinance Program-H.A.R.P

Home Affordable Modification Program-H.A.M.P

Reverse Mortgage

Foreclosure and Short Sales

Short Sale

Foreclosure

POEM - HALFWAY POINT

CHAPTER 6   BUILDING WEALTH: ENTREPRENEURSHIP

Capitalism

Entrepreneurship

Philanthropy

POEM - ENTREPRENEURSHIP

CHAPTER 7   PLANNING FOR YOUR FUTURE

Financial Planning

What Should I Expect From A Financial Planner?

How to Find and Select a Financial Planner

Retirement Planning

Retirement Planning-What Do You Need to Get Started?

Estate Planning

Estate Planning-Getting Started

Tax Planning

Asset Insurance Planning

POEM - IF YOU

CHAPTER 8   HEALTH & WELLNESS PLANNING

Exercise is Vital to Your Health

Eat Healthy

The Importance of Health Insurance

The Affordable Care Act

Physicals-Can Be Life-Saving

The Deadly Killers

Cancer

Diabetes

Heart Disease

The Warning Signs of Stroke

POEM - HEALTHY LIVING

CHAPTER 9   THE CHILDREN ARE OUR FUTURE

Lessons Well Learned

POEM - MONEY II

CHAPTER 10   LIVE WEALTHY-LIVE HEALTHY

The 1st Principle is W for Wealth Mindset

The 2nd Principle is E for Entrepreneurship

The 3rd Principle is A for Asset Management

The 4th Principle is L for Leave a Legacy

Legacy/Estate Planning

The 5th Principle is T for Tithing and Philanthropy

The 6th Principle is H for Healthy Living

The 7th Principle is Y for You are in Control

CHAPTER 11   START YOUR SELF-IMPROVEMENT

12 Steps to Financial Change

PERSONAL CHECK LIST FOR CHANGE

CONCLUSION

POEM - REAL HARD LOOK

DISCLAIMER

GLOSSARY

APPENDIX-RESOURCES

ABOUT THE AUTHOR

ACKNOWLEDGEMENTS

Leavelle Abram

Aini (Nura) Abukar

Nakii Rapheal Barnes

Zedrick Braden

Caroline Chase

Dr. James JD Dentley

Dan Duster

Cathy Flowers

Dr. Kara Scott Dentley

Janina Marie Spencer

Bianca Spratt

LaSanda Gayle Thomas

Nadia Sky Tucker

Nathalia Starr Tucker

Sandy Whetstone

Mike Woods

I want to express my heartfelt gratitude to each and every one of you for your unwavering support. I really appreciate every individual comment, suggestion, and written statement. The many words of wisdom and encouragement helped me overcome several adversities, turning them into seeds of greatness. The results of your due diligence helped me, an ordinary man, to complete this extraordinary accomplishment. I hope I have met your high level of standard of excellence, as you have far exceeded all of my expectations in return. My riches do not lie in material wealth, it comes from having family and friends like you! Because of our teamwork, we made this dream work. I flew higher than an eagle because you were the wind beneath my wings! I want to thank you all for sharing your light, from the universe, with me on this jou rney!

-Michael Bart Mathews

PREFACE

T his book was written because of our commitment to spread financial literacy education on a global scale to the masses. We believe that Financially Speaking - The Best Improvement Starts With Self Improvement. From our many conversations with ordinary people; who were looking for an extraordinary financial read; this book is for you. There are also nuggets for you corporate climbers, business owners and entrepren eurs.

No matter what country you live in, what currency you use, or what language you speak; the bottom line on a global scale is; improving one’s financial literacy education is on the forefront of economic development, growth, and transformation.

Because of our desire to share our 7 LIVE W.E.A.L.T.H.Y. PRINCIPLES, we have had the privilege to speak Internationally in several countries and domestically in the United States on the importance of financial literacy education.

In February of 2017, we launched our 7 LIVE W.E.A.L.T.H.Y. PRINCIPLES in the beautiful country of South Africa in front of 1,200 plus attendees from 21 countries while in Johannesburg. We also spoke directly to the South African people through the media which consisted of articles in the Saturday Star and the Sunday Times newspapers, KAYA/FM 98 and 93.8FM Mix radio interviews, and a live ANN7 BIZPULSE Business News television appearance.

During a trip to Cannes, France we had the opportunity to do a live radio interview on FM Radio France.

In November 2017, we shared our 7 LIVE W.E.A.L.T.H.Y. PRINCIPLES on stage in front of 2,500 attendees from 71 different countries in Los Angeles, California.

We have been featured in the following magazines The Global Man & The Global Woman (London), Business Woman Today (London), WORKLIFE (Australia), Business Booster Today (Germany). We have also been featured on CAN TV and 102.3FM WYCA/Rejoice Radio in the Chicagoland area. Our message has been featured globally throughout different media outlets; and we are just getting started!

I interviewed NFL Chicago Bear-1985 Super Bowl Championship Coach-Mike Ditka in Chicago and actor Al Pacino (The Godfather) in Los Angeles. My wife, Robbie, interviewed Ndaba Mandela (Nelson Mandela’s grandson) in South Africa. All three men shared their unanimous support for the importance of financial literacy education from their personal financial transformational perspectives.

Les Brown, one of the world’s renowned motivational speakers, whom we’ve had the privilege of sharing the stage with says, You don’t have to be great to get started, but you have to get started to be great.

In order for you to get started, your first critical decision is to keep turning the pages of this book. You cannot keep on doing the same thing and expect a different financial outcome! We all know that is the definition of insanity. Your second critical decision is to change how you think about your money. Your third critical decision-you must change how you feel about money. And, your fourth critical decision-you must change how you act (spend) with your money!

Now turn the page and read on to discover how becoming financially educated and empowered can transform your Financial DNA For Life.

INTRODUCTION

If anyone’s gonna write about me. I reckon it be me/myself.

-LANGSTON HUGHES

I published the first edition of this book in 2008 because I believed that some of my past financial adversities have been experienced to some degree by hundreds, thousands and maybe millions of everyday people all across the globe. I wanted to share with you how I changed a life of financial disparity by finding my seeds of economic greatness through financial literacy educa tion.

However, in 2008, the nation experienced a severe economic collapse. Millions of people across all six living generations faced situations such as the Wall Street meltdown, bursting of the housing bubble and health care issues, just to name a few. This contributed to corporate downsizing, loss of employment, loss of income, loss of lifestyle and in some cases, divorce and loss of life.

Many people who were affected had to deplete their life savings (if they had any) trying to keep their heads above water. They drew down 401k plans, IRAs and suffered early withdrawal penalties because some were under the age of 59 ½. They sunk deeper into credit card debt trying to keep food on the table. No longer able to pay the mortgage, rent, car note and credit card payments, bankruptcy filings skyrocketed. Across the country, car repossessions soared; foreclosure and short sales proceedings were widespread, tenants evictions were rampant, all resulting in an increase in homelessness. You name it, it happened.

Now in 2015, it appears that the global economy is trying to rebound. Financial literacy and preparedness are at the forefront of conversations in homes, coffee shops, barber shops, gyms, newspapers, television, radio and other media outlets everywhere. Therefore, I decided to write this second edition of Financially Speaking to again share with you key financial principles that changed my life in many tremendous ways.

My goal is to motivate, encourage, stimulate and inspire you to take a deep, honest look at your total overall present day financial situation. My hope is that you will discover what changes you can make, then take action and make those changes! You have the ability to create your own Economic Stimulus Plan while increasing