Ask Gayle Rice

No Coin Left Behind

The Financial Wellness Roadmap is available NOW at https://www.askgaylerice.com/roadmap

In this Episode, I explain why creating a written plan for your money needs to be the first step on your journey to Financial Wellness.

3 Reasons Why You May Be Failing At Budgeting:

1. You avoid it.
   1. Budgeting isn’t sexy.
   2. It feels to restricting.
   3. You’re triggered by it.
2. You try to set it and forget it.
   1. You don’t account for the unique things that come with each month.
   2. You don’t reconcile your spending to your plan.
3. It just isn’t adding up.
   1. You started with the wrong numbers all together.
   2. You many actually need to look at cutting or shifting some expenses- and I recommend working with a coach to do this!

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

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Limitless Possibilities Coach, Rhonda J. Williams, joins us to share her 5 KEYS TO LIMITLESS POSSIBILITIES, the importance of Getting Clear, and how her keys helped her to weather the storm of the leaving a stable Government job for her own Real Estate business only to be met with the Great Recession and housing market crash of 2008.

RHONDA’S 5 KEYS:

Getting CLEAR on what you want.

Getting FREE of limiting beliefs.

Getting BEYOND your past.

Getting RESILIENT

TIMING matters

CONNECT WITH RHONDA

• Instagram https://www.instagram.com/rhondaonamission/
• Website https://www.exodusfinancialed.com/

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

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I’m Married To A Job Creator

In this Episode, I introduce my husband, BJ Rice.  He’s a Composer, the Founder of Southern Music Academy in Atlanta, Georgia, and a student of Pan-African History.  I mentioned early in the episode that we should do a separate episode about managing money as a couple *SPOILER ALERT* we didn’t… so you get an hour long episode this week!

When I met him in college, BJ was a freshman Engineering student.  In our sophomore year, he changed his major to interdisciplinary studies in Organizational Management and Music Composition.  This episode tells the story of him graduating into a pretty cushy retail management job, quitting because he wasn’t fulfilled, the uphill 1000 mile journey to fully establishing his own company, and the money (and marriage) lessons we both learned along the way.

Our Tips On Managing Money As An Entrepreneur:

Understand how much it takes to run your household and the minimum you need to earn each month.

Gain an understanding of what you need to reinvest in your business every month. All revenue doesn’t equal income.  Create your lifestyle accordingly.

Calculate an average monthly income after a year of operating your business.

Create a “Flex” account, separate from your emergency savings, to funnel additional funds from months where you make more than the average to help compensate for the months where your income is lower than average. This helps if you get anxious about touching your true savings.

Set up a reserve so that this month’s REVENUE can generate next month’s INCOME.

Understand self-employment taxes, how to minimize tax liability, AND how tax write offs could potentially impact what Loan Amount you could qualify for when applying for a mortgage.

CONNECT WITH BJ RICE

• Instagram https://www.instagram.com/bjrice_music/
• Facebook https://www.facebook.com/BJRiceMusic

CONNECT WITH GAYLE

• Instagram https://www.instagram.com/askgaylerice/
• Facebook https://www.facebook.com/askgaylerice/

MENTIONED IN THIS EPISODE:

• How banks look at self-employed income when qualifying for a mortgage: https://mymortgageinsider.com/calculating-self-employed-income-for-mortgage/#:~:text=Two%2DYear%20Self%2DEmployed%20Average,dividing%20by%2024%20(months).

• Southern Music Academy:
  • Website https://www.southernmusicacademy.com/
  • Instagram https://www.instagram.com/southern_music_academy/
  • Facebook https://www.facebook.com/SouthernMusicAcademy/

• Music for Creators Podcast Theme Music

• Capoeira https://www.instagram.com/eclipsecapoeiraatlanta/

In this episode, a third-grade teacher makes a shocking discovery about her credit score in the middle of trying to buy her first home!

Gayle’s Credit Tips on Living Right 😊

1. Pay your bills on time and in full. PAYMENT HISTORY is the biggest factor in the credit score algorithm.
2. Keep CREDIT UTILIZATION low. This means that you should never let you balance get higher than 30% of your credit limit- no matter how big or small that limit may be.
3. Don’t close revolving accounts (credit cards) as you pay down the balances or pay them off. This will impact the length of your credit history. 
4. Be mindful of how often you are applying for new credit.

Paige’s advice for anyone getting ready to buy their first home within the year:

1. Pay attention to your credit score. You’ll need at least “Fair” credit to get approved for a home loan.
2. Understand how home prices can vary from area to area for similarly sized homes.
3. If it doesn’t happen within the year it’s okay. When it’s the right time, it will happen!

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How can you figure out how to get where you want to go if you’re not really sure where you’re starting?

In this episode, I have 5 pressing questions to help uncover some things you may not have considered about where you’re starting on your financial journey.  And I’m talking answers deeper than “in debt” or “with bad credit”.  We’re going to begin the process of discovering where you’re beginning mentally and emotionally.  Remember, we’re looking to take care of your whole self on this journey.

And we’re not even doing any math… until we get to the homework

5 Questions To Determine Where You’re Starting

1:56       Who are you comparing yourself to?

7:15       What ideas do you need to let go of?

10:18    Who do you need to invite into this process with you?

15:50    What are you afraid of?

19:27    What Do You Need?

Mentioned in the Show:

How Rich Are You?

Dollar Street

Money, Life, and Limited Possibilities Podcast

Reset, Reassess, Re-imagine

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Have you ever been so negative in your bank account that not even your entire next paycheck could get you out of the red?  Well, I have.

Come hear about my good ugly cry and one of the defining moments in my financial journey.  I promise I won't overdraft to this day!

I believe friends should talk more about money, so I'm creating the Ask Gayle Rice Podcast so we can do just that! We'll be talking about my Financial Wellness Road Map and how to make moves in our financial lives with Self- Love and Self- Care.

Episode 1 launches on June 6th, and I hope you'll listen in 

Have a credit or money question you want answered on the show? Leave me a note at [email protected]

Take care and be well