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Showing posts with label financial. Show all posts
Showing posts with label financial. Show all posts

Friday, January 24, 2014

Tarra Jackson's New Virtual Coaching Program Transforms Financial Lives | PRESS RELEASE

FOR IMMEDIATE RELEASE

Week 1 Live Virtual Lesson: Mastering Money Mindsets
Press Release - Jan. 24, 2014 - Tarra Jackson, known as Madam Money, kicks off the Financial Lifestyle Transformation Virtual Coaching Program on Monday, February 3, 2014. The Financial Lifestyle Transformation Program is a 7 week online financial coaching program filled with online live educational sessions with other financial experts via YouTube, financial templates, as well as one on one private coaching sessions with Jackson.

Jackson designed this program for consumers who need a success support system to guide them through their financial transformation. "Some people just need an accountability partner, coach and cheerleader..." says Jackson.

The Financial Lifestyle Transformation Program tackles 7 Key Financial Components during the 7 Weeks:

Week 1: Mastering Money Mindsets

Week 2: Money Management

Week 3: Credit Management / Debt Elimination

Week 4: Income Tax Management / Getting the Best Return

Week 5: Risk Management / Insurance Review

Week 6: Wealth Management / Retirement Planning

Week 7: Estate Planning


Each week will feature a Virtual Educational Session that focuses on that week's topic. The first LIVE Virtual Educational Session will be held on Monday, February 3, 2014 at 8:00 PM EST. Jackson will host a panel of Motivating Men via Google Hangout Live on YouTube about "Mastering Money Mindsets."  During this educational session they will tackle the mindsets that keep consumers from meeting their financial goals and how to transform those defeating mindsets in to positive money mindsets for a successful Financial Transformation.

 The panel consists of Clyde Anderson (Financial Expert, Author, Speaker & CNN Contributor), Kenny Pugh (Relationship & Financial Expert, Speaker & Black Enterprise Contributor), Jack A. Daniels (Transformation Counselor, Psychotherapist, Author & Speaker), Paul Q. Fortson (Spiritual Advisor & Inspirational Speaker), Wahid Shakur (Investment Real Estate Guru, Personal Development Coach, Author & Speaker), and Walter Jackson (VP of Operation HOPE Financial Dignity Center & Speaker). They will discuss how our emotions, past, spirituality, relationships, fears and knowledge affects how we deal with money and ways to improve in key money mindset areas.

"This program offers three virtual coaching options for participation. We make it easy for people to get the tools that they need to be financially successful." explains Jackson. Consumers can learn more and register at http://www.MadamMoney.com to participate.

ABOUT TARRA JACKSON

Named #6 in January 2014 Top 100 Financial Experts to Follow on Twitter, Tarra Jackson is a financial expert and counselor. She is an internationally known Economic Empowerment Spearker and Blogger and is the host of one of the top 5 Financial Chats on Twitter, called #CashChat, every Friday at 12:00 PM EST. She is also the author of the best-selling book, "Financial Fornication." To learn more about Tarra Jackson, go to http://www.TarraJackson.com.


Thursday, January 23, 2014

What Watching Gilligan's Island Taught Me About Credit Management

Do you still watch Gilligan's Island reruns?  I DO (Don't judge)

I just saw this episode and got the BEST advice about Credit & Money Management in 90 seconds.  I just wish I listened to the advice in this episode before I started establishing credit.

Check it out! I promise you'll feel the same way.  And make sure you share this valuable advice with your children, family and friends. It's priceless!

PS. For those of you that know Hamlet or are Gilligan's Island fans, like me, go ahead and sing along.




Making Money Matters Manageable,

Tarra Jackson


Tuesday, January 21, 2014

Tarra Jackson Ranked #6 Top Financial Experts to Follow | PRESS RELEASE

FOR IMMEDIATE RELEASE

Press Release - Jan. 21, 2014 - ATLANTA -- Tarra Jackson has been added to the "January 2014 Top 100 Financial Experts to follow on Twitter" List and ranked #6 by Evan Carmichael Personal Finance (@ECPersonalFinan). Her money tips and realistic financial advice make her extraordinarily popular on Twitter, Facebook, LinkedIn and Instagram and is quickly becoming one of the top financial experts on social media.


Tarra Jackson is not only a new addition to this list, but she has been placed in the top 10 and is in great company with Suze Orman (@SuzeOrmanShow) #1, GoBankingRates (@GoBankingRates) #3, Xavier Epps of XNE Financial (@XNEFinancial) #8 and Lynnette Khalfani-Cox (@TheMoneyCoach) #10. These financial experts' have a significant social media impact on Twitter and are positively impacting the financial lives of their followers through education and interaction.

Known as Madam Money and the host of one of the top 5 popular financial twitter chats, #CashChat, she shares money and credit tips to over 50,000 people weekly. #CashChat twitter chat is every Friday at 12:00 PM EST with special guests like Debt.Org and credit reporting company, Experian.

Tarra Jackson is also the author of the best-selling book, Financial Fornication, available on amazon.com, bn.com, Kindle, and www.TarraJackson.com.

Media Contact
Stephanie Jackson
info@tarrajackson.com
Tarra Jackson Ranked #6 Top Financial Experts to Follow | PRLog

Madam Money Hosts a Prosperity Pampering Party at Spa Sydell for Wonder Women in ATL | PRESS RELEASE


Tarra Jackson and her Powerhouse Presenters will teach and inspire Wonder Women in Atlanta how to Access their Prosperity Super Powers.

FOR IMMEDIATE RELEASE

Press Release - Jan. 21, 2014 - ATLANTA -- Tarra Jackson, known as Madam Money, is hosting one of the most powerful, inspiring and relaxing wealth empowerment events for women in Atlanta. The Prosperity Pampering Party at Spa Sydell Midtown, Atlanta will be held on Saturday, February 1, 2014.


Lady attendees will receive inspirational and executable tips on how to access their Prosperity Super Powers, Emotionally, Physically, Professionally, Spiritually, In Love and Financially by Powerhouse Presenters. The Powerhouse Presenters include Jai Stone, Brand Expert & Essence.com Contributor; Bernadette Boas, author of "Shedding the Bitch" and founder of Ball of Fire Consulting; Andrea Riggs, Fitness Expert, TV/Radio Personality and author of "Get Body Beautiful;" Torri J. Evans, ordained minister and founder of "The Fatherless Generation Foundation;" Shay "Your Date Diva" Williams, Relationship Expert and author of "Value Your Vagina;" Ronnetta Coker, Wealth Manager; and host Tarra "Madam Money" Jackson, Financial Expert and author of "Financial Fornication."


Attendees will also enjoy a Spa Buffet of Spa Services and Lunch by Spa Sydell, Deserts by Diva Delights, Mamosas & Beverages by The Shark Bar ATL, and special gifts by event sponsors.  Event Partner Sponsor is ZionTips. Event Media Sponsors are DryerBuzz.com and Jericho Broadcast Networks at MyJNB.com.

Ladies can register at http://www.MadamMoney.com/ProsperityRegistration ends January 26, 2014.

Media Contact
Stephanie Jackson
info@tarrajackson.com

Friday, December 27, 2013

How to Start Strong and Finish What You've Started

Have you or someone you know ever wished that there was more time in a day?  I have!

My good friend, Psychotherapist & Best-Selling Author Jack A. Daniels, shares some great tips on how to Start Strong and Finish What You've Started!  Check it out and share your thoughts below.


How much time have you wasted?

A friend asked me the other day, "How do you find the time to complete everything you have on your plate?"  I chuckled and told him, "The only way I'm able to maintain my sanity is by taking on one thing at a time and not worrying about the next thing until AFTER I get done with the first one!"  

I used to begin my seminars by asking, "If I gave you $86,400 what would you do with it?"  I'd receive a number of different responses ranging from buying cars, jewelry, paying off credit cards to expensive shopping sprees; none of which were the correct answers I was searching for.  

I'd continue to take hands until someone in the room gave me the correct answer.  "I'd invest it all in the stock market," someone sitting quietly in the back of the room would shyly suggest.  "Exactly, INVEST it, I'd say!"  You see the $86,400 dollars was actually a rhetorical metaphor for time.  There are approximately 86,400 seconds in a day and its imperative you spend or "invest" your time wisely.  If you make yourself conscious about the investment amount given to you on a daily, its easier to strategically view how you can maximize your areas of focus and minimize the nonessentials.



Truthfully, we all have interests, thoughts and ideas we hold high, but more often times than not, we fail ourselves by not taking the necessary steps to make them happen.  The fears you have deprive you of the focus you need to make your dreams come true. 

So how can you get ahead? Simple. Stop making excuses. The barricades blocking your blessings typically are not external factors; they're internal.  

For example, have you ever had a burning desire to do something, but didn't do it because you were afraid of what your friends or family would think about you after you done it?  Or have you ever talked yourself out of trying something new simply because you were scared you just might like it and everyone you know would think you were crazy or weird for doing so?  To that I say, 

STAY OUT OF YOUR OWN WAY!  

What does that mean Jack? It means:
  1. Have the Courage to do something different by seeing and seizing what God has destined for you. (In your Career, Health, Finances or Relationship)
  2. Have the Conviction to believe in yourself and not who other people think or SAY you are.
  3. Have the Commitment to finish whatever you start without sabotaging your own success.



So the next time you have a random thought of what you should, would or could do, make sure you remember to stay out of your own way and don't talk yourself out of making it happen!  Make the hard decision to maximize all 86,400 seconds of every day God grants you to be here!  Keep investing wisely! 

Over the next week, apply the 3 steps I gave you to something you really want to do. 





Making Money Matters Manageable

Sunday, November 24, 2013

How to Keep Your Budget in the BLACK during Black Friday Shopping

Do you (or someone you know) want to avoid going into debt while buying gifts during the holidays?  I DO!

Here are my top 5 Tips to Keep Your Budget in the BLACK during Black Friday Shopping and the Christmas Holiday!






Give your family and friends the Gift that keeps on giving and share this video with them.  ;-)

Happy Holidays!

Making Money Matters Manageable,





Wednesday, November 20, 2013

The CREDIT GAME Rule #1: Know the Players so You don't get Played

Have you ever wondered what a FICO Score is and/or what Credit Bureaus are and how they are used by financial institutions?  

Here is a great illustration to help you learn first rule of The Credit Game so that you don't get "played" .... "Understand The Players!"






Was this helpful?  Let me know by commenting below.

Making Money Matters Manageable,

Tarra Jackson
Madam Money




 Click here for savings!

Saturday, October 19, 2013

Why You Need a "Plan B" Income Stream?

What would happen if you were furloughed, terminated or if your job shut down? Do you have a back up income stream?  

In this video I share why it is important to have a Plan B Income Stream and a viable option.




Making Money Matters Manageable,

Tarra Jackson





Sunday, September 8, 2013

Madam Money's Q & A: Will Rent Reference Help Mortgage Application

Have you (or someone you know) ever wondered if a reference letter from a landlord would help with showing payment history for a mortgage application? 

Great Question!  Here the answer ... 



Do you have a personal finance or credit questions?  

Ask me and get answers! 

Just email your question to Tarra@TarraJackson.com

Making Money Matters Manageable, 

Tarra Jackson

Friday, September 6, 2013

Madam Money's Q & A: Is Race Considered in the Credit Score?

Have you (or someone you know) ever wondered if a person's race for financial situation affects or is considered in the calculation of their Credit Score?

Great Question!  Here the answer ...




Do you have a personal finance or credit questions?  Ask me and get answers!

Just email your question to Tarra@TarraJackson.com.

Making Money Matters Manageable,

Thursday, August 15, 2013

5 Quick Tips to Divorce Finances Through A Divorce

Do you (or someone you know) know someone who is going through a divorce that needs a few financial preservation tips?  I do!

Even though I have never had the unfortunate experience of a divorce, I have helped several of my clients through the financial transition from joint to individual finances.  When couples go through a divorce, they are not only divorcing each other; they are also divorcing their finances as well.  Financial Divorce can be just as, if not more, emotionally draining and frustrating.  Depending on how amicable the separation is, may determine the ease or complexity of the separation of finances.

Regardless of where a person is in the separation, here are 5 quick tips about How to Divorce Finances through a Divorce.
  
Get Organized!
Gather as many financial documents as possible. Financial statements and documents will be requested and may be required during the separation process.  Here is a Divorce Financial Checklist of documents that may need to be gathered. Consult with a divorce attorney for all of the documents that will be asked for and required to remit to the court.
  
Separate Bank Accounts
Make sure to open separate individual savings and checking accounts.  Don’t just open an account in desperation … rather; make sure to open up an account at a financial institution that is conducive to the financial needs and usage. Open an account with great customer service because they may be needed for assistance through the financial transition.  Avoid accounts or financial institutions with excessive fees.
  
Update Direct Deposit
Don’t forget to update direct deposit or payroll deductions through the employer from the joint account to the new individual bank account(s) established.  If the joint account is responsible for paying bills that may affect the credit reports, continue to make deposits just enough to pay those bills OR stop the bill payment or payroll deduction from that joint account and set it up in the individual account to maintain a positive credit history.
  
Do a “Clean Break” with Loans
Having joint debt is like having a child together.  Regardless of the status of the relationship, both borrowers are equally responsible to pay the debt until it is paid in full despite what the judge or divorce decree says.  So, first things first … get copies of all three credit reports from Equifax, Experian, and Trans Union from www.annualcreditreport.com.  The best way to preserve credit history during a divorce is to do a “Clean Break.” Identify all credit accounts, and then try to negotiate who will take on what debt. Once that is agreed upon, each should try to get an individual loan to pay of the joint loan.  If either person does not qualify for an individual loan to do a “Clean Break,” try to agree that the other person will make timely payments on the joint loan. This is important because if the one person pays late or not at all, it will negatively affect the other person’s credit and ability to obtain the credit that may be needed after the divorce.  This is especially critical with credit cards.  Make sure to block the credit card lost/stolen and request a new card number to avoid future usage from the other part.
  
Update Beneficiaries
Don’t forget to update all financial documents! Update the beneficiary on your retirement savings account, insurance policies, bank accounts, etc.  Also, don’t forget to update the W-4 once the separation is final. During the divorce, many people forget to update this important information.
  
  
The best way to get through this tough situation is to try to think of the financial side as a business matter.  However, if the separation is not amicable, it may be best to have the divorce attorneys to discuss and negotiate these and other matters.

It is also a good idea to work with a financial professional or counselor for guidance during the financial divorce. Best wishes and contact us for further assistance.
  
  
Making Money Matters Manageable,



Thursday, August 1, 2013

Top 10 Things You Need to Know about Healthcare Reform

Are you (or someone you know) worried about how the upcoming Healthcare Reform will affect you?  I am!
 
Many people, especially entrepreneurs and those are that currently uninsured, are concerned about the upcoming Healthcare Reform. So to simplify the new requirements, Sherri Kindlmann of Inshpere Insurance Solutions gives 10 quick Tips about what you need to know about Healthcare Reform.
 
Tip 1:  Children may remain on their parent’s insurance policy up to age 26.
 
Tip 2:  2014 health plans cannot impose pre-existing condition exclusions.  
                       
Tip 3:  Annual limits on essential health benefits are prohibited.
 
Tip 4:  Premiums cannot be based on health status, claims experience, or gender.
 
Tip 5:  Insurers must accept everyone who applies for coverage during the 2014 ACA enrollment period.
 
Tip 6:  All private health insurance plans offered in the Marketplace will offer the same set of essential health benefits which include  emergency services, maternity and newborn care, mental health; prescription drugs, laboratory services, preventive and wellness services, Rehabilitative and habilitative services and devices, and pediatric services.
 
Tip 7:  Individuals must have health insurance coverage in 2014 or may have to pay a penalty.
 
Tip 8:  Private health insurance can be purchased on state-based insurance exchanges administered by a governmental agency or non-profit organization.
 
Tip 9:  Open enrollment begins on the Health Insurance Marketplace in October 2013 for coverage beginning January 1, 2014.  The initial open enrollment period ends in March 2014.
 
Tip 10:  Middle-income people under age 65, who are not eligible for coverage through their employer, Medicaid, or Medicare, can apply for tax credit subsidies available through state-based exchanges. 
 
For more information about the Healthcare Reform, contact your local insurance agent or go to http://www.insphereis.com/skindlmann.

_________________________________________________________ 

Contributing author, Sherri Kindlmann, is a licensed insurance agent in the state of Georgia, representing Insphere Insurance Solutions.  For questions and complimentary health insurance consultation, contact Sherri at skindlmann@InsphereIS.com or 678-226-9266. IIS001391

Friday, July 5, 2013

6 Strategies to Pay for College Without Going Broke

Are you (or someone you know) looking or ways to pay for College for you or your child without going broke? I am!!!  
   
Tameka Williamson, Your Own College Coach, shares 6 Strategies for Paying for College Without Going Broke!
    
We have watched the news and the trends of how student loan debt continues to surpass consumer debt, cost of tuition continues to rise, scholarship funding is more competitive and state incentive aid such as HOPE scholarships are no longer options that yield hope.  So, what is a parent to do?  This information is to help you think outside of the normal paradigm and look at strategies that can bring about viable college options.  We encourage you to have an open mind about your options and focus on making smart decisions not costly decisions.  It’s all about the end goal, and that is a competitive college education at the lowest cost possible.
   
The goal is to equip you with tools that will keep you from making the same mistakes many parents make. This is the only way we can change the landscape for our future generation. So, I hope you are ready to learn and take action based on what you’ve learned. Our mission is for you to obtain the maximum amount of money possible for child applies.
  
Strategy #1: Send Your Child To A Community College For His/Her First Two Years Of School. If your child works hard and gets good grades, they can usually transfer to a top private university. This way, they can get a diploma from a prestigious school for half the cost!
 
Strategy #2: Pick Colleges focused on Minimizing Student Loan Debt. The Project on Student Debt is an initiative of the Institute for College Access & Success, a nonprofit independent research and policy organization dedicated to making college more available and affordable to people of all backgrounds.  As a result, the colleges on their approved list have developed financial aid policies that limit or eliminate student loans from financial aid packages, reducing costs for students and families.
 
You also have National Association of System Heads (NASH) Access to Success Initiative project with The Education Trust. A2S works with 22 public higher education systems that have pledged to cut the college-going and graduation gaps for low-income and minority students in half by 2015. Together, these institutions serve more than 3.5 million students. They Meet 100 percent of their admitted full-time undergraduate students’ financial need for fall 2010. That means the average gaps between a school’s total cost of attendance—tuition, fees, room and board, books, travel, and other expenses—and every student’s EFC – Expected Financial Contribution was filled with some combination of aid.
 
Getting accepted into any of the schools on this list will almost guarantee your child will graduate with little to no student loan debt.  But please know that your child must be competitive and yet again, produce good grades and high test scores.
  
Strategy #3: Understand and Maximize the FAFSA Form.  By understanding the formula, you will start to see how different factors will affect your eligibility for financial aid. For example, “Should you move the assets out of your child’s name?” or “Should Mom or Dad take two courses at a local community college to qualify as a part-time student?” By knowing the formula in advance of applying, you can legally set up your personal and financial situation to maximize your eligibility for financial aid. Your bottom line goal is to minimize your EFC – this is what the government feel you can afford to contribute.
  
File Your Financial Aid Forms Accurately And On Time. Remember, financial aid is awarded on a first come, first served basis. 66% of the forms submitted have an error on it. If you submit your forms with errors or omissions, it will probably “bump” the financial aid forms, and you will have to resubmit them at a later time. If this happens, you will probably lose aid since they award money on a first come, first served basis. Most schools have different deadlines, and if you miss their deadline, you will almost definitely get less funding.
     
Strategy #4: Pick Colleges That Have The Best Histories Of Giving Good Financial Aid Packages. Many schools publish statistics on how much “need” they meet and how much FREE money and loans they give out. Know these numbers before you apply, so you don’t waste time and money applying to schools you’ll never be able to afford. If they offer loans, determine how many subsidized vs. unsubsidized loans are awarded. When loans become part of the equation, do your best to qualify for federally subsidized loans, which are interest-free and principal free until your child graduates.
  
If you still need to borrow more money, try borrowing from your 401k plan or a pension plan. Many plans will allow you to borrow up to 50% of the value of the plan or up to $50,000 interest-free. You can also think about refinancing your current mortgage (not a home equity loan) because long-term rates are typically low during these times, much lower than student loan rates and, under most circumstances, tax deductible (but consult your tax advisor, of course.)
  
Strategy #5: Don’t Be Afraid To Negotiate For A Better Financial Aid Package. Always Apply To, At Least, Two Or Three Schools That Are Rated Equally. This way, if your child gets accepted to all of them, you may be able to play one against the other when negotiating to get a better financial aid package.
 
A school’s financial aid package is NOT fixed in stone. Just because they offer you a certain package, doesn’t mean you have to accept it. If you know how to calculate your “expected family contribution” and you find out what the school’s history of giving out financial aid is, you can usually get a pretty accurate idea of what you should have received. If the school’s offer is way off – write a letter to negotiate. I have seen many cases where schools gave $2,000… $3,000… even $6,000 more than they originally offered just because the family asked. The moral is – Don’t Be Afraid To Negotiate!
  
Strategy #6: Have Your Child Enroll In Advanced Placement Classes And College Level Courses While Still In High School. Every college level course they place out of is money you won’t have to pay when they go to college. Considering college credits can cost as much as $300 each, having your child place out of these courses can save you a lot of money. This happens when AP classes are successfully completed and the subject tests passed when taken in May. By taking foundational core classes at a local college/university while in high school, will decrease the amount of classes a student take once enrolled on a full-time basis, could be covered through a high school – university collaborative and it proves to admission representatives your child is college ready.
  
There are many more strategies for you to implement. Hopefully, these 6 strategies will motivate you to get started and take action in looking at how to create a plan of action that will facilitate your child’s dream and future so they can achieve college success.


___________________________________________________________________

Tameka Williamson is a Six Sigma Blackbelt in Lean and Process Improvement that analyzes and creates systems for change.  Being a certified speaker and coach for the John Maxwell Team, Tameka developed her signature programs around the 6 WILLs that help students Get Noticed, Get Admitted, Get Funded and Get Hired so they WIN in life, bringing about positive and sustainable change.  Winning Intentionally at Leading Life (WILL) is modeled around Standing out, Reliving your dreams and Removing the limits. Having successfully overcome several life changing events and a successful corporate career of driving change for over 15 years in Fortune 100 Companies, Tameka is maximizing her experiences to equip others with the tools to either avoid the same mistakes or bounce back quicker and stronger on their journey to fulfill their purpose. For more information about Tameka Williamson, Your Own College Coach, go to www.TamekaWilliamson.com.

Friday, June 28, 2013

5 Signs You're Ready for Financial Coaching

Have you (or someone you know) ever thought about hiring a Financial Coach to help you create and accomplish your financial goals? Check this out ... 

The sense of frustration has become epidemic with today's economy, challenges are becoming more prevalent with personal financial matters. Building financial stability and wealth can be a confusing and complex huge pill to swallow. So, where is a person supposed to find the time to become a financial expert and learn what is necessary to build the financial stability desired?
  
Are You Ready for ...
  
Hiring a financial coach provides a competitive advantage by leveraging the person's time with specialized financial expertise that cuts through the clutter, confusion and contradictory information by teaching them what is relevant - efficiently and with minimal hassle.
  
Here are 5 Signs that You may be Ready Financial Coaching.

  1. You're tired of procrastinating and ready to start building wealth and living your dreams.
  2. You want to develop your own personalized action plan for building financial security based on principles that are custom designed to fit your specific situation - not a cookie-cutter or generic plan.
  3. You want an accountability partner to help you maintain focus on your financial goals.
  4. You're just "not interested" with traditional financial planning where all they want to do is sell you investment products. Instead, you want straightforward advice without all the sales pitches.
  5. You realize that "true wealth" is not just about more money ... you want to balance your life while working toward financial freedom so that you don't make the mistake of sacrificing your family, health, or a fulfilling life in pursuit of money.
So, if you're ready to start working with a financial coach, feel free to contact me at Prosperity Now Financial Management Services.
  
Financially True,
  
Tarra Jackson, Making Money Sexy!

Wednesday, June 26, 2013

Exit Strategies: How to Leave Financially Abusive Relationships

Have you (or someone you know) ever been caught up in a financially abusive relationship and desperately needed an exit strategy? I have.
   

There are many consumers that are in financially abusive relationships with financial institutions that seem to be “not that into” them. They are dealing with ridiculously high loan interest rates, very low deposit rates, too many and extremely high fees, as well as poor customer service.
   
Being in a financially abusive relationship not only angered ME, but it made me feel weak and hopeless because I didn’t know how or if I could escape.  Then one day … I did!  So, here are a few effective Exit Strategies for getting out of a Financially Abusive Relationship.
   
Talk About It
There may be an opportunity of improving the situation by talking with the right person at the financial institution. So, before deciding to break up with the financial institution …
 
Be sure to
  1. Share concerns with a Customer Service Representative,
  2. Speak with a Branch or Department Manager about concerns for resolution, or
  3. Write a letter to the Senior or Executive manager about concerns.
If efforts to resolve the matter are not addressed appropriately or ignored, move to the next strategy.
   
Start Financial Dating
Begin the process of financially dating other financial institutions to find one (or two) that can meet, at least, most of the required financial needs (deposit accounts, loans, internet banking, etc.). In my book Financial Fornication, I share the 5 phases of Financial Dating to avoid financially abusive relationships. These phases should not be skipped.  It is necessary and worth taking the time to get to know financial institutions to ensure they are right for a particular financial situation.
    
So, be sure to
  1. Explore financial options (banks vs. credit unions).
  2. Investigate the financial institution(s) selected via the internet or word of mouth (research).
  3. Experience the Introduction by going to the branch(es) or calling customer service to ask questions.
  4. Start slow Courting by using one or two of their financial services (open a savings or checking account), when ready!
  5. After all 4 phases have been executed, Commit to the new primary financial institution (PFI) by using more of their products and services. 
   
Once a new financial “main squeeze” is found, it will make it easier to leave an existing financially abusive relationship.
  
Exit Slowly & Deliberately
Whether a new financial “main squeeze” is on standby or not, another Exit Strategy is to slowly stop using the financial institution’s products and services.
  
Be sure to
  1. Review bank statements carefully to identify all direct deposit or automatic payments coming out of the accounts.
  2. Stop or change automatic payments from the account(s) and update payment information with the new financial account information, if available.
  3. Ensure that all accounts are in good standing or current. This will ensure a clean break. The last thing wanted is a reason for the abusive financial institution to remain in contact.
  4. If possible or necessary, refinance loans to the new financial “main squeeze.” If this is not possible, keep this in mind … having loans with a financial institution is like having a child(ren) with an estranged spouse or mate.  Leaving the relationship does not diminish the responsibility of the child(ren). Therefore, leaving the financial institutions does not diminish the legal responsibility of the credit obligation.  If refinancing is not an option, continue to make loan payments to the financial institution on time until it is paid in full to avoid collection and credit report drama.
  5. Lastly, stop or reduce direct deposit into the account.
 
Once these steps are executed, a clean break is relatively available.
  
Even though the financial relationship may seem extremely challenging right now, just know that all financial institutions are not alike. There are lots of really good financial institutions out there that value and appreciate their customers.  Once you find them, some of them even provide an easier method of transiting automatic payments and direct deposits to them through what is called Switch Kits.
  
So don’t give up. There is hope. And most importantly, you deserve better!
    
Financially True,
 
Tarra Jackson, Making Money Sexy!