“Cut Your Losses”

This will mark my 4th week of the blog and even though a month doesn’t seem long, I always believe that you should pat yourself on the back for even the smallest achievements.

Moving on…….I’m certain that everyone is starting to hear more about the various corporations that are deciding to create their very own streaming platform. Most of you have heard of Hulu, Netflix, and Amazon Prime. But, the list of valuable and high quality streaming services will soon double with the likes of the most powerful corporations in the world deciding to put their foot in the basket. What does this mean for you? Well, great things always comes to the consumer when competition increases. Nonetheless at the same time that might mean the price for the subscriptions may increase with that rise in the need to provide more features within the service.

Image from: Slashfilm

I’m not complaining……I mean Netflix is coming out with original movies and I just can’t wait to see what Apple, Disney, and YouTube (Google) can do with their empires of bottomless resources. Although, I have recently read that Disney’s (Disney +) streaming service will start out at $7.00 per month and will become available in November of 2019. So, that might be something you want to look into more.

Here are the News and Topics from last week:

  • Looks like Hulu bought about 10% of it equity back for $1.43 Billion from AT&T
  • Bank of America has $7.3 Billion in profits from their first quarter ALONE
  • Netflix is not planning on doing mergers anytime soon
  • Over $340 Million donations raised for the reconstruction of Paris’s Notre Dame church
  • Zoom is looking to increase its IPO to a $9 Billion valuation before opening on the market

“IF yOu WorK FOr a biG CorPOrAtIoN TheRE is MoRE jOb seCUrItY”

Most of you may have heard something like this before from the ever so knowledgeable Baby Boomer generation. Well, the market and the culture around employment has changed since they entered the workforce. What does that mean for you? Well, it means that it doesn’t take much for a company to decide on whether or not to make cuts for the sake of profits.

Luckily, today Goldman Sach’s has announced that they will be  making cuts this year based on their awful first quarter results. They apparently ended up seeing an almost 20% drop in their overall net income. (How do they respond?) In turn they have decided to cut at least 98 jobs across their various divisions within the company. If any of you know how powerful Goldman Sach’s is within the banking industry, the affect that this sort of response is possible should hold some weight.

Imagine knowing that at any moment you can be let go because the board of directors told the CEO (Chief Executive Officer) that he/she needs to ensure that this decrease in net income does not occur again. So, as you know, when push comes to shove its always going to be cuts of jobs, salaries, bonuses, and even benefits.

The Financial Seed: “Cash-Only Payment Plans

Usually I bring you information on a new financial app that can be utilized to automate the process of either saving or tracking your spending habits. This time I want to discuss the issues that comes with not having your transactions coming out of your bank account by using a debit card for your purchases.

There is a huge misconception when it comes to living a cash on hand lifestyle in hopes to keep you from overspending throughout each day and the entirety of the month.

Image from: AAPR

Throughout the past few decades it has been said that if you as an individual are over spending then you need to take the approach of taking the amount you plan on spending in cash with you and leaving your debit card at home. Now, I am not stating that this strategy is completely wrong or that it does not work. Although, if the tactic does not have the affects it’s supposed to have you are now facing the dilemma of how can you backtrack to figure out what went wrong. Other than seeing when you made withdrawals from your bank account there is no way to see what you spent your hard earned money on.

Back to the debit card (or credit card if you have a high level of control over your spending and finances). If you use the debit card for all of your purchases you have the chance to see what occurred throughout the previous entire year. This is valuable for receiving help in the future on your finances. How, you ask?

If you have been following my business social media accounts (Facebook, LinkedIn, Instagram) you might have noticed that I have been posting a lot around “Budgeting.” Well, within these posts you will see the stress that is put on the tracking of your finances as the first step to truly being able to structure a formidable budget. In the case of using a debit card the tracking is done through your bank. If you have taken the time to look at one of your monthly bank statements, you will see the efficiency and detailed records kept by your bank.

By using the information in your bank statement you do not have to write down each purchase you make or hold on to every receipt that you obtain. Evolution is key for you as an individual to be able to keep up with the needs of this fast paced environment we live in today. Use the resources you have at hand, and if you need assistance taking the information off of your bank statements and formulating the budget necessary to reach the goals you have set for yourself please click the link below if you wish to request one of my Budgeting Service Packages, or you can also email me any questions you have through the email address here: kennydavis.theprivateprof@gmail.com.

Budgeting Service – Request (Click Here)

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