How to Start a Will for Free in Minutes & Protect Your Future

[Estate Planning] STOP Blaming Bad Behavior On Money!

How Your Cell Phone can Help You Align Your Behavior about Estate Planning with Your Values

By Stacey Tisdale

A Simple Cell Phone App to Create a Will 

When Aretha Franklin died in 2018, succumbing to pancreatic cancer, she died “intestate,” meaning she’d never made a last will and testament, a legally binding document , that directs the state to carry out your wishes as you have indicated. Worth $17 million, Franklin’s family were are still disputing over the distribution of her assets as of 2020, facing years to come of probate and litigation.

Overcoming Fear, Procrastination and Privacy

The very idea of planning for what happens when you die is something people don’t like to think about, especially younger generations. Others say they just don’t have the time. And many say they don’t want anyone, including an attorney, to know their business. But overcoming these fears, procrastination and privacy concerns is necessary if you want to control what happens upon your death and take care of your family and business.

We don’t know why Franklin didn’t make a will. We do know she has a lot of company. The number of people with a will and other estate planning documents is on the decline. According to a recent survey by Caring.com, just 68% of adults in the U.S. don’t have a will, compared to 58% in 2017. The most significant drop off, down 25% from 2019 to 2020, was adults ages 35-54. Among those age 55 or older, it was a 20% decline, while young adults ages 18-34, on the other hand, only saw a drop of 1.6 percentage points.

This trend among middle-aged and older adults is alarming, considering that as one ages, they are more likely to need a will or other estate planning document.

Why Protecting Your Family with a Will is Paramount

“We did an internal survey of employees at my previous company and found that 80% of families with parents aged 45 and under did not have a will,” says entrepreneur Dave Hanley. “That means if the worst happens to them, there is nothing in place to care of their children. No guardian has been appointed, funds for their future haven’t been stated legally, life insurance probably hasn’t been purchased. “

Nationally, Caring.com found that in 2017, only 36% of parents with children under the age of 18 have an end-of-life plan in place. As a father of four kids, this statistic hit Hanley hard.

“There’s no reason the passing of a parent needs to put a kid into chaos and poverty,” says Hanley. “I wanted to create something that would make a difference.” In 2016, Hanley, along with a fellow entrepreneurs Joshua Heckathorn and software developer Erik Kjell co-founded Tomorrow, an app for your smart phone that promises to walk you through creating a legally binding will in just 10 minutes. No fear. No procrastinating. No excuses! To inspire you, here are the top 5 reasons to create a will.

You Decide, That’s What Matters Most

1. A will allows you to decide what happens with your estate. You choose the executor, the person responsible for carrying out your wishes. You decide the beneficiaries, what each receives – and conversely, who doesn’t inherit anything. A charity can benefit. Even the family pet. When luxury hotelier Leona Helmsley died, her will cut out two grandchildren, but dictated that a trust fund of $12 million be established to ensure her beloved Maltese, Trouble, would be well-cared for.

2. A will allows you to decide who will care for your minor children upon your death. Appointing a legal guardian is likely the most responsible action you can take to safeguard them. It’s important to ensure this guardian has agreed to take on this responsibility so having this conversation early is ideal, as difficult as it may be.

“When I told my two younger children that they would go to live with their Aunt if Mom and Dad died, my kids felt better, knowing what would happen to them,” says Hanley.

1. A will helps to avoid family fights, legal challenges and an extended probate process. Without a will, the state (probate court) will look to your nearest relatives to determine who gets what. This may not be the people you would have chosen or wanted involved.

2. A will can keep your business from folding. By planning for the future, you can help smooth the transition after your death and protect all the hard work you’ve put in building a successful business.

3. A will can help ease the grieving process. At such an emotional time, when your thoughts are elsewhere, having a valid will takes the burden off the family to make choices. These decisions are sensitive enough without the pressure of grief.

In A Single Taxi Ride, You Have a Will – for Free

Though making a will sounds daunting and expensive, Hanley and his team have developed Tomorrow, with the help of 52 attorneys nationwide, that’s easy to use. The cost – free!  To add a trust, $39. Life insurance (where Tomorrow makes money) takes another 3 minutes.

In January 2019, 10,000 wills were crafted. “In the first 18 months, we had just under 200,000 users,” says Hanley. Tomorrow recently partnered with digital life insurance provider Bestow to bring affordable, high-quality insurance to its 500,000 users. “1,000 people are joining per day,” Hanley says. “It’s not about death or wills, it’s about positivity, and peace of mind.”

[Love and Money] STOP Blaming Bad Behavior On Money!

[Love and Money] STOP Blaming Bad Behavior On Money!

Aligning Your Finances With Your Conscience

By Stacey Tisdale

According to research by T Rowe price, 77% of parents say they sometimes lie to their kids about money, and 47% told the kids they couldn't afford something when they really could.

A report from CreditCards.com finds that 13 million Americans have committed financial infidelity, by hiding a bank or credit card account from a partner, spouse, or significant other.

In addition to being the reason for lies - big and small - money is considered a leading cause of divorce, violence, and has prompted some to break communication with friends and family.  I’ve also heard countless people blame money for the reason they stay in dysfunctional and damaging relationships.

“Somewhere along the way the power we gave money outstripped its original utilitarian role,” writes Lynne Twist in her iconic classic in the behavioral finance world, “The Soul of Money.”

[Click HERE to Learn What To Do When Friends & Family Ask For Money]

The 3 Myths That Drive Financial Mischief

“Money itself isn't bad or good. Money itself doesn't have power not have power. It is our interpretation of money, our interaction with it, with a real mischief is what we find a real opportunity for self-discovery and personal transformation,” she writes.

According to Twist, there are 3 factors at play in the shadows of our financial behavior that can make us forget our values, and we need to be alert and aware in order to counter them.

1.    There’s not enough to go around. We believe and behave as if there’s not enough. This mindset, and the never-ending treadmill it puts us on with regard to acquiring money, not only undermines any sense of financial well-being, but it’s hell on relationships and kills our natural humanity towards others.  Once you step into the truth that you are enough, and that each one of us has a deep well of power and uniqueness, you’ll naturally discover more powerful ways of dealing with money.

2.    More is better.  This ‘lie of scarcity’ is simply the result of conditioning. ‘More is better’ is simply a symptom of a society that’s lost it’s way.  Twist says there is nothing wrong with having more, but the mindset of this myth never gives us the satisfaction of looking forward.  Adding that when we develop an appreciation of what’s there, what we have can expand, nourish us, and nourish the world. When we let go, beautiful things are waiting for us.

3.    That’s just the way it is. Twist calls this the myth that holds the others in place, and allows us to not question them. There is a sense of resignation, there is ‘buy in,’ and we literally give up on pushing back against the real causes of our troubles – unrealistic fears of lack and scarcity.

[Click HERE to Learn How A Financial Abuse Survivor Became A Homeowner]

What’s Your Money Mirror Telling You?

Money’s greatest gift is that it reflects back to you where you are and are not living in step with your core values.  Do your choices about saving, debt, investing, and the way you communicate about money and treat others align with your highest ideals and values?

Engage in practices that change our way of being. You can try new practices for saving, budgeting, and investing.  Make your spending intentional and deliberate.  Most important, design a vision for your life that reflects your own definition of prosperity, behaving in ways that nurture your relationships, create financial security, and clear your financial conscience.

[Black History Month] How Blacks Are Charting A New Economic Future & Building Wealth

[Black History Month] How Blacks Are Charting A New Economic Future & Building Wealth

Building wealth through our power of resilience

By Stacey Tisdale

A Story of Resilience

While there is no question that the wealth gap between Blacks and whites is persistent, few are focusing on the changes in attitudes, and more importantly behavior in the Black community.

The digital economy, more importantly, technology’s ability to lower financial access to investing, and how the ‘colorless’ nature of digital transactions reduces or eliminates many of the biases Blacks faced from financial institutions, is ushering in new beliefs in our ability to build wealth

o     Investing gap has closed between Blacks and whites under 40. Over 60% of Blacks under 40 invest in stocks.  That’s the same as whites.

o    Most important, stocks are a bigger part of our conversation now:  40% of Blacks surveyed by Ariel Investments say they ‘talk about the stock market’ now versus 10% who did when they were growing up.

o    23% of African-Americans own cryptocurrency, compared to 11% of white Americans (Harris Poll)

o   Black buying power in the U.S. is $1.6 trillion.

[Click HERE to learn how to turn the stock market into your side hustle!]

Closing Our Gaps

Despite these income gains, the wealth gap in the U.S. remains significant. In 2016, the median wealth for black families was just $17,600 — significantly lower than other racial and ethnic groups. When compared with other families across the U.S., blacks tend to have fewer assets, like owning their own home or business; less savings; limited access to 401(k)s and IRAs; and often hold higher interest loans for automobiles and mortgages.

In addition, systemic racism, discrimination and a lack of access to wealth-building opportunities remain significant impediments to the black community. But possibly the most destructive hurdle to overcome is the negative mindset these impediments have created for many blacks, like the young women I mentioned earlier.

The Financial History of Blacks in the U.S.

The financial history of blacks in the United States is a surprising and devastating untold story that serves as a reminder of how tough it has been for blacks to accumulate wealth in the U.S. For example: Between 1865 and 1874 newly emancipated slaves amassed $57 million in the Freedman’s Bank. Their deposits were taken to build the Treasury Annex building, and they were never reimbursed.

During the Great Migration between 1916 and 1970, more than 6 million blacks left the South and moved to the North, Midwest, and West to search for employment and opportunity. It was also to escape brutal violence, including what’s been called terror lynchings, according to The Equal Justice Institute. They left behind millions of acres of some of the most lucrative land in the U.S.

The Tulsa Race Riot of 1921 destroyed the affluent black community of Greenwood, also known as the black Wall Street for having a high concentration of black wealth and entrepreneurship in the United States.

When you consider the financial, psychological, and emotional scars events like these have left, the financial gains the black community has made serve as an incredible reminder of the resilience in all of us.

[Click HERE to learn about the investing habits of wealthy Blacks!]

Understanding Your Financial DNA

The young women I shared these facts with were shocked, curious and now had new information that would allow them to change their perceptions about blacks and money, which meant they were able to change their perceptions about their own financial possibilities.

As new generations of blacks try to create financial security for themselves and their families, they must look inside and see how this historic conditioning is impacting how they feel about themselves.

We should all examine the role race and culture play in our financial beliefs and ask ourselves:

o What are some of the stereotypes that are associated with my racial or ethnic group?

o Do I see some of these stereotypes playing out in my own behavior?

o How would I need to change the messages I’m telling myself if I were living my ideal relationship with money?

The Truth Will Set You Free

Awareness is the place where transformation can occur. As we see from the financial history of blacks in this country, we were born with everything we need inside of us to thrive, even when faced with tremendous challenges. Resilience is our birthright and a tremendous asset for our journey to financial freedom.

[The Breakfast Club] Angela Yee, Stacey Tisdale, & Investing Legend, Teri Ijeoma, Teach You How To Make The Stock Market The Side Hustle You Need!

[The Breakfast Club] Angela Yee, Stacey Tisdale, & Investing Legend, Teri Ijeoma, Teach You How To Make The Stock Market The Side Hustle You Need!

5-Day #takeyourfirsttrade Challenge Launches On The Breakfast Club!

By Stacey Tisdale

Here’s the good news. Research shows that the investing gap between millennial Blacks and whites under 40 has closed. Over 60% of Blacks under 40 are now invested in stocks, that’s the same number of millennial whites, as technology and micro-investing has made getting into stocks cheap and easy.

In addition, 40% of Blacks surveyed by Ariel Investments say they ‘talk about the stock market’ now versus 10% who did when they were growing up.

[Click HERE to sign up for the “Take Your First Trade 5-day Challenge!”]

The bad news: The Federal Reserve finds that overall, only 33% of Black households in the U.S. are invested in stocks, missing out on the roughly 260% returns in the S&P 500 over the past decade.

Fear and Trust

Financial behaviorist coach and author, Jacquette Timmons, says managing fear in falling markets can be particularly difficult for Blacks.

“It often comes with a sense of responsibility—people feel like it’s their duty to protect the money for their families,” she adds.

In addition, the financial realities of Blacks, who, for example, carry about $25,000 more in student loan debt than whites, have fostered a belief that investing is beyond their reach.

Add to that a ‘system’ that is rigged against them by paying Blacks lower wages, charging them more for loans, and a host of other abuses, as well as ‘opportunity theft,’ and it’s easy to understand why many have trouble trusting any financial institution, including the stock market.

A Helping Hand

Teri Ijeoma, Founder, Trade and Travel

Investing coach, Teri Ijeoma, has not only helped tens of thousands of people make millions by trading stocks, but her stock trading course on Teachable has generated over $40 million in sales.

Ijeoma, who taught herself how to trade in order to help her mother and stepfather pay for medical care, give herself the financial freedom to see the world, and help others build wealth, says the keys to investing success are:

·       Having a trading Plan

·       Having a Risk Management Plan

·       Knowing how to make money even when stocks are going down

Know Thyself

The reasons many Blacks are still reluctant to invest in stocks are understandable and should be looked at with compassion.

Still, it’s important to move beyond those fears and limiting beliefs so that you can use the market to help you achieve your goals.

Ask yourself:

·       What are the early messages I received got about investing?

·        What is my attitude about investing? 

·       How is your environment affecting you – What do you see people like you doing when it comes to investing? What do you see people like you not doing? 

·       How do you need to rewrite these messages if you are to achieve your goals?

Accept The Challenge

Most importantly, take action to overcome any issues that may be holding you back and learn how to take an active role in building the wealth you need to live your best life possible.

Join us on January 31st for the ‘5-Day Take Your First Trade Challenge.’  Click HERE to sign up now and sign on for a life that’s rooted in financial freedom.