Money Meet Up Part I

Kofi Gyebi
Founder, 400LBElephant

First and foremost thank you to everyone that attended our money meetup! Thank you for taking time to invest in your financial goals. We learned a lot from the attendee’s. I listened and got valuable information with key take aways. It is so important to have a healthy space to discuss personal finance, we’re all in different places and when people open up to share we learn from one another. Our opening topic was “limiting beliefs about money”. One person said they set boundaries for family and friends with clear guidelines. This allowed them to decipher what was a need and want. Sometimes we identify people in our family as the one’s who “made it” or “did well”. We don’t like anyone counting our pockets and the best way to avoid it is to set clear boundaries.

Second we spent time on our budgets. We talked extensively about health care, short term disability, life insurance, banking, and calculating cost of living. The general rule of thumb is 25% to 30% of your take home pay is the allotment for rent or your mortgage. Focus on the budget with apps like Mint, Every Dollar, or Personal Capital. Our motto for next year if we’re asked to spend money on something that’s not in our budget is “sorry it’s not in the budget”. It’s okay to say no. It took two weeks to map out our next year, all our bills, debts, goals, annual fee’s, and our wants. I even have a bucket for giving gifts, and family giving, but we plan for it. No more or less unless extenuating circumstances.  Set a dollar amount and stay within those guidelines.

Stay tuned for details on our next money meetup February 8, 2020

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