THIS HOLIDAY SHOPPING SEASON IS EXPECTED TO REACH JUST OVER $720
BILLION IN SALES, SURPASSING LAST YEAR'S SALES BY ROUGHLY
4.5%, ACCORDING TO THE NATIONAL RETAIL FEDERATION.
AND WITH CHRISTMAS JUST DAYS AWAY, IT CAN BE EASY TO BLOW
YOUR BUDGET ON THOSE LAST MINUTE GIFTS.
SO HOW CAN YOU PREVENT GOING INTO DEBT WHILE STILL ENJOYING
THE HOLIDAYS?
HERE WITH SOME TIPS AND WAYS TO HELP YOU GET FINANCIALLY FIT IN
THE NEW YEAR IS DR.
ALBERT WILLIAMS, CHAIR OF FINANCE AND
ECONOMICS AT NSU'S HUIZENGA COLLEGE OF BUSINESS.
DR.
WILLIAMS GREAT TO HAVE YOU WITH US.
I'M VERY HAPPY TO BE HERE.
LET'S TALK ABOUT MONEY, RIGHT?
MONEY MONEY MONEY.
LISTEN, THIS IS THE TIME WE'RE IN THE HOME STRETCH.
SO FOLKS ARE WATCHING THIS PROGRAM AND THEY HAVE THOSE
LAST-MINUTE GIFTS THEY HAVE TO GET.
SOMETIMES THEY'RE IN SUCH A RUSH THEY KIND OF BLOW THE WAD,
RIGHT?
WHAT DO WE THINK ABOUT WHEN WE HEAD INTO THE STORES OR ONLINE
TO GET THE LAST MINUTE GIFTS?
LAST MINUTE GIFTS, A LOT OF PEOPLE WAIT FOR LAST MINUTE.
WHEN YOU WAIT UNTIL LAST MINUTE YOU'RE NOT AS CAREFUL FOR MONEY
MANAGEMENT.
I GOT TO GET GIFTS FOR FIVE PEOPLE.
THAT'S THE CHALLENGE.
YOU WILL OVERSPEND.
YOU NEED GIVE THOSE GIFTS TO LOVED ONES, ESPECIALLY THE
LITTLE ONES, YOUR CHILDREN.
BUT YOU SHOULD BE CONSCIOUS ABOUT HOW MUCH YOU ARE SPENDING.
THE ONLINE SHOPPING, IF YOU DON'T GET IT DONE BY THE
DEADLINE, YOU HAVE TO FIGHT THE CARS AND THE STORES.
MY RECOMMENDATION YOU GO IN PROBABLY YOU SHOULD TAKE A LIST
AND HAVE A COUPLE OF ITEMS.
I'M NOT GOING TO SPEND MORE THAN $400 OR $300 AND GO FROM THERE.
THOSE ARE THE KIND OF THINGS FOR LAST MINUTE.
TO TEND YEAR THOUGH, YOU NEED THINK ABOUT DID I SPEND TOO MUCH
MONEY?
THAT'S THE HARDEST QUESTION FOR PEOPLE.
PARTIES, ALL THE GIFTS, THE TRAVEL, EVERYTHING, NOW WE LIKE
TO LINK GIFTS WITH LOVE, RIGHT?
AND SO YOU KNOW HEY I GIVE SOMEBODY A GIFT, THE BIGGER THE
GIFT -- THE MORE I LOVE YOU.
SURE.
I'LL NOT SURE THAT LOGIC IS ALWAYS TRUE.
OR UNLESS IT'S IN A LITTLE BLUE BOX.
WE CAN LINK HAPPINESS AND LOVE TOGETHER BUT IF YOU DON'T
HAVE THE MONEY THAT'S WHERE THE TROUBLE STARTS.
YOU HAVE TO ON THE OTHER HAND, BLEND THE TWO.
YOU SAY I WANT THE GIFTS, AT THE END OF THE YEAR, BUT I NEED TO
HAVE THE MONEY TO DO IT.
ONE OF THE THINGS YOU SAID ABOUT AND SPOKE EARLIER, VERY
IMPORTANT, NOT BORROW MONEY, IN ORDER TO SPEND ON CHRISTMAS.
THAT CONNECTS US TO THE NEW YEAR.
NEXT STEP, HOW CAN I BE FINANCIALLY FIT GOING INTO THE
NEW YEAR?
WHAT LITTLE STEPS CAN I TAKE TO MANAGE MY MONEY BETTER?
YOU KNOW THE CHALLENGE OF HAVING A PARTY AND SPENDING,
MANY TIMES YOU BORROW AND YOU GO TO THE BANK AND YOU BORROW AND
THAT TAKES A YEAR OR TWO TO PAY BACK, LIKE WHAT YOU SAID.
THAT'S NOT A GOOD IDEA BECAUSE THEN YOU'LL NEVER GET OUT OF
DEBT.
I WANT TO DO SOMETHING BEFORE WE GET TO THE TIPS.
THE PULSE OF THE PEOPLE, I STOPPED ALONG THE WAY AND LET ME
TALK TO SOME PEOPLE.
I STOPPED AT THE GAS STATION AND TALK TO JOSE.
EVERYBODY HAS PROBLEMS, IT'S A LOCAL PROBLEM.
I MET PATRICK AND HE SAID WE ALWAYS NEED MONEY.
YOU DON'T NEED THE PROFESSOR, PATRICK SAID WE ALL NEED MONEY.
YOU HAVE ARKIL, HE SAID IT TAKES SOME MONEY TO MAKE SOME MONEY.
HE'S A SMART GUY. AND MY NEIGHBOR BILL AND KAREN.
THEY SAID THE CHALLENGE IS WE NEVER SEEM TO HAVE ENOUGH.
SO MONEY IS THERE, WE NEED IT.
THE QUESTION IS HOW CAN YOU GET IT AND HOW CAN YOU USE IT
WISELY?
MAKE MONEY, SMART FINANCIAL PLANNING.
2019, YOU NEED A FINANCIAL ADVISOR IF YOU DON'T HAVE ONE.
LET'S TALK ABOUT THAT ONE.
MOST PEOPLE THINK MONEY IS EASY, YOU SPEND.
GUT IT'S AN ART.
VERY IMPORTANT DECISIONS TO MAKE.
LIKE A MEDICAL DOCTOR, YOU NEED ADVICE, THERE'S A MONEY DOCTOR,
WE DON'T HAVE A MONEY DOCTOR BUT THAT'S A WHOLE DIFFERENTLY
STORY.
FINANCIAL ADVISOR WILL HELP YOU AMERICA THE DECISION TO BUY THE
SECOND CAR MAYBE NOT WISEST DECISION, YOU WANT TO BUY A BIG
CAR, MAYBE BUY A SMALLER ONE.
THEY'RE NOT EASY TO FIND, LIKE YOUR MEDICAL DOCTOR THEY'LL TELL
YOU SOMETHING YOU NEED TO LISTEN.
HOW TO FIND GOOD FINANCIAL ADVISOR?
ASK YOUR FRIENDS, MEM UNIVERSITIES, HUNDREDS OF THEM
OUT THERE, YOU COULD SEE TEAR RECORDS.
YOU COULD LITERALLY GO ONLINE AND FIND MANY FINANCIAL
ADVISORS.
BUT FIRST ONE YOU NEED THAT.
NUMBER TWO ONE IS, GET FINANCIAL ARE EDUCATION.
I DID A SURVEY ABOUT 4,000 PEOPLE ACROSS THE UNITED STATES.
AND THAT WAS ONE OF THE NUMBER 1 CHALLENGES, 75% OF THEM HAD NO
IDEA HOW TO MANAGE THEIR MONEY.
AMAZING.
IT IS. 2019, ALL OF YOU LISTENING, I
WOULD LOVE YOU TO COME TO NSU AND TAKE A COURSE WITH ME BUT
COULD YOU TAKE A SHORT COURSE.
YOUR CHURCH COULD HAVE SOME EDUCATION, GO ONLINE, SOFTWARE
LIKE MINT, AROUND GO THERE AND LEARN AS MUCH ABOUT MONEY
BECAUSE IF YOU DON'T YOU CONTINUE SPENDING AND WASTE IT.
YOU DON'T WANT TO WASTE IT.
NUMBER 3 WHAT WOULD BE THE BEST TIP?
YOU NEED TO SIT DOWN AND PLAN, TAKE ACTION AND EVALUATE
YOUR RESULT.
MOST PEOPLE LIVE DAY TO DAY, THEY DON'T WORRY ABOUT WHAT
WOULD HAPPEN.
BUT YOU NEED TO STOP DURING THE HOLIDAYS AND SAY HOW HAVE I BEEN
DOING FINANCIALLY?
HAVE I BEEN MANAGING MY MONEY WELL?
IF NOT, YOU HAVE TO SAY I WANT TO MAKE A SAVINGS OF $5,000 NEXT
YEAR.
THAT DOESN'T HAPPEN OUT OF MAGIC.
YOU HAVE TO START PUTTING DOWN SO MUCH A MONTH, SO MUCH A
MONTH.
BY DECEMBER YOU GOT THE $5,000.
SOME PEOPLE WILL TELL YOU, THAT'S 92nd LOT BUT THAT'S A
WHOLE 5,000 MORE THAN YOU HAD LAST YEAR.
YOU NEED TO PLAN, TAKE ACTION.
AS I WAS TELLING MY FRIENDS EARLIER TODAY, YOUR OTHER GUESTS
IS TALK IS CHEAP.
WHAT IT TAKES TO GET REAL MONEY IN THEIR POCKET SO THAT'S A
THIRD GOOD TIP.
ANOTHER GOOD THING AT WORK TAKE ADVANTAGE OF YOUR 401(K),
SOME PEOPLE DON'T MAX OUT THE 401(K).
THAT'S MATCHED BY YOUR EMPLOYER, ALMOST FREE MONEY THERE RIGHT?
IF YOU HAVE A JOB, NEXT THING, WHEN WILL I GET MATCHED
OR GET VESTED.
YOU'RE RIGHT, TAKE THE MAXIMUM.
MY UNIVERSITY HAS A GOOD MATCHING PLAN.
THESE ARE THINGS AANYBODY WHO'S WORK SHOULD DO THAT.
MANY PEOPLE DON'T HAVE THIS, CREATE THEIR OWN, YOUR OWN
BUSINESS YOU KNOW?
SO THOSE ARE GOOD IDEAS.
WE HAVE ABOUT 30 SECONDS LEFT.
GIVE US A TIP WE CAN TEACH OUR KIDS, WHAT'S THE MOST IMPORTANT
THING OTEACH KIDS?
THE BEST GIFT OTEACH KIDS IS LEARNING TO MANAGE MONEY BUT
LAST THING I WANT TO TALK ABOUT IS MANAGING THE CREDIT CARD.
OKAY.
CREDIT CARD, A LOT OF PEOPLE MAX THEM OUT.
IF I DON'T LEAVE ONE TIP THIS IS ONE TIP EVERYBODY NEEDS.
NEVER PAY THE MINIMUM ON A CREDIT CARD FOR A MONTH.
YOU WILL NEVER PAY IT OFF, IF YOU PAY IT OFF YOU WILL PAY 60
OR 70% INTEREST RATE OVER TIME.
SO PAY MORE THAN THE MINIMUM.
PAY MORE THAN THE MINIMUM TO KEEP THE INTEREST RATES DOWN.
DOCTOR, WHERE GOOD TO HAVE YOU,
DO YOU HAVE A COMMENT OR QUESTION ABOUT GETTING
FINANCIALLY FIT IN 2019?
WE'D LOVE TO HEAR FROM YOU.
SEND US YOUR TAKE ON THIS OR ANY TOPIC THAT MATTERS TO YOU.
YOU CAN REACH US BY EMAIL OR VIA OUR TWITTER OR FACEBOOK PAGE,
@YOURSOUTHFL.
LEAVE US A COMMENT OR POST A VIDEO.
WE LOOK FORWARD TO HEARING FROM YOU.