Considering an electric vehicle? Here are some things to figure out first…

Considering driving electric?

Congratulations! You’re about to save yourself a ton of money and positively impact the environment.

So… now how does one go about GETTING an electric car?

To be able to answer this, you have to figure out WHICH electric car.

But even before that, you have to understand your lifestyle. You need to essentially know who and where you are in life.

Are you someone who’s worked hard to pay off their consumer debt and you’ve centrally located yourself to most things you do within a 100 mile radius? Then you are free to lease any new EV using our tutorial here* –> https://thisiswhyubroke.wordpress.com/2015/07/31/how-to-lease-a-car-without-worrying-about-a-credit-score-negotiating-a-car-lease-like-a-tiger/

Are you someone who’s worked hard to pay off their consumer debt but live greater than 100 miles away? First consider moving closer (long commuting sucks and will kill you) and if not, go for the new Chevy Volt (which has a gasoline generator built in to recharge the battery when it runs out. This is different from a prius that switches constantly between the two and is not an electric vehicle). If not the Volt, go for the BMW i3 with generator similar to the volt. And if you can wait, you can hold off for the completely electric 238 mile Chevy Bolt coming in December.

Are you someone who’s still in debt but working to get out? Understand that once the next generation of EVs (200plus mile range lower priced EVs) are released shortly, the price of gen 1 EVs will be even more rock bottom than they currently are. This means you can consider driving a used Leaf for less than $10grand–>https://www.cars.com/vehicledeta…/detail/673792585/overview/
If you get a high mileage/out of battery warranty leaf for even cheaper, set aside a small buffer for any battery maintenance you may have to do.

Also, some other great inexpensive used EVs are:
Chevy spark –>https://www.cars.com/vehicledeta…/detail/676812620/overview/
Kia Soul EV –>https://www.cars.com/vehicledeta…/detail/670316748/overview/
Fiat 500 E–> https://www.cars.com/vehicledeta…/detail/675201600/overview/

A full list of electric car recommends are here (for leasing): https://thisiswhyubroke.wordpress.com/2015/05/14/electric-car-recommends/ 

Note: most of the above car makes (outside of Nissan) are generally not recommended for used cars. However, EVs aren’t exactly cars with the same number of moving parts that can break like internal combustion engines do. There’s generally only a few moving parts and are generally fool proof if you maintain your battery.

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*Excluding any available Teslas currently on the market

Life insurance is NOT the answer for a funeral.

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“Can you donate to my baby daddy MC Louis V’s go fund me campaign? We’re in a bad position with his death after he fell off his motorcycle.”

SMH

Ok, so how do you get your image not to end up on a Gofundme page after you die?

*Stop buying stupid sh*t and re-direct at least some of that money to helping your family.*

ESPECIALLY if you are leaving behind a significant other and kids – both who were dependent on your income. Here’s what to do and what not to do:

1. Life insurance is NOT the answer for funerals. Most funerals take place within 3-7 days after death. Even most quicker life insurance payouts will take 10 days (most states life insurance companies have 30 days legally. If you died within 2 years of getting your policy, insurance companies could legally postpone payout to 6 months)

Buy life insurance to replace income for your dependents AFTER the funeral. NOT for funeral costs.

2. Burial insurance is NOT the answer. These are expensive policies they created to hustle black people out of their hard earned money since the early 20th century. When compared side by side, the premium on burial insurance can be 10 times the comparable premium on a term policy. Affluent people know the truth –>> http://www.bankrate.com/finance/insurance/pass-burial-insurance.aspx

Burial insurance doesn’t even pay out in time to do what it’s supposed to do anyway.

3. Assuming your “loved ones” will just put it on credit cards is NOT the answer.  Using credit cards to pay for funeral expenses and hoping you receive a life insurance payout before the grace period – this is the quickest way to turn the 2nd most tumultuous time in your life into the 1st. Same thing for promising to pay funeral homes later or on credit. Most funeral homes won’t let you defer payment because they don’t want to have to try to collect later

You thought you were sad now. Just you wait until the insurance company starts playing games with that policy payout and you find out the only one who doesn’t play games is your credit card company.

4. What you SHOULD do:

-Use savings accounts earmarked for every short term situation that could/will come up in your life. General emergency fund, car repair buffer fund, vacation buffer fund etc AND A FUNERAL EXPENSE FUND.

This can be done in two ways:

A. create a savings account that has a Payable on Death feature, name a beneficiary and upon your death that money held in savings will go straight to them bypassing probate. But you have to be smart about your overall estate plan (another reason why you shouldn’t have debt ever in life)—>> http://www.forbes.com/sites/ashleaebeling/2013/08/09/when-payable-on-death-accounts-backfire/

B. Keep that same savings account but add a family member or you task with managing the funeral directly on the account and communicate this with them. Refer to the “Relationship and Family Finance section in Brass Knuckle Finance to apply these potential costs to the correct bank account. Here you will learn how to structure your joint checking/savings accounts within a marriage or MWS.

-OR use a Trotten trust, which is payable to a beneficiary without going through probate. –>> https://www.everplans.com/articles/how-to-pre-pay-for-funeral-arrangements-with-a-totten-trust

-OR use a prepaid funeral plan, known as an irrevocable funeral trust, which you generally buy from a particular funeral home.

We need to not shy away from this taboo subject any longer. Figure it out now so you wont have to scramble and figure it out later. Always keep important information in a place where everyone in your family can access it.

But please stop responding to funeral fundraiser posts with “why didn’t you get life insurance” when most everyone reading this would leave their family in a precarious position in the event of their untimely death. Life insurance or not.

And for the love of claud, please stop showing your wealth in public and keeping single digit bank account balances and no succession plans in private.

www.BKFUniversity.com

You “need” to stop it.

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You will fail at life time and time again when you use the term “need” right before making financial decisions.

There’s an army of black folks cussing at me as we speak saying “but what if I do need it!”

Answer: You don’t.

And that NEEDs to be what you tell yourself before every single time you decide to open your purse or wallet.

Consumer behavior is about psychology. Math isnt even a blip on the radar until AFTER your psychology has already done its damage.

How you verbally position your purchases is how you financially position your wealth.

“I need a new phone”

“I need a bigger house” Continue reading “You “need” to stop it.”

Be smart. Don’t go further into debt for a wedding.

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I made a post online one day that sums up what this post is about: “plan your marriage, f*ck the wedding.”

Harsh? Perhaps.

But after you’ve spent a fortune paying for a wedding, reality sets in and the food is no longer catered, your best man and maid of honor are nowhere to be found during intense arguments and you could find yourself deep in debt after wining and dining 250 of your “closest” family and friends.

Remember, the average cost U.S. couples spend on a wedding today is $26,444. This doesn’t even take into consideration the engagement ring, prenuptial agreement or honeymoon costs. (In many locations like Los Angeles, the average for a wedding can be as high as $40k.) Continue reading “Be smart. Don’t go further into debt for a wedding.”

Sharing the Prosperity

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It amazes me how so many of us refrain from DOING the things we talk about. It amazes me how many of us avoid the topic of teamwork.

And no I’m not simply talking about blacks buying from black owned businesses. That has been rhetoric we’ve been pushing for 5 decades and it has gone nowhere.

What I’m talking about is the actual nuts and bolts of the group economics concept.

Group economics is the sustained economic progress of a group fueled by internal members OF that group. The group in this case is the African American community in the United States.

But the problem is you can’t just jump out the bushes and yell at everyone into buying things from black owned businesses. There has to BE black owned businesses created as we hope to increase the demand for these products and services.

Wonder why there really arent any black owned businesses selling the things we actually use on a daily basis? Those businesses have no CAPITAL to be formed. Those who have been formed have no capital to GROW.

Why don’t they have capital to grow?

Well outside of us only want to buy Jordans, video games, red bottoms, gucci purses and pop bottles at the club?

Because Blacks are fundamentally against coming together and investing into these companies for startup and growth.
A LOAN WILL NOT HELP YOU START A BUSINESS. INVESTMENT is how you start a business. Try the former and you will become a statistic.

I’m talking about the actual “group investment” portion of “group economics.”in addition to your OWN investment.

If you want to start a rental income property business, and your company’s first multi unit property costs $60k in Detroit, but you have neither the full $60k in cash nor all of the skills necessary to engage in the rental income industry, you will simply let years go by as you talk about what you want to do.

OR as a BKF student, you will instead think about how many people that you know you need to bring together TO make it happen. It takes 10 people with $6k each to run that business, 6 people with $10k each or 3 people with $20k each.

The average negro will say “well I don’t trust anyone” or “I don’t know anyone with $6k” and thats IF they have $6k to contribute themselves.
The BKF student on the other hand has already stopped reading this post and set their plan in motion sans excuses.

If it takes $20k to start a box of the week delivery service where you curate other’s products for people you buy from wholesale, who are you going to partner with for the other $10k half of those costs and their business know how? Oh someone only wants to invest and not be a partner? Who are you going to partner with for their $5k portion to match your $5k portion which apparently also has $10k in angel investment already pledged? You NEED partners with complimenting skill sets, even if its one partner in the beginning.

Or you could still be side hustling incense and umbrellas on crenshaw by yourself 10 years from now.

If you want to start a business that sells a specific tech related product that you know will take $50k just to develop the protoype, then another $150k to produce and distribute, then I have an idea… Figure out how to bring your plans in front of Nas’ Queenbridge capital, The Winner’s Circle Group, Google Ventures and a mixture of other sources of funding described in http://www.BKFBusinesSchool.com.

We are only limited by the excuses we tell ourselves, our brotherly distrust and lack of teamwork.

Our people are currently here:
Individually consume everything produced by others –> maybe think about individually producing one day if we get inspiration between watching basketball games.

We need to be here:
Invest –> produce –> consume –> Invest –> produce –> consume
..as a group.

We are the only ones not participating in ‘the’ sharing economy as well as not even sharing in our ‘own’ economy.

Yes, a small percentage of us will ever be business owners.

But we won’t get anywhere unless each of us become investors.

Finally – how do you become an investor?

Stop consuming every other race & nationality’s products so d$%m much so you can reduce your liabilities. (monthly expenses)

Once you’ve reduced your own liabilities, this will in turn increase your cashflow.

Your job is to invest that cashflow.

Buying products from Black owned business – while important – is NOT the same as investing in Black owned businesses.

There will be no products worth buying unless we invest to have those products developed in the first place.

And there will be no businesses to invest in unless we team up and partner with those who have complimenting skill sets. (read: different from our own)

We will team up to make babies but not team up to give these babies the economic conditions in which to grow and thrive.

Poor people don’t need credit, they need TEAMWORK.

Continue reading “Sharing the Prosperity”