Adopting a Wealthy Attitude: Robert Jones Has Embraced the Idea of Acquiring Wealth. Now He Must Take Concrete Steps. (Family Finances)

By Brown, Carolyn M. | Black Enterprise, April 2003 | Go to article overview

Adopting a Wealthy Attitude: Robert Jones Has Embraced the Idea of Acquiring Wealth. Now He Must Take Concrete Steps. (Family Finances)


Brown, Carolyn M., Black Enterprise


ROBERT JONES, A 34-YEAR-OLD TAX AUDITOR FOR THE Cook County Department of Revenue in Chicago, is not unlike most young people who in their early work life spend money for immediate gratification--focusing more on wants than needs. He spent most of his 20s traveling extensively. "If someone called and said let's go somewhere, I would pick up and go," says the Chicago native. "I was carefree." While everyone deserves an occasional vacation. Jones never planned financially for those trips or any miscellaneous expenses, he simply financed his travels with a combination of cash and credit cards. He racked up a hefty debt in the process--more than $12,000.

Poor spending habits are not so much an issue today for Jones, who has since changed his behavior. "Once I turned 30, I started looking around at [my] finances," says Jones. He didn't like what he saw: too little savings and too much debt. So a year and a half ago, he started spending within his means, keeping a realistic budget, and tracking his level of debt. He embarked on an accelerated debt repayment plan by doubling up on payments. He also started paying cash for his purchases.

"I wasn't producing any savings or money for retirement. So, I decided to be a producer instead of a consumer," explains Jones. "I had about $7,000 worth of student loans. That is down to $900. I now have a budget that I follow religiously."

Jones has about $15.400 in debt, most of it a $13.000 car note on his 2001 Chrysler Jeep. He has roughly $20,000 in savings and investments, including his company pension. Series EE bonds, and individual stocks [Wal-Mart (NYSE: WMT) and United Parcel Service Inc. (NYSE: UPS)]. An immediate goal, Jones says, is to purchase a two-unit brownstone so he can live in one unit and rent the other--and then use the rental income to cover his living expenses. The homes he has his eyes on are priced between $182.000 and $260,000.

Jones has also found ways to supplement his income. In addition to the annual $36,000 salary he earns from his full-time job, he has a part-time gig with ESPN Zone earning $640 biweekly. Jones hopes to increase his salary by 15% to 20% in the future. He has taken time off from pursuing an M.B.A. at Loyola College to study for the exam to become a certified fraud examiner, which will enable him to create informational seminars around identity theft and credit repair. He plans to return to the M.B.A. program this summer, taking one of the five remaining courses he needs to graduate.

While he may have gotten off to a slow start, Jones is on the right track. He says his primary goals now are "to build my business and to build my assets."

THE ADVICE

In the last two years, Jones has gone from being a spender to being a saver. He is contributing $161 per paycheck to his pension, $75 to a 457 retirement plan, and $36 toward bonds. By adopting a new attitude about reducing his debt, Jones has created a positive, healthy, and profitable interaction with his money, says Kimberly A. Helm, a financial advisor with American Express Financial Advisors in Edina, Minnesota. BLACK ENTERPRISES had Jones consult with Helm to help him realize his short-term and long-term objectives. The following are her recommendations:

* MAXIMIZE INCOME, INCREASE CASH RESERVES

Based on a cash flow analysis of his expenses and income. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Adopting a Wealthy Attitude: Robert Jones Has Embraced the Idea of Acquiring Wealth. Now He Must Take Concrete Steps. (Family Finances)
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.