Do you know where your money is?

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Every time I sign books at a book signing I receive the same response. It doesn’t matter if I’m at Barnes and Noble, Gospel World, or Cami Cakes…the comments are all the same. Customers see the title of my books, “Where Is My Money?” and “Can I Have Some Money Please?” and the responses go something like this, “…yeah, I ask myself that all the time.” Or “I have no clue where my money is?” but guess what the number one response is? “My kids ask me that [can I have some money] all the time…I wish they knew more about finances.” This is why it is so important to know some quick financial basics so you will always know where your money is. So our lesson for the day is really quick and simple. What is cash flow? It is the amount of money you have coming in subtracted by the amount of money you have going out. Another definition is Assets (things that put money in your pocket like real estate and businesses) subtracted by Liabilities (things that take money out of your pockets such as credit cards and car loans.)

In every class I teach, it is stressed that there is only one difference between the rich and the poor and that is managing money. The rich manage their money very well and the poor mismanage their money very well. So as we go along this journey together we will use the example of the Smart Family on their path to knowing where their money is to reach their financial goals.

The oldest child is Joshua, he is 16 years old and he has his eye on a shiny red 2008 mustang convertible priced at $20,052. Joshua has a part-time job in which he has already saved $1,300. His parents have told him that the price of the car is more than they want to spend so they told Joshua they would match whatever he saves. Joshua wants this convertible by Christmas 2019. What is the first thing Joshua should do? How is he going to get this car? Do you think he is being realistic? Email your comments to or just respond in the comments section.

Joshua’s twin sister is Jesseca(2 minutes younger than Joshua), she is looking forward to going to college for pharmacy and she is studying for the SAT test. Her goal is to qualify for the Bright Futures Scholarship so she won’t have to pay for school. Jesseca knows that her family hasn’t saved very much to send her to college so she is saving almost half of her money from her part-time job so she will have money to help with her schooling. What do you think of Jesseca’s plan? Does she have it all figured out? Email your comments to or just respond in the comments section.

Joshua and Jesseca have a little brother named Kaion. Kaion just turned 12 and wants to spend his birthday money on a new game system and buy some of the latest games. Kaion has $395 but he needs $600 to meet the price of the game system and the games. Currently, Kaion mows the neighbor’s yards for money on the weekends and he also receives an allowance of $40 a month if he does all of his chores. What should Kaions next move be? Email your thoughts to or respond in the comments section.

I’m looking forward to hearing from all of you. The next time we will discuss some SMART financial moves for the Smart children. For more about Twyla’s books go to

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