We’ve all got to manage our personal finances. Some manage them better than others. In Episode 65 of the GHOGH podcast, host Jamarlin Martin and wealth advisor Tunde Ogunlana discuss best practices for managing credit card debt, maximizing the tax advantages one can leverage with a side hustle, protecting assets and developing a digital estate plan. 

Tunde is the CEO of Axial Family Advisors.

Credit card debt

Before diving into best practices for managing credit card debt, Jamarlin and Tunde highlight the importance of not falling into the trap of credit card debt if you’re young and haven’t yet had credit card providers approach you. If you’re already in debt, here are key actionable steps you can take to pay your debt off:

• Press the reset button on your finances. Take account of what you actually have coming in as income. This will help you move forward in developing a plan for handling your debt. The following are some resources that can help you take an account of what your income actually looks like:
  • Mint
  • Prism
• Negotiate your debt with your banks. The following are resources you can use along with scripts to actually negotiate the debt:
  • Debt Settlement Negotiations
  • Negotiate Credit Card Debt
  • How to Negotiate with Your Creditors
• Look at where you’re living and whether the cost of living matches up with your income. It may make sense to find someplace else to live for a while. Check out the Livability list of top 100 best places to live in America for ideas of where your hard-earned dollars may stretch longer.

Tax advantages for side hustles

If you have a side hustle in addition to your day job, it’s important to keep up with your taxes not only to avoid trouble with the IRS but to also benefit from tax advantages associated with generating additional income through your side hustle. 

• The first step is to track your expenses and ensure you aren’t mixing up your business and personal expenses. Here are some resources to help track your expenses:
  • Expensify
  • Zoho

Listen to GHOGH with Jamarlin Martin | Episode 65: Tunde Ogunlana

Jamarlin continues his talk with Tunde Ogunlana, the CEO of Axial Family Advisors, a wealth planning firm. They discuss how quantitative easing (money printing) is likely to look different in the next financial crisis in America and some tax benefits with side hustles. They also discuss why estate planning is a selfless act.

• If you’re maxing out your 401K at work, set up your own qualified plan with your side hustle to put additional funds into. This protects income from taxes and lawsuits. You can also borrow against these savings. Here are resources from The Balance and Kiplinger with information on qualified plans that could meet your needs.

Asset protection

Bad things happen. For some of those instances, Jamarlin and Tunde discussed how to protect your assets. They highlighted various tools you can use to protect yourself, including the following:

• Insurance
• Qualified plans
• Annuities 
• Homestead Exemption
• Irrevocable trust planning

Digital estate planning

What happens to all the information you have online when you die? This is another area Jamarlin and Tunde highlighted. Here is a resource from Northern Trust to think through when coming up with a digital estate plan. 

You can live the life you want. How you manage your finances will impact what that looks like. With these resources, you’ll position yourself to live life on your terms. Make it happen! Let’s GHOGH.

Hear more about wealth management with Jamarlin Martin and wealth advisor Tunde Ogunlana at the GHOGH podcast show Episode 64 and GHOGH Episode 39.

Kwame Som-Pimpong leverages relentless research, a knack for connecting dots, human-centered design approach, and effective communications strategy to help organizations realize their strategic objectives. Over a 10-year career, Kwame has supercharged grassroots political organizing efforts, assessed the effectiveness of U.S. federal agencies, managed an international program, founded a digital media startup, and advised government agencies on delighting their end-users. He earned a BA in Political Science from Davidson College and Master of Public Administration from the University of Georgia.