Episode•October 3, 2019•25 min

Personal Finance is a Team Sport with Rahkim Sabree | Ep. 12

Join Tiffany as she dives into homelessness and thinking of personal finance as a team sport with Rahkim Sabree! Rahkim talks about financial empowerment, discipline, FOMO, and how to utilize your circle to get better results. About Our Guest Rahkim Sabree is a millennial author, speaker, personal finance expert, and co-founder of the not-for-profit An Extended Hand, Inc. which focuses primarily on empowering and educating those who are at risk of or currently impacted by homelessness. Follow him on Twitter: https://twitter.com/finance_fridays Follow him on Instagram: https://www.instagram.com/unlimitedinvestmentinquiries Like him on Facebook: https://facebook.com/unlimitedinvestmentsolutions Links Visit our website: https://www.moneytalkwitht.com Sponsor Decluttr specializes in buying your used CDs, DVDs, Blurays and Games to help you make room and money! With Decluttr you can enter your items barcodes into our valuation engine and we'll give you an instant offer. Alternatively, you can download the FREE app (available on Android and IOS) and scan your items with your smartphone's camera. You'll need to enter a minimum of 10 items or have an overall value of $5 to complete your order. Then you simply pack all your items into a box and then ship your items to us for free! When we receive your items, we'll pay you on the next business day. Be sure to use code: MONEYTALK5 at checkout for $5 off a purchase OR $5 added to your sale. Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Apple Podcasts Spotify YouTube Overcast Amazon Music

Key Takeaways

1
Homelessness exists on a wide spectrum beyond stereotypes
Includes college students, school-age kids couch surfing, and veterans with PTSD
Many Americans are only 1-3 paychecks away from homelessness
Preventative education and direct services are both essential
2
Financial empowerment beats financial literacy for mindset shift
Mindset is the common thread among wealthy vs. non-wealthy individuals
Empowerment inspires action; literacy can feel boring or negative
Discipline is a form of self-care that leads to long-term success
3
FOMO and YOLO culture work against long-term financial planning
Social media makes instant gratification too accessible
Upgrade your circle to people who respect your financial discipline
Success becomes contagious in the right circles
4
Financial empowerment is a team sport
Build relationships with CPAs, financial advisors, realtors, and lenders
Leverage expertise rather than trying to know everything yourself
Accountability from your team helps maintain discipline

Intro

Tiffany explores homelessness realities and reframes personal finance as a collaborative effort with Rahkim Sabree, author and co-founder of An Extended Hand, Inc.
Rahkim Sabree is a millennial author, speaker, and personal finance expert focused on empowering those at risk of or experiencing homelessness through education and direct services.

Twitter Instagram Facebook Website

– The Spectrum of Homelessness

Rahkim explains how founding An Extended Hand forced him to confront his own desensitization to homelessness in New York and understand its many faces beyond stereotypes.

You have people who live paycheck to paycheck... if that stream of income stops, now you're a check or two checks or maybe three checks away from being homeless.
– Rahkim Sabree

– Financial Empowerment vs. Literacy

Rahkim reframes financial education around empowerment and mindset rather than dry literacy, arguing that believing wealth-building is possible is the first step.

Discipline is a form of self-care... that bitter medicine... but what comes out of the discipline in the long term is what everybody is aspiring for.
– Rahkim Sabree

– FOMO, Discipline, and Upgrading Your Circle

Tiffany and Rahkim discuss how fear of missing out drives poor financial decisions and how surrounding yourself with supportive people makes discipline easier and success contagious.

You are the sum of the people that you spend the most time with.
– Rahkim Sabree

– Financial Empowerment as a Team Sport

Rahkim shares his TEDx talk topic: building a network of professionals (CPAs, advisors, lenders) so you don't have to know everything yourself.

I'm paying for his service. But I'm also paying for the relationship and the expertise throughout the year.
– Rahkim Sabree

– Building Your Financial Squad

Tiffany reinforces the value of cross-professional collaboration, noting that CPAs and financial planners each catch things the other might miss.

More than one set of eyes on things is always a plus.
– Tiffany Grant

Resources

Topics

personal financefinancial empowermenthomelessnessfinancial literacydisciplineFOMOnetworkingmindsetteam buildingTEDx