Drippin’ in Finesse: This is Where Tyrone Hankerson Went Wrong in His Stacking at Howard

Tyrone-Hankerson-Howard-University-Financial-Aid-Scandal

Tyrone-Hankerson-Howard-University-Financial-Aid-ScandalIf you have any sort of attachment to the interwebs or social media – you have learned about the finesse wonderment that is Tyrone Hankerson. Well, this is the case where an undergraduate student at Howard University gains employment in the Financial Aid department where he allegedly takes it upon himself to finesse roughly a bit less of $500K from students.

Yes, you read that correctly. While this has been happening for years, the real funny point is how all forms of social media ran away with this story! While the memes, videos and slap your knee jokes are hilarious – we’re all about the teachable moments. Here’s what you can learn from Ty-Ty when it comes to finessing your funds, Shawty!

Ty-Ty Finesse Rule #1: Stack your money!

While Tyrone took from the university, he did the complete opposite of my rules on finessing – he blew that money faster than 45 goes on vacation. Though he ran off on the plug more than twice, what Ty-Ty should’ve done was stack his money. No, don’t take someone else’s money – make your money stack. There are ways to make your money increase in value – interest or compound it up. You can make your money grow no matter if you come into a large sum of money or just based on having a budget that allows you to save from your paycheck.

Ty-Ty Finesse Rule #2: Keep your moves on mute!

Tyrone had a freaking media crew and videographer to document his glow up! While we all know someone who does this within their social media, take a clue from them – you don’t have to consistently show your hand. It is cool to enjoy life, but social media isn’t a “Dear Diary” that you show every part of your life.

Ty-Ty Finesse Rule #3: DO invest in your education!

While Tyrone was snatching students money from left and right – he actually was a Business Law major at HU. Instead of trusting financial aid to tell you what is out there for your kids or yourself – do research consistently to see what {true} grants, scholarships, financial assistance, and certificates are out there. See if your employer has tuition reimbursement or even open up a savings account to do so. If you have little kiddos – start saving for college now with a 529 account! No matter what level in your career you are in you should always strive to go up another level. Just make sure it is money allotted to you! 🙂

Ty-Ty Finesse Rule #4: You can be fly on a dime!

Cousin Tyrone was a cliché as the streets of Milan … but at the costs of others. He secured the bag, but at a cost (potentially jail time along with more than likely paying full price for high-end items). There are numerous ways for you to get that Speedy you have been eyeing! From Poshmark to Fashionphile – there are ways to buy high-end for a fraction of the cost! Also, if you own some ‘pensive items – you can even sell your stuff for some dough!

Ty-Ty Finesse Rule #5: Keep checking your credit score

While Tyrone was collecting the “coint” of others, those whom he took from might have seen a dip in their credit score. Hopefully, those impacted set credit alerts for when their credit score changed up. My advice to them would be for them to be proactive and write any creditors that might be tied to this mess and highlight the incident. Sending a validation letter and/or a letter of intent would help set the motion for getting any of this foolishness off their credit report. Oh, you can check your credit report (go beyond the score) annually for free here. Most banking/financial institutions offer credit score checks and alerts.

Ty-Ty Finesse Rule #6: Pay off your debt!

While I hope within reason that Ty-Ty paid for his bigger purchases in full – the scary thing is that if he IS found guilty of all of this… he would have to pay back the funds (more than likely). Rather if you borrow or steal the funds, repayment has to be made. If he didn’t pay in full for his vehicles or credit card debt – it would be like he would have to pay back even more than what he snatched. Quiet as it’s kept, look for ways to pay down your debt quick! Even if you have a car loan – make 2x monthly payments towards it. Even if you take the total amount of the monthly payment due and break it up into chunks, it would still impact your balance. Oh, what would be even better is if you made an additional payment towards your principal. You see, most times we are paying more towards the interest than we are what we initially borrowed. This also applies to credit cards and home loans. For credit cards – paying towards the interest helps bring down your balance. Think of it like your credit card’s APR is 11%. Divide that number by 365, and you’ll discover that your daily periodic rate is 0.03%. Your credit card interest is computed by the daily rate (DPR for those who love Google).

For example, if you owe $500 or hunndid on your credit card, this is what that would look like:

($500 * 15 days) + ($1,000 * 15 days) = $22,500/30 days = $750 average daily balance
Using the daily periodic rate above, you’ll be charged $6.75 in credit card interest that month:
$750 * 0.0003 * 30 days = $6.75
Crazy right!?

Ty-Ty Finesse Rule #7: Keep track of your funds – spending, expenses!

While I am unsure of what Cousin Tyrone’s expenditure was calculated to be – I hope that he kept track of what money was coming in and what money was going out! That is the true way to keep your funds in line like a marching band and build your wealth like Warren Buffett. Creating a budget can do so much more when you understand how your money works and what it is working towards. There are several budgeting tools from good ole’ hand/pen/paper to excel spreadsheet. Now there are online programs/apps such as Mint, You Need a Budget, Wally, and Acorns – just a name a few. The things is to consistently track your progress and learn what works for you! Instead of doing your budget based on solely what you bring in via paycheck or income stream – pay attention also to your spending. Pull your bank statements monthly to understand how you are assigning your money!

Now while you might not be that shady to snatch roughly $500k (or any figure) of anyone else’s money, there is something to be learned here. Lessons in it all Shawty. Look at your own figures and come up with a plan to finesse it. Remember the tips on how to max your tax return? Connect those tips with this. How the rich get richer is building. Cousin Ty-Ty might have secured the bag, but you can build your own wealth systems.

What are some lessons that you learned from this mess?

Photo via Howard University

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