MoneyWiseWomen

How To Improve Your Wealth Creation Competence

If one of your New Year's resolutions was to improve your wealth creation process, you have to approach it as if you were developing a brand new skill set, such as learning a sport or a game. If you want to continually improve your ability to create wealth, you need to keep in mind these 4 stages of awareness:

 

Unconsciously Incompetent. This is the stage where you don’t know what you don’t know. This skill or thing isn’t even on your radar; like before you were interested in learning to drive, you didn’t even think about it, right? Learning to drive was a non-issue. Many people are unconsciously incompetent with wealth creation because while growing up, it wasn’t an issue for them. Things got bought and paid for and no one ever talked about money. However, there usually comes a time when you have a use for the specific skill and then you become . . .

 

 

Look Into Your 2012 Crystal Ball

A couple of Saturdays ago, I finally sat down with my magic crystal ball. I was ready to create my personal 2012 spending and income plan. I was a bit nervous this year about what I would see in the ball. I really need to convert my house to gas, or at least replace my dinosaur of a furnace. Yikes. And I’ve been asked to join some friends on a big out of country trip. I would like to go! And since I already did my business annual plan, so I know what income I have this year.

So I sat down with a cup of Starbucks coffee, called up The Crystal Ball and set to work.

(Lights darken, crystal ball begins to glow, getting brighter and brighter, mists swirl in its depth and begin to part, and I lean forward, peering into the future….)

Two hours later, I had all my answers. Well, I had a lot of answers and I wanted time to think. To feel. To journal.  To digest the future I had just seen. This future seemed to have several scenarios and I was going to have to make some choices. I am reminded of that saying, “You can have anything you want, but you can’t have everything you want.” Rats.

Get Back On Track With Your Personal Budget

No one can ever be perfect with their personal budget; there will always be moments when you choose to overspend in a certain area, because something holds a higher priority for you than sticking to your budget. This can be either a conscious or unconscious decision. But getting back on track doesn't have to be difficult if you keep in mind 6 simple steps.

For employed people, I advocate the Zero-Based Personal Budget method, which means money in equals money out, every month. Since you can reasonably predict what you’ll be receiving, there are rarely surprises with this method.

For self-employed business owners, like myself, I try to apply the Zero-Base Personal Budget using an average income from the prior 6 months; if income goes down, you have to adjust your personal budget down as well. If income goes up, you hold the excess until you have another 6 months of evidence that your income has stabilized upwards. It can get more complicated, but you get the gist.

Some of you know that I use Mint to track if I am going over in one of the areas of my personal budget. I have alerts for my overspending “danger zones” which are eating out, coffee, coffee and coffee. I think I have finally conquered books as an overspending item! But because some months I have extra cash above my personal budget, I know that I have a little breathing room if I want to spend extra on something.

So, this last month I did. I had WAY too many meals out, in addition to special holiday grocery purchases. And somehow, I was so hypnotized by Starbucks pretty red holiday cups that I had a Peppermint Mocha in my hand more times than not.

The Next Generation of Women in Politics

If the current trends continue, the next generation of women in politics in the United States could be substantially weaker than previous generations. Sure, a few famous female politicians grab the spotlight every chance they get, but on the whole women are losing ground when it comes to politics. The reasons for the dwindling number of women seeking and winning office range from a culture that is still dominated by men to the fact that most qualified women don't have time to think about politics between taking care of the home and keeping up with their day jobs.

Huge Gap in Representation

The United States population is 51% female, but the US Congress is only 17% female. That means that men continue to dominate discussions over laws that might benefit from a female point of view. Women in the US still perform most of the healthcare work, but they had very little say in the recent health care bill that was passed by Congress. The 51% female population relies on 17% of Congress to represent their views on intrinsically female issues such as abortion, as well.

Budgeting Software Options

Researching your budgeting software options can be overwhelming if you’re just getting started. I believe that whatever is the most easily executable option—meaning that you can get set up and manage it consistently—wins out over anything else. The point is to get started, because that is the hardest part (or should be).

When it comes to tracking your spending, my goal is that everyone does it, regardless of their financial situation. You can’t make conscious decisions without that data. My personal favorite budgeting software option is Mint. I recommend it to everyone I work with, because it fit my personal criteria:

• Simple to use. From the moment I started setting up Mint, I could intuitively click and get to where I needed to go. I never was stuck trying to understand what report I needed to run, like some other programs I have used in the past.
• Minimal set up time. Setting up my bank accounts in Mint the first time took all of 30 minutes. I have a different way of doing things than a lot of people when it comes to budgeting, so it might take some as much as an hour. Still would be a record for me at an hour!
• Minimal maintenance. I can stay up-to-date with Mint using their iPhone app, but mostly I just check in every 10 days or so to monitor trends and check categorization.
• Free to use. Mint has affiliate partners making offers—which is what keeps it free—but it’s easy to ignore them and focus on your finances. I have never been irritated or distracted by an offer.

How Committed Are You To Getting The Results You Seek?

Many people start off the New Year with good intentions for fulfilling resolutions, but their interest and enthusiasm often wanes away by the end of February. This year, make a difference in your life. Review your habits and past behaviors that have previously not produced the results you desire. Be honest with yourself. Examine your circumstances carefully to determine what part you have played in the outcomes you have experienced. Don’t rely on your employer, market conditions, or your family obligations to dictate what happens to you (or doesn’t) this year. Make a commitment to reach your goals by outlining specific actions to accomplish them.

It seems the elements I observe that contribute more frequently than not to a stalled job search or poor results are associated with three elements: lack of commitment, failure to plan and unwillingness to change.  The following questions might help you to determine if you are setting yourself up for success, or more of the same this year.

Buying a Car Painlessly

Buying a new car can be painless if you do your homework. The last two cars we’ve bought have been kind of a spur of moment decision. Actually, my husband, Steve and I have talked about the make and model of car we wanted but that’s about it. A couple of weeks ago I came home from running errands and announced to my husband I wanted to buy a new car. Our 1999 Jeep Grand Cherokee had 143,000 miles on it and had done a great job for 12 years but I was ready for a new Jeep. That’s all it took to get Steve on the hunt for a Jeep Grand Cherokee. And today you can do your home and shopping in the comfort of your own home on the Internet. Steve began by visiting www.truecar.com , a website that helps consumers determine the true price of a car. You simply enter the year, make and model of the car you’re looking for and you’ll get the sticker price listed at local dealerships. You’ll also get a graph with the best local price along with great, good and market prices.

5 Traits to Look for in a Marital Therapist

One of the most important decisions you can make when you are working to save your marriage is choosing the right marital therapist. Trust, patience and compassion are the basic tools of a good therapist, but there are more specific skills needed when the therapy involves couples. Look for these five characteristics in any marital therapist before you begin your first session.

1. Unwavering Pro-Marriage Stance

The main reason you and your spouse have decided to attend marital therapy is to save your relationship. Your therapist needs to believe that staying married is the best choice for both of you. If the therapist is not sure that marriage is the best answer, it will be difficult to work through some of the more complicated issues your relationship might be facing. A good therapist will remain neutral when it comes to taking sides with you or your spouse, and have faith in the marriage's future barring abuse or a dangerous situation for either spouse. In most cases, staying married is the best outcome for your health and your financial well being.

Make a budget that lasts

If you are going to make a budget that lasts, you can’t just jump to categorizing and slashing expenses—that’s a lot like jumping into a diet and following a certain regime without really understanding the “why” behind your eating—it’s not a sustainable solution. Just like with eating, you have to understand the “why” behind your spending.

This doesn’t have to be a laborious process; just becoming more aware should give you a lot of data in a few weeks. To begin, you should start using Mint (the best comprehensive tracking software I have used). Mint gives you a great overview and long-term tool. Along with Mint, I recommend taking a week or two to keep a journal with your daily spending, so you understand on-the-spot how you’re feeling before and after each purchase.

I have identified four types of spending that cover virtually every single dollar that leaves your bank account:

6 Healthcare Careers Offering Self-Employment

The lure of self-employment is clear. I can be my own boss? Set my own hours? Give myself a raise when I deserve it?

Yes, please!