It's not always about making more money. Try thinking about what money you have differently to feel Happier!Read More
If you’re a woman you’ve probably read “Fifty Shades of Grey” and have been talking about it with your friends. But I bet you haven’t talked about Fifty Shades of Green – a more important (but less lustful) topic to your bottom line than the characters of Christian Grey or Anastasia Steele could ever be.Read More
Deborah Price, International Money Coach and author of Money Magic, says too many people feel like money victims right now. A victim is characterized by powerlessness, hopelessness, and blame which is often the result of a great loss. Americans have good reason to feel victimized - from job loss and downsizing to fear of losing a job if they don’t work unreasonable hours, to short sales and foreclosures - there’s a lot of economic pain to spread around. And, the emphasis is on fear, which is not a good place from which to problem solve.Read More
Failure isn't failure if we learn from it. Just between you and me, I've had many failures in my life. If you're a woman in business you've had your share also!
Here are 3 Tips to Turn Failure into Success:Read More
Financial struggle can become desperation and did with a friend of mine. About a month ago, on a Tuesday morning I got the kind of call you never want to get. A woman friend had ended her life over the weekend. I was shocked and the news hit me hard. While Deb and I hadn’t been living in the same area for years she always lived in my heart. Because of the economy the last few years, we knew Deb had, like so many others been struggling financially.
Laid off from one job she had a great deal of trouble finding another. She was skilled, but over 50 and if you think ageism isn't happening, you're wrong. Rumor was she may not have always had enough to eat or been able to pay her bills. Then she found another job and things seemed better – until she was fired the Friday before taking her life. I can only imagine the fear, perhaps embarrassment, and hopelessness Deb was feeling at that moment. And, then she made a decision many make in the moment of desperation.
But, Deb is not the only woman (or man – perhaps even harder for men to reach out to get help) suffering financially and suffering with the guilt, shame or blame of believing it’s their fault.
Over 24 million women were living below the poverty line in 2009
27.5 % of black women live under poverty line
13.5% of white women in 2009
In Nov 2013 in the State of California food stamp and welfare money was cut. One of my clients lost $100.00 a month from her disability and about $30 a month from food stamps. That's a BIG net loss for someone barely scraping by.
35% of households headed by single moms were “food insecure”
13% of women over 75 were poor compared to 5% of men over 75
Only 40% of women retire with enough money to live on. More women by far retire in poverty than men.
A working wage based on the minimum wage of 8.50 an hour = 17,000 a year – that’s considered below the poverty line.
2010 31.6 % of single women households were poor compared to 15.8 of households headed by single men
How we do help someone who may be in Deb's position? We reach out and past their embarassment or shame with kindness and gentleness by not asking, but just bringing food over for a get together, leaving an envelope with cash for bills, and letting them know we're there for them until they get on their feet again. One person can't solve every problem but a group of friends can make a big difference. I don't think many knew Deb's suffering - she was very private. We ask our connections and friends about job possibilities and try to support the person through the aloneness of struggle.
The larger question is how do we change financial struggle and poverty? Think about it and come up with your answers, but here are a few of mine:
1) We must educate ourselves about money, (there are TONS of resources FREE on the web)
2) Vote our conscience with compassion for those less fortunate
3) Reach out to friends and family if we get the sense they’re struggling more than they are able to say.
4) Collectively: A simple thing we can do is vote for a higher minimum wage to help more people out of poverty. When people are living in poverty they can't spend money on consumer goods as they're able to when more secure.
Looking at my money could be fun? Ugh is what most of us think. Money is one of those subjects we try to avoid. After all it's uncomfortable to think about how much we owe, or how little our next pay check will be. But avoidance doesn't solve our money challenges and believe me, both personally and as a Certified Money Coach, we ALL have money challenges. This is why it makes good sense to have expert help for women in business.
It doesn't have to be scary learning about our relationship with money. It can be FUN to look at our strengths and challenges by getting to know our Money Types.
For example: Are you the type who is happy-go-lucky most of the time, but avoidant when it comes to money? You may be an Innocent. Or, are you financially successful, goal driven but a bit of a rescuer? Ah...The focused Warrior is a great worker to have on your side. Or, perhaps you know someone who is self-sacrificing, long-suffering and may give money but with strings attached? I relate to part of this archetype which is the Martyr who also tends to overwork. The clue for me that I'm slipping into my Martyr is feeling resentful. Then I know to pay attention and take a break
By taking the quick and easy Money Type Quiz you'll discover which of the 8 money or archetypes are showing up in your relationship with money. Oh, you didn't know you have a relationship with money? Well, we do and money affects everything in our lives. David Krueger, author of The Secret Language of Money says, "Money is more than just money. It's about everything. Everything we eat, drink, fear and buy; everything."
What we don't know that we don't know about money we can get us into trouble - think credit card debt, foreclosures, short-sales. Knowledge about how we think, feel and behave with money helps to keep us safe, plan for our future, have fun and create financial freedom as we feel more in control of our money.
Take the Complimentary Money Quiz and receive a FREE 15 minute phone or Skype Consult with Lynn personally to go over the results. I guarantee you'll learn something important about you and your money!!
(*Money Types by Deborah Price - The Money Coaching Institute and used with permission)
Women spend $25,000 on shoes and in Britain L 133,000 on beauty products in their lifetime.* Saving for retirement or saving period gets pushed aside with the “I want what I want and I want it now” pattern we consumers are so good at.
One of the biggest mistakes women say they make with their money is not saving enough for the future because they’re caught up in survival today. This is an interesting dilemma because by spending today and not saving for the future, the struggle is likely to be the same in ten or thirty years. Contrast this with one young woman, Kari, who considers herself a “money hoarder.” She started saving half her paycheck as a teenager. She finds it hard to spend money on herself, but she’ll be fine in retirement. There aren’t many Kari’s out there.
Putting ourselves on a savings plan feels the same as being on a diet. Yuk. We feel restricted, limited – it’s NO FUN. Or we feel we’re in jail waiting for a chance to bust out – shoe sale anyone? According to Gary Becker and Kevin Murphy in “A Theory of Rational Addiction*” when you're struggling economically you’re unlikely to focus on long-term activities. The immediate is much more compelling.
There’s a mind-set change that needs to happen to be able to have some shopping fun, while keeping in mind the long term goal of having financial peace in your later years. Just think about how good those shoes might taste if you’re trying to make it at 75 on social security alone.
*Daily Express Study quoted: http://tinyurl.com/2a2cvjw Mail Online http://tinyurl.com/67z36fd
* The Awesome Column, Joel Stein, The Times May 2012
Resuscitate the American Dream with hope, change and personal responsibility says Suze Orman in her newest book, The Money Class. The American Dream our parents embraced was one of living BELOW their means. This is a lesson we lost track of in the obsession for MORE that advertisers promoted and we indebted ourselves to (in oh so many Visa and MasterCard ways).
We need to not only rescue the American Dream as Suze says, but resuscitate it with the old virtues of hard work and sacrifice. Boring, and so not exciting as the lifestyles of the Kardashian's or Jersey Shores, but realistic.
Suze says, and I agree, that we must move beyond materialism – an empty value if there ever was one – to authentic happiness. But we Americans are programmed to believe that more money equals happiness. This is an illusion that lottery winners, for example, often realize too late. (Most are bankrupt or broke within 5 years)
I have a two-part question I ask at Money Workshops and trainings that comes from David Krueger’s book The Secret Language of Money.
1) My current annual income is $__________________.
2) In order to insure happiness and contentment financially, with no more money problems and worries, my annual income would need to be ______________________.
Most people answer #2 as being about twice the amount of #1. For example if #1 = $50,000, then to insure happiness I’d need to make $100,000. But once a financial goal is reached, what do we do? Set another goal and it’s often about twice the size of the first. When do we get to be happy and have financial peace?
Let's create a new American Dream by educating ourselves about money and prioritizing what is most important and what we value. And, by the way, a 2010 survey Suze cites by Charles Schwab & Co. says 75% of respondents understand that to create a new American dream, it takes hope, change and personal responsibility!! That's true financial peace.
Now that you’ve set your Bold Money Goal for 2012 and have it in writing (see previous blog: Set a Bold Financial Goal for 2012 /blog/ you'll want to use The Work Backwards Formula to make sure you get the results you want.
To Re-Set your Money Speedometer, which may have been stuck on the same old number for too long, means you have to examine WHY you want to make the amount of money you set for yourself. Your WHY tells you what your motivation is. (To know why your WHY is the most important thing you can do as a woman in business go to this youtube clip in the TedSeries by Simon Sinek: The Golden Circle http://blog.ted.com/2010/05/04/how_great_leade/
Now, I know the economy has dampened, or for some, even smashed the ability to dream and envision. But we have to take our power back and stay focused on what we want (financial peace & freedom) vs. what we don't want (more financial struggle)
To Start - Here are some questions to explore your WHY: This is where you get to dream and in order to be the most successful you must stay in touch with your dream and your purpose!!
Next, write down your BOLD Goal for 2012 : $75,000 Gross
I want to make $_______ so that I can ________.
The questions you answered above are part of your vision and dream that will pull you towards your goal.
Now fill in these Work Backwards questions:
1) How much do you charge your clients? The average bodyworker, for example, depending on locale, charges somewhere in the neighborhood of: $75.00 an hour Your hourly fee: _________
2) How much do you need to earn a month to earn $75K a year? $6,250 (75 divided by 12 = )
3) How much do you need to earn a week to earn $75 K a year? $1445.00 (6,250 divided by 4.33 = 1436. Rounded up)
4) How many clients a week do you need to see to earn $1445? 19 clients a week at $75.00 a client = $75,000 Gross Income
Now you have your work-backwards formula to earn $75,000 gross a year.
“Are you living your values, but not earning enough to live your dreams”, asks Lois Frankel, of Nice Girls Don’t Get Rich. As a therapist and “healer” I was stuck in that “I’m a healer so I can’t charge what I’m worth” illusion for years. This is a common problem for women in business who are in the helping professions. We have a black and white way of thinking about money and helping people. If we are helpers then we believe we shouldn’t be focused on earning money. What nonsense. I’ve figured out there is a middle ground and we can have both – be happy healers with a bountiful paycheck.
Unfortunately, most of the therapists/healers I’ve known over the last twenty + years are crappy business women. Meaning, they don’t market their practices or treat their practice like a business. For example, as a massage therapist, family therapist, energy healer – do you have a business plan, a marketing plan, attend networking functions, join The Chamber of Commerce, pay attention to cash in and out flow, regularly do a balance sheet and a profit and loss at least quarterly? That used to be me, but I’ve found my inner business savy and it is blooming!!
One important step to break out of the old “I’m a healer, it’s not spiritual for me to make money” rut is to set a BOLD Financial Goal for 2012. Do that today and in the next blog learn where your money speedometer is set and how to reset it to match your Bold Money Goal. When we take charge of our money we create financial peace.
Lynn Telford-Sahl, M.A. Psychology, "Certified Money Coach":http://www.lynntelfordsahl.com, helps women in business achieve their dreams by getting their money house in order. Lynn has been coaching, speaking & conducting workshops for 8 years and has a 20+ year background in counseling. Lynn is also the author of two books: Intentional JOY: How to Turn Stress, Fear & Addiction into Freedom & The Greatest Change of All. Both books are available online at www.coachingmodesto.com. As an experienced "money coach for women in business":http://www.lynntelfordsahl.com, Lynn offers a FREE 15 Minute phone consult for any Money Challenge you are experiencing. (209) 492-8745 email@example.com
Women control 51% of the wealth in America. I was shocked and pleased to hear that and yet many, many women I talk with aren't planning soon enough or saving anywhere enough for retirement. Instead what I observe is that women often don't want to think about retirement. And, while I understand, retirement going to be here sooner than we'd like to imagine.
Women are working very hard in their businesses, caring for their children, their families (including elderly parents). Who has the time to consider and plan how to make their money work for them? When I'm coaching women in business I assess how much income they're earning, if they feel they're charging enough (often not), how their spending is, the amount of debt they are carrying and whether they have a 401(k) or other investment vehicle.
Here are three things women need to do. And remember: "A man is not an retirement plan."Deborah Price, Money Magic
1) Just Start an investment account. The earlier the better. "For the first time, women in the work force full time are just as likely to have access to a 401(k) as men and their participation rate is as high as we've seen." Catherine Collinson, president, Transamerica Center for Retirement Studies. (Modesto Bee 2-5-2012)
2) Know what you'll need to replace your income in retirement and maintain your lifestye. Google retirement calculator, pick one and plug in social security, other income and expenses. This exercise is not as fun as going shopping, but when you're 75 and either don't want to work or are unable to, all those shoes or beauty products you're buying today aren't going to keep you warm or add to your income. But the $50.00 a automatically deducted each and every month can and will.
3) Take more risks. Women don't often take investment risks. I'm financially conservative myself, yet we want our money to work as hard for us as we've worked to obtain it. Women still only earn 78 cents on the dollar compared to men. We take time off to have children or caretake others. The really savvy women I know do take calculated risks. One of my friends has been a real estate investor for 30 years and built quite a retirement fund for herself. Here's to you taking charge of your money today so it works for you tomorrow!!