|
|
" ... woman's
relationship with money is based on lifestyle and comfort, ..."
|
|
You
+ Money = ?
This Issue ...
|
| "...
wouldn't you rather earn more than you are making?" |
|
You + Money = ?
By Michele Alexander Owner of 4 The Perfect Fit Coaching and Consulting
Do you know the answer to that question? What would your answer be,
if you replaced your name where "You" is? What thoughts come
into your head? If they are all positive, great!!! …if not, continue
reading.
Now, ask yourself, how do I feel about money? Does it cause me stress?
Has it affected my personal life? …professional life? Will money challenges,
keep or delay me from the realization of a goal?
Women have always had interesting relationships with numbers and money.
Why? That's hard to identify; because, everyone comes to the table with
a different history. However, one factor could be that a woman's relationship
with money is based on lifestyle and comfort, while a man's relationship
is based on the status, power and the future. This issue of "Second
Acts" will challenge you to look at your relationship with money and
develop a plan to succeed.
Can You Afford Not To Look
After Your Personal Finances?
By: Mika
Hamilton
 Investing
is a subject a lot of people don't want to think about. And there is
good reason for that. Investing seems scary. It either sounds like something
only the rich do or something that only a skilled professional can do.
But the truth is that investing is something that everyone can and should
do-as soon as possible.
Why should you start now?
Think about this. There are two ways to make
money. You can exchange your time for money or you can make your money
work for you. Most of us work 40 hours a week. In this case, you are
trading your time for money. But wouldn't you rather earn more than
you are making? If you are making $1,000, wouldn't you rather be earning
$5,000? Most people think the only way to earn more is to work more.
Work overtime is their motto! But there is more to life than working.
Investing gives you the chance to let your money work for you-saving
you time and earning you money.
But is the purpose of investing to get rich?
Some people don't invest because they think that investing is something
you do to get rich. They figure they'll never earn enough to get rich,
so why bother. But that's not what investing is for. Investing is a
way for you to be able to maintain your current lifestyle.
Think about this: what if the company you worked for suddenly closed
down? What are you going to do when you get to retirement? Sometimes
working more is not a viable option. Investing gives you another source
of savings and earning income. You don't invest to become a multi-millionaire
(of course no one would stop you if that happens); you invest so that
you can provide for yourself in the way you are accustomed to both before
and after retirement.
Many people are convinced that investing is the right thing to do at
this point, but, there are some misconceptions people have about investing
that prevents them from actually doing it. These misconceptions are
that:
Investing is too hard
Investing is too risky
You need a lot of money to invest
Let's look at each one of these misconceptions.
Investing is too hard
You may think that investing is just too hard. But a lot of that has
to do with the terminology of the investment industry. I mean who knows
what Fed Fund rates, mutual funds, indexes, or blue chip stocks are?
But you don't need to be scared off by a bunch of words-in the end they
are just words. Just like you probably didn't know what PMI was before
you bought your first house or what APR was before you got your first
credit card, you can learn what these things are. And you will find
that they aren't so hard to learn. And if you seek the advice of a professional,
they can explain it to you.
Investing is too risky.
Some people have the idea that investing is risky. Movies such as "Wall
Street", no doubt, lead people to think that. But the fact is that investing
is only as risky as you want it to be. Do you want to take huge risks?
You can invest in international stocks. Want to play it safe? Go with
bonds. The risk level is up to you and only you.
I can't afford to invest.
Many people think they can't afford to invest. But when you look at
the alternatives (social security may not be there, job security is
not 100%), you really have to ask yourself how can you afford not to
invest. And the earlier you start, the more money you will earn. Even
if it's only a small amount, the money you invest today will earn you
big in the future.
About The Author
Mika Hamilton is editor and founder
of the Global Investment Institute. http://www.beginners.global-investment-institute.com
An organisation setup to aid people in the pursuit of a better lifestyle
through investing and wealth planning.
Source: www.isnare.com .
Back
to TOC
Women
And Your Finances
By Stuart Simpson
Your finances don't have to be a problem and you don't need to be complacent
and let your husband do all the finances. You have to know what's going
on for your own self-preservation. Money is a subject too easily walked
around. It's one of the top two problems in today's marriages. You need
to know about your money and finances and even your credit score.
Money is sometimes avoided in hopes that you will find a rich, nice
guy, a dream job,  an
unknown rich relative leaves you a bunch of money or you win a lottery.
It's not going to happen. You have to sit down and examine where you
are going with your money. Statistics show women born between 1946 and
1964 that have failed to save for retirement will have to work until
they are 74. Who will keep you hired until you are 74? Will social security
still be in place?
So maybe you did marry Mr. Right, but what if Mr. Right turns into Mr.
Wrong but before you find about his subsequent name change, he financially
ruins you. My friend Judy got divorced with nothing, not even a credit
score. She might as well have been 18 years old again starting over.
Her husband even took the shoes off her feet and made her leave. He
makes $80,000 a year, she makes $6 an hour and he's suing her for child
support. Her life was once picture perfect and she was all taken care
of - or she thought. Now she lives on the brink of eviction. She didn't
have money to contest the divorce, so he got everything - including
his 401k.
Is your 401k starving? Most women have less than $10,000 in theirs.
Maybe that's why 87% of the impoverished elderly are women. Most women
say they can't afford to put any more into their 401k. Here's the trick.
Always contribute to get your employer's 100% match. If they match up
to 6%, then you have to get to 6% as soon as possible. The longer you
wait, the more free money you are giving away. Then, each year, you
need to up your contribution at least 1%. More if you are older. You
will adjust to your net pay very quickly and never know the money is
gone. Hard to believe, I know.
What to do? Keep your eye on the bottom line. Take baby steps to get
there so you don't get overwhelmed, but keep abreast at least once a
year where you are heading financially or face the consequences of trying
to live on the dwindling social security benefits. Watch the family
budget and total money spent. Review your money with your husband at
least once a year. It's not a trust thing, just as a curiosity. Make
sure your name is on some loans so you will have credit, but if they
are on the loans, make sure they are paid. You can keep your financial
security intact no matter what your future holds.
About The Author
Stuart Simpson http://www.401k-review.com
Source: www.isnare.com
Back to TOC |
|
|
 Wise
Women Money Quiz: How Money-Wise Are You?
By Cynthia Fick
Awareness is the first step in gaining financial freedom.
Test Your Knowledge
Do you know where you stand in terms of Money Smarts?
The following questions are based on Oppenheimer Funds research. It
only takes a minute to see how much you know about dealing with money.
- Sixty-percent of all women end up managing their own finances at
some point in their lives.
T or F
- Most women invest their portfolios in investments that are too conservative.
T or F
- Most stock market investors get wiped out at least once in their
lifetime.
T or F
- Two thousand dollars is the minimum amount needed to invest in a
mutual fund.
T or F
- You need about 75% of your pre-retirement income to live comfortable
during retirement.
T or F
- If a 45-year old woman plans to retire at age 60, she can expect
to live 21 years in retirement.
T or F
- Between stocks, bonds and CD's, over the last 30 years bonds have
appreciated the most out of any investment overall.
T or F
- If a woman can afford to invest only $50 a month she shouldn't bother.
T or F
- A 65-year old woman with an annual income of $50,000 can expect
to have 50% of her income be replaced by Social Security.
T or F
- A woman's intuitive ability to manage her emotions around money
is one of the most important aspects of Creating Wealth over the long
term.
T or F
Answers:
- FALSE- 90% of all women end up managing their own finances at some
point because of increasing divorce rates, becoming a widow and because
they live longer.
- TRUE- Most women are too conservative in their investing.
- FALSE- Historically not true. There are periods of decline but over
the last 50 years, the market has shown overall long-term growth.
- FALSE- You can open a Mutual Fund automatic account builder program
for as little as $25 a month.
- TRUE- According to studies by the WEFA Group you need 70-80% of
your pre-retirement income when you retire. That means if you earn
$45,000 when you retire, you will need between $31,500 and $36,000
per year during retirement.
- TRUE- According to the National Center For Health Statistics, a
woman that is 45 who plans to retire at 60 can plan on living 21 years,
to the age of 81. Because women live so long, good retirement planning
can make a very big difference in how comfortably you live throughout
your later years.
- FALSE. According to Ibbotson Associates, over the last 30 years
stocks have been the top performing asset class.
- FALSE- a monthly investment of $50 growing at 8% a year would be
worth $9,147 in 10 years and $29,451 in 20 years.
- False- She can expect Social Security to replace 30% of her pre-retirement
income or $15,000 if she had been earning $50,000 a year.
- TRUE- You go girl! You KNOW it's true!!
Information for this quiz was researched by Cynthia Fick, expert financial
planner. Research findings come from the Oppenheimer Women and Investing
Quiz, Ibbotson Associates, the National Center of Health Statistics
and a WEFA Group Study.
Here are your results:
8-10 Correct
Great job! You are a Money-Smart Woman. You have a solid understanding
of the issues that affect women's financial lives. Are you using those
smarts to live the life of your dreams? Consider meeting with a Financial
Coach to complete a Review of your goals and take a picture of where
you are now financially. Come to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Sprecial Report, The Top Five Reasons Why Most Women
Aren't Wealthy and How You Can Change That, from Cynthia Fick, expert
financial planner. This report divulges the concrete steps to financial
happiness. You can also register for a FREE 60-minute Teleclass entitled,
"Wise Women Are Rich: Three Secrets to Creating Wealth." Cynthia
Fick and Founder of Coaching from Spirit, Sharon Wilson will teach you
simple strategies to create more financial security and more prosperity.
To register come to http://www.coachingfromspirit.com/rd.cfm?id=24
6-7 Correct
Pretty Good! You are a Financially-Striving Woman. You've started to
grasp how important it is for women to be in control of their finances.
However, you may not be saving enough to meet your financial goals.
Take this opportunity to make sure you are saving enough for retirement
and your other financial needs for the future. Ask yourself, am I living
the life of my dreams? If not, think about what's holding you back.
Come to www.coachingfromspirit.com/rd.cfm?id=54 to receive a free Special
Report, The Top Five Reasons Why Most Women Aren't Wealthy and How You
Can Change That, from Cynthia Fick, expert financial planner, outlining
tips to reach your short and long term goals. You can also register
for a FREE 60-minute Teleclass entitled, "Wise Women Are Rich:
Three Secrets to Creating Wealth." Cynthia Fick and Founder of
Coaching from Spirit, Sharon Wilson will teach you simple strategies
to create more financial security and more prosperity. To register come
to http://www.coachingfromspirit.com/rd.cfm?id=24
0-5 Correct
You are a Financially-Naieve Woman. You have a bit to learn about your
finances, but don't despair! Many women are in your situation. Just
because you lack financial experience doesn't mean you lack an ability
to create wealth. Look at your beliefs about money and the stories your
family had about money when you were growing up to see if they empower
you financially. You also may want to ask yourself if you are clear
on what you want in your life financially. If you are not where you
want to be financially, why not? Come to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Special Report, The Top Five Reasons Why Most Women
Aren't Wealthy and How You Can Change That, from Cynthia Fick, expert
financial planner. This free report lays out an easy to understand process
to develop financial security and prosperity. You can also register
for a FREE 60-minute Teleclass entitled, "Wise Women Are Rich:
Three Secrets to Creating Wealth." Cynthia Fick and Founder of
Coaching from Spirit, Sharon Wilson will teach you simple strategies
to create more financial security and more prosperity. To register come
to http://www.coachingfromspirit.com/rd.cfm?id=24
Remember: Financial security is different from financial happiness.
Every woman can have both. Make an effort to learn more about financial
planning and, with the help of a financial advisor or financial coach,
go over your portfolio to ensure that you're investing to help meet
your short- and long-term goals. If you are motivated to take control
of your financial future, come to www.coachingfromspirit.com/rd.cfm?id=54
to receive a free Special Report, The Top Five Reasons Why Most Women
Aren't Wealthy and How You Can Change That, from Cynthia Fick, expert
financial planner. You can also register for a FREE 60-minute Teleclass
entitled, "Wise Women Are Rich: Three Secrets to Creating Wealth."
Cynthia Fick and Founder of Coaching from Spirit, Sharon Wilson will
teach you simple strategies to create more financial security and more
prosperity. To register come to http://www.coachingfromspirit.com/rd.cfm?id=24
About The Author
Cynthia Fick is the lead partner of Financial Life Planners, LLC
and a Registered Investment Advisor in a broad range of investments
including stocks, bonds, stock options and mutual funds. She is an
expert in Financial and Retirement Planning as well as Tax and Estate
Planning. ckfick@cox.net
Back to TOC
Money Makeovers For Women
By Megan Gelhar
 Today,
the vast majority of women in North America believe they are unable
to stand solidly on their own two feet when it comes to their financial
lives. They might already be successful businesswomen in their own right,
maybe even millionaires, yet many tell me that if their husband died
or left, they don't know what they would do regarding their finances.
They don't believe they can understand the financial world, especially
the investing part of that world.
· A woman tells me she has turned her money over to someone else (usually
a man) to invest and it has lost half its value and she just figures
that's the way it is.
· Another woman makes plenty of money but never pays her bills on time,
never believes there will be enough and lives by the hard work model.
She gives her children whatever they want but she doesn't take care
of herself by paying bills on time, she doesn't know where her money
is going, and she doesn't spend consciously.
· Another woman in business knows she must do something about her 401K
so she finally meets with an advisor her boyfriend recommends. She turns
her money over to him, walks away and hopes for the best.
· Another woman had always done her own finances and investing and had
done very well. She got re-married later in life to a man who wanted
to take care of everything financial, possibly not believing she knew
how. He promptly lost everything they had. They are both in precarious
health and are now facing aging with no financial resources. This was
a woman who had been successful yet still turned everything over to
someone else.
These are all very bright and successful women. I wanted to find out
why this was happening. I began talking to many, many women and studied
everything I could find on the subject. I knew it didn't have to be
this way and I became determined to help affect a change in this area
of women's lives.
My real passion and commitment is to the longings and yearnings of your
heart and soul. I want you to live the life you were meant to live.
I use money as a gateway to the soul. It is energy, a vehicle that can
disempower us or empower us in so many ways. I want to support you in
becoming completely free and independent and living from your innate
power and aliveness.
This is why I am writing this free newsletter. Now, what can you do
right now to begin to change the relationship you have to money? I have
created an assessment that will give you a good picture of where your
strengths and weaknesses are regarding money. If you are interested
in the assessment email me at megan@moneywhisperer.com and put "assessment"
in the subject line. I will email the assessment to you as quickly as
possible.
Finances…the final feminine frontier.
About The Author
Megan Gelhar is the editor of The
Money Whisperer newsletter and founder of Money Makeovers for Women.
Money Makeovers for Women is a company dedicated to helping women achieve
the freedom and peace of mind that comes with feeling confident and
knowledgeable in matters involving money! http://www.moneywhisperer.com
Inspiration
Corner
"Like success, money is an emotionally volatile issue
for most women. It's probably the most complicated relationship we have
and the one that most controls our lives because we let it."
--Sara Ban Breathnach, author, Simple Abundance--
Back to TOC
Quick Links
Check out "What's Going On"
below.
- To Promote the New Podcast Series, if you purchase a coaching package
recieve a Free Peanut MP3 Player. Click Here for More Info
- Don't Forget if you Refer a Coach you Get a Free Peanut MP3 Player.
- Request the the Free ebook Dare!
Dream!! Acheive!!!, (Six Steps to Writing a Personal Mission Statement.)
Email pms-101@4ThePerfectFit.com.
This is a $19.95 value.
Back to
TOC
Contact information
Michele Alexander
Email: coach@4ThePerfectFit.com
Phone: (212) 987-6177
Web: http://www.4ThePerfectFit.com
Comments
I would like to thank all of the readers
of Second Acts ezine for your continued support. I would like to apologize
for the hiatus due to illness and injury. Your continued support is
appreciated.
Thank You.
Michele Alexander, CTACC
I would love to hear you comments and
stories. Please email me at coach@4ThePerfectFit.com.
To Subscribe to the mailing list please
email Subscribe@4ThePerfectFit.com
To Unsubscribe to the mailing list
please email Unsubscribe@4ThePerfectFit.com.
|
