5 Secrets of Self Made Millionaires
You know me…..If I find an article that I think can help anyone find financial success, I am going to share it. The attached article highlights key activities that separate millionaire minds from the “average”. I’m an advocate for a disciplined approach to investing. Let me know what you think.
They’re just like you. But with lots of money.
When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud.
But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.
According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.
If more people are getting richer than ever, why shouldn’t you be one of them? Click here to read entire article.
Add a comment May 24, 2010
Tags: 2010 tips for setting goals, discipline, financial goals, future plans, millionaire mind, money, peace of mind, wealth
Free Cash for Your Business
I just attended a wonderful conference, Financing Your Small Business, hosted by Cathy Daniels Lee of WELL (Women’s Entrepreneurial Leadership and Learning) at the Nussbaum Center. The conference had great speakers and I learned a lot of valuable information. As Sue Falcone said, there’s never an excuse to stop learning!
The topics covered everything from Developing a Financial Plan for Your Small Business to Reading and Understanding Your Credit Report. I’m following up on the information the speakers shared (because it was so interesting) and came across the following article Free Cash for Your Business by Eilene Zimmerman (click hyperlink to read entire article). It talks about researching grant opportunities available from the government. Coincidentally, I sat beside Shana Ayscue of STA Technologies (she also counsels individuals interested in soliciting government contracts). Shana had actually given a few of us an introduction on tapping into government grant resources. Anyway, I felt that it was great information to share and if anyone is interested in consulting with Shana, contact her at: STA Technologies 336.617.7298 or www.statetechnologies.com.
Good Luck!
1 comment March 27, 2010
Tags: credit counseling, financial planning for small businesses, government grants, loans, money for business
Average american may be hit with 79.9% interest on bank issued credit card
In very simple terms many issuers of credit rely on credit scores to determine whether or not to approve a credit applicant as well as determine their appropriate interest rate. Subprime borrowers are usually individuals who receive higher fees and interest rates because of their credit history. What type of person comes to mind when you hear the term “subprime borrower”?The answer may surprise you. As of March 2008, Experian reported that the average American’s credit score is 692. So with a score of 692, in 2008 the average American would be considered a subprime borrower.
As you read this, ask yourself if you could be a victim. This is capitalism and greed at it’s finest. Word of advice: read your credit card terms of agreement as well as pay attention to your statements. Report anything that seems out-of-place immediately!
By Candice Choi, AP Personal Finance Writer
It’s no mistake. This credit card’s interest rate is 79.9 percent.
The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It’s a strategy other subprime card issuers could start adopting to get around the new rules.
Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card’s credit line.
In a recent mailing for a preapproved card, First Premier lowers fees to just that limit — $75 in the first year for a credit line of $300. But the new law doesn’t set a cap on interest rates. Hence the 79.9 APR, up from the previous 9.9 percent.
“It’s the highest on the market. It’s the highest we’ve ever seen,” said Anuj Shahani, an analyst with Synovate, a research firm that tracks credit card mailings.
The terms are eyebrow raising, but First Premier targets people with bad credit who likely can’t get approved for cards elsewhere. It’s a group that tends to lean heavily on credit too, meaning they’ll likely incur the steep financing charges.
So for a $300 balance, a cardholder would pay about $20 a month in interest.
First Premier said the 79.9 APR offer is a test and that it’s too early to tell whether it will be continued, according to an e-mailed statement. To comply with the new law, the bank said it will no longer offer the card that has $256 in first-year fees as of Feb. 21, 2010. However, customers will still be able to use their existing cards. The bank said “no final decisions” have been made regarding any rate changes for those cards.
First Premier noted that it needed to “price our product based on the risk associated with this market.”
The bank declined to specify how many people were offered the 79.9 APR card.
According to First Premier’s Web site, the credit cards are serviced by its sister organization Premier Bankcard. The company, based in Sioux Falls, S.D., says Premier Bankcard is the 10th largest issuer of MasterCard and Visa cards in the country, with more than 3.5 million customers.
In a mailing sent to prospective customers in October with the revamped terms, First Premier writes “…you might have less-than-perfect credit and we’re OK with that.” The letter notes that an online application or phone call is still required, but guarantees a 60-second status confirmation.
The letter also states there are no hidden fees that aren’t disclosed in the attached form. That’s where the 79.9 percent interest rate and $75 annual fee are listed. There’s also $29 penalty if you pay late or go over your $300 credit limit.
Even if First Premier doesn’t stick with the 79.9 APR, it will likely hike rates considerably from the current 9.9 percent to offset the lower fees, said Shahani of Synovate.
The revamped terms may not be the only changes; First Premier also appears to be moving away from the riskiest borrowers.
The bank typically mails offers to subprime households, meaning those with credit scores below 700. In the third quarter, however, 84 percent of its offers were sent to subprime households, down from 91 percent the same period last year, according to Synovate.
First Premier could be cleaning up its credit card portfolio since the new regulations will limit its ability to raise interest rates. That could mean First Premier won’t issue cards as liberally to those with bad credit.
As harsh as First Premier’s terms seem, that could be a blow to those who rely on the card, said Odysseas Papadimitriou, CEO of CardHub.com.
“Even when the cost of credit is astronomical, for people in true emergencies, it’s much better than not having access to credit,” said Papadimitriou.
Until Feb. 21, First Premier is still offering its even-higher-fee card online. So the price for credit the bank charges is at least $256 in first-year fees.
6 comments January 2, 2010
Tags: bank interest rates, credit, credit card companies, credit cards, credit scores, Experian, interest rates, subprime, subprime borrower
Are you tapping into your higher power?
I have always felt that there was a guiding force actively working in my life that was constantly aligning my thoughts and actions towards accomplishing my personal and professional goals. I will acknowledge that guiding force as God. I believe that all of my life’s experiences and everyone that I have ever connected with has left some impression on me. It could have been a good experience or a bad one; either way I learned something from it. When I was growing up the concept was referred to as the Power of Positive Thinking coined by Dr. Norman Vincent Peale. My pastor, Lee Stokes, also refers to this power and often shares his insights. I remember Pastor Lee comparing the creation story to how we should create visions of success in our lives. He said that in the beginning God said, it was {or came into being}, then God saw it and said it was good.
As we define those things in our lives that are important to us and are aligned with the Word of God, we need to follow the same principles in our lives as we are created by God in His own image and are heirs to the throne. We should speak things into our lives that are purposed to bring us greatness and success as well as inspire others. Our faith should be strong enough to step back and let the universe bring our desires to pass. And then we will see, and it will be good.
Before I close, I feel like I need to say that you can’t control another person’s life or their actions. You’re only responsible for you. So don’t create situations that will manipulate others into doing what you think they should do. Focus on yourself and your life and you may be surprised to find that those who are supposed to be with you will stay while those who have served their purpose will fade away.
Add a comment December 30, 2009
Tags: focus, goals, God, greatness, guiding force, manipulation, positive thinking, setting goals, success, visions
Goal setting tips to ensure your success in 2010
Setting financial goals is one of the most important tasks I ask of all my financial planning clients. And believe me financial goals are more than just, “I want to make A LOT OF MONEY off my investments”. Goals are important in that they help you establish a place from where to begin and a place where you’d like to end. The very act of writing your goals in clear to understand language with detailed objectives is the best way to get started. I also find that writing goals for your personal life is just as important. I’ve even taken the time to write down those qualities that I desire as I search for my Mr. Right. Yes, setting goals for potential relationships is a necessity. It sure makes it much easier for me to bypass the riff-raff with a polite but direct I’m not interested as I keep the path clear for the gentlemen that possess the qualities that I have taken the time to explore and write down as being important. Remember, if you don’t stand for something you’ll fall for anything.
PERSONAL GOAL SETTING FOR WOMEN
Two of the benefits you will receive as a result of defining and aligning your major goals in life are peace of mind and focus. Let us take a look at a few of the other benefits of personal goal-setting:
o Know, be, do and have more.
o Use your mind and talents fully.
o Have more purpose and direction in life.
o Make better decisions.
o Be more organized and effective.
o Do more for yourself and others.
o Have greater confidence and self-worth.
o Feel more fulfilled.
o Be more enthusiastic and motivated.
o Accomplish uncommon projects.
Remember, you will not pay a price for setting goals. You will pay a price for not setting them. We can choose to get caught up in the everyday activity of our lives without feeling any real sense of purpose or we can choose to accomplish something meaningful with our lives that gives us a sense of direction and self-motivation.
Ninety-seven per cent of the population does not set goals for two major reasons: (1) FEAR (False Evidence Appearing Real) is preventing them from doing so and (2) There is a risk that the goal may not be reached.
One question a lot of women ask is how to know if a goal is good or bad. In other words, how do you discriminate between the really important goals and the nice-to-have but not really important ones? You will know whether or not a goal you have chosen is important by answering these five questions.
o Is it really my goal?
o Is it morally right and fair?
o Are my short-range goals consistent with my long-term goals?
o Can I commit myself emotionally to completing the project?
o Can I visualize myself reaching this goal?
If you have answered ‘no’ to even one of these questions, you may want to reconsider this goal. In the short-term it may appear to work for you, but in the long run, you may exposing yourself to a lot of unnecessary conflict and frustration. Be sure to set big goals as well as multiple goals. Big goals force you to reach in and use the potential that is inside of you. Long-range goals help you to overcome short-range failures.
They can also help you to change your direction without going back on your decision. Whether or not they ever reach the goals they have set, people who set big, long-range goals have been found to have higher self-confidence, higher self-esteem, and greater personal motivation.
The bottom line is that more than half the rewards and benefits achieved from goal-setting come from actually taking your first step in that direction, regardless of the consequences.
There is a very simple process in seven steps that you can go through to set any goal whether personal or professional. To be effective, the goal you choose must include all seven of the following steps:
- Identify your goal by writing it down
- Set a deadline for the achievement. Put a date on it.
- List the obstacles to overcome in accomplishing your goal.
- Identify the people and groups you need to work with to reach your goal.
- List the skills and knowledge required to reach your goal. (What do you need to know?)
- Develop a plan of action to reach your goal.
- Write down the benefits of achieving your goal. (What is in it for me?)
On a periodic basis, it is important to re-evaluate your goals to make certain that they are in alignment with what you truly value and want out of life. Remember, goal-setting is a life-long process. Once you have completed one goal, be sure to replace it with something else. This way you will always reap the benefits that goal-setting provides.
Credit: This article on personal goal setting for women appeared in Women in New Development, Bemidji, MN, 4/97.
Add a comment December 28, 2009
Tags: 2010 tips for setting goals, financial goals, focus, future plans, goals, long term goals, peace of mind, personal goals, setting goals, short term goals, successful goal setting, visualization, writing goals
Yes, I would marry for money!
I promise, this will be the first and only article I write about Tiger Woods and his “mistress” drama. But Tiger’s situation is a perfect opportunity to discuss whether women (and men) really marry for love or money. I have my own ideas about love and money which may explain why I’m single. But I’d be willing to bet that if more women were honest with themselves and embraced their narcissistic side, they’d be single too.
According to varying news reports, Elin Woods (Tiger’s wife) initial prenup stated that she would collect $20 million after 10 years of marriage. However, since Tiger admitted to “transgressions” Elin may receive $5 million now with the promise of an additional $55 million if she agrees to stay and work on the marriage. Now it’s being reported that Elin Woods has been seen around town sans her wedding ring. Interesting! Here’s a question for you: if you were Elin would you stay for love or take the money and run?
I’m always a little skeptical when it comes to celebrity marriages. Especially marriages where one half of the couple is “billionaire” status and the other half of the couple is “moderately wealthy”. In my personal opinion, any man with deep pockets is an ideal catch. Who cares if he sleeps around? As a wife, I’d be happy to pass off the responsibility of sharing my bed since I am more attracted to the money, not his personal appearance or sexual acumen. I’d be willing to bet that the “other woman or man” is gold-digging as well, so who can point fingers? Also, I get to do EVERYTHING I want to do. I live in a mega-mansion, am chauffeured in a luxury sedan and have a personal staff and Black Card available for my every whim and desire. You are probably saying a marriage like that wouldn’t last long. You’re absolutely right. But if I play my cards right, I’ll have a little stash set up for myself so if asked to leave I can do so without the threat of poverty hanging overhead. If my theory holds true, I’ll leave in a much better financial situation than when I arrived.
Why do women/men choose to stay once confronted with the reality that their husband/wife has been cheating? I’d suppose that they are afraid of giving up the lifestyle. They enjoy designer clothes, fancy restaurants and Bling! And nine times out of ten, the cheating spouse won’t leave because s/he feels guilty so they don’t mind showering with “apologies”.
How many friends do you have that are in unhappy marriages because they have no desire to give up the material luxuries their current spouse provides? How many of you have been personally propositioned by someone who is married because they’re not getting the love they feel they deserve at home? I’d be interested in hearing your responses.
Add a comment December 16, 2009
How Much Money You’d Save By Skipping Christmas
As written by Katie Adams
Tim Allen was crowned the ultimate Scrooge in the 2004 film Christmas with the Kranks when he proposed to skip Christmas altogether. His co-star Jamie Lee Curtis initially balked, but when he began adding up how much they could save–and spend on a tropical vacation instead–she began listening. So how much money could you save by skipping Christmas this year? And what could you do with it instead? Let’s take a look.
Gifts
The single biggest category of Christmas spending is gifts. This year the National Retail Federation projects that spending on gifts will drop only slightly, after a dramatic decrease of over 30% during the 2008 holiday season. Last year the average American spent the following:
Gift Recipients
Family members: $431
Themselves: $119.82
Friends: $94.52
Miscellaneous: $43.50
Co-workers: $26.70
Total: $750.68
According to the annual Gallup poll on holiday spending, last year’s spending on gifts was down from a high of $862 in 2005. So if you choose to forgo all the gift-giving, you’ll pocket, on average, approximately $750.68.
Christmas Tree
Entrepreneurs began selling the ubiquitous Christmas tree commercially in the U.S. in 1850. Today, whether you choose to venture into one of the nation’s 12,000 cut-your-own Christmas tree farms or pick up a pre-cut one at your local hardware store, a real tree will set you back approximately $41.50.
Cards and Postage
Despite the advent of eCards, sending handwritten cards by snail mail is a long-standing tradition that is not going to die quickly. The average American family spent $32.43 on cards and postage to mail Christmas notes in 2008.
Flowers
While spending on Christmas flowers doesn’t come close to Valentine’s Day or Mother’s Day, families still spend an average of $22.61 on holiday floral arrangements, poinsettias, etc.
Food and Candy
Christmas is a celebration, and celebrating in America requires food. However, the National Retail Federation found that Americans only cited spending $95.04 specifically on holiday food and candy in 2008. If that number sounds low to you, maybe the Information Resource Inc. holiday poll results reflect your spending–they reported that 94% of survey respondents plan on limiting their holiday food budget to $500 and 90% are planning on spending no more than $200 on holiday beer, wine and spirits.
Decorations
Decking the halls isn’t free. On top of your Christmas tree cost, if you’re like the average American, you’re looking at spending in the neighborhood of $51.43 on tinsel, lights and ornaments.
Travel
Traveling to be with family and friends over the holidays can easily become the largest budget item for a family’s holiday spending. According to a 2008 Maritz poll surveying Americans about their holiday travel plans and spending, respondents earning between $35,000–250,000 who chose to travel spent an average of $960.50.
Adding It Up
Choosing to pass on Christmas could save your family a pretty penny–just about $1,000 (if you weren’t planning to travel) and nearly $2,000 if you normally travel but choose to stay at home this year.
Now that you’ve saved nearly $1,000, it’s time to put that money to work. Here are some ideas for what you can do with your new savings:
–Open a high-yield checking account. Royal Bank of Missouri is offering new account holders a high-yield checking account paying an attractive 4.30% APY. Invest your $993.69 and if you meet their terms, including 10 point of sale debit transactions and at least one monthly automatic payment, you could wind up with $1,036.42–if you keep at least that initial amount invested.
–Invest in a CD. If you invested that money in a 12-month CD paying 2.10% APY through ING Direct (that provides FDIC insurance), you would earn $21 for a total of $1,014.56 toward creating an emergency savings fund or accumulating some cash for next year’s holiday expenses.
–Start a high-yield savings account. By depositing that money in a savings account offering 2.25% APY with SFGI Direct, the online division of Summit Community Bank, you would have $1,016.05 this time next year.
–Pay down high-interest rate credit card debt. If you’re not paying off your credit card balance in full each month using that $993.69 (or $1954.19) to at least pay it down–or preferably pay it off completely–will save you money on interest and be viewed favorably by your credit card company.
Add a comment December 14, 2009
Men are wearing the “pink slips” as women surpass men in the workforce
Men Are Wearing “The Pink Slips” Forcing Loss Of Breadwinner Status As Women Surpass Men In Workforce. Cali Pearl Financial Steers Career Women During Dramatic Historical Shift
Greensboro, NC -2009 – President Obama declared it himself, manufacturing jobs that are male-dominated will not be a huge part of the economic recovery; and women will be the bread winners for some time. From jobs to video games to social networking there’s an evolution seen in gender roles like never before. With a shrinking job force women are becoming the bread winners as they are quickly surpassing men on the nation’s payroll for the first time in US history while taking traditionally male dominated jobs. Sherri Brown, founder and president of Greensboro based Cali Pearl, a registered investment advisory firm- no affiliation with banks or other brokerage companies- sees a custom niche in helping career-minded women sort out their fiscal responsibilities. Women who are “too busy” or unsure about their financial options can now have a “financial concierge.” With Cali Pearl’s unique structure to offer cooperative dialogue with client’s existing CPA firm, attorney, or financial planner, it is one of the first Triad wealth advisors to serve as a personal agent to help synchronize the pieces of clients’ financial puzzles. “A woman’s financial situation is often unique, and an individual approach as personal agent or “financial concierge” to financial planning is essential in today’s marketplace,” says Brown. Women can now have a connection with a company that speaks their language.
Emerging Statistics
• Over 60% of the nations wealth is now controlled by women.
• Sixty-eight million women are working full-time
• Women account for almost 47% of the labor force
As a career-minded business woman, Brown comes from a place of understanding. She identifies with the trend in a shifting economy and mentality, as well as what it means for working women to reshape how they view income and wealth accumulation. Brown provides knowledge, support and resources to professional women who are serious about their money and their future.
Add a comment December 10, 2009
Financial Freedom in 2010? 5 steps to get you started.
Being a single woman who also happens to own her own business, I am often asked how I am able to manage the day-to-day finances of my company as well as deal with personal financial matters associated with my household. I suppose that some people may perceive my financial independence as a big accomplishment. After all, on top of the distinctions I just spoke about, I am also a single parent.
I must admit, all of it comes with challenges, but personally, I happen to love that aspect. However, while I feel confident in my ability to “do it all,” it must be noted that there are some fabulous tips that I have developed and learned along the way. It is my honor to share them with you, in the hope that what I have learned can make your journey easier.
- Educate yourself about your money and the investments that you are curious about or already a part of. Don’t be afraid to ask questions and never feel uncomfortable about asking. Get actively involved in making household financial decisions, as well as investment decisions.
- Devise a plan and make sure you also have a backup plan. You might think that you have the financial plan to end all financial plans, but what happens when something falls short or falls through? What happens then? When it comes to spending money, your financial plan may be your budget. Take the time to actually look at your income and compare it to your expenses. Not having a plan spurs bad decisions and bad habits. It can also lead to a lack of choices if there is an emergency. Don’t wing it!
- Invest in yourself and pay yourself first. Consciously make a decision to put a certain amount of money aside each pay period. Also, keep in mind that your rainy day fund and retirement account are separate investments and should each be handled with different principles!
- Plan for the long-term. Insurance is not a dirty word. We have it for our homes and other personal property but rarely do we carry appropriate levels of insurance to take care of us and our families in case of personal injury or death. Consider purchasing disability insurance and life insurance. Insurance proceeds can prevent you and your family from becoming financially destitute if life throws you a curve ball.
- Trust your instincts. If you are ever meeting with an investment or financial professional and you get a bad feeling about what they are saying or recommending, don’t walk, run from their office. Respectfully thank them for their time and leave. Don’t feel obligated to invest with anyone who either makes you feel uncomfortable or can’t easily answer your questions. This is your financial future; don’t pander to someone who doesn’t have a stake in it.
These are just a few ideas to get you started on your way to financial independence and freedom. My personal rule of thumb is that you should never stop learning about ways to be financially secure and you should never trust someone else to take care of you in the future. Take responsibility for your finances, your future, and your life and you will find that it is entirely possible to have it all!
1 comment December 9, 2009
Are single people over 40 happier than their married counterparts? Find out. http://tinyurl.com/dec0709post
Add a comment December 7, 2009
