Tag Archive | "financial stability"

Helping your career when you’re not middle class

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Helping your career when you’re not middle class


I want to respond to the latest post at Employee Evolution, as I’ve done in the past here. This time, Ryan Healy writes on ways your family can help you with your career. Here’s my take:

I didn’t grow up in upper or middle class, nor did I grow up in poverty.

But a large part of my childhood was being raised in the ghetto of my town by my single mother. People are incredulous when I tell them this.

“Do you even know what the ghetto is, Rebecca?” they ask.

My babysitter acted as my second mother and the neighborhood protector. While my mother worked, my babysitter was the character standing on the corner of her lawn, yelling like a madwoman at the drug dealers to “get the f&*k away” from her street. After one such declaration, I remember thinking that they were going to shoot her. Dead. Then and there. But she was tough. The dealers were afraid of her.

My mother did end up moving us to a decidedly middle class neighborhood as soon as she could, but what I learned from my old neighborhood stuck with me.

The point being that I’m intensely proud of my background, but it wasn’t financially affluent.

So I would never say to my boss, “I live with my parents. I don’t need this job.”

Because I’ve been working from the time I was able, and trust me, I do need this job.

I understand that much of our generation grew up middle class, if not upper middle class. That’s a good thing. If you have the connections, privileges, and opportunities, you should use them. Take full advantage of the help that is available to you.

But we all need to be more grateful of what we have. And we need to realize that not all of us have parents and parent’s friends who can help finance our new company, lifestyle, or potential unemployment.

In my world, performance reviews aren’t based off of your connections or your financial stability. They’re based off of your work and your credentials. But we don’t live in my world. We live in the real world. In the real world, who you know and how much money you have are negotiating gems.

It’s good that you can get ahead by building relationships. This is something you have control of.

It’s not so good that you can get ahead with money if you don’t have any. But this is the reality. If you have the privilege of being able to leave a company that refuses to give you additional responsibility as in Ryan’s example, do so. Grow up. Stop whining. And then move out of your parent’s house.

If you can’t risk losing your job, however, but want more challenge at the workplace, pat yourself on the back. Courage should be rewarded.

Then get creative. Think about how you can take on more work even if the employer isn’t helping you do it. It’s rare that you won’t be able to find more to do.

Maybe it’s related directly to what you’re doing now. Or maybe you start a group of co-workers to green the workplace practices of your employer. Or you develop a set of best practices for your peers. Or you could develop and manage an informal mentoring program within the company. You define your success. True fulfillment isn’t created by your employer, anyway. It’s created when you push yourself.

And most importantly, be proud of your background. Realize that it actually puts you ahead of some of your prosperous peers who don’t have to worry about the rent, or the power bill, or budgeting groceries. Some of the most successful people I know are those who have experienced a large amount of adversity. This doesn’t surprise me. Because when you hit bottom, you only have two choices. Stay there or get up. And when you haven’t hit bottom, you don’t have the same appetite to succeed. Adversity is your ally.

Career backgrounder.

Posted in Career, Highlights, Relationships, Wealth, Work/LifeComments (1)

Debt Management Tips For Single Moms

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Debt Management Tips For Single Moms


Having been a single mom for several years now, I have finally acclimatized myself to my status. It is indeed hard carrying the responsibility of children on my shoulders alone. But I do love the perks I am able to monopolize. I am the sole beneficiary of the kids’ hugs, kisses, and love.

As a single mother, I face a lot of challenges. Most I can handle very well, but the immediate concern that I always have to resolve are financial problems. Missing due dates on debt mean additional costs and having insufficient funds can cause a lot of stress. We don’t want to be worrying about paying for the basic needs of the children. Thus, financial stability is important for a single mom.

The first step on the road to financial stability is debt management. Whether you’re an individual or a corporation, debt can be your downfall. In this day and age, almost everyone has debts because of credit cards. It can go further with mortgages on houses and vehicles. There is nothing wrong with debt because it does give us the opportunity to acquire things with only the prospect of future earnings. Nevertheless, it is necessary to manage our debts and only incur those that we can afford.

If you’re already deep in debt, is there a way out? Yes, there is. And the faster we remedy the situation, the better. The goal is to minimize the interest expense or penalties that we will incur before it reaches a point that we can no longer make the monthly payments. For single parents, this is very critical because they will not have anyone else to rely on but themselves while the children depend on them for sustenance.

The first thing to do is list down all your debts, the corresponding monthly payments, and the interest rate for each one of them. The interest on each debt is important because we need to determine which of the debts are more expensive. Now, match these with your monthly earnings. After all the estimated expenses, do you have enough to pay your debts regularly? If it is insufficient or even tight, then it’s time to reduce your monthly payments. You can reduce your monthly installments by (a) partial debt payment with savings, (b) consolidating your debts at lower interest rate, or (c) restructuring any of them by extending the terms to reduce the monthly payments.

What would be the best option among them? It will depend on what your current status is and what options are available to you. If you can consolidate them into a single debt at lower interest rate, that would be the better option. However, those who are more confident in the security of their employment may opt to reduce debt through partial prepayment of the debt with their savings. When reducing your debt, prioritize those with higher interest rates.

Whatever option you choose, remember that the goal is to reduce the cost of debt (interest) or the debt itself. And of course, while you are deep in debt, stop incurring more immediately. Cut off those credit cards and start saving on your expenses. Financial stability is not a difficult feat for single parents. It only takes prudence and discipline. If you need motivation, just keep in mind that the reason for all your hard work is that tiny person who gives you warm hugs with milk and cookies.

All the best and much success!

Samantha a.k.a. Rich Single Momma
Author, 100 Secrets of Successful Single Motherhood

P.S. Did you get your Single Mom Survival and Success Kit? It’s FREE and full of incredible information that will transform your life. So stop fooling around and get your kit now! Did I mention that it’s FREE!

P.P.S. Did you like this post? Let me know in the comment section below and pass it on to a friend. This might be just the thing they need to hear right now.

Samantha Gregory is a writer and motivational speaker. She is the author of 100 Secrets of Successful Single Motherhood: An Inspirational Guide Single Moms. Get the book at http://www.blueserenityink.wordpress.com

Posted in Bootstrapping, Divorce, Investing Tips, Managing MoneyComments (1)

Bumpy Ride

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Bumpy Ride


I just discovered a wonderful new blog: The Integrated Mother. I think she is so awesome!

In catching up on recent entries, I discovered an assessment tool called the “Wheel of Life.”

“This assessment contains 9 areas that, together, represent one way of describing a whole life. This exercise measures your level of satisfaction and range of expression in these areas as a snapshot in time. As you work through the assessment you will find areas where you can acknowledge yourself on the success you have created and areas where you may want to improve your level of satisfaction. We will have some suggestions and coach-like pointers at the end, along with your completed wheel of life. Rank each statement on a scale from 1 (Highly Disagree) to 10 (Highly Agree) by dragging the sliders along the scale.”

I must admit that I firmly believe that I have a good life, so I thought that taking this assessment would be a breeze and that I would have a fairly smooth wheel. Ha! Check it out:


Not smooth at all. Now, the big question is: how do I smooth it out? What do I need to do to have a comfortable ride now and in the future?

Well, before I beat myself up about this, first I want to mention that my strongest areas are: Personal Growth; Health & Well-Being; and Love/Romance. That’s good! I’m really happy to know that I feel so positive about those areas.

Areas that could use improvement are: Money & Finances; Physical Environment; and Friendships. Here are my thoughts on improving those areas in the New year:

Money & Finances: we completed two cross-country moves in 2007 (including home buying and selling), which has had a lingering affect on our financial stability. I had expected that we would be solid again by now, but I think that it will take another year before we can get back to where we were before. Meanwhile, I have instituted a monthly check-in so that my husband and I can review our finances together. This is significant, as for the past 13 years I have handled most of our joint finances independently.

Physical Environment: I was surprised at how low this was, but perhaps it’s because I”m sitting at a messy desk! Having a small child makes our environment naturally a little messy, but I am going to focus on managing the mess in a way that allows me to still feel calm and happy in all rooms of our home.

Friendships: The truth is, my deepest friendships are within my family. This isn’t really a bad thing, but I recognize that it would be good to diversify a little bit and stretch myself to devote more time and energy to other relationships. The challenge, of course, is that I simply don’t have a lot of time or energy at the end of each day, and what I do have is dedicated to my husband and daughter. I have been thinking about this for several months though, and although I don’t think I can come up with a “solution,” hopefully I will at least get some ideas.

I highly recommend taking the assessment - it’s fun and enlightening! Let me know what you find out!

Virginia Ginsburg is an entrepreneur and business & marketing consultant who delivers strategic, affordable marketing services through her company accordionmarketing. She also writes a blog called Body > Mind > Business, which discuses the connection between business health and personal health, and the struggles she faces in pursuit of work-life balance.
Virginia has an MBA from the University of Southern California and is currently (slowly) pursuing a Ph.D. in Psychology at UCLA. She has more than 12 years of experience as a senior marketing consultant, and has served as a trusted partner, coach and consultant to more than 100 sole proprietors, partnerships and corporations. 
 
Virginia lives in Santa Monica, CA with her husband and daughter. As part of her passion for working with entrepreneurs, Virginia is actively involved in small business development projects in the U.S. and in developing countries.

Posted in Lifestyle, Managing Money, Work/LifeComments (0)

2 Tips to Help You Save More Money

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2 Tips to Help You Save More Money


You get paid a good salary. In fact, after comparing notes, you find out that you make a lot more money than your friends. So why aren’t you able to increase your savings? I can’t tell you how often I hear this question. Why there ma be no empirical answer to the question, here are 2 tips that may help you start saving for the future.

1-Pad and Pencil. Start to carry around a pencil and a small notepad and every time you make a purchase, write it down. Now this may sound incredibly tedious, but I am not saying that you need to do this for the rest of your life, rather try this for a month or two. Don’t just write down what you bought but also the cost and also whether it was a ‘crucial’, ‘luxary’, or ’semi-important’ purchase. By doing this, at the end of the month you can get a great idea of exactly what your expenses are, and when you compare it against your income, you can see where the money is going. Did you really need that $3.50 coffee, when the cup you drink at the office is free? Maybe you can brown bag it for lunch an extra day a week, instead of going out for lunch, and save an extra few bucks.

You can set a goal of how much you want to save every month, and then just start eliminating some of the ‘luxaries’ that you pamper yourself with.

2- Cash is king. We live in a world where we are constantly immersed in consumerism. Every time we turn on the TV, radio, even the internet, we are hit with a slew of advertisements encouraging us to buy something. Not only should we buy the product but if we can’t afford it, no worries, charge it and use a payment plan.

While this is great for the company peddling its’ wares, it’s a recipe for fiscal disaster for consumers. I like to encourage people to use cash. Go to the ATM, withdraw the amount of cash that you will need for the week, and limit yourself to use only that amount of money. This will also make you think whether each purchase is necessary or not. It make you understand that there is a consequence to your purchase. If you buy that $3.50 cup of coffee, that may come at the expense of buying a loaf of bread for your kids.

Try implementing these two tips, and it will help you get on the path to financial stability.

Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.

Posted in Investing Tips, WealthComments (0)

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