This post is a part of Women’s Money Week 2012. For more posts about goal setting, see womensmoneyweek.com.

“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success”. Pablo Picasso

I am what you would call a “late bloomer.” As a teen, I was overcome with stress and fear of failure. Although I’ve always been intelligent, I never thought I was smart enough or competent enough. It didn’t help that I attended a high school filled with overachievers.

My strategy; avoid competing, do the minimum, and slide by. I would not recommend this route to anyone. Nevertheless, I graduated in the top 25% of my class, went to college and graduated with a degree in Economics. Too scared to compete for a professional job, and afraid I didn’t measure up, I went for a clerical job fresh out of school.

SMART GOALS

During my 20′s I recognized that a clerical job was not a good fit, and that I could do more with my life. By my mid 20′s, after a two year stint as a realtor, I decided to go to graduate school in Counseling and Higher Education Administration. With the encouragement of my new husband, I went after challenges that in no way did I feel qualified for. I got a competitive internship in the university counseling clinic which led to being selected for a  permanent job at a major university. Mind you, I gradually began to let go of the fear that I was unqualified and inept. Over time, with hard work and discipline I got promoted and did very well in mid level management at the university.

Flash forward a few decades.

Had a baby, took some time off, and moved around the country a bit.

Meanwhile, secondary passions of investing, economics, and finance took center stage. Concurrent to my parenting priority, I delved into investing. I built a decent investment portfolio, managed it, and created additional financial security for our family.

Through my financial expertise, I began work as a portfolio manager for a privately held company where I grew into a principal role and chief financial officer. By this time, our daughter was on her way, and in spite of tremendous fears I took the plunge and decided to go back to school for an MBA in finance. Mind you, I was not young at this point, but well into mid-adulthood.

After graduating with a near perfect average, and continuing as my portfolio manager and financial officer’s job, I wanted to give back. That’s when I applied to teach Investments at a local college. From there I continue to teach and attempt to pass on not only my love of finance, but also some of my life lessons. 

Where does Goal Setting Fit in?

There is magic in goal setting. I could not have achieved any of my success without goals. For some reason, the simple act of writing something down, no matter how outlandish the goal might be, starts the process of making it a reality. Of course, writing the goal down and then following up by doing nothing is pointless. But the act of clearly communicating to yourself what you want to accomplish is crucial in order to move forward.

My current successes are directly related to goal setting and maintaining a positive mental attitude in spite of any fears and anxieties I might harbor.

(Parts of the next section are pilfered from an article published in October, 2010 called How to Cope with Failure and Personal Finance Persistence.)

Three Goal Setting Strategies for Success

 1. Break large efforts into manageable bites. Write down several goals you wish to accomplish over the next several months. Then choose the one you want to focus on first.

Under your priority goal, write down the smallest steps you can think of to get you started right now. Edwin Locke, PhD takes this idea a bit deeper. He recommends that in addition to creating quantifiable steps, set a deadline. After setting your mini goal, put a completion date next to it and enter it into your calendar.

2. As I stated in my money making article earlier in the week, welcome setbacks and failures. Along with goal setting, this is the most important contributor to success.

Ask yourself, “Is this permanent or temporary?” How long will it last? Most defeats are temporary. As the sports commentators say, HAVE A SHORT MEMORY. Move on. In a Monday night New York Giants v. Dallas Cowboys football game, Eli Manning, Giants quarterback threw two interceptions in the first quarter. Yet, the Giants went on to WIN the game. Do not dwell on the defeat but move on. Look at your positive qualities and accept that FAILURE IS TEMPORARY.

3. Attitude is everything. My mom said it best in her recent guest post. Clearly evaluate the lesson from a misstep and determine what you can learn. In investing, losses are inevitable. NO INVESTOR EVER AVOIDS LOSSES. To be successful  evaluate what is in your control and what isn’t and then move on. Be mastery oriented and positive. Chase the mental fears and critiques away. Keep a growth mindset and figure out how to “make lemonade out of the lemons.”

Hungry for more?  I’ve talked about this topic before in Patience and Persistence, The Keys to Unlimited Success on the Yakezie website site.

Women’s Money Week

I’m participating in Women’s Money Week this week. Women have historically been laggards when it comes to finances. This week is about encouraging women to speak up about money, take control of our finances, and reshape our financial future. Women’s Money Week will run from March 5th-11th, 2012 on WomensMoneyWeek.com — coinciding with International Women’s Day.

Following are a few of the participating blogs in Women’s Money Week

• OCCA Blog
• Odd Cents
• One Frugal Girl
• Planting Money Seeds
• Pocket Your Dollars
• Pretty Active
• Quest to be Financially Abundant
• rplan Blog, The
• Seek Wisdom, Find Wealth
• Serendipity’s Guide to Saving
• Shaking the Money Tree
• SheBudgets
• She’s So Savvy
• Sherold Barr
• Shopping Detox
• Simple Island Living
• Sister Source, The
• Skint in the City
• Smart Money Chicks
• Stacking Pennies
• Step Away From the Mall
• Suddenly Frugal
• SuperNoVaBride
• Thirty Six Months
• Thrifty Ways and Ideas
• Thrifty Wife, The
• Thursday Bram
• Tightwad
• Upside of Money
• You Want To Be Rich
• Wealth Coach
• Well Heeled Blog
• Wise Bread
• World of Finance

Chime in, what factors bring you the most “wins” in life?

image credit; google images, strategicselfmanagement.com from

This post is a part of Women’s Money Week 2012. For more posts about entrepreneurship and making money, see womensmoneyweek.com.

Each day this week, websites across the blogosphere are working to improve women’s financial literacy. Historically women have lagged  men in their financial knowledge. It does not need to be like this.

I am committed to helping women master their money.

PRINT THIS ARTICLE OUT!

My Experiences with Entrepreneurship and Money Making Schemes

My dad was an entrepreneur from the time he was a young boy. I’ve had a plethora of money making gigs thoughout my life as well, starting with my Avon business as a teen on up to my current personal finance blogging gig and freelance writing. On top of that, I’m surrounded by successful entrepreneurs in my family. These models have been helpful, but not imperative.

Even if you’ve never met an entrepreneur in your life, you can make money on the side. Although it’s not easy, it’s no more difficult than achieving any other goal. Becoming an entrepreneur and making more money on the side is as simple as Leo Babuta of Zen Habits.com recomends in the article, How to Build the Muscle of Change. In short, any change can be made by starting small, regularly practicing the new habit, and increasing your efforts on a regular basis.

Where to Begin

After doing a quick Google search for the term “make money” and coming up with 424 million results, I realized that you don’t need ideas about how to make money. The methods to make money are plentiful and easily accessible with a click of your mouse.

In fact, the advice usually goes like this, find what you are passionate about and figure out how you can monitize it. Technologically oriented? Hire out to help others with their web sites and computers. Like to sew? Do alterations on the side. Good at basic math and English? Tutor others. Have lots of junk? Sell it on Craigslist and Ebay. Have extra blood or plasma? Why not sell it?

 This article will give you the framework to become a successful entrepreneur and as well as the mindset. All you need to do is insert your own idea(s).

Complete one activity per day and by the week end, you will be on your way.

Day 1; Get Started Immediately

 This is not a make moneyquick article, but a “get started now” article.

Do not wait until you are “ready” or your life is all organized before you start. Due to fear of failure, many of us procrastinate beginning new ideas until we have done oodles of research and considered all possible angles. This attitude is WRONG! There will always be more information to be gathered and more questions.

If you do not start immediately with your plan, you are wasting time. 

1.

2.

3.

4.

5.

Day 2; Review Your List and Choose a Project

Look over the 5 options for a few minutes. Talk you those close to you for some input. Spend a bit of time online doing a bit of checking. Input the idea in google search and see what comes up.

Remember, this is your project, consider other’s opinions, but don’t let them deter you.

Do a quick pros and cons evaluation for your favorite money making idea.

Choose the money making idea. That’s right. Choose the idea now.

You don’t need to do a ton of research before you begin. In fact, frequently, your first impressions tend to be the correct ones. 

Day 3; Get Started Today

No excuses. Get started.

If your idea is to sell your technology services, your child care services, your organizing services, your landscaping services, your painting services or more, put an advertisement on Craigslist TODAY.

If you are beginning by selling some old stuff, put advertisements up on Ebay and Craigslist.

If you decide to sell Avon or other products, order your kit today.

If you’re looking for a part-time job, fill out one application today.

If your plan requires a bit more start up work, do the next step today.

Overplanning, leading to procrastination, leading to never getting started does not work.

Day 4; Steal Yourself for Setbacks

The most successful people experience the most failures.

Embedded on the path to success are frequent setbacks and failures.

Don’t be surprised when they occur, be prepared.

Recognize that there is no winning without a lot of losing along the way.

Do whatever it takes to keep positive. Personally, whenever I experience a set back, I tell myself that I must be making progress and getting closer to my goal because having setbacks proves I’m putting myself out there.

Day 5; Formalize your next Steps

Sum it up; you have an idea or two and you have begun to put your ideas in action. Maybe you haven’t received any response yet, in fact, that is probably likely.

Today, spend 15 minutes making a to do list of the behaviors and activities you need to practice to get the cash flowing.

Day 6; Follow your Plan

That’s right, you know what you need to do. It’s not hard to outline the action steps. The hard part is continuing.

Do not wait until you are motivated to act. Motivation comes and goes, but behavior yields results.

Write down right here the next step you will take in your money making journey:

__________________________________________________________________________________________________

PRINT THIS ARTICLE OUT

Use this article as a simple blueprint for creating a money making plan.

Do not jump around from one idea to another. Give your chosen strategy time to work. The money rarely starts flowing immediately. But if you give up, it will never come in. Give yourself several months at the bare minimum to see some results.

Do not quit!

Women’s Money Week

I’m participating in Women’s Money Week next week. Women have historically been laggards when it comes to finances. This week is about encouraging women to speak up about money, take control of our finances, and reshape our financial future. Women’s Money Week will run from March 5th-11th, 2012 on WomensMoneyWeek.com — coinciding with International Women’s Day.

Following are a few of the participating blogs in Women’s Money Week (I’ll include a few more each day)

• Girls Just Wanna Have Funds
• Go Gingham
• Go Green Travel Green
• Golden Girl Finance
• Good Cents Savings
• Happy Homeowner, The
• Help Me to Save
• How to Have it All
• Inspiring Ventures
• I Will Teach You to Be Rich
• Kellyology
• Laura Vanderkam
• Lean Times, The
• Life and My Finances
• Little Miss Moneybags
• Making Sense of Cents
• Making Time for Mommy
• Meal Plan Rescue
• Michelle Barry Franco
• Minting Nickels
• MLISunderstanding
• Mo’ Money Mo’ Houses
• Modern Financial, The
• Mom Saves Money
• Mom’s Money Jar
• Mom’s Plans
• Money and Company
• Money Crashers
• MoneyCrush

 Write in with your money making idea and how you are getting started!

As I am updating our personal portfolio and working on the work portfolio I manage, I wondered, “Is Money the Only Measure of Success?” Look, I understand we all espouse a variety of success measures. These are a few success traits I value:

How to be a Success

• Contributing member of society
• Good parent, neighbor, and friend
• Philanthropist
• Community volunteer
• Faithful employee
• Accomplished athlete

Do you think those who earn more are more successful?

At Barbara Friedberg Personal Finance I promote self reflection and living in accord with one’s personal values. For example, which is more important; planning a fun day with your family at a local park or event or spending that day working to earn extra income? There’s no correct answer. This is a decision I struggle with all of the time.

I love to work and I value earning extra money. Yet, spending time with my family is the most important activity for me. But I must confess that sometimes my actions don’t exemplify my purported values.

Time is Finite

There is one certainty, time is finite. Once it’s gone, there is no more. Couple that with the fact that no one knows how long they will live, and these realities underscore the importance of spending one’s moments fruitfully.

I don’t have the answer to whether money is the only measure of success nor what is the best use of one’s time.

I resolve it by attempting to balance work, leisure, time with family, and time on hobbies.

I’m certain that this balancing act confronts most adults. In fact, just a few minutes ago I found an email in my inbox from Darren Rowse of Problogger fame offering a new book with the title Blog Wise: How to do More with Less. Although tempted to purchase, I realized there really is no secret message for productivity and success.

Yet, returning to the start of this post, while updating our portfolios I began to mentally project some of our annual income; I have a new teaching contract coming up at a local university, El Carino started his new job, and I expect to make some money blogging. How much is enough? Is the marginal time spent earning a buck more important than a precious afternoon with my family? Personally, after a certain level of income is reached, the answer is; the best use of my time is to spend the time with my family!

Multiple Measures of Success

Yet the pursuit of an answer to, “How do you measure success?” continues to interest me. The research intertwines the importance of finding one’s purpose in life, having control, and making a contribution with feelings of personal success. In reality, these fundamental human desires may or may not result in financial wealth. Think about the single mom social worker with a few kids. It’s unlikely she’s swimming in extra cash, but she is definitely making a contribution to the betterment of society.  If she helps place a child in a good home, she’s a true success. The community volunteer is working for the betterment of society, without remuneration. The mom who coaches the kids soccer team and the dad who helps with homework each night are successful within the family and helping the greater good as well.

In a broader sense, every job makes a contribution. And doing one’s job enthusiastically and competently can make you a success in any area. Society needs successful trash collectors, school teachers, accountants, and plumbers. When a pipe bursts, you value and appreciate a plumber more than a highly paid company president or wealthy movie actor.

More Readings on Success

• In Cooking to Financial Success, Andi of Modern Tightwad talks about success in her guest post at Prarie Eco Thrifter
• The Canadian Financial Blog reiterates that Financial Success Comes from Working Harder
• The Clutter that Kills Your Success in Business and in Life from The Smashing Entrepreneur
• Financial Success for Young Adults is all about helping the younger set prevail

Barb across the Blogosphere

Totally Money Carnival at Control Your Cash

Carnival of Financial Camaraderie at My University Money

 How do you measure success? Do you value money over other factors?

image credit; google images; luisgalarza.blogspot.com

NYC CONDO

“Owning a home is a keystone of wealth.. both financial affluence and emotional security”. –Suze Orman (from stjamescantor.com)

For as long as I can remember, real estate was a part of my life. On Sunday’s we would pile in the car to look at real estate my parent’s company owned or preview property for sale. One of my first jobs out of college was in real estate sales. I started investing in real estate in my 20′s and to this day, work for a real estate holding company.

This past summer, El Carino and I relocated and purchased a “short sale” condo. Our home is 2 stories, 1,800 square feet, with 4 (tiny) bedrooms. Comparable homes to ours in New York City sell for $2,000,000.00 to $3,000,000.00. Our purchase price was nowhere near that amount.

My interest in real estate transcends real property and extends to home decorating. In order to meet my decorating “fix” HGTV is my television destination. One of my favorite shows is “House Hunters.” The program tails buyers across the country as they look for their ideal property. I cannot get away from the reality that….

An identical property can sell from $200,000.00 to $2,000,000.00, depending upon its location!

We moved from a very low cost of living area to a more expensive one (not NYC). Consequently, the house we sold cost less and had more square feet than the new home we bought. And, as I boldly stated, a comparable home to ours would easily cost in the millions in New York City.

COST OF LIVING COMPARISONS

Real Estate Strategy

I’ve discussed this topic before; building wealth can be accelerated by living in a low cost of living area. Life is all about choices. Do you want the excitement of living in LA, Chicago, NYC, or San Fransisco? If so, be willing to pay 100% to 400% more for a home than in St. Louis, Missouri. When El Carino was job hunting, I was a regular visitor at a cost of living calculator. Every time he had an interview, I plugged in the numbers to determine what salary was appropriate for the job and location. In fact, in the early parts of our lives, we deliberately chose to live in lower cost of living areas to maximize our lifestyle and savings.  Those decisions paid off quite well. We fed our love of the arts and theatre with occasional visits to major cities and returned willingly to our less expensive abode. Paula at Afford Anything takes the concept globally, and talks about the lowest cost of living spots internationally.

I encourage anyone who is younger, mobile, and interested in building up a nice nest egg to consider their geographic location and cost of living when considering their future. Tens of thousands of dollars can be saved each year by opting to live in a less expensive area. Live in middle America and you too can have a million dollar home (by New York City standards) for a fraction of the cost.

Would you sacrifice the excitement of the “big city” for thousands of dollars in long term wealth?

cost of living data credit; cnnmoney

]]> http://barbarafriedbergpersonalfinance.com/how-get-home-for-song/feed/ 14 http://barbarafriedbergpersonalfinance.com/enjoy-life-make-money-pt/ http://barbarafriedbergpersonalfinance.com/enjoy-life-make-money-pt/#comments Wed, 25 Jan 2012 06:07:53 +0000 Barb http://barbarafriedbergpersonalfinance.com/?p=2799

a version of this article was published in March, 2010

Enjoy Life First

“Buy what thou hast no need of and ‘ere long thou shalt sell thy necessities.” Benjamin Franklin

There is a ton of junk online and in print. I spent a good part of this morning reading a book called Millionaire Fastlane which proclaimed that the traditional “get rich slowly advice” is false and that anyone can get rich fast.

Get Rich Quick is a Fallacy

I’ve had the good fortune to know many very wealthy individuals. They include large real estate developers, business owners, even the CEO of a fortune 500 company. I’ve also read extensively of others experiences and it is the rare individual that gets rich fast. Sure, it can happen, you make a groundbreaking invention, you sell your company to google, you hit the lottery, you become a professional athelete; it is possible to get rich fast. But it is rare.

If you are interested in developing financial wealth, it will take some time. If you want to get rich overnight, you can stop reading right now, because I don’t have a clue about getting rich fast!

Pure Fun

That said, I have some ideas about how to get wealthy over time, and how to enjoy the journey. My personal experience is that the process is more fun than the outcome!

A Dilemma and A Solution

One of the great challenges today is balancing your present needs and wants with those of the future. It requires quite a bit of introspection.  While almost every Ben Franklin quote oozes wisdom, this one in particular, speaks to the reality that if you go overboard consuming recklessly, you will run out of money, fall into debt, and end up in a bad way!

There is much said about saving for this and saving for that and a lot about sacrificing and giving up something today so you have money for tomorrow. And of course, you all know that in order to have money to buy stuff later, a car, a home, a vacation, etc.; you have to save. But, who has actually sat down and figured out; EXACTLY what you will want in the future and just how much IT WILL COST?

Before you even think about how much money you need later, there is an important step to take first.

Life is Uncertain; What to do?

Figure out what makes you happy.

Simply put, spending time and money on things that improve your life is the way to have a better life!

Trent, from The Simple Dollar site wrote a fascinating post on February 5, 2010 about change called, “What’s Coming Next?” He surveyed his life over the past several years and compared his LIFE EXPECTATIONS (take some college classes and work in a factory; work at Microsoft; remain in debt, unmarried, and childless) with his REALITY (work in a genetics lab, a non-profit, become a full time writer, get some books published, get married, get out of debt, and have 3 kids). His post reminded me that life is uncertain. And this two year old article still holds important wisdom. Trent has gone on to grow his website and work on writing fiction as well. He certainly was not an overnight success yet he is an inspiration to those who want to follow their dreams.

Plan for the Unexpected

Yet, in spite of this uncertainty, it is important to plan and set some goals.

Because, if you don’t figure out what you enjoy, and make some effort to get more of those pleasurable activities in your life, it just won’t happen.

Realize that stuff happens. Keep your personal information protected and check out the ID theft blog for safety tips to combat the “what ifs.”

Life is best led striving to do what you love.

By becoming a full time writer and published author, Trent turned his passion into cash. And that is a life lesson for all!

Figure Out What Fulfills You        

If you don’t already know what you are passionate about, take some action to figure it out! Life is much better when you spend time on activities which are important to you. Having a job you like is fabulous, because it doesn’t feel so much like work! So if you aren’t sure what you are passionate about, check out What Color is Your Parachute by Richard Bolles. Also, think about the times in life when you lost yourself in what you were doing? Ask yourself, “Can I do more of those types of activities?”

Spending more time on satisfying activities equals more pleasure!

You may discover that some of your passions cost money or even more schooling or training. Maybe you want to transition into another career, learn to sky dive, take an art class, or explore Asia. And of course, most of us realize that we want the option to have some cash when we retire to enjoy our potential longevity. But if you don’t consciously explore your passions and set some goals, you are left with little possibility of achieving them.

I went back to graduate school in my 40′s and it was one of the best decisions I’ve ever made. It set the stage for my life today.

Wealth is an Attitude

There are those with millions, unsatisfied with their lot and looking at those who have more. Turn your glance inside for a minute or two. Take some time to determine what you value, and then set on a course to get what you want. After you know what direction to head, figure out the dollars and cents of your aspirations.

In part 2 of Enjoy Life and Make Money, learn about the abundant ways to increase your income and net worth. But, while you are pursuing your financial  goals, remember to drink in the enjoyment of the wealth and good fortune you already have.

Action Steps:

Get a notebook label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance goals, thoughts, activities, and plans.

1. List 25 activities you enjoy.

2. Practice one from the list daily.

 Which activities give you the most wealth in your life?

]]> http://barbarafriedbergpersonalfinance.com/enjoy-life-make-money-pt/feed/ 0 http://barbarafriedbergpersonalfinance.com/foolproof-years-resolutions-part-2/ http://barbarafriedbergpersonalfinance.com/foolproof-years-resolutions-part-2/#comments Fri, 06 Jan 2012 06:00:07 +0000 Barb http://barbarafriedbergpersonalfinance.com/?p=2704

You must subscribe to my WEALTH TIPS newsletter on the right. You get invaluable information and a FREE e-copy of my award winning 20 Minute Guide to Investing. Do not hesitate!

Today’s article will guide you to success this year. Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011. Learn why annual New Years resolutions are not the way to success. 

“Most successful men/women have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand.” – Bruce Barton

I am blessed with parents who were the operational definition of tenacity. They both started with very little, only to persevere to wealth and success over their lifetimes. El Carino and I have been reminiscing about our past career decisions, and future plans. We are both success, solution, and goal oriented. In contrast, a friend of ours is really struggling with his future, as he ages and his job becomes precarious. We ask ourselves why friend T. doesn’t seem to have motivation or a plan. He’s smart,

GOAL SETTING

successful, talented, handsome, and directionless.

Goals are the Superior Path to Success

Author Bruce Barton, makes success sound easy. Success is not easy, if it was, everyone would be a star. On the other hand, you don’t have to be exceptional or revolutionary to be a success. You don’t even have to be super smart. There’s research that suggests that geniuses are no more successful than the average Joe or Jane.

Capitalize on the talents you already have and work towards honing and improving your strengths.

I am convinced, that writing down your short and long term goals, working towards them diligently, and accepting inevitable failures along the way, is the recipe for lifetime achievement.

What if I’m tired, despondent and just don’t feel like it?

That is the time to stay the course. Everyone experiences bouts with self doubt and the desire to quit. The winners, persevere when adversity hits, the others give up.

My Blogging Goals

Here’s where I reveal some of my goals. These are not New Years resolutions, and if I reach any of these initiatives early, then I’ll move on to new ones.

Freelance job on one additional large public site such as CNN Money, MSN Money, Morningstar, Kiplinger, Google Finance, or comparable site. Donna Freedman, any ideas? I was included in one of Donna’s (Best tips for fixing your finance’s) and one of Len Penzo’s articles on MSN Money, but those doesn’t count.

Increase monthly blogging income by 50%. I don’t like to reveal any income or net worth figures, in spite of how much I enjoy reading others. Here’s where I think persistence, writing good content, developing relationship with others on line, participating in forums, and freelance will lead to additional revenue.

Get personal finance book for Gen Yers accepted for publication by March, 2012. This goal is a carry over from 2011 and 2010. Yet, I’m not giving up. I know I could self publish, but I believe the content is worthy of recognition by a traditional publisher. This one isn’t about money, but of influence and desire to reach the largest audience possible. Any publishers interested?

Start 2 static niche websites with a partner. I’m already in conversation with a few blogging colleagues about this one. I’m a bit frightened as I don’t want to over commit myself. This is the biggest stretch of all my goals.

Try to write and schedule blog articles two weeks in advance. I didn’t do too well on this one last year.

Action Steps

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it for all of your personal finance thoughts, activities, and plans.

1. Sit down now, and write down a few specific, detailed goals for the next couple of months. Don’t overdo it, start small. Remember to check on these goals every month or so.
2. If you’re really ambitious, categorize your goals; personal, work, health, etc.

Read Foolproof New Years Resolutions (part 1) to find out how I fared on some of my initiatives of 2011.

What plans are you working on this year?

image credit; Cheryl Gebhart

How You Turned Your Passion Into Cash

Sign up on right to get free WEALTH TIP’s Newsletter, and FREE bonus eBook; 20 Minute Guide to Investing!

Welcome to Part 3 of this series.

If you are just joining us, don’t miss Part 1; “Why I Freelance”

And Part 2 of this series; How to Live Well if You Work in a Low Paying Field

A commenter from part 1 asked this question:

I’d love to hear stories of folks who monetize passions that people think “don’t pay.”  It might be a great “part 2″ (or 3 or 4).

Nick from Step Away From the Mall

The integration of “doing what you love” and making money is a popular topic. There’s lots of advice about doing what you love and the money will follow. Is this always true? What if the money doesn’t follow?

What if you are doing what you love and the money isn’t following. Need some motivation? Read on about how others are are making money from their passions.

Readers, let’s hear about your experiences about “doing what you love, and making money as well.”

We are particularly interested in those experiences which started without monetary expectation, and turned into a cash flow stream.

I’ll begin by talking about my story. I began blogging to educate others with my decades of personal finance and investing experience. I had no idea there was a possibility to make money from a blog. Initially, I assumed if enough people liked my work, I would get a book contract, and then I would make money.

Well, I’m still working on the book contract…. Any publishers out there?

In the meantime, I found a love of blogging, educating, interacting with others and lo and behold, I’m making some money. The income streams come from ads, freelance writing, and hosted content. I’m lucky, as my passion and work in the investing field is lucrative and my money habits have allowed our family to grow our net worth.

Yet, there are many stories of folks with average salaries who amass great sums through their passions.

What are your stories? Write in and inspire and learn from others.

Here are a few more success stories to get you started:

I’m currently in Seattle for a work trip. While strolling along the waterfront at Pike’s Market I met Pixie, an inventive vendor. She and her husband have taken a love of creating art and crafted a full time cottage industry. They make large artwork and sell it at their booth along the water. After sold, they shrink the image, encase it in plexiglass and create smaller pieces to be used as wall art, magnets, coasters or other. Their business is simple, creative, and supports their family of 3 (without a website).  Jr. Carino and I bought 4 small pieces to use as magnets and other decoration. Her shop is on the side of the water (west). Stop by when you’re in Seattle. The art is affordable, one of a kind, and really cool!

Pixie-Pikes Market, Seattle

Mark Riddix is studying the on line world and building quite an empire. He has a wealth of resources for you. Mark is a perfect example of determination.

Crystal of Budgeting in the Fun Stuff was so determined to become a full time blogger she quit her salaried job months ahead of schedule. Read about her strategies at How I Make Money Blogging.

Jessica Streit wrote about a fascinating opportunity as a “Sample Passer Outer”, over at Budgets are Sexy. She’s one of those friendly folks who gives out free yummy samples at supermarkets; and gets PAID FOR IT! It sounds fun and diverting. Maybe this could be your passion!

Need some ideas about how to find your passion? Check out LifeHack’s Susan Baroncini Moe’s article, How to Find Your Entrepreneurial Passion and Purpose.

Ordinary Traveler talks about his big break came, in spite of the naysayers. He never believed photography, surfing, traveling, and writing could become his livelihood.

Don’t miss Part 1 of this series; “Why I Freelance“

And Part 2; How to Live Well if You Work in a Low Paying Field

image credit; Ayham Al-Hamwi

Now, it’s your turn, write in and share HOW YOU MAKE MONEY FROM YOUR PASSION.

Forward this link to others for their input!! Let’s make the comments a huge list of SUCCESS RESOURCES.

Sign up on right to get free WEALTH TIP’s Newsletter, and FREE bonus eBook; 20 Minute Guide to Investing! And be sure to pick up my RSS feed or email subscription and follow me on twitter so you get the word immediately.

Don’t miss Part 2 of this series; How to Live Well if You Work in a Low Paying Field

and Part 3; How You Turned Your Passion Into Cash

The money question that got me thinking…..

A regular reader has been asking me why I do freelance personal finance writing since the pay is not as lucrative as my work as a Portfolio Manager or Investment Professor.

If the sites that hire you for freelance writing are paying x dollars for an article, and you make more money offline for that same hour my next logical question would be; Why do it?

 Here’s how I responded:

It’s certainly logical to wonder why I do freelance personal finance writing for what is clearly less money than I make “in my day jobs.”

Wow, this philosophical and practical question got me thinking.

I am passionate about sharing sound money solutions and wealth building strategies.

 My blogging goals are to educate others in personal finance, investing, and wealthy living. I have amassed plenty of wealth and want to share what has worked in my life along with tips and strategies for others.

Over time my blogging activities cost more time than initially expected, I want to be compensated for my on line efforts. I also seek to grow my readers so that more folks can learn to be financially successful. Teaching others personal finance strategies through freelance writing helps others and yields a bit of financial return for my work.

I like trying new activities and expanding my life options. Blogging is a perfect example of this preference.

If it was only about the money, I probably wouldn’t blog at all since the hourly rate of pay is low.

Do you participate in “work type” activities which provide personal satisfaction and low pay?

Don’t miss Part 2 of this series; How to Live Well if You Work in a Low Paying Field

and Part 3; How You Turned Your Passion Into Cash

image credit; xorsyst

How You Dress Matters

Sign up on right to get free WEALTH TIP’s Newsletter, and FREE bonus eBook; 20 Minute Guide to Investing! And be sure to pick up my RSS feed or email subscription and follow me on twitter so you get the word immediately. 

Great Idea for a Blog Article

I live in a large condo complex next door to an equally large apartment complex. I’m convinced there’s lots of special information possessed by the leasing agents that would benefit both experienced and inexperienced apartment hunters. After all, apartment dwellers deserve to find out how to get the most home for their money and how to successfully hunt for an apartment.

MY ATTIRE HURT MY FIRST IMPRESSION

As I work from home, I sometimes look like a bit of a slob. And, today was no exception. Although showered and well groomed, my old faded jeans and stained white t shirt weren’t exactly professional looking. I thought about my appearance as I strolled over to the leasing office, but that’s all I did, think.

The leasing office was beautiful, as was the well groomed and attractively dressed leasing agent. In fact, she was gorgeous! I began to wonder if my slovenly appearance would be a detriment to my mission.

After requesting a few minutes of the agent’s time, I made my request for a brief interview with her, to be published on the blog. She was cordial and explained that the first of the month was quite busy with rent follow ups and could she please call me later in the month. I handed her my business card and said I looked forward to hearing from her when her schedule opens up.

You know the feeling you get when someone gives you the brush off and looks at you a bit disparagingly?

Well, she was polite, yet I had the distinct impression that I did not present with much creditability.

Clearly, I’m more educated than she is and have a more demanding job, as a university professor and portfolio manager. Yet, because I looked like some poor slob, I was not taken seriously!

The Takeaway

How you dress and present yourself matters. I knew that I was well employed and educated, but to the leasing agent, I looked a bit like a bum. I don’t believe I would have interviewed her today had I dressed better, but I’m sure I’d have a better chance for a follow up meeting if I donned a nice pair of slacks with a clean blouse sans gym shoes!

In this circumstance, the outcome doesn’t really matter. I can pop into the leasing office any time and if she or her partner aren’t busy, they’d probably talk to me for a minute or two. Of course, had this been an official business meeting, I would have dressed appropriately. Yet, this was a reminder that you are judged by how you look, what you wear, and how you present yourself. Although, a business suit would have been a bit over the top for this situation, Thousandaire reminds us that everyone needs to own a business suit.

When applying for a job, networking, or interacting in a professional situation, remember that the first 10 seconds of any meeting creates a lasting impression that’s difficult to shake.

Have you experienced any situations where your attire worked against you?

image credit; Idhren

Hope for the Future

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After you are done reading, please stop by American Media Marketplace and check out my latest article, A Decent Return on Savings

Chris Farrell wrote about how more venture capital (VC) is finding its way into the economy in Angels are Returning. Add that to the jam packed malls in Northern California, and I have a prediction.

The economy might be improving.

This unscientific study of mall traffic and VC investing on the west coast just might be a harbinger of sunnier times to come. There’s common wisdom that national trends begin on the coasts. If that’s so, then this might be the beginning of a better economic outlook.

The media is famous for digging out the most salacious and negative information and broadcasting it far and wide. The result of this tactic is twofold; one, broader viewership and two, a decidedly negative economic outlook.  This commentary will present data to support the possibility that the economic climate is not as bleak as the media would have you believe.

1. Historically, markets are cyclical-As an Investments Professor at a local university, one of the key concepts in financial markets is that growth is cyclical. Japan’s endless malaise notwithstanding, most modern economies have their peaks and valleys. After a prolonged downturn, it’s more likely that a nations’ economic growth will improve rather than deteriorate. Even though the stock market has been in the tank for quite awhile, over the last century or so, the trajectory of stock prices has been upward, yielding about a 9% annualized return. And over the long term, stock prices mirror the financial health of their underlying companies.

2. Unemployment for those with a bachelors degree and higher is 4.2% according to the Bureau of Labor Statistics September, 2011 report. Thus, the horrific 9.2% unemployment figures pertain more to those with a high school degree or less. Even if you have a bit of college, you have a greater likelihood of being employed than with less educated.

3. Salaries are rising a bit according to Market Watch, Andrea Coombes. Granted the projected 2.7% increases are not much, they are going in the right direction. Salary increases have to start somewhere and once they start going up a bit, a positive salary trend may be in the offing.

4. Major companies are sitting on a bundle of cash. When the balance sheets of major global corporations have cash, it stands to reason that their fundamental outlook is more positive than negative. When companies have cash in their coffers eventually they will use those funds to expand their operations and hire more employees leading to a rosier economic scenario.

5. CNN.com reports that Texas has an abundance of jobs and actually the population can’t keep up with the job growth. So the employment picture is more robust in some areas than others. Unfortunately, this job boom consists of a plethora of minimum wage jobs, many lacking health benefits. So this one might be a mixed bag benefit.

Don’t accuse me of being a Pollyanna and suggesting that everything is just great with our economy. I understand that there are many problems both in the US and abroad, but sometimes it just makes sense to explore the situation a bit more. So, turn off the talking heads for a minute and entertain the possibility that the economy might be improving.

Barbara Friedberg across the Blogosphere

• I’m featured at the Totally Money Blog Carnival hosted by Curb Your Consumerism
• Carnival of Personal Finance at Beating Broke showcased my article Go Beyond Keeping up with the Joneses
• Moneycrashers Give Better Holiday Gifts round up included What Should I Invest In?

What do you think? Are there any positive economic signs in your area?

image credit; toptenlists