EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook. Stay tuned to get first crack at the NEW EBOOK. And it’s FREE to my readers.

“Fun is good.” Theodore Geisel

If anyone knows fun it is the author of The Cat in the Hat, Green Eggs and Ham, and countless other classics. Just thinking about his books makes me smile. Think about it, don’t you just FEEL BETTER smiling and thinking about something fun?

FUN

MAIN TOPIC: SPEND MINDFULLY

I was asked to guest post at Budgeting in the Fun Stuff (BFS). Before agreeing on a topic, I decided to write about her blog name. So away I went writing about how to pay for fun stuff in addition to the necessities.  After a couple of emails, Crystal at BFS requested an article about investing, so lucky for me (and you); I get to publish this “FUN” article at BarbaraFriedbergPersonalFinance.

In the mental health/psychology field there is movement towards mindful living. Mindfulness is simply living in the NOW and focusing on whatever you are doing presently. This premise works great with money; spend on activities and expenses that you deliberately choose.

Spend mindfully and enjoy completely.

Much of your spending was decided a long time ago; your mortgage/rent, insurance, car payment, savings (if you’re smart) etc. Next you pay a certain amount for food, utilities, charity etc. Yet life is more than just the necessities.

A lot is written about saving and cutting expenses (especially by me). Check out Saving without Sacrifice for some helpful tips in this area. Unfortunately, much less focus is placed on paying for fun and pleasure activities. These rejuvenating activities have very real importance in life. Without time for fun and relaxation you have less energy and focus for work activities. Furthermore, if all you do is work, then what is the point?

 Life is about balance and on the flip side of work is leisure and fun!

 PRACTICAL APPLICATION; BUDGET IN THE FUN STUFF

Step 1: Brainstorm-What activities do you do for fun and recreation?  After all, you don’t want to spend your hard earned cash on “fun” activities that don’t really give you A LOT of pleasure!

For example, El Carino (my hubby) and I LOVE TO TRAVEL. When we were just married with no cash (and lived in California) we satisfied our lust for travel with a CHEAP VACATION to Las Vegas. Back in the olden days, you could have a terrific week-end for 2, complete with buffets, souvenirs, a couple of blackjack hands at the $1.00 table, and souvenirs for under $250.00. We milked the coupon books, sat through timeshare presentations for free show tickets, & visited the incredible lobbies of the exclusive hotels. The memories are still with us! And we will never forget cooling ourselves with ice cubes as we drove through the desert without air-conditioning in the summer.

Here are some ideas to get you started, most are low cost, but don’t hesitate to include passions that cost a bit more:

• Lots of folks love hiking, picnics, and outdoor activities; low cost & beautiful.
• Museums frequently have FREE days.
• Discount movies are a fun evening.
• I love television and we budget in the complete cable package (it’s worth the cost for us).
• Don’t skip eating out, if you enjoy it. Try lunch on the week-end instead of dinner! (2 for 1 coupons are everywhere)
• Board games are hours of fun. Or what about a family videogame night. Make it a competition with prizes (from the dollar store) and popcorn!
• Like to entertain-host a pot luck with a theme. Guests love it because they have ownership in the evening.
• Wiffle ball, frisbee, soccer, tennis, mini putt are all great family fun and LOW COST. Why not get the neighborhood involved?
• Like to ski? Skip the downhill and try cross country.
• For you crafters out there, forget the expensive supplies, use your creativity to pick up remnants in the fabric store, supplies in the bargain bin at the craft store, or make something from stuff you already have.
• Rent a canoe and go boating one week end.
• Take the kids to laser tag or paint ball; everyone gets out their hostility!
• Visit a local small town and enjoy a new experience.
• Enjoy the thrill of the hunt while shopping at garage sales (see what you can snare for $5–$10)
• Help-I can’t stop myself…. There are so many fun activities!!!

Step 2: Look over the “fun list” and put a DOLLAR AMOUNT next to each activity.

Step 3: Next to the cost of the activity, give it a FUN RANKING from 1 (not much) to 10 (most fun ever).

Step 4: Mindfully choose your FUN activities. Next month make sure your “SPENDING PLAN” includes activities with the best value for the FUN. That way, you deliberately spend your cash on the HIGHEST VALUE leisure FUN!

Give it a try and let me know how it works out for you! Mix it up, include some low cost fun along with a bit higher priced fun-just make sure that you choose activities with a high FUN RANKING.

ACTION STEP:

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

Gather the family around and list ALL THE FUN ACTIVITIES YOU CAN THINK OF. Go wild, don’t hold back. Then go through and price and label each one with a FUN RANKING.

image credit: Cuba Gallery

YAKEZIE PERSONAL FINANCE BLOGS 

After every article for the next several weeks, you will be introduced to several Personal Finance web sites in the Yakezie network. Each one has their own unique voice and style. The consistency in all is their desire to help others. Consider visiting a few each day! 

Saving Money Today
Single Guy Money
Single Mom, Rich Mom
Smart On Money
Smarter Spend
Squirrelers

Money Management for the OVERWHELMED

EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook. Stay tuned to get first crack at the NEW EBOOK. And it’s FREE to my readers. 

“The greatest weapon against stress is our ability to choose one thought over another.”  William James 

Stress and adversity hit us all. What defines a person of strength is how she/he handles the challenges. Follow William James’ advice, choose calm thoughts, and tackle one task at a time. 

Be calm & hang on to your sense of humor.

MAIN TOPIC: THINGS AREN’T GOING AS PLANNED

Have you ever felt like the s—t is hitting the fan? At every corner there is a new problem or difficulty to contend with? All of your plans and expectations are in the toilet!

Welcome to my world. There are a lot of stressors in play now-not really financial – but other things going wrong ALL AT ONCE. Unfortunately, when things go wrong, we still need to go on living and keep up with our responsibilities, especially our financial ones. What happens if in the midst of chaos, you let your finances go on the back burner? …….TROUBLE FOLLOWS….   Fees, interest, and more expenses make things WORSE. 

This article is for those times when EVERYTHING SEEMS TOO MUCH. When your mind is consumed with lots of other things, do the bare minimum. Keep focused, don’t freak out, and only do what’s necessary.
 

PRACTICAL APPLICATION: READ THIS IN TIMES OF STRESS & CRISIS

Be in the present. I know your mind is going in all different directions, but you can’t concentrate with too much stimuli. Deal with the most important task first. 

Take a deep breath. No, really, do it. Now, take another one. 

During times of stress, your goal is this; do only these 4 money tasks. 

1. Pay all bills on time.
2. Continue with debt repayments, pay more than the minimum.
3. Continue to keep track of your money in your pocket and in your accounts.
4. Maintain adequate balances to avoid fees in your accounts.

THAT’S IT. NOTHING MORE. Or maybe you could smile and think about something funny, like penguins. 

When things get crazy, slow down and SIMPLIFY. But don’t forget basic money management. If you do, MORE STRESS WILL FOLLOW. 

Read more about this topic at Funny about Money in Getting over it, Strategies to Conquer Stress and Money. 

Add to the conversation. How do you deal with stressful and overwhelming times? What are the tricks that work for you? 

 ACTION STEP:

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

Take a moment to slow down and follow the 4 steps.  

BarbaraFriedbergPersonalFinance Around Web 

I am honored to have my work showcased at these sites recently. Why not stop by the CARNIVALS and round ups to check out the fine articles?   

Carnival of Personal Finance at Budgeting in the Fun Stuff published No Brainer Money Management for College Students  

KNS Financial  referenced IF you Need Extra Money; Do not do this, on his site last week. 

Dividend Monk and Invest it Wisely both included  The Best of BarbaraFriedbergPersonalFinance; 6 Month Anniversary Edition in their round ups this week. 

YAKEZIE PERSONAL FINANCE BLOGS 

After every article for the next several weeks, you will be introduced to several Personal Finance web sites in the Yakezie network. Each one has their own unique voice and style. The consistency in all is their desire to help others. Consider visiting a few each day! 

Suburban Dollar
Sustainable Life Blog
Sweating the Big Stuff
The Amateur Financier
The Centsible Life
The Consumer Boomer 

EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook about Investing. Stay tuned to get first crack at the NEW EBOOK; and it’s FREE to my readers.

“If I splurge on anything, it’s cologne. I love smelling good.” Zac Efron

This quote suggests that Zac Efron, the wealthy movie star sensation from High School Musical and many more projects, is so financially savvy that his one indulgence is cologne. If that’s his lone indulgence, then this guy is on a path of financial strength.

Personal disclosure: I have never met nor spoken to Zac Efron. (Although I wouldn’t turn down an invitation to meet him!)

MAIN TOPIC: I am ALL FOR SPLURGING

I carefully plan my our family splurges:

• El carino (my hubby) indulges in his hobby of collecting sports memorabilia.
• I go out to work at a coffee shop once or twice a week and buy a coffee.
• Special occasions find me at the COACH outlet for a nice bag.
• Travel is planned and a big priority for our family. This week-end it’s a quick family get away to Atlantic City! (No gambling for us!)

I do not covet expensive jewelry, cars, fine dining (my birthday dinner was at Applebee’s this year). In fact, when el carino wants to tease me, he goads me with the offer to buy me jewelry (because he KNOWS I don’t value spending our money on expensive jewelry). In fact, I totally don’t get the women who want a huge diamond (bought on credit). Give me the cash any day to stick in the investment account.

Please don’t think this is a condemnation of cars, jewelry, or fine dining; it’s not. It is a recommendation to spend on those activities that YOU value, not what your neighbors, TV, or society tells you to value.

PRACTICAL APPLICATION: When not to Splurge

Do not splurge if these are your reasons:

• I really really want it
• I deserve it
• I owe it to myself
• I feel like getting it
• Why not, you only live once
• It will make me happy or important

These reasons to splurge are usually justifications to overspend; just thinly veiled self deceptions.

Look, if you can afford it, pay for it this month, and it’s in your budget, then why not.

But, if you just “WANT IT” but don’t have the cash to pay for it, even if you work hard….. you will regret the IMPULSE PURCHASE.

The August 2010 issue of Money magazine includes 7 Secrets of Super Savers. And although some of the strategies were a bit over the top, many included quite a few luxuries. Delay purchases over a certain amount was a sensible option. After all, the Elovitz family didn’t say “NO” to any purchase, but just to think about it and delay. Another family did not buy anything until they could pay for it in cash. No credit for them. Live below your means is a “no brainer;” but what about living on one spouse’s salary and banking the other?

On the flip side….it is IMPORTANT TO SPLURGE ONCE IN A WHILE. After all, if all you do in life is restrict yourself, you will feel deprived and be more likely to go on a spending binge.

How to make the decision to SPLURGE? Plan a splurge and consider your own personal splurging guidelines.

These are the FRIEDBERG SPLURGE GUIDELINES:

1. Plan , the purchase, not an impulse buy.
2. It is something we will enjoy for a while; either thinking about, watching, remembering, or using. Vacations and Broadway shows fit this category. For our splurge, el carino and I budget in trips to NYC to see Broadway Shows (frequently purchasing half price tickets).
3. Never buy on credit.
4. Consider whether it is worth the cost, TO US. On a recent trip to visit my parents, my mom offered to take us to a really fancy restaurant to celebrate my birthday. Even though my parents were treating, the cost of an extravagant restaurant is not worth the expense. I value eating out, in fact, I love to eat out…. But really upscale restaurants are not of value for me. I chose a nice seafood restaurant; healthy and tasty!!!
5. Pays lasting dividends: Education!

Splurging is important! Who wants to live a life of total deprivation? Wealth in life is actually more important than wealth in money. Of course, the irony is that you need a certain amount of financial wealth in order to splurge without debt.  Although, a bubble bath is a great (cheap) splurge,  it isn’t the same as a trip to Puerto Rico! Choose your splurges to fit into your own budget!

ACTION STEP:

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

Write out a list of your personal SPLURGE GUIDELINES.

What do you splurge on? How do you plan for it?

 Check out what other personal finance bloggers are saying about Splurges.

Cool to be Frugal asks: Is it ok to Splurge when you are in Debt?

Well Heeled Blog wonders if Abnormal Penny Pinching Justifies Splurges?

Money Reasons discusses Losing Control to Lifestyle Inflation

Mea Culpa, I just Spent $1,450 at Apple said the Financial Samurai

Money Funk bemoans her Emotional Spending

Ramit Sethi at I Will Teach you to be Rich shares The Money Diaries of a 25 year old Single Mom who Writes Bad Checks

Image credit: Swamibu

EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook about Investing. Stay tuned to get first crack at the NEW EBOOK; and it’s FREE to my readers.

“Action is the foundational key to all success.”
Pablo Picasso

Career, life, money; it’s all the same. If you don’t TAKE ACTION, then nothing will happen. Move your life forward.

MAIN TOPIC: The Back-story

Not much grooming for me. I’m more in the camp of, how can I be attractive AS FAST AS POSSIBLE? That said, I never miss my bi-monthly hair appointment. One of the best parts of my trip to “Headquarters”  is the forced break from work and the internet, not to mention a plethora of fun magazines to read.

The August issue of Shape had a brief article by Kristin Cooke called “The Best Career Advice You’ll Get for Free.”  Succinct writing, with only 3 points, made the article a powerful read. Continue and try out these savvy tips.

PRACTICAL APPLICATION; Take these Steps

1. Embrace Risk

Life is risky and there is no way to avoid it. The risk is magnified if you are interested in going out on your own.  To minimize that risk, be smart and do some research first. MAKE SURE THERE IS A MARKET FOR YOUR IDEA. Find out if people are willing to PAY for the product or service and where your idea fits in with the overall market.

Keep your day job  while you are testing the waters on your new idea. After you’ve done your research, don’t procrastinate, dive in, and try it out!

2. Connections are your Life Line

After meeting someone, immediately add them to your LinkedIn contacts. Carve out regular time with your contacts to meet in person over coffee or lunch. Don’t forget to keep in touch via email in between the personal visits. Make sure you are on their mind!

Keep your contacts fresh. Use them for job hunting, developing new business, and brainstorm how to help one another.

3. QUIT

This one is my FAVORITE. I know and understand this next one, but I have a really hard time putting it into practice regularly. 

Do not work all the time. Time off is as important as time on. Take breaks, take a walk, hit some golf balls, get a massage, change the scenery, have a special lunch with your spouse or kids. What about skateboarding?

How it works; When you walk away from a task, your mind is still working and the break increases your creativity and problem solving ability. It also helps combat burn-out. One of my favorite books, Managing Your Mind; The Mental Fitness Guide, by Butler & Hope, goes into depth about this strategy and adds some research as well.

I am living proof that this one works. After all, I here I am at the hair salon, inspired, and writing this article!

 Quit working, take a break, change, your scenery, and increase productivity and quality of life!

Have you tried any of these strategies? What were the results?

ACTION STEPS:

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

1. Force yourself to take a BREAK from work and do something totally different than normal.
2. Write in about the “ALTERNATE ACTIVITY” and discuss how it worked out for you.

Image credit: SanforaQ8

YAKEZIE SHORT CARNIVAL

Enjoy this personal finanance reading; stop by their sites to read more.

How to Know When You’re Ready to Invest at Financially Poor

Save Money Help the Environment at Sustainable Life Blog

Don’t Fall Prey To A Victim Mentality. Be Responsible For Your Actions And Live Free at Smart on Money

MAIN TOPIC: How Daniel Makes Money

Imagine this, you just got your Master’s degree in chemistry along with a teaching certificate and you need 3 jobs just to make ends meet; teaching at a community college, working part time at a lab, and substitute teaching at a high school. You may be thinking, wow, this guy has a masters degree so his future is set, no worries, smooth sailing ahead. I’ll admit, I kind of thought that myself.

Actually, he had no other options, because the employment market in S. California was so tight that those 3 jobs were the only way he could make a living at that time. Flash forward a couple of decades, the same guy has a well paying salaried job at a major Medical School doing exactly what he loves. Then why is he still working 3 or MORE jobs?

Today, in addition to his salaried job, he works for a temp agency doing chemistry projects on the week ends, writes books (6 at present count), scholarly articles and book chapters, lectures at national conferences, and trains others in his field. Most of these activities bring in additional income!

You may be thinking, so what. What does this have to do with me? I have no graduate degree, nor do I intend to get one, and no one cares about what I know or would pay me for anything. Plus, I hate chemistry. Anyhow, this guy must be working 24-7.

Well, you are wrong.

First off, yes, he does work on the week-end mornings. But when he gets home from work, he relaxes and watches TV, reads, or exercises. On the week-ends he has plenty of time for friends and fun. How does he do it?

PRACTICAL APPLICATION: Anyone can make Additional Income

Before I continue, anyone who tells you it is easy or quick to make additional income is LYING! It takes persistence, discipline, follow through, and delaying gratification. In fact, learn to welcome stress and failure, because there is no success without those situations.  This quick article will get you started on the path to make more money. Additionally, although education usually increases your ability to boost income, so does having specialized skills. You may even take for granted what you have that someone will pay for.  

Here’s how Daniel started out. Many years ago, when he wasn’t making too much money, he sent out dozens of resumes offering to speak and train others in his field of expertise. After about 1 year of letter writing, he was hired by a professional training organization to be one of their presenters. They took care of all the arrangements and sent Daniel around the country to deliver seminars and workshops for chemists. This was a nice boost to his income, even though it was tiring and he had to take vacation days from his work to make the presentations.

Simultaneously he began writing his first book. After a long time and lots of letters, that book got published. Meanwhile, he continued to grow his reputation by writing scholarly articles and presenting at conferences in his field.  Over time, he became more and more well known. His next book didn’t take quite as long to get published. And after a while more requests for training came his way.

Initially, the extra income was not too much, but he kept at it and each book delivers on-going and increasing royalties; and his speaking fees grow. Over the years, Daniel has honed his ability to make Chemistry entertaining and engaging, further increasing his opportunities!

HERE’S WHAT YOU CAN DO TO MAKE ADDITIONAL INCOME:

1. List everything you can do that someone might pay for. Think creatively. I have a friend who babysits one night a week for a wealthy family and makes $15.00/hour. Do you play an instrument; know computers or social media; what about carpentry; landscaping or gardening; basic auto repair; scrapbooking; EBay selling; Spanish; or cooking? The list is endless.  
2. Advertise your services or teach a course at a community college or continuing education facility. Don’t be shy. You may think everyone can do what you do, but they cannot!!
3. Make flyers and post them around your area advertising your services.
4. Put an ad on Craig’s List and update it every week.
5. Consider advertising in the newspaper or a community paper.
6. Market, market and market yourself some more. Brainstorm the ways you can advertise your skills. DO NOT BE SHY. You are offering to help someone!      
7. BANISH these thoughts from your mind, “What if no one hires me, what if I’m no good; what if I don’t like it.” Because if you let those thoughts in, you will do NOTHING!                 

ACTION STEPS:

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

• Write your plan out IMMEDIATELY. List all of your skills, NOW.
• Make list #2, all of the ways you can market your services.
• Ignore any fear or apprehension you have.

How have you made extra money?  What worked the best for you?

YAKEZIE SHORT CARNIVAL

Check out what other personal finance bloggers are saying and be sure to stop by their websites.

7 Things I Learned Watching Honeymooners Re-runs at Saving Money Today             

It’s Called Personal Finance for a Reason at Sustainable Life Blog           

CVS Paid Us To Shop! at KNS Financial   

“Every choice you make has an end result.” Zig Zigler

Realize this universal truth and act accordingly. As long as you make a conscious choice in how you live your life, you will be content.

MAIN TOPIC: Sell Stuff & Make Money

Picture this; I’m drinking my coffee in the local café, working on my laptop, and minding my own business.  Having forgotten my standard ear plugs, I was subjected to a rather loud conversation by two moms at the next table. Normally, I’m quite adept at tuning out extraneous stimuli, but for some reason (maybe because they were rather loud), I picked up way more of their conversation than I desired. Amid the comments about Johnny’s lengthy swim practices and hubby’s golfing, mom #1 mentioned that 7 year old Sammy was interested in the keyboard, and that she really should pick one up for him. 

This is when the wheels began turning. Although I lean towards the assertive, I do attempt to attend to social conventions. Here’s the dilemma, I have a perfectly adequate keyboard sitting in the basement in the “pending garage sale” pile, do I mention it or not? (I am on a campaign to DECLUTTER, inspired by Jacob at Early Retirement Extreme and Man vs. Debt. )

MY PROBLEM: Do I mention the keyboard FOR SALE to the stranger (risking appearing nosey and aggressive), or do I leave it in the “to be sold at garage sale pile”?

You probably figured it out already, but I politely mentioned the keyboard to stranger mom #1 who took my phone number.

PRACTICAL APPLICATION: Was I Right or Wrong?

What do you think, was I out of line or not? My thinking was as follows, “I have a keyboard that will be sold soon and if this woman was looking for one for her son, I WAS BEING HELPFUL.”  Although, I would benefit if she bought the keyboard, she would too, as I would save her time (easily available, in her neighborhood), and money (discounted and lightly used). 

Contrast this story with Simon, a neighbor, who is so UNASSERTIVE, that he recently purchased a juicer for $150.00 at Williams Sonoma, because he worried that if he declined the purchase, the sales clerk would think he was not wealthy! And Simon thought that being thought of as poor was worse than buying an appliance he could not afford! (And Simon is by no means wealthy!) 

Every day we make choices about how we wish to spend our money and our time. Those choices add up over a lifetime and can make the difference between wealth and lack thereof. I chose to risk challenging convention a bit by offering the keyboard to a stranger, mom #1, in the hopes of making a quick $80 bucks. Did I care if she thought I was a bit quirky or out of line? Not really, I define myself by my choices and living true to my values. I saw this action as offering a “win win” proposition. If she didn’t see it that way, that was her problem. 

What do you think? What would you have done?

ACTION STEP:

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

Take a risk and be assertive in your quest for wealth. Do something you wouldn’t ordinarily do either personally or financially. Remember to be sensible, not foolhearty!

image credit: Dogdejaya 

YAKEZIE SHORT CARNIVAL

Check out these interesting personal finance articles by my blogging colleagues. 

Fixed Rate and Variable Rate Mortgages: Which is Better? at Invest it Wisely      

 9 Tips to Help You Become Financially Fit at Financially Poor           

Man Finds Contentment in 89 Square Foot House at KNS Financial    

GUEST POST by Mr. Credit Card 

Today, Mr. Credit Card from Ask Mr. Credit Card  is going to share some thoughts about the importance of improving yourself  and learning new skills as an employee. Mr Credit Card has recently compiled a review of identity identity theft protection services, which you might want to check out.

If you hang around the blogosphere enough, you will notice a recurring theme; the desire of many to get out of their JOBS’ and work for themselves. Very often, the reasons cited include:

• Poor job fit
• Spend more time with family
• Hate answering to a boss
• Lack of job security in corporate America

Most the reasons cited above are true to a certain extent. But instead of  drooling about the prospect of starting your own business, why not use your time as a corporate employee to improve yourself and acquire new skills? You might actually find that doing so may get your a promotion or  a leg up when you strike out on your own. Check out these skills to further your career.

1. Learn to delegate – One of the things employees must learn as they progress up the organization is to delegate. We’ve all seen this again and again. The best salesperson on the team is a terrible manager or the smartest programmer stinks as the boss.  There is a transition from team member to manager. Very often, the person who is successful at a specific task fails when he or she gets promoted because they never learn to delegate.

Learning to delegate is a very important skill to learn. You frequently hear successful entrepreneurs talk about working ON their business, not IN the business. If you fail to delegate, you may find it difficult to grow your own business.

2. Learn to be productive – I guess in certain corporate jobs, it is easy to just coast along. But if you want to rise to the top, you have to be productive. That means getting your most important task done first. And not being overly distracted by things that do not really matter.

3. Polish up on presentation skills - Demonstrating good presentation skills is crucial in the corporate world. But they are also very important if you have your own business. After all, you have to pitch to venture capitalists, vendors, and other organizations if you are seeking any partnerships. If you lack presentation shills in a corporate setting,  likely you will be poor at promoting your own business too.

4. Enhance your people skills – Some folks do not succeed in the corporate world because they have poor people skills. You could make the argument that perhaps this is an impetus to strike out on one’s own. And there are many professions where you can get away with poor people skills. For example, a freelance computer programmer or writer may not need these as much as someone in other professions. Still brushing up interpersonal skills can go a long way towards advancing your career or even growing our own business. A business owner needs people skill to deal with employees or his/her business partners.

5. Build relationships – Very often, folks who are shy of promoting themselves view others who are “close” to their bosses as brown nosers. I used to think that way too. However, having become my own boss, I actually appreciate employees who update me,  ask my opinion, and  ask questions when they are unsure. I enjoy a close relationship with my employees. Here is the truth. In the real world, you will only be promoted if you have the trust of your superior and this only happens when you build a strong relationship with him or her. Furthermore, you can only get things done with peers if you’ve built sound relationships.

If you have your own business, the ability to build relationships is even more important. Business owners who lack this skill are at a disadvantage because strong business relationships relate to future success.

6. Get things done – There are many folks who simply do not get things done on time or properly when given a project to do. There are plentiful reasons and excuses. But to be truly successful in whatever you do, you must develop the habit of  getting things done by hook or by crook.

 A key attribute of successful executives and business owners is the ability to get things accomplished on time.

Summary 

 There are many folks who are unhappy with their present jobs for a variety of reasons and want to eventually “start their own business” or “earn passive income”. But I would suggest that even if you are unhappy with your present corporate job situation, there are skills to learn that could earn you a promotion, increase your  job fulfillment and even a higher salary. At the very worst, improving yourself will give you a better shot at success when you do strike out on your own.

So do not moan and groan about your present situation. Instead, make use of your time now to improve yourself (and obviously plan your next venture). You will  be much better off with an action-oriented  attitude no matter what the future holds.

Summer’s a time when you can kick back, relax and read a bit more. In that vein, I’d like to recommend some enjoyable and informative articles I’ve come across recently. Get a taste here, and stop by the authors’ sites for the full versions.

Could the Free Market have Ended Racism?

Let me state, I am not a fan of racism (As a matter of fact, some might call me a “liberal.”)! I don’t think the free market is enough to end racism but read on to hear a fascinating discussion at The Amateur Financier:

“ ‘The free market, as usual, will address the problem.  It punishes racists.  A business that doesn’t hire blacks will lose customers and good employees.  It will atrophy while its more inclusive competitors thrive.’ (John) Stossel raises an interesting point: could the free market have ended discrimination without government intervention?  Or were the government actions like the Civil Rights Act and its prohibitions on employment discrimination a needed remedy to the segregation era?”

2010 Tax Brackets; Which Income Tax Bracket am I in?

No one is enthusiastic about paying taxes, that being said…. the more you understand about the system, the more likely it is that you will KEEP MORE OF YOUR CASH! Read on about this important issue at The Oblivious Investor:

“The Federal income tax is referred to as a “progressive tax.” Of course, it’s not progressive in the same way that a social movement could be said to be progressive. What the term means in this case is that, as your taxable income increases, so does the rate at which you are taxed. People will often make statements such as “I’m in the 25% tax bracket.” For example, as you can see in the table below, a single person with a taxable income of $40,000 would be in the 25% tax bracket. People frequently misunderstand this to mean that all of the person’s income is taxed at a rate of 25%. In reality, the person’s overall tax rate will be much lower.”

The TAO of the Intellect

Loved the title, and the content gets you thinking… just not too much! Read more at Early Retirement Extreme:

“Another very human trait is to weigh recent information more than historical information or worse, weigh it higher than  “what is not seen”. The latter causes an enormous amount of confusion. One might almost say that the entire field of economics is dedicated to solve this problem (the broken window fallacy), at least after a couple of beers.”

Six Tips from Yorkshire’s Top Thriftiest Grannies

Who wouldn’t want to read this post? The grannies have the best tips; here’s a sneak peek, read more at Miss Thrifty:

“TOP TIP 4 – Pack junk mail into the empty cardboard toilet roll tubes and use them as firelighters.”

Good Debt vs. Bad Debt 

I agree with MOST of the content here… but read on and see what YOU think. Young and Thrifty has a great writing style, enjoy….. 

“Yes.. I mentioned the “D” word. Debt. Just letting that word roll off your tongue makes you feel like you have halitosis. Well, get that tongue scraper and Listerine out, because as surprising(and somewhat crazy) as this may sound, there is such thing good debt AND bad debt.”

Crank up your Savings Goals at Smarty Pig

Right now, get a (relatively) high yield at this unique goal-oriented savings site as discussed at Free From Broke.

“Whether you want to save up $500 for back to school shopping, or $5,000 for a family vacation, it is possible to use SmartyPig to reach that goal.  The concept is fairly straightforward, and works simply.”

Could you Give it all Away?

The uber-wealthy Bill Gates and Warren Buffett are doing just that? Join the discussion at Beating Broke:

“At the real bottom of this is a more important question.  Why do we build wealth?  What purpose do we give our lives that we strive to attain wealth.  In Warren Buffetts case, I think you could argue that he has always seen it as a challenge.”

Buying Blogs, Selling Blogs: How I Built my Blogging Business

Sam at the Financial Samurai is somewhat of a “rock star” in the personal finance blogging world as founder of the Yakezie Network. This guest post on his site is a real peak inside the “business of blogging.”

“This is a guest post written by Mike, a young financial planner / web entrepreneur who is pursuing his dream of running his online business. You can follow his progress at The Financial Blogger and read his other financial blogs at Green Panda Treehouse and Intelligent Speculator. 3 years ago, I was told by many bloggers: “You will never make money blogging. And if you do, $200/month will be your highest peak ever”. Three year ago, The Financial Blogger was averaging 500 visits per month and I was ecstatic when I made my first deal of $10 for a link. Three years later, I now run three financial websites, bought 2 of them and flipped a blog within a year.”

My Teen-age Son, the Cell Phone, & a Bill for $1,055.20

Len Penzo dot com is one of the most hilarious personal finance writers around. He DOES NOT DISAPPOINT with this uproarious post about his son’s adventures with texting & a new cell phone:

 ”I can’t remember the exact day he first requested his own cell phone, but I am quite certain the first letters he learned in school weren’t A-B-C.  They were A-T-(T). When Matthew turned 12 last year, we decided it was finally time to grant his wish.   The only condition was that he had to pay us $25 per month to maintain his account.  Knowing that he could easily earn $40 per month by simply mowing the lawn and doing chores around the house, Matthew readily agreed – and so we got him his phone.”

CARNIVAL of Money Stories 2 featured my article this week; Reduce Stress Get Rid of Dysfunctional Money Behaviors-Part 2. Read my article as well as other money stories at this informative round up.

“Overcome a Passion for Procrastination (in dealing with financial matters). ‘Procrastination is like a credit card: it’s a lot of fun until you get the bill.’ Christopher Parker

This young actor hit the nail on the head! Avoiding and procrastinating seem fine, for a while. Later- the price you pay for procrastination is quite HIGH. Charge away with the credit card; if you don’t have the cash to pay it off every month, you are walking on a treadmill of pain.”

ACTION STEP:

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

Today, and every day, LEARN SOMETHING NEW!

What do you think about this summer reading? Agree, disagree, join the discussion……leave a comment.

Money & Relationships-Make it Work!

“I’d marry again if I found a man (or woman) who had fifteen million dollars, would sign over half to me, and guarantee that he’d be dead within a year.” Bette Davis

 You gotta take relationships with a bit of levity or you’ll never make it through! This quote is the perfect solution for money and relationship problems. Unfortunately, it’s a bit unrealistic. Maybe a million or two is more doable.

No really, read on and find out how to handle money stress in a relationship.

MAIN TOPIC: She’s a Saver, He’s a Spender

This article is the 3rd in a series relating poor money behaviors with stress (#1-Shopping to Solve your Problems & #2 Procrastinating Dealing with Financial Matters). The topics are inspired by an article entitled Emotions, Money, & Financial Stress by Nancy Losinno, published at the US Department of Energy, Brookhaven National Laboratory website. 

You know who I’m talking about. Bluetooth came out, he got it. Iphone, Ipad, flatscreen TV, etc. he bought them all. New car every few years was required by him. Meanwhile the debt piled up. She tried to save, but his spending counteracted all of her efforts. 

I’m hesitant to continue, as the story is so familiar. We all know how it turns out…… fighting, stress, anger, depression, marital discord and DEBT.

Overspending in a relationship is unhealthy whether practiced by one or both partners.

Losinno clearly stated, that in a relationship the partners have the choice of creating WEALTH or a “FINANCIAL HELL ON EARTH.” Money secrets are devastating. Unhealthy family money attitudes can be disastrous. Money problems in a relationship can be the beginning of the end.

PRACTICAL APPLICATION: Get Real and Slam the Debt

It’s helpful to choose a partner whose money style is similar to yours. I am really lucky, el carino and I have very similar money habits. Neither of us is extravagant nor strives for extravagance. I probably shouldn’t tell you this, but…. since our 5^th month together, I have handled almost all of the financial matters (not all the decision-making of course) for the family, and that has worked out really well for us. Obviously, I am not recommending this alternative for others, but it’s suitable for our family.

PROBLEM 3: MONEY & RELATIONSHIP TROUBLES

Lack of communication in money matters is a big problem. So is a difference in money attitudes. The problems that arise from money secrets and mismatched money attitudes can be corrected.

SOLUTION:  

1. Discuss money issues with your potential or current partner.
2. Come clean. Lay it all out on the table.
3. Together, list your debts and spending secrets, even though it is hard. If you can’t do it alone, see a counselor or Employee Assistance Program (EAP) specialist (through work).
4. Schedule money talks regularly.
5. Make an agenda and list you financial issues.
6. Devise a plan to get rid of credit card debt.  Stick to the plan.
7. Make a budget or spending plan.
8. Find a middle ground for spending & saving that works for both of you.
9. Look for low cost alternatives for the spendaholic; a new CD instead of a new MP3 player.
10. Check out Oprah’s Debt Diet. After all, isn’t Oprah known for access to the best of everything?
11. Start small, make a small money goal to start. Then reward yourselves with a “free” prize. i.e. a picnic in the park, a TV night without the kids, listening to music together, use your imagination….

Compromise, compromise, compromise 

ACTION STEPS:

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

•  Continue to talk regularly and honestly about your money problems.
• Motivate each other to spend less and look for ways other than spending to enjoy life.

Overcome a Passion for Procrastination (in dealing with financial matters)

“Procrastination is like a credit card: it’s a lot of fun until you get the bill.” Christopher Parker

This young actor hit the nail on the head! Avoiding and procrastinating seem fine, for a while. Later- the price you pay for procrastination is quite HIGH. Charge away with the credit card; if you don’t have the cash to pay it off every month, you are walking on a treadmill of pain.

MAIN TOPIC: Behavior is Everything-Avoid Financial Procrastination

This article is the second in a series relating poor money behaviors with stress. The topics are inspired by an article entitled Emotions, Money, & Financial Stress by Nancy Losinno, published at the US Department of Energy, Brookhaven National Laboratory website.

Procrastination is an evil and insidious behavior. It starts out benign and continues until it ruins everything it touches. Our summer guest Juan, discovered the problem with procrastinating the hard way. When he got his first credit card Juan checked on the balance on line, charged a few things, and didn’t pay the bill the first month. OK, not too much of a problem. But the reminders to pay came, and JOSE ignored them! Avoidance is procrastination’s ugly brother. He pushed the card out of his mind. It seemed too “complicated and difficult” for him to deal with. 

Lo and behold, the second month, after not paying the bill, his card was refused at a merchant. It disturbed Juan, but he quickly put it out of his mind, with an explanation to himself, “there must be something wrong with the card, I’ll worry about it later.”

After several months of non-payment, Jose racked up late fees and finance charges equal to his original balance. But he didn’t notice as he continued to procrastinate and avoid dealing with his bill. 

Juan had the money to pay the bill, but continued to avoid paying because it seemed complicated.

In our efforts to get Juan on track, we walked him through the payment process. 

Total time spent paying the credit card bill online: 15 minutes

Total late charges and fees: $125.00

 

Unfortunately, the story does not end here. After paying the bill in full, he attempted to use the card to pay for his summer school tuition. THE CARD WAS DENIED.

All of this stress and expense, not to mention potential damage to his credit rating, occurred because he PROCRASTINATED. 

PRACTICAL APPLICATION; How to Combat Money Procrastination 

Money is a great big mystery and secret for many of us. There are couples who don’t talk about it, overspend, don’t tell their partners what they buy, etc. Individuals use shopping as therapy and then PROCRASTINATE dealing with the bills. Overspending is bad enough, procrastination in dealing with the spending is worse.

PROBLEM 2: PROCRASTINATE handling money matters.

PROCRASTINATION in paying bills leads to problems; poor credit, debt, and stress. Just like other unhealthy behaviors; eating junk food, lack of exercise, money procrastination can be turned around.

Begin changing the PROCRASTINATION HABIT & reduce money and life stress.

SOLUTION:  

1. Be honest and ask yourself: “HOW HAS PUTTING OFF DEALING WITH FINANCIAL MATTERS WORKED OUT FOR ME?”
2. Schedule time on your calendar to deal with money stuff.
3. Make an appointment with your partner to talk about money.
4. List your debts.
5. Put every bill in a basket near where it is to be paid.
6. Pay bills 2 times per month or better yet, arrange to have regular bills taken out of your bank account.
7. If you miss a payment, do not compound the mistake by “ignoring it.” Call the merchant, and inform him that you are paying immediately, then DO IT.

New habits do not occur overnight. Habits are developed over time with regular practice. Day by day, rehearse these “solution steps.” When you catch yourself slipping back into the “passion for procrastination”, immediately, correct course and go back into action.

DO A MONEY TASK TODAY and reduce stress.

Stay tuned for part 3: Money & Relationships-Make it Work!

ACTION STEPS:

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

• Make a “MONEY to do” list of tiny action steps.
• Do one difficult money task each day.
• PRACTICE dealing with the bills even though it is unpleasant.

 Write in a talk about how you tackle the insidious passion for procrastination.

Image credit: [j]t

YAKEZIE SHORT CARNIVAL:

Check out these personal finance articles by talented Yakezie writers:

This 1 Question Will Change Your Spending Habits at Financially Poor           

Save on Gas-11 Extreme Tips at Car Negotiation Coach             

Is it OK to Splurge When You’re in Debt? at Cool to be Frugal