I’ve been toiling in the recesses of my home office working on several projects. One is on the precipice of coming to fruition after several years in the making. During the past few years, there were many times when I wanted to quit and wondered whether the project would ever succeed.

The payoff for success is in the future. Don’t fall prey to the factors that keep you from succeeding.

Lack of Direction

In the Truth About Making Money While you Sleep at Copyblogger, Jon Morrow lays out some ideas about becoming a successful internet entrepreneur.

Find folks that are doing the best job, and copy their methods. He did not say steal verbatim what they are doing, but implied that it’s not necessary to reinvent the wheel to become successful. He also didn’t suggest that everyone can do it, it’s easy, or quick. In fact this guy comes across as genuinely knowledgeable and interested in helping others become successful.

According to Morrow, “Your blog post isn’t just a blog post. Your podcast isn’t just a podcast. Your video isn’t just a video.

They’re components of a system.

If you’re not getting any results from it, it’s not the media’s fault. Blog posts and podcasts and videos and any other media can and will create sales …

… but only if the system wrapped inside the media is effective. If the system sucks, the result will suck, and the flashiest and most whizbang media in the world won’t save you.”

Define your path. Ask those you admire for feedback. Look around at others who are making their mark. Become inspired by their accomplishments and learn from their work. Charles Richards, author of the Psychology of Wealth recommends reading biographies as a method of learning from the best.

Fear of Selling

Morrow lays out the importance of sales and marketing in whatever you do. You may be the greatest employee in the world. You might have the most awesome website ever. You may be the next Adam Lambert……But if you don’t sell and promote your product (yourself), you will languish in obscurity forever.

Don’t fool yourself into thinking that if you do a good job, your product will sell itself. Look at Geico and it’s omnipresent lizard. That company is highly successful, yet continues to put it’s product out at every opportunity. Learn from successful businesses. They are successful because they are constantly reminding you about how their products can make your life better.

Lack of Branding

When you build your own brand, you have no competition. Think about Trump, Oprah, Prince, or Springsteen. Their products are amazing and their brands are unique. Sonia Simone of Copyblogger encourages bloggers to hone and exploit their unique contributions. It may take a bit of time and thought to nail down what you bring to the table. Realize that you have a unique contribution.

I’m shocked and impressed that in my endless pursuit of home decor perfection, I come across Martha Stewart’s products everywhere, from Home Depot, to Michael’s, and Target. Is there any store she hasn’t conquered? She is the epitomy of branding and marketing.

Figure out your essence and market it well.

Quitting too Soon

Decades ago, I sold real estate as a profession. I continued for two years. The first year was a learning year and by year two I was selling a home a month. And this was during a time period with very high interest rates. I didn’t realize how well I was doing. I was frustrated with the high interest rates and I quit.

I went to seminars and studied sales and real estate marketing. My trajectory in sales was outstanding, I just didn’t realize it. For the short time in the business, I did exceptionally well. Had I stuck with the field a few more years and  as interest rates fell, I’m confident my sales would have continued to grow.

I learned an important lesson. Success and accomplishment take time. If you quit too soon, you don’t allow yourself the opportunity for success.

Success Strategies

• Be clear about your goals. No one can do everything. Choose one or two paths on which to focus and put your energies into your top priorities.
• Practice talking about your ideas and projects positively and concisely. The more you acclimate yourself to self promotion, the easier it becomes.
• Identify how you want to be regarded. Are you the go to guy on buying a car? Are you the woman that knows everything about investing? You cannot be great at everything. Be clear and consistent on your message and develop BRAND YOU.
• Keep stepping toward your goals and remain positive. The negative self talk is just around the corner. Beat it down. At night, when I’m tired, the self doubts come up. Recognize the negative thoughts for what they are and don’t overweight their importance.
• Continue pursuing your goals and look at a setback as an opportunity to rededicate.

Success is much more than money. So much of the joy of life is in creation and process.

Success is not in arriving, but in the journey.

Can’t Get Enough Success?

• 100 Words on Why it Pays to Never Give Up at Len Penzo dot com
• S & P 500 Calculator at Don’t Quit Your Day Job (will help with Investing Success)
• How to be Successful at Lazy Man and Money
• How to be a Successful Freelance Writer by Miranda Marquit, at Good Financial Cents
• How to Be Successful Without Really Trying at Forbes
• How to Be Successful When You Can’t Plan Ahead at Lifehack

Barb Across the Blogosphere

• Investing Blog round-up at Oblivious Investor
• Emily’s List; Mothers Day Edition at Credit cards.com
• Tax Carnival At Don’t Mess with Taxes
• Carnival of Financial Camraderie at One Smart Dollar
• Best Money Tips, by Ashley Jacobs  at Wise Bread
• Carnival of Personal Finance at One Cent at a Time

How do you conquer your success blockers?

image credit; google images-clareity security

Welcome to a new guest contributor, the Broke Bytch. She is a new college grad with a minimum wage job. Enjoy her irreverent tips for saving and spending. Caveat; Her ideas are her own and I bear no responsibility for their content!

Broke Bytch Background

Like most people in their early twenties, I’m strapped for cash.  Sometimes I feel like my monetary impairment keeps me from going out and living life to its fullest.  What can you do for fun these days for free?  I’ve done my research and most articles professing solutions to a lack of funding suggest things like: reading a book, taking a walk, going on a hike, stargazing, window shopping, renting a movie from the library, sunbathing; I think you get the idea.  Well if you’re like me, you can only go on so many walks and hikes or read so many–ha! I had to stop, its too absurd, I’m out of college, please, like I read.

So I  made a list of my greatest spending categories and came up with cheaper alternatives, so I wouldn’t feel so burdened by my my financial state.

My greatest spending categories list looked something like this:

1. Housing
2. Food
3. Entertainment
4. Transportation
5. Cell phone
6. Clothes

True Confession About My Housing Arrangements and Other Cheap Living Options

First, before I begin showering you you with my unbridled wisdom, I must confess I partake in one of the biggest money-saving techniques out there:  I live with my parents.  However, if you are unable to afford this luxury, there are other solutions.

A potential option, other than cramming into a hole in the wall with twenty other roommates is to look for an in-house caregiver or nanny position. Aupair-World is a cool site to check out.

Ever considered farming? If you are flexible in where you live you could work on an organic farm or WOOF. This organization profiles farms world wide, so it’s a great option for those broke souls with wanderlust.  Other benefits of farming are, you won’t need a gym membership or sleeping aids because you’ll be working so hard doing back breaking labor.

Skip the apartment altogether and travel instead. In terms of traveling on the cheap STA travel  and couch-surfing are awesome options. In fact couch surfing is promoted by NPR, the Frugal Traveler, the New York Times, the Guardian, and Time Magazine, so it must be okay.

If you can’t live with your folks “rent free” you could even rent a room in someone’s home. All those people who got slammed by the mortgage meltdown are now renting out rooms to help with the mortgage payments. And if the family is really helpful, maybe they will even do your laundry (although don’t count on it).

What to Expect From the Broke Bytch

…Wait, wait, one more thing: as you can already gather from my previous paragraphs, I’m not exactly a short-winded person, so in order to make my mind-numbing awesomeness easier to digest for all of you weak-minded individuals, I’ve broken down my entries into manageable chunks.  Therefore my subsequent entries will be grouped as follows:

1. Food: How to not eat through your wallet, no matter how high the fiber content
2. Entertainment and Transportation: Time to wake up from your drunken stupor and get home (oh wait, that’s me..)
3. Phone and Clothes: Brrrring, brrrring, Its the 90’s calling, time to get some new duds, dude (because that is apparently how the 90’s talk)

I would like to promise a particular schedule, but I’m too busy trying to make a buck to commit. Why not pick up the RSS feed and then you’ll be sure to catch every column.

See you next time,

Broke Bytch

How do you slash living costs?

Interview with best selling author, Dr. Charles Richards, author of The Psychology of Wealth – Part 2

“For every problem, there has to be a solution.” Dr. Charles Richards

What specific strategies can one employ to stop the green monster of envy and jealousy?

Accept the idea that that there’s more than enough for everyone. You don’t have to feel that if I don’t get mine, there’s not going to be enough for me. By understanding the divergent archetypes of wealth you can conquer your inner envy.

The Archetypes of Wealth

There is both a positive and negative archetype of wealth.

The negative archetype is fear based and focuses on lack and insecurity. This viewpoint is highly competitive and constrictive. You always try to hold on to what you have. You believe that there is only so much to go around.

The positive expression of wealth is more creative, not competitive. You focus on creating what gives your life more value and more of what you want. This viewpoint employs the belief that there is more than enough to go around.

There’s not enough time to worry about beating the other guy or gal. Holding an expansive, empowering, generous, and helpful viewpoint can obviate the green monster of envy and jealousy.

This goes back to my former advice to have an ideal or goal that transcends self interest.

 What are the best 3 pieces of advice for someone who wants to be wealthy?

 Tip 1 to Become Wealthy

First, consider what you plan to do with your wealth. What is the value of the money, and how will it serve you and others?

Then, identify what you are good at and enjoy doing. Where do you excel?

Tap into your special strengths and immerse yourself in activities that are congruent with your strengths and passions. Join organizations and activities that will further your interests and contacts.

 Tip 2 to Become Wealthy

After identifying your personal areas of excellence, make a plan and write it down. It’s not enough to think about it in your mind. You must write out the steps you need to take and what you need to do to make it happen.

Review and revise your plan regularly.

Do this even if you’re not sure of how it will exactly play out.

 Tip 3 to Become Wealthy

Have the idea that ultimately you are going to be successful, if you persevere. Embrace the reality that failure is just a stepping stone to success, as long as you persevere.

For example, Steve jobs was kicked out of his company and persevered. He created Pixar, rejoined Apple, and propelled the company to amazing success, after being removed from his own company.

By making a plan, writing it down, and further revising and reviewing the plan every day, you are training yourself for success.

Wealth is doing what you love. Maintain the mindset that you will be successful. Persevere through adversity. Wealthy and successful individuals hold these attitudes.

What mental money strategies will help?

Maintain an optimistic, positive, and hopeful perspective. Know that you will find a way to make your life work and that you will find a way to bring into your life the wealth that you need.

Do not lose hope; you need to accept the challenge and find the solution. Dr. Richards reminds you that there are solutions for every problem.

Barb Recommends; Personal Finance Reading

• Money Crashers continues on the topic by explaining How to Feel Wealthy.
• Thad’s Thoughts on Decluttering-Thad has a gift for saying a lot in a few words. Check out his site.
• Wealth Informatics had me laughing out loud with her fall into internet oblivion article; Want to be More Productive? Create a Not to do List
• Hope to Prosper asks “Is Gasoline Busting Your Budget?” My response is, YES.
• Krantcents asks, Do You Want to Earn More?
• On Target Coach is echoing a concern of mine and asks you to Prepare for High Inflation.
• Miranda Marquite, at Bargaineering writes about 10 Side Businesses You Can Start from a Hobby.
• Wise Bread inspires with 9 DIY Projects from the Dollar Store.
• KNS Financial explains How to Start a Blog.

Barb Across the Blogosphere

• Findthebest Blog, Expert Blogger article-Do You Need an Investment Advisor?
• Findthebest Blog, Expert Blogger article- Factors to Consider When Choosing a Bank
• Busy Executive Blog published How to Handle a Tax Audit
• Carnival of Personal Finance at My Personal Finance Journey-Selected for Editors Pick
• Carnival of Financial Camraderie at 101 Centavos featured  58 Habits to Increase Wealth
• Carnival of Wealth at Control Your Cash featured 58 Habits to Increase Wealth
• Festival of Frugality at This That and the MBA

 How do you cope with the green monster of envy?

Don’t miss the book review (The Psychology of Wealth) and author interview-Part 1. 

image credit; google images_ chicagosean.com

“I always leave with less than I had before” The Wrestler, Bruce Springsteen

Educate, Inspire, Motivate for Wealth in Money and Life

EDUCATE

For all you rock fans out there, you know who the boss is …..Bruuuuuuuce. I recently saw his memorable Wrecking Ball concert tour performance. While I’ve been an avid listener, I’ve never seen him in  concert; what a mistake.

The boss fulfilled his self appointed roll as “the minster of rock and roll.” He reminded me that the essence of rock and roll is passion and freedom. Clearly, Bruce’s music and performances are political. He highlights social issues from racism in “American Skin”, to the current economic inequities in “Jack of All Trades”, to a call for compassion for others in “We Take Care of Our Own.”

I want to make sure that I emphasize the ethics and virtues of social justice in this blog.

Wealth is granted through service to others. Notice how wealthy you feel after giving of yourself.

INSPIRE

I resonated to the message in the music because it is so similar to what I try to communicate in this blog Educate……Inspire…….Motivate.  Through his performance, Bruce inspired me. While I’m a veteran of many concerts and live performances, I was struck by the profound generosity of his performance. He really cared that I was there. He involved me. Second, I was inspired by his presence, as he shared a bit of his story; I knew he was talking to me. Not only did I have a great time, but it was clear that he and his band mates, The E Street Band, were profoundly having fun.

So I aspire, due to his inspiration to be more giving and more present in my advice to you. I am recommitted to giving you the best wealth building tools possible.

MOTIVATE

Springsteen’s well documented working class background resonates with me. We share the sense that persistence, self discipline, and hard work are inherently satisfying. His work ethic was clearly demonstrated by playing for over 3 hours nonstop, despite near exhaustion at the end. He committed to giving the concert goer more than she paid for. His passion for serving the audience was sensed by all.  Like my father, he embraces the virtue of hard work done exceptionally well. I am re-motivated to improve my own work practices and meet the needs of those I serve.

 Where do you get your inspiration?

Barb Across the Blogosphere

• Wise Bread featured 58 Habits to Increase Wealth
• Hope to Prosper included my article on Why I usually do my Own Taxes
• Read my latest Benzinga, Brain Trust post; Trend Watch: Traditional Retail is Dying
• Carnival of Financial Planning at Thriftability promoted You don’t need an IRA; There’s always Social Security
• Krantcents Included my 58 Wealth Tips in his Friday Night Likes

image credit; google images blogs.ajc.com

Google Can Help You Out; For Free

When my world is organized and in control, I am happy. When things are in chaos, not so much. I just got caught in one of my periodic urges to create organization in my world. Read about my light bulb moment to create order out of chaos.

In reality, a sense of wealth has very little to do with money and everything to do with intangibles. No matter your stage in life, wealth is obtainable. For me, organization creates feelings of contentment and control. Actually, research has shown that feelings of control lead to greater life satisfaction.

I’m trying to create “systems” that simplify my life and keep me from going off on hours long trips into the mania of focus on the unimportant.

Have you ever found yourself sitting down for  a quick email check only to look up 2 hours later and wonder where the time has gone? That’s exactly what I am trying to avoid!

FREE AND EASY ORGANIZATION TIP

I’ve heard folks talk about evernote. I probably even have an account there. I also tried other online organization systems. At home, I have so many notebooks and scraps of paper floating around, I could wallpaper a room. Then of course there are the numerous folders, binders, stand up files, and stackable files. You would think that with all these cool tools, I would have the organization thing totally under control. Not really.

This morning I had a brainstorm.

What about GOOGLE DOCS?

Before you run away screaming, “I already have Google docs.” Check out the depth of functionality of this application.

According to the Google Docs page here are a few benefits ;

“Faster, real-time collaboration
Edit documents with others and see changes as they type.

Import from the desktop
Easily move documents between desktop applications and Google Docs.

Online word processing
Margins, indentations, tables, footnotes, comments and much more.”

This morning as I was trying to clean up the house, as usual I came upon a bunch of notes written on scraps of paper. The topics varied from blog building ideas, blog article ideas, names and phone numbers, and tips on how to refinish furniture. That’s when the light bulb went off! Create documents for each of the general types of information. I already had a “contacts” spreadsheet going in google docs, so I just input the names and phone numbers there. Next I started a doc for home repair and decorating projects for the furniture refinishing idea. The blog stuff was added to existing “blog building” and “blog post” ideas docs.

No, Google is not paying me for this article. In fact, I’m not even sure if Google likes me or not.

In addition to the documents feature, they offer spreadsheets, presentations, drawings and forms.

USE GOOGLE SPREADSHEETS FOR EASY ACCESS TO FINANCIAL RECORDS

I use the spreadsheets a lot. They are a bit tricky at first, especially if you are accustomed to Excel, but after awhile, they become easier to navigate. What I really like is collaborating with others and access from anywhere. I work everywhere these days; library, coffee shop, laptop on the patio, and even desktop (yea, I’m one of those dinosaurs).

Since I maintain my personal and corporate financial records on a secure desktop in my home office, it’s nice to upload non-sensitive financial spreadsheets to Google docs. For example, all of our personal investments as well as our family asset allocation are on Google spreadsheets. That way, if I want to complete a quick Morningstar analysis on a stock or fund, or view our asset allocation, I can do it from anywhere. I keep notes on my latest fund and stock research as well.

But I didn’t stop there. My list of google docs was getting long and unwieldy.  That’s when I figured they must have a way to categorize, kind of like a file cabinet for all of my varied information.

HOW TO SET UP A GOOGLE COLLECTION

Setting up a collection is Google-speak for organizing your information into files. Instead of writing my take on this organizing topic, I stole Google’s explanation verbatim;

 ”Create a collection

 Collections are a combination of the best features of labels and folders. A file can have multiple collections, much like the labels in Gmail. Collections can also be stored hierarchically, like folders on your desktop. In addition, collections can be shared.

a version of this article was originally published on March 24, 2010

“I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time.”
Charles Dickens

Who can argue with such an accomplished man as Charles Dickens? Develop habits for wealth and greater contentment will follow.

How Many of These Habits Do You Practice?

It is widely believed that small changes, practiced regularly, lead to out-sized results. Many great accomplishments began with tiny actions, implemented again and again. There’s research supporting the financial and personal benefits of quite a few of these habits.

Remember, wealth in life goes beyond money.

PRINT OUT THESE WEALTH BUILDING HABITS

1. Get married
2. Stay married
3. Get a college education
4. Get to work early and stay late
5. Do more than is expected at work and get promoted
6. Have a side business
7. Take risks
8. Learn from your mistakes
9. Try something new
10. Contribute regularly to  a ROTH IRA
11. Contribute to a work retirement account
12. Be patient
13. Be disciplined
14. Eat out infrequently
15. Transfer money regularly into a savings account
16. Invest regularly
17. Order water only with meals out
18. Drink alcohol infrequently
19. Avoid extravagant and ostentatious people
20. Live in a low cost region
21. Buy a modest home
22. Keep your vehicle 10 years or more
23. Take the stairs
24. Exercise regularly
25. Bring lunch to work
26. Maintain your possessions
27. Spend more on needs-less on wants
28. Drink water
29. Eat more rice, beans, potatoes, and peanut butter
30. Buy fruits and vegetables in season, canned, & frozen
31. Trade walking for driving when you can
32. Pay your credit card bill off in full every month
33. Give your kids more time and less things
34. Don’t equate net worth with self worth
35. Use the library
36. Compare prices
37. Designate part of every paycheck to saving &/or investing
38. Do not pay to have a check cashed
39. Learn a new skill
40. Get an advanced degree
41. Give to charity
42. Write down what you appreciate and value in life
43. Enroll in a work retirement plan
44. Put all investing dollars into unmanaged, low cost, index funds
45. Start saving and investing NOW, no matter how old you are
46. Take up low cost recreation and hobbies
47. Want less
48. Ask for a raise
49. Eat less meat
50. Think less about money and more about living
51. Buy I Bonds and Treasury Inflation Protected Securities (TIPS)
52. Never compare yourself with those above you
53. Spend time with nature
54. Own a pet
55. Don’t pay full price
56. Set goals
57. Review your goals regularly
58. Make time for fun and relaxation

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 goals, thoughts, activities, and plans.

• List several “new” wealth habits from the list to try this week.
• Add some of your own “wealth habits.”

 Can’t Get Enough Wealth Habits? Read on;

Family Money Values writes Develop Healthy Wealth Habits

Get Rich Slowly hosts a guest post by Dough Roller in Understand the Seven Habits of Wealth

CNBC highlights The Highly Effective Habits of Millionaires

Eventual Millionaire offers insight into Millionaires Mind in the podcast

For WEALTH TIPS (click here) delivered occasionally to your inbox, sign up for my newsletter; and get a Free bonus Ebook, 20 Minute Guide to Investing. I promise, no spam.

How Dependence on Others’ Opinions Can Hurt You

“Do not look for approval except for the consciousness of doing your best.”
Andrew Carnegie

I grew up with the message that being popular was really important. Mind you, my parents were both hard working, intelligent, attractive, and successful. They had plenty of friends and activities. Why then did I incorporate the message that popularity trumped all?

Although I like to blame others for my failings-just kidding-I believe in taking personal responsibility (just like Len Penzo), I somehow got the message that hard work, intelligence and productivity were important, but popularity ruled! In my ignorance as a young person, I took these teachings to mean that what others thought of me was supremely important.

Approval Seeking Behavior is Unhealthy

Looking to define oneself by what others think is a sure fire road to insecurity. It leads to lack of confidence. You can’t control what others think of you. In reality, some folks are going to like you, while others won’t. So if you focus on getting others to like you, you’re putting effort into something you cannot control! A perfect set up for unhappiness.

Here’s how you may unknowingly be wasting time on this unhealthy addiction;

• Do you change your personality to suit who you are talking to?
• Do you hide parts of yourself from certain folks?
• Do you nod in agreement with statements you blatantly disagree with?
• Do you dress to please others more than yourself?
• Do you value others’ recommendations and opinions more than your own?
• Do you question yourself when others disagree with you?
• Do you believe harmony is more important than honesty?
• Do you frequently feel as though you are not true to yourself?
• Do you melt in the face of criticism?

You Want to be Liked; So What?

The problem with striving for approval is that it is unattainable and you are wasting precious resources on behavior and activities that could be better spent. Whenever you act in ways that are incongruous with who you really are, you are chipping away at your self worth.

No one else can define you.

Define yourself, be true to what you believe and you will feel wealthy!

Action Step

Make a commitment for today to be your true self. Don’t act to impress others. Be genuine.

Write in and let us know how it works out for you. Do you feel better and more in charge?

Can’t Get Enough on Approval Seeking?

Wealth Artisan writes Stop Caring & Stop Seeking Approval

Life with Confidence instructs How to Break Approval Seeking Behavior

Barb Across the Net

Check out what I’m writing at a few popular sites;

Benzinga; Economic Labor Problems for the Young

Findthebest; How to Get Ready for a Tax Audit

Recent Carnivals and Mentions;

Carnival Of Personal Finance at Nerd Wallet

Free Money Finance; Star Articles

 How do you conquer the approval seeking demon?

image credit; google images-dazzlingmagic.com

]]> http://barbarafriedbergpersonalfinance.com/approval-addict/feed/ 29 http://barbarafriedbergpersonalfinance.com/forget-about-economy-live-rockin-life/ http://barbarafriedbergpersonalfinance.com/forget-about-economy-live-rockin-life/#comments Tue, 10 Apr 2012 15:02:12 +0000 Barb http://barbarafriedbergpersonalfinance.com/?p=3252

Bankrate wants to Know; HOW ARE YOU DOING IN A DOWN ECONOMY?

Read my entry into the KissMyAssets Contest!

Read my entry into the KissM

Here’s my advice for living large in a down economy. FORGET ABOUT THE ECONOMY; LIVE A ROCKIN’ LIFE.

My family and I are living an amazing life in this down economy, learn how you can too.

The News is for Entertainment and Sensationalism

Don’t even think about the news, or the dour talking heads on your TV. You are the master of your own destiny. Life and success transcend money. Whatever your current circumstances, you have ultimate control over your greatest resources, your time and your mind.

To get you started, here are a few ideas that I’ve employed to create an awesome life experience in spite of a down economy:

1. Spend a few minutes with that gratitude journal and write down the gifts you already have in your life. Don’t sigh, I know this is quite “Oprahish”. This strategy is a sure fire mood booster. You are already living better right now than royalty of the 1800′s. The luxuries of microwave ovens, computers, cell phones, indoor plumbing, electricity, video on demand, and more make our lives spectacular.

2. If you have friends, you are already wealthy. For wonderful fun in a down economy, gather a group together for a cheap and fun filled gathering. We love potlucks with games both indoors and on the field. Try some touch football, soccer, charades, Taboo, or Wii tournaments. Low cost, high energy fun. Plus, record the event and make a memory that will last.

3. When cash is low… travel. Take a bus or train to a neighboring town and visit the free parks and museums. Pack a picnic lunch and feel like you are a million miles away. Last week end we traveled to a nearby city and wandered through the streets and city parks. It felt like we were in another world and we came home refreshed and invigorated, all for the cost of a train ticket.

4. Finally, prepare yourself a gourmet cup of tea or coffee at home. Sit by the fire or the heater, curl up with a good book and indulge in a break. Allow yourself to recharge and reinvigorate yourself by carving out some personal time.

What Goes Around Comes Around

Economic conditions are cyclical. Great economies are followed by downtrends, and ultimately things get better. We’ve found it a challenge to enjoy ourselves during a down economy. And I am certain that things will turn around in the future. They always do.

Barb Across the Web

• Moolanomy highlighted three of my articles in his posts; How to Communicate with the IRS, Alternatives to Investing in Low Yield CDs,  and Haggling to Get a Better Price.

How are you coping in a down economy?

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

Random Musings about Happiness

When you’re done here, stop by  The Digerati Life and read my article, Buying Bonds? Effect of Interest Rates on Bond Value and Yield

I talk about money too much. First, I teach an Investments Class at a local university, main topic; investing to make more money. Next, I am a professional portfolio manager, main duties; managing investments to make more money. Finally, I’m a personal finance blogger, goal; to teach wealth building strategies.

When Money Talk isn’t Enough

I pepper my financial topics with values, life, and leisure and focus on “wealth in life“, which is not about money. Life is so much broader and richer than amassing dollars (euros, GB pounds etc.). So for today, I’m going to ramble about other things in that make life richer which have little to do with money. Included in this ramble is breaking research about how your emotions and feelings impact your life.

Work Less

My family has accused me of working too much, and they are right. The interesting dichotomy is that sometimes working less, yields greater productivity. Take a break, go for a walk, and come back totally inspired. Go to the mall, a park, or a coffee shop and free your mind. For me, the results are a certain calm and renewal. (Okay, the mall might be a bit of a stretch ).

Improve Your Emotional Well Being

A recent Newsweek article, The New Science of Feelings, explains “Research finds the neural basis of your responses to life-and how you can change them.”  

The takeaway from this article was that emotional style comes from certain regions of the brain. The elements of emotional style including resilience, outlook, self-awareness, social intuition, attention, and sensitivity to context can determine how quickly you bounce back from advertisity, your overall outlook on life, how successful you are and your overall level of happiness. And these emotional tendancies are not stable, but can be changed. That is the shocker. Apparently, mindfulness meditation can help improve your emotional style and even help one recover from depression.

Focus totally and completely on the task at hand, and your emotional state can improve. Is this the secret to happiness? Probably not, but it is a start. Consider the research on resilience stating that those who bounce back from setbacks are better equipped to deal with life than those who don’t. One of my personal strategies is to pull my waundering mind back to the task at hand! This helps control the worries and what ifs.

Prioritize Pleasurable Activities

Don’t be afraid to have some fun, devote yourself to a hobby or pleasure. I gain tremendous satisfaction from art and design. A years subscription to a design magazine weighs in at about twenty bucks, for literally hours of enjoyment. I am still reading 5 year old magazines and enjoying them as much as the first time I opened the cover.

Stop Thinking About Yourself and Do Something for Someone Else

Think about giving back. It is really true that service offers the giver as much or more than the receiver. Don’t think in grand gestures, the smallest act of generosity can make a difference in your life and others. I’m usually uncomfortable talking about my commitment to service (does it make me sound self richeous?). Yet, I look for opportunities to brighten others’ days. Even a smile, an offer to help a neighbor, a few hours volunteering, or even just opening up your wallet can make a big difference.

One day when I was feeling down, I was at a new employee work mixer. Instead of focusing on “poor me and my insignificant problems”, I decided to reach out to the new employees and make them feel welcome. I pushed myself to reach out and focus on others. My outward attention totally twarted the “poor me” feeling I came in with.

Barb Across the Blogosphere

• Meal Plan Rescue- Reads of the Week
• 101 Centavos- Chain Posts and Post Links

What makes your life fuller?

image credit; Ayham Al-Hawi