No Limits Ladies.com

I’ve been thinking about E’s post a week or so ago. She talked about how she found it difficult writing about financial freedom after suffering a business loss.

About a year back, I went through the same thing. A business start up I was involved in flopped completely. I started questioning who I was. People would ask what I did and I hesitated before saying new business development.

This was despite having developed many successful products. Having quite a few checks in the win column.

(BTW… I keep a win file for exactly times like this. Failures happen. Prepare for it.)

It wasn’t that I have never had a product or business fail. I’ve had many. I will have many more. You see failure is a part of any businesswoman’s life. Just as losses are a part of any investor’s life. Its part of the game.

But it hurts and it makes me feel like a failure. Like I’m alone in my failure. Like everyone is doing everything right except for myself.

That’s why I feel it important to talk about losses. To blog through failure. To admit when I’ve held a stock too long or broken one of my own rules. I joke about making my mistake of the day (actually this isn’t really a joke), about not being the sharpest pencil in the box.

Because you shouldn’t expect more from yourself. I often say that if you’re perfect, you’re playing it too safe.

And you’re not alone.

Seth Godin recently posted about his choice for a job of the future. That is, Online Community Organizer. “Somebody to create and maintain a virtual world in which all the players in an industry feel like they need to be part of it”

What does he see as the skill requirements?

- An understanding of technology
- An ability to write
- An understanding of the market
- Outbound selling
- Non-electronic communications
- Being able to mange huge amounts of inbound correspondence
- Reject trolls while making great customers feel welcome
- A willingness to try new things
- Self starting
- And a talent for measuring

Many of the softer skills that women handle oh so well (think of it as an online hostess). I think that this is an area that we, women, can excel and add value in quite easily. We’re accustomed to multi-tasking, to putting other people’s needs (in this case the customers) first and to being tactful (okay, not me, I’m about as tactful as a sledgehammer and yes, I have no patience for building communities which is why I partner with E).

E has great experience in this field, being a moderator for the Rich Woman community (which is a place to get some experience).

Jon over at ArtOfMoney.org has a great little contest.
Leave an answer to the question

What’s the one thing that limits or prevents you from reaching your goals with your efforts to earn money online?

in the comments and not only could you get a solution but you could win a DVD "Earn An Income By Creating Your Own DVD."

Hurry though. Contest closes tonight.

Today, I'm loading up my little guys and heading up to Flagstaff AZ for the day, where we will watch the NFL Sponsored Youth Football Clinic and then check out the AZ Cardinals Football team as they begin conditioning.

I am neck deep in football right now...and loving it!

Did I mention I am playing fantasy football too? Yes, going going gone are the days when I could honestly say, "I don't know much about football, but I know a tight end when I see one."

I haven't always been this way. I am a woman on a mission- to build and promote my next business! (No it isn't an NFL team, yet...) I have been busting my bootie to learn what I can about online business, SEO, etc. as well as ways to promote the site offline, which I am much better at.

I'm going to share more about what I'm learning and what I'm doing. It may not be exactly by the book, and who knows how it will turn out, but maybe "watching" me, some of you who have been flirting with the idea of starting your own venture will be inspired to do so. (Thinking, I can't do worse than that No Limits Lady... )

So, no fancy name, like our More Money Mondays, and Frugal Fridays, but Saturdays, I'll report on what I've been doing to build and promote AZ Super Bowl Blog.com!

I try to be frugal with all my resources, not just money. That means saving time, people power, worry and yes, water.

In my area, with the summer comes the usual water shortages. To help alleviate that, I have a few tricks that I use.

1. I plant hardy plants. I’ve talked about my inside plants being able to go for a long time without watering, but that holds also for my outside plants. What does that mean? Usually it means landscaping using native plants.

2. I reuse water as much as possible. My washing machine empties into a basin so I use the second rinse water from the washing machine to hand wash clothes (note about detergent, if there are bubbles in the second rinse water, you’re using too much). I also use pasta water to water my plants with (might be why my mongo jade plant has such large leaves.

3. I wash in cold water. This is a trick that my family has passed down over the generations (we all have young faces though ironically our hair goes prematurely gray) and that I hear French women use (to keep their boobs perky despite going bra-less). Instead of waiting for running water to warm, I wash my face in the cold (I don’t have the guts to wash my body in cold).

4. Of course, the usual, operate dishwashers and washing machines when full, repair any leaking faucets or pipes, or toilets (one toilet used to flush randomly, it was the strangest thing but we switched the handle and stopper and no more ghost flushes).

Charlotte Perkins Gilman:

"A house does not need a wife any more than it needs a husband."

(on the term "housewife")

One year ago today, Kimber and I launched No Limits Ladies! Building businesses and investing in order to be financially independent has been our passion. We wanted to create a place where we could share what we have learned, as well as connect and learn from other women as well, inspiring us all to press on to our financial goals and not set any limits on ourselves!

NoLimitsLadies.com was co-founded by both Kimber and myself, Erin (aka Prlinkbiz). Kimber and I met through an online business and investment forum nearly three years ago. Although we have become good friends, we have actually only met once during that time! She was already financially free when I met her, and I had just made that shift when we launched NLL.

We felt that we had a unique message to share with women and unique voices to share it with. So, NLL was born!

We hope we have encouraged and inspired you, as well as provided and pointed to resources that will help you on your way to financial independence!

We look forward to this next year of NLL being even better! We'd love to hear from you! Cheers!

(Check out other cool birthday cakes!)

Some of the other sections done well in the free eBook (available at www.womensretirement.org ) titled What Women Need To Know About Retirement, are the ones on Social Security and Medicare.

Social Security

Personally, I don’t plan on any government assistance with my retirement. Today according to the eBook, “If you earn above a set limit, you lose one dollar in Social Security benefits for every two dollars over the limit.” The limit for 2007? $12,960.

So give me an annual income of $38,880 (without any sheltering) and I get nothing. And that’s today, before the big baby boom population retires.

Actually for women, I would never count on social security (think of it as a bonus). The calculation (an average of 40 years of employment income) works against people wanting to take time off to raise kids, look after elderly parents, try their hand at a start up, etc.

The other key learning I got from the Social Security section was that if a woman was married for 10 years plus, got divorced and didn’t remarry, she’s entitled to a spousal benefit. Not that I plan on getting divorced (or not having my social security clawed back).

Medicare

I’ll be honest and admit to not being up to speed about Medicare. I didn’t realize how many different programs there were. I didn’t realize that no long term care (senior citizens residences) is covered by Medicare.

Long-term care insurance, my financial advisor insists, is a must for anyone with wealth. He advises to seriously consider obtaining some when I reach my 50’s.

The irony is that the two sections done the most comprehensively in the entire eBook (Social Security and Medicare) are a) most likely to change significantly by the time folks now in their 30’s retire and b) won’t apply to anyone taking action on their finances in their 30’s.

Still a great reference for those of dealing with financially at risk parents.

"I believe the key is for women to not set any limits".

Okay, after being a bit harsh on the free eBook yesterday (available at www.womensretirement.org ) titled What Women Need To Know About Retirement, I thought we’d discuss some of the great chapters within.

One of those chapters is When The Unthinkable Happens: How To Make Financial Plans For Unexpected Events. The authors give a general checklist of areas a woman should look at to disaster proof her finances and then some specifics on two common “disasters” widowhood and divorce (why disability is not included, I don’t know).

The first steps that all women should take (see the book for more details) are;

1. Maintain files of basic financial information
2. Have your name on the checking account
3. Establish and maintain good credit
4. Assess your insurance needs and buy enough to protect yourself
5. Create and agree on a will for you and your spouse or partner and
6. Save, save, save

Sounds basic, right? Yet many women haven’t taken these steps. I know women who do not have their name on the family checking account or even on the family home. Yes, in this day and age, this happens. I know women without a separate credit card (so no solo credit – if the hubby gets sued, the family doesn’t eat). I know women whose husbands manage all the finances and don’t even know what branch the family banks at.

This isn’t about “in case” of divorce. I’m happily married. I plan to be happily married my entire life (its been 15 years so we have a good shot at it). Yet I maintain separate credit and even have a separate bank account. Why? Because putting all our financial eggs in one basket (carried by my hubby) would put him and I at risk.

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Louise Otto:

The history of all times, and of today especially, teaches that ... women will be forgotten if they forget to think about themselves.

The Heinz Family Philanthropies and The Women’s Institute For a Secure Retirement have put together a free eBook ( www.womensretirement.org ) titled What Women Need To Know About Retirement. We were told that at “its core, it provides readers with a blueprint to both get started planning a retirement and to grow that investment.”

Really.

First off, there are some great parts to this eBook. The coverage of Social Security programs is comprehensive. The bit on planning for the unthinkable (widowhood, divorce) is also informational. This makes the free eBook well worth reading. I’ll be covering those sections briefly on Wednesday and Thursday.

However, if you’re looking to plan a retirement better than what the government provides for you (which ain’t much) and you want to grow this investment, this eBook won’t help and might actually hurt you.

Real estate section? None (if you exclude the advice to pay down your personal mortgage). Entrepreneurship? Not even mentioned. Stocks and Bonds? Eleven pages warning investors away from individual stocks and recommending index funds. Index funds are set up as being “safe” (which they are not). Dividend paying stocks? Glossed over. Financial advisors? Talks of vested interests, products not being the best interest, hints of advisors who charge commissions being bad (by saying they are not necessarily bad, readers automatically get the impression that they are).

I also got the impression that this eBook was targeted at the majority. In other words, the “Two-thirds of all working women earn [ing] less than $30,000 a year in jobs without pensions.”

Want a better financial outlook? Read something else.

Coco Chanel:

A woman has the age she deserves.

More women's quotes here...

I’m hoping E will chime in on this one! Since she’s car flipper extraordinaire.

Most of us don’t think twice about hiring a real estate agent when we want to buy or sell our houses. Sure, it costs money (a percent of the sales price) but it saves us time and often money. Plus I don’t know about you but I don’t feel comfortable about selling my own house. Not as comfortable as someone who buys and sells houses everyday.

So why do we try to sell our own vehicles? Granted the selling price is lower but then if a broker were paid the same 3% of the selling price, the commission paid to a broker would be lower also. It would save the hassle of doing all the work ourselves, learning how to take a great car photo, which features sell, where to post ads, what to tell prospective buyers, etc.

Are you thinking…hey, I already know all that? Then maybe becoming a car broker is a source of additional cash you could look into. The key to this position, as are many more money Monday opps, is sales. Ya gotta be good at sales. Ladies, that is the one skill set that I would encourage you all to obtain (and yes, it can be learned).

Now, you’re likely thinking…what’s the difference between this and a regular car saleswoman? Bascially…the lot. Clients are one offs, not walk ins. Which means that you control who you deal with and where you deal with them. A little bit more flexibility.

Kimber over at Client K has a great post about the three steps of truth:

"First, it is ridiculed.
Second, it is violently opposed.
Finally, it is accepted as self-evident."

Our friend Millionaire Mommy has a great fat-free recipe for success, wealth and happiness! (I add lots of extra humor to mine...)

I had to laugh at Rich Minx post on seven signs you have lost your blogging mojo.

I have to admit my blogging mojo has been down. I told Kimber it's hard to write about financial freedom after suffering a business loss this summer that set me back, and I've been hustling to recover that. I feel like what do I know?

I know that I can learn from my mistakes and figure out how to do it better or different next time.

I know that I know how to bootstrap and build a business, which is what I am doing, and I can share that.

I know that if we can't admit our mistakes and losses and everything always has to be pretty and perfect, we're never going to learn how to be real and accomplish what we want- which is financial freedom.

So cheers to all your ladies who keep pressing on, no matter what your plan (mine is building businesses to throw off cash to invest with), don't let bumps in the road set you back!

"If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed."

— Edmund Burke: Statesman, political theorist and philosopher.

There’s a reason that vendors happily pay fees to credit card companies (you did know that the credit card companies get a percent of the purchase price, didn’t you? Yep, so when you feel guilty about paying your balances off in time, and not paying interest, remember that the credit card companies get paid, just not as much, greedy…) and that’s because when customers use debit or credit or even gift cards (any type of plastic), they spend more.

We spend more and if we spend it at a fast food restaurant (the industry prefers the term “quick service”), we eat more. A new study shows that people using credit cards at fast food restaurants spend 30% more.

I don’t know about you but I certainly don’t need to eat 30% more. All that more is decreasing our net worth and increasing our waistlines (or in my case, my butt).

The hubby and I have a rule. We never use credit cards to pay for consumables. That comes out of our cash allowance. Gas for the car? Cash. Food for our bellies? Cash. Books I devour in one sitting? Cash. If it isn’t going to be around by the time we receive the bill, we don’t put it on the plastic.

Another benefit of using cash for all these smaller purchases is that it lowers the risk of credit card fraud. Simple math. Less transactions, less chance of fraud.

Having had a financial advisor for around 15 years (have had 2 of them), I often talk about the benefits (obviously, why else would I have one?). The most common question I get is how to find one.

I thought it was simple. Financial advisors want clients, don’t they?

Nope, I was wrong.

On May 9, 2007, I conducted a mini experiment. I contacted via email 7 of the larger firms (Raymond James, Morgan Stanley, Merrill Lynch, UBS, Ameriprise, Smith Barney, and Wachovia). Why those 7? Because they employed Hawaii's top financial advisors so I figured they prided themselves on quality service.

I’ll admit to cheating (or being honest, whichever stance you wish to take). I told the general response email addie that I was a personal finance blogger looking to conduct a super short cyber interview (3-5 general questions) with a preferably female financial advisor. This should have skewed the results in favor of the financial advisors. Free advertising, right?

Again, wrong.

At first, I was pleased. I got an auto-response email from both Ameriprise and Wachovia.

Then nothing. Absolutely nothing. Not a single email (I didn't leave a phone number). Not even, “thank you for your interest but I’m afraid we must pass”. Nothing.

So I apologize to readers. Finding any financial advisor is not easy and a good one even less so.

Oh, I was going to extend this experiment, posing as a male but…honestly, I didn’t want to know whether the responses (or lack of) would differ. One big shock to my faith in financial advisors is sufficient.

Charlie Munger, Warren Buffett’s investing buddy, in a recent commencement speech, said that “Nothing has served me better in my long life than continuous learning.” (Note: The entire speech is well worth reading)

I’ve known since I was born that my brain didn’t work like other people’s did. My memory is so bad that if you offered me a million dollars to tell you what 7x8 is, unaided, I couldn’t do it. I can’t take a chunk of information, study it for a couple hours, and then recite it. Tried all the memory tricks in the book. Doesn’t work.

The only thing that has worked for me is continuous learning. Every day, I try to learn something new. It’s usually small like a new word or a new bit of history or that hot dogs can actually light on fire if microwaved for too long (don’t ask).

But all those little bits add up ‘til someone with no memory becomes a fountain of useless information (lucky for me, with some useful bits crammed in).

Investing is a lot like continuous learning. Every day, I try to do something to advance my net worth, even by a dime (picked on up on the sidewalk today, people just throwing money around). For the first few years or so, the changes are so small, you won’t notice them. Then all of a sudden, you have money in the bank when that emergency comes up. Or you have enough to get into the more juicy investments. Or you obtain financial freedom.

Continuous learning and continuous investing, nothing will serve you better.

If we do not plant knowledge when young, it will give us no shade when we are old.

-Lord Chesterfield

Recently I paid to have my latest novel edited. Sure, the publisher could do it but I know that more and more publishers simply don’t have the time and manpower. They’ll let a “good enough” manuscript out the door without edits.

So if its “good enough” then why would I want it edited?

Because in order for me to sell it with my whole heart, I have to believe that it’s the best it can be. I’m not paying to have it edited, I’m paying for that belief. I’m paying for confidence.

One of my buddies wears her favorite black suit to every first interview. She has other suits, as nice, but she always wears that specific one.

Why?

Because that “lucky” suit gives her confidence to sell herself.

We all have confidence tricks, maybe an award displayed in our offices, or a pep talk in front of the mirror, or getting our hair styled before a major meeting. Tricks that might seem wasteful to other people.

I read comments on one blog berating a woman for getting a manicure before every major sales call. Readers called it a “waste” and “throwing money away.”

Really…

So how many deals is she going to close without that confidence trick? I can guess and that number would be zero.

Never, ever, ever underestimate the power of confidence. If you need to spend $500 to close a $10,000 deal, spend it. Even if others find it as silly as other writer friends found my editing service bill.

"The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try. Once you find something you love to do, be the best at doing it."

— Debbi Fields: Founder of Mrs. Fields Cookies.

A couple weekends ago, the hubby and I were stuck in a three hour traffic jam (two words…road works). We were road tripping so we had a small cooler full of drinks and snacks. Some people were going to the cottage so they had huge coolers full of drinks. Other people weren’t as lucky, stuck in hot cars with nothing.

So what did some enterprising people do?

They walked up and down the highway with their coolers on wheels and sold drinks…at a premium to appreciative motorists. They made a vending machine style profit (not outrageous gouging) and thirsty folks got drinks.

While growing up, my large family lived in a very small village (as in, when we moved out, they changed the population sign). Once a year, this village played host to a huge country fair.

Folks, especially city folks, would come from all around. They were looking to buy farm fresh produce and we had a farm so a micro business was born. Every year, we’d sell our extra produce at a roadside table. Folks would get their “fresh” produce (bought from ragamuffin kids) and we would get some spending money.

What is the point behind these stories?

With special events (and believe me, that traffic jam was “special”) come opportunities for the prepared entrepreneur. And by prepared, I mostly mean the thinking entrepreneur, the one looking out for opportunities.

"When life kicks you, let it kick you forward." -Kay Yow

Kay Yow received the first V Foundation Award for Perseverance at the 2007 ESPY's; her story and her perseverance is truly amazing.

Millionaire Mommy Next Door has tagged No Limits Ladies for this 8 Random Thoughts meme...

The rules are

Each player must post these rules first.
Each player starts with eight random facts/habits about themselves.
People who are tagged need to write their own blog about their eight things and post these rules.
At the end of your blog, you need to choose eight people to get tagged and list their names.
Don’t forget to leave them a comment telling them they’re tagged, and to read your blog.

Kimber posted her 8, and now for 8 random things about Prlinkbiz (aka Erin):

1. I am addicted to Fuji apples, and try to have one before my coffee each morning.

2. My house is being over-run by kittens right now...

3. My kids get upset when I clean my house, unhappily asking "What did you do!?" (And then promptly getting all their toys back out and taking over what areas the kittens haven't taken over.)

4. I bought an old Jeep Wrangler with a soft top that has no radio, so I sing Jingle Bells and other random songs to my kids for entertainment.

5. Kimber likes to spin in her kitchen, I like to dance everywhere, all the time...I suppose it would be my secret single behavior...

6. I will be thirty in September and have already been planning parties...(some of you know well that I am all about leveraging birthdays!)

7. I am a firm believer in Karma- what goes around comes around, and what you put out there comes back to you - good or bad!

8. I used to be able to say "I don't know much about football, but I know a tight end when I see one", and mean it...now I am neck deep in all things football leading up to Super Bowl XLII, and loving every minute of it!

Fab PF Blogger Millionaire Mommy Next Door has tagged No Limits Ladies for this 8 Random Thoughts meme...

The rules are

Each player must post these rules first.
Each player starts with eight random facts/habits about themselves.
People who are tagged need to write their own blog about their eight things and post these rules.
At the end of your blog, you need to choose eight people to get tagged and list their names.
Don’t forget to leave them a comment telling them they’re tagged, and to read your blog.

8 random things about Kimber:

1. Shhh...this isn't public knowledge yet (I guess it will be now) but I secured a publisher for my first business based romance! So romance readers starting May 2008 (fingers crossed) will be able to get a dap of marketing 101 with their steamy sex scenes.

2. After about 3 months without an outside contract, I start getting a little crazy (I'm at 2.5 months now, yet have 1.5 months left of writing to do before I "treat" myself and go back to corporate - readers, consider yourself warned).

3. Some kids have dogs as pets. Some have cats. Me? I had a hive of bees (I never wore any protective clothing until I got a stinger in the eyelid, my Mom freaked and after that, I had to wear the hat).

4. My first purchase of shares was Coca-Cola, given to me by the company I worked for. I still hold those shares today (I'm a bit sentimental).

5. I put drafting up my to-do lists on my to-do lists. Check!

6. My favorite part of going to the movies are the Coming Soon's. My second favorite? Spotting the product placements (Transformers was one long car ad to me).

7. If I could be anything in the world career wise, I'd still be a businesswoman (wouldn't mind a few more successes under my belt though).

8. I have no center island in my kitchen because I like to spin in circles until I get dizzy.

Whom do I tag?
http://drunkwritertalk.blogspot.com/
http://margaretmoore.blogspot.com/
http://museunplugged.blogspot.com/
http://waytogrow.typepad.com/my_weblog/
http://communicatrix.com/
http://www.nataliemac.com/ (to get her blog going)

I don’t have many regrets in life. The few that I do, strangely enough, have to do with the house (and even those I don’t stress over).

The biggest regret that I pass along to all my buddies setting up a new household is not having the core set of dishes (plates, cups, bowls) in white, pure white.

Why?

Because dishes break (sometimes, like today when I’m sleepy, often).

I had a gorgeous set of 8 (complete with serving dishes) in a floral design that I received 10 years ago when we got married. I think I’m down to about 6 complete sets (and remember we have no kids or pets…just clumsy me and the more agile hubby). Can I easily replace these dishes? No. Can I easily merge them with another style? No. I’m pretty much stuck.

White dishes, on the other hand, can be easily added to. So the trim isn’t exactly the same, no one (unless they study the dishes closely – and are those the type of people you want in your house?) is going to notice. Not only can I buy replacements but my yard sale frequenting Mom can pick them up.

What about other solid colors? Like red? Well, the issue there is that there are many shades of red so getting the right red is a challenge.

Boring, you say? Punch your table up with color elsewhere. I’m not suggesting white dishes on white tablecloths with white napkins (a little too hospital like for my tastes). Guest will notice your colorful accents more because they’re not competing with the dishes.

Searching for quotes about being frugal, to go with Kimber's Frugal Fridays, I came across Frugal For Life's Fun With Frugal Quotes (say that five times fast!):

Fun With Quotes By Frugal For Life

If you’ve been playing along at home and implementing Ursula Bauer’s killer tips on time management, you must now have a bit of wiggle room (I suggest spending a few of them reading Immortal Protector…yeah, a bit of a fan, so sue me! Actually please don’t. Nothing sucks up time like a lawsuit.) .

Lets recap

Her top 5 are;
1. Commit.
2. Delegate.
3. Delete.
4. Time-Shift and
5. Find Your Peak Time, And Work It To The Bone

So what to do with the wiggle room? That’s what #5 is all about.

5. Find your peak time, and work it to the bone. “Everyone has a time when they are most ‘on’ with writing. You can create five times as much during this period than any other time of day. Spend a few weeks to find out your time, and then put that time to use. Don’t worry if it’s 1 hour a day five days a week at 5am, or 100 words a day at midnight, if that’s the time you feel most on, it’s the time you’ll be more productive. Don’t worry about writing at other times, use them for the tasks you’ve time shifted and couldn’t delegate or delete.”

Take the word writing and sub in your specific project. This applies to every task (though times may vary). Me, I like doing my creative stuff in the morning. Bookkeeping? Late at night. Email returns? In that 2pm slump (nothing like chatty with buddies to perk me up again).

Ursula’s final (for this series, I hope she’ll visit us again) thoughts…

“Take three weeks, examine your schedule and time shift, find your peak, delete and delegate tasks, and commit to working during that peak (that means not feeling guilty when not working additional time), and you’d be amazed at what you can accomplish. It’s all about small steps taking you to that big goal.”

Buy It Now

"Money isn't everything - but it ranks right up there with oxygen." -Rita Davenport

In every interview there are short answer questions, stubbies I call them. Sometimes as in the case with my “talk” with Colleen Wainwright aka the communicatrix, these stubbies are too good, too value adding to leave out.

What is the best piece of advice Colleen has ever received?

“Never live up to your means. Also known as, "Make sure you have your f*** you money."

Over the years, I've met so many people who were miserable in their jobs but couldn't quit because of their monthly nut. And these were people with great, high-paying jobs.

It's a trap. It's just stuff, people. Like I said before, money is freedom; the lack of it, tyranny. Get down with that and it will change your life.”

Absolutely, agree with Colleen. I didn’t start my second (fifteenth?) career as a novel writer (currently aspiring novel writer) until I had money in the bank. Why? Because I knew that financial stress would suck all the creativity out of me. Some people can do and thrive on the starving artist thing. I’m not one of them.

Now, you’ve probably gathered from the last two Colleen posts that she’s a fellow project person. We project people always have something on the go, something we’re excited about. So what is Colleen currently excited about?

“I'm a huge proponent of people getting in touch with their own, innate creativity. One of my clients who feels the same way, Megan Mullally, is leveraging her name to help people do just that. We came up with this really wonderful little site called Supreme Story Program (http://supremestoryprogram.com); Megan picks a topic once a month or so and asks people to send in a story about it. We publish all of them (unless they're super-creepy) on the site.

It's just starting out and I'm telling everyone about it.”

Consider everyone on this blog told, Colleen. LOL

For more of Colleen’s thoughts, visit her blog at http://communicatrix.com

"Worry is all about the illusion of control. When you worry, you are expending energy, and it feels like you are doing something." -Tammy Cravit

I went to an investing seminar with a buddy, a financial newbie. The presenter was throwing around terms like ROI and yield and other financial jargon. Even I was getting acronym fatigue. My buddy turned to me and said “I’m not smart enough for this.”

I explained that this wasn’t an intelligence issue (I know plenty of not so bright folks, myself included, that have managed to accumulate wealth) but a terminology challenge. It’s a different language (like French or Tech-ese).

And this has been proven. A study by Jay Zagorsky at Ohio State University showed that while smart people (i.e. people with big IQ’s) usually get paid more, they don’t have a higher net worth.

So what does this mean?

The first thing, I gathered, is that higher salaries don’t necessarily translate into higher net worth. Just ‘cause you make a lot, doesn’t mean you keep what you make.

There could be a few reasons for this. Many high paying professions come with high expenses. The big money lawyer can’t wear a Wal-mart t-shirt and jeans into the courtroom. She doesn’t normally drive a Jetta. And although she can argue circles around the average person, that skill doesn’t always translate to growing her financial nest egg (I’ve tried arguing with my stock tickers, doesn’t work).

The second is that building wealth isn’t a skill that you need a larger than normal brain to accomplish. Sure, it helps to know the vocabulary and investors should study (either from a mentor or by hitting the books) but the basics anyone of average intelligence can pick up.

And if you need an example…well, I offer myself.

"I am not going to complain. I knew where the ride was going when I bought my ticket." -Tammy Cravit

Rich Woman.com is hosting a Book Study through Rich Woman, a book on investing for women, by Kim Kiyosaki. Click here for the overview and full book study schedule. Today we will be wrapping up the Rich Woman Book Study on the Rich Woman forums. Grab yourself a copy of Rich Woman, and join the discussion with other like-minded women!

Often the best way to increase cash flow is to make more money from the activities we are already doing. One of these activities for employees is the job.

But what to do when your employer won’t bump your salary up? Then its time to get creative.

One of my buddies was an analyst, one of many working for her company. Quarter after quarter, she asked for an increase. Her manager said “sorry”, she was already being paid the highest of all the analysts (a combo of starting at a higher salary, being the best, and being aggressive about asking for increases).

The thing was…my buddy was an analyst plus. The analyst portion of her job, the core part of her coworker’s tasks, was small compared to everything else she did.

Didn’t matter. She was an “analyst” and so stuck in that pay range.

So one quarter, she asked for a new title (I suggested Business Optimization Consultant) and that was it. Her manager, having expected to argue about a pay raise, was happy to oblige. His v-p, not having to pay more, was happy to oblige.

Suddenly she had broken free from the analyst pay restrictions. She waited a couple quarters and then asked for a raise. There was no other people within the company with her title. She was judged on the value she added and not on her title.

BTW…the more employees can work their titles into possible sales increasing position, the higher the salary possibilities. I had the choice of being a New Business Development Manager or a Finance Manager. I picked the first title (not to mention that I did much more than Finance).

We have to begin by wishing the fabulous Madame X a happy 2 year blogging birthday! Thanks for keeping your wallet open girl!

We also have another blogoversary ...Millionaire Artist celebrates one year!

Rich Minx has an interesting post discussing prenups called I do or I don't - a subject I think is extremely important for women (yes boys, we can make our own money too). I loved a post our own Kimber did asking do you need a prenup?

Our friends over at ShoeBoxed tell us women shop and men buy...

Ask, ask, ask is my motto - I have written about it before - so I loved this post by my friend Around the World - Ask for it! (On how zero down and great terms are there for the taking.)

I know we just talked about prenups, (seriously I'm not anti-marriage!); Our girl who is saving for a wedding always has some great practical (and fun tips), including questions to answer before you get married.

(Maybe we should have done a wedding series, seeing as 7/7/07 was the single largest wedding day in history!)

"Truth is always exciting. Speak it, then. Life is dull without it." -Pearl Buck

There's always a whole other level, and this is one of those days to think about it (I think). So many of the PF Bloggers try to figure out the basics, investing and saving to retire (basically poor). Instead, we look around at the wealthiest of the world and ask, how did they do it and what can I learn and apply to my life?

We have a new richest man in the world to learn from now: Mexican telecom tycoon Carlos Slim Helu

How did he do it?

"Slim, the son of Lebanese immigrants, has had business in his blood from his early days when he helped out in his father's shop, "The Star of the Orient."

In 1997, he bought about three percent of Apple Computer at 17 dollars a share shortly before the company launched its hit iMac computer. Twelve months later, Apple's shares topped 100 dollars. "

He grew up learning about business, invested in real estate, invested in businesses, built businesses, and continues to work doing these things - as well as giving back to others. Another example of how investing and using leverage will get you much further than saving alone.

"When in doubt, do the obvious." -Joy Browne

The hubby and I always do an annual trek to Chicago the first weekend in July.

Why?

Because that weekend, Chicago hosts the Taste Of Chicago (local restaurants offer bite sized paid samples of their best dishes from tents in the park). Along with the Taste, there’s a country music festival (where years ago, I first saw Keith Urban play, back when he was a nobody…other than one of the hardest working and most talented artists around, that is). With the other sights Chicago has to offer, these two events ensure that we’re never bored (who can be bored in the Windy City…btw…its windy due to the big promises of the politicians, not due to the weather, though one year we were there during a tornado).

Most major cities have multiple (and often continuous) festivals, parades, and other events during the summer (some year round but for snow belt cities such as New York, and Chicago, especially during the summer). Smart tourists plan around these events. Frugal locals use them as cheap and often free entertainment.

How to make them more frugal? If allowed, bring your own drinks (use the frozen water bottle trick) and snacks, then supplement with the local fare. Then instead of paying a couple bucks for water, you can spend it on garlic bread to go with that deep dish pizza.

If you’re local and plan to be sitting, think about investing in one of those portable fold up chairs. They’re wonderful for watching…say, fireworks (or Keith Urban do his thing).

"Seize the moment. Remember all those women on the Titanic who waved off the dessert cart." -Erma Bombeck

Ever told yourself “I’d like to start that eBusiness but I don’t have time?” or “I’ve got a book bubbling inside me but I don’t have a spare minute to jot it down?”

Ursula Bauer, author of Immortal Protector (Meg, the heroine, lands right smack in the middle of a battle between two rival gods, ummm…sort of like the hubby at a dinner with the in-laws) has been gracious enough to share with us how she juggles a job, family, blogging and writing.

Her top 5 are;
1. Commit.
2. Delegate.
3. Delete.
4. Time-Shift and
5. Find Your Peak Time, And Work It To The Bone

Last week, we covered 1 and 2. Today, oh, yummy, we find out about 3 and 4. Hoping 4, Time-shift, has something to do with Gideon, Ursula’s time-shifting hero on the cover.

3. Delete. “Take a look at what you do, for whom, when, why, and where you can delete a task that doesn’t need to be done, or done to the level you initially thought. Sometimes you think you’re doing something that needs to be done, is expected to be done, etc and if you honestly examine it, you learn it’s superfluous, or, better done by the person you’re supposedly doing for.”

4. Time-Shift. “You can do it with T.V. shows, and you can do it with most life related errands. Examine the schedule you currently have, and time shift tasks to make maximum use of minutes. These are precious commodities, and if you can juggle life to streamline it outside of the house and outside of writing, you can create more space for writing. Most times, you do things out of habit, including errands, and a fresh look and a new approach are all it takes to make more out of what seems like less.”

Okay, a little disappointed that there’s no Gideon in #4 but still, very useful tips.

I LOVE the bit about deleting what people “expect” us to do but doesn’t really need to be done. Since taking the summer “off” to work on the writing, I’ve been getting all sorts of strange requests from people who “expect” that I now have all the time in the world. All it takes is one look at my primer clad walls (after a decade, the look has grown on me) and I say no.

Buy It Now

"A stale mind is the devil's breadbox." -Mary Bly

Seems like one of the first thing an entrepreneur does is design a logo. She then splashes it on business cards, in email siggies, on letterhead. Even before a business plan is drafted.

So when is the best time to see a designer? I asked Colleen Wainwright aka the communicatrix for her thoughts.

“I'll start by grabbing this opportunity to fix some misperceptions about design. Because I am way bossy like that.

First, if you just want a logo, do yourself a favor and go to one of those overseas online providers that will give you 50 iterations for $300. If you just want something to slap on a business card, it's pointless to spend the kind of time and money necessary for branding and identity development.

And not everyone needs it, nor do they need it right away! One client I'm working with is starting a coaching business. She has no clients yet, nor is she 100% clear on the direction she wants her business to take. It would be grossly irresponsible of me--unethical, even--to take money from her until she's got a better sense of the basics: the "who-what-why":

1. Who are you?
2. What do you do?
3. Why does it matter?

These are the fundamental questions of any creative brief, which is a series of questions and exercises I give my clients when they hire me for any job. My creative brief is different, and gets into more particulars. I can't remember where I first heard of those three questions, but I'm not brave enough to leave it at three!

I call it client "homework", and I will not work with anyone who doesn't take the homework seriously. Because, as I said, I'm not there to slap a bunch of pretty shapes together and pick out a typeface for you. I'm creating a system that will be the visual representation of your message--the foundation of your public face, your brand. Rotten foundation, rotten building.

A real designer will do fairly extensive intake work, and provide you with Branding Guidelines that will work across all visual media: print, web, presentations, etc. With those guidelines, any (real) designer can give you a piece that will work synergistically with what you've already put out there. Real designers create identities; they don't "do" logos.

And of course, this costs. Currently, my identity work starts at $2500, which is actually on the low end for this sort of work. Hire me now, while I'm cheap! Seriously, many, many hours go into the thoughtful creation of an identity. Also, like doctors or lawyers, you're also paying for the experience I've gained over a lifetime of work in communications.

So to answer your original question (talk about the long way around the barn!), don't bother going to see a real designer until you've got a pretty good handle on who you are and why it's going to change the world.

Unless, of course, you're really rich.

BTW, if you want, email me and I'll send you a creative brief. Free. You don't ever have to call/contact me again. I think just the exercise of filling one out makes for better, stronger businesses, and good business should change the world.

Let's change the world--okay, people!”

The marketer in me completely agrees with Colleen. Figure out who your company is first, then find a symbol for that identity.

For more of Colleen’s thoughts, visit her blog at http://communicatrix.com

When I went to primary school (when dinosaurs roamed the earth), we would talk, talk, talk about the Ben Franklins of history, the great and usually male inventors. Where were my girls at?

They were busy inventing also. “Talking” over emails with Elaine Borrelli, Director of Programs for SWE and Allison Pedersen, Chair of SWE’s Outreach Committee from the Society Of Women Engineers (their comments are in bold), women and women engineers specifically have contributed to society and not merely in the areas (household, family rearing) that you might think.

“American culture has traditionally misled young girls to believe that women do not contribute to technology development or patent new inventions. They are portrayed as ‘consumers of technology’, rather than creators of technology.

· Patsy Sherman, a 3M research chemist, helped develop the first stain repellent and soil release textile treatments which have grown into an entire family of products known as Scotchgard® protectors.”

Okay, the $50 million dollars sure got my attention. So what are the next steps for encouraging women to go into engineering? How about bringing a daughter, niece, friend to a SWE event?

“The Society of Women Engineers will hold an event called, “Wow! That’s Engineering!” in Riverside, CA. on November 10, 2007 where local girls can participate in exciting and interactive activities that make engineering applicable and fun, such as making their own lip-gloss to learn more about engineering. The event will also include a collegiate panel.

Young women can go to www.swe.org/wow for exact location and timing information for the Wow! That’s Engineering! event series.”

"The penalty of success is to be bored by people who used to snub you." -Nancy Astor

Rich Woman.com is hosting a Book Study through Rich Woman, a book on investing for women, by Kim Kiyosaki. Click here for the overview and full book study schedule. Each Monday, a new thread is started on the Rich Woman forums for the current chapter being discussed. Grab yourself a copy of Rich Woman, follow along and join the discussion with other like-minded women!

A few years ago (okay, I’ll admit, a decade ago), I bought a beautiful wooden desk at a yard sale for $20. Well…it could be a beautiful wooden desk (its one of those fancy closed top types made with actual wood) if it was refinished which was the plan.

I knew that even if I didn’t want to keep it, if I refinished it and resold it, adding the cost of the refinishing supplies (another $20), I could make a handsome profit.

It is still sitting in my garage.

However, the business idea has merit (if I wasn’t so darn wrapped up with other projects). Buy good quality but beat up furniture at yard sale prices, refinish them, and then resell. The less structural damage the furniture has (my desk has none), the easier and more lucrative the flip.

There are even entire sites that will walk you through the process (http://www.refinishfurniture.com/ is one). Or you can take an adult learning course at a local high school or college. Or better yet, if you’re already handy.

If you have an artistic bent, you can go one further. Instead of doing a plain finish (cherry wood is very popular, there’s a reason why the Bombay company furniture is all in cherry wood finish), decorate it up with hand painted flowers or butterflies or birds. Make it a one of a kind piece of art.

And get it out of the garage.

Yes, that right, you heard me. It's my problem too. And it's not that we are multi millionaires, or maybe you are. Let me rephrase: It's that we have too much access to our money. It is easy to fritter away on this and that, instead of tying it up in income producing assets.

So what do we do?

I can put my emergency fund in an account in another bank, and not carry the card with me. That way, I can get to it quickly if I need, but not so quickly if I feel the need to hit up that sale at Victoria's Secret.

If I have money set aside to pay bills with- here's a novel idea- I can pay the bills early!

I can give myself a weekly cash allowance, like Kimber has talked about, and not even carry my debit cards.

I can leave my kids at home when I go shopping- do you know how many extra things those guys toss in the cart?!

In the words of Pink, I'm my own worst enemy...how do I not let me get me?

What things do you do?