Having been fortunate enough to stay in contact with one of my favorite math teachers, I am still learning lessons from the teacher who is now also my dear friend.
Doris Oda started her teaching career in 1965 earning $4700 per year with $200 annual pay increases. After moving away from her family home and into an apartment of her own, Doris found it difficult to balance her income and expenses. Several years passed with Doris spending a little bit more than she earned, increasing her debt load slowly and steadily. However, she was able to pay her bills and pay the credit card companies more than the minimum each month, so she thought she was managing her finances fairly well. As she approached her thirtieth birthday, Doris decided that she would like to own a home of her own and she learned that she would need to take control of her debt to be able to secure a mortgage. Armed with a new goal and a course of action, Doris embarked on a play to eliminate her debt and she was able to purchase a condominium unit within two years.
While she was happy to have a place to call her own, it wasn’t long before Doris decided that she wanted to live closer to her workplace. Teaching in an upscale school district, Doris was unsure as to whether or not she would be able to purchase a home on her modest teaching salary. She began to save her pay raises and focused on her new objective. Within a few years, Doris had saved enough for a down payment on a small home in a well-established neighborhood that was close to school. During the same period, she hired a financial advisor to assist her in her retirement planning.
Her financial advisor helped her to focus on her financial future and help her retire early from her teaching career. In fact, she was so successful in following her plan that she was able to retire when she was fifty one years old! Today, over a decade later, Doris is having the time of her life. She exercises, walks her dog, plays bridge, travels, belongs to a tennis club, book club and the Lion’s Club and she is an avid Mariner’s fan and season ticket holder. Doris still works part-time-originally she worked to help defray the cost of her health insurance premiums but she found that she really enjoys the camaraderie and connection to others.
When I asked Doris to share her tips for financial success, she smiled and offered the following:
1. Never use ATM machines.
2. Don’t spend more than you earn.
3. Pay your bills, in full, and on time.
4. Be sure that you don’t have access to your savings account; thing about saving at a credit union.
5. Save, save, save!
6. Hire a financial advisor to help you.
Doris attributes her success to having a great work ethic, putting money away consistently and having a plan. When she was younger, Doris thought that money meant purchasing and enjoying luxury items. Today, money means security and having the freedom of doing things she wants to do whenever she wants to do them.
I hope you are inspired and you can find ways to implement some of the financial lessons Doris learned so that you can gain control over your own finances and spend more time enjoying life.
Happy New Year Girls!
What is your most valuable asset? Your house? Your 401(k)? Your IRA? Your insurance policies? Your most valuable asset-by far-isn’t an asset you own, it’s YOU! During the holidays, it is easy to get caught up in the flurry of activity of meeting with clients, visiting friends, attending parties, running errands, decorating, wrapping and shopping for gifts. This holiday season, take time out for yourself and focus on some areas where you might be out of balance, and commit to making small investments over the course of the next few months.
To your health! Good health is essential, and doing everything we can to improve our health habits will arguably yield the best results in the overall investment in ourselves. If we aren’t healthy, it’s difficult to focus on the other areas that may be out of balance. Here are four ways to invest in your better health:
Ever wonder how your thoughts, feelings and behaviors affect how you deal with your money? Want to make changes but don’t know how? Learn to see how money is neutral and what is possible for you. What have you got to lose-except for some unwanted habits, new ideas and opportunities to grow your money?
Come to Studio 904, in Mercer Island, on Sunday, October 23rd, from 4-6 p.m. to hear two amazing women share their insight into your money mindset. Patti Davis, of Patti Davis Counseling, will provide you with tools to help you learn how to have a great relationship with money. Debbie Walter, a top Realtor on the Eastside, will discuss the mindset of Real Estate.
Refreshments will be served and there will be ample time for Q & A and networking. There is no cost to attend this event, but a suggested donation of $10 to Team Survivor NW would be appreciated. Please call Studio 904 at 206-232-3393 to reserve your place at the event.
This workshop is the third presentation in the 2011 series of Women’s Wealth Education Workshops sponsored by Studio 904 and Soundmark Wealth Management. The 2012 series will include presentations on topics such as College Planning, Tax Planning and Retirement Planning.
What is the best method for achieving financial harmony?
When working with clients in the early stages of the financial planning process, it is not uncommon for one spouse to bristle while the other responds to a question. Perhaps both parties share the same future vision, perhaps not, but the key to achieving a harmonious relationship about money matters is simply this: Communication.
Whether you are a saver, a spendthrift for your habits are somewhere in between, your money differences can actually be a positive force that will enable you to grow-both as an individual and as a couple. To understand your spouse’s money habits and values, you may want to discuss how money was used in your partner’s family of origin, and what money represents to him or her. By asking thoughtful questions, you may find that you gain a deeper understanding and appreciation for your significant other.
Another consideration to assist you in your quest for financial harmony is how to implement financial systems, and how the two of you can develop your own signature style. Regardless of whether or not you have a joint account or two or more separate accounts, it is important that the two of you have an understanding of how your resources are to be allocated. And, if only one person is managing the finances, be sure that the other is included. You might consider scheduling periodic meetings to review your combined goals, objectives and potential challenges.
Money issues are one of the leading causes of divorce. Perhaps with more and better communication about your financial life, you can “divorce proof” your relationship-at least from a financial perspective. And, as an added benefit, you may come to understand your spouse on a deeper level, leading to an even happier, more harmonious relationship.
Are the gyrations of the stock market driving you crazy? Unless you are in the stock trading business, it may wise to limit your daily intake of financial news. You might find that your mood will improve by laying off of the negativity and you may see an improvement in your financial situation as well.
Research has shown that most professional active fund managers fail to beat the market over the long haul. Some have proven to be exceptional for brief periods of time, but their brief periods of brilliance usually end with either lackluster or poor results, giving rise to a search for the next exceptional active fund manager. If you make your investment decisions yourself and you buy and sell your assets at the wrong time, pay too much in management fees, or fail to manage your tax liabilities, your portfolio will suffer the consequences.
So, what do you do in times of market madness?
1. Review your long-term objectives and make sure that your goals haven’t changed.
2. Accept the fact that volatility might make you very anxious, but it is to be expected.
3. If you are too anxious, and too worried, it may be time to reallocate your portfolio to an asset allocation that makes more sense for your situation and allows you to sleep at night.
4. Keep in mind that it is important to reduce your risk as you get older, so you avoid selling assets in a down market.
5. Invest consistently and understand that markets don’t go down forever. The next bull-or bear-market is just around the corner.
6. Know yourself. If you need access to your money in five years or less, have you set aside enough funds to enable you to weather near term volatility?
7. Markets rise and markets decline. Don’t let your wealth fall victim to too much trading or to the reputation of last year’s best stock picker.
8. Investing in various asset classes will help you achieve your goals if you stay the course.
9. Time in the market-not timing the market-is what matters.
10. Don’t confuse entertainment with advice. The financial media is in the entertainment business and many of the messages you hear are not appropriate for your situation and will likely compromise your long-term focus.
To maintain your sanity in an age of information overload, and be a true “She”-fo, reduce your intake of financial “noise.” “She”-fos know how to focus on things that are interesting and important to them-not the wild swings of the financial markets-and they know how to get on with their lives!
It’s summer in Seattle and I hope you all are getting out to enjoy the sunshine, blue sky and fresh air! While most of us agree that we live in a beautiful part of the world, the weather can sometimes get us down. When the rainy season starts again, here are some travel tips that will enhance your experience and save you money. After all, what good is saving and investing all of your money if you can’t live a quality life? So, if you like luxury travel on a budget and you want to extend the Seattle summer, start planning your fall or winter vacation, today.
Here are ten websites for the intrepid traveler that focus on luxury accommodations at moderate prices:
Sniqueaway.com offers limited time, affordable travel deals on exclusive accommodations throughout the world.
At Jettsetter.com, you’ll find savings on adventure travel, villa rentals and exotic locales.
Hautelook.com features discounts on resorts and chic hotels.
Lastminutetravel.com offers incredible savings on domestic and international hotels, flights, cruises, vacation homes, cars and more. You won’t want to miss this website-especially if you have flexibility in your travel schedule!
Ruelala.com boasts exceptional travel deals and experiences-from spas to historic countryside properties.
You’ll have the opportunity to read thousands of cruise reviews and find outstanding cruise values on cruisecritic.com. Also, if you’re new to cruising, there are some great tips to get you started.
Voluntourism.org is a site dedicated to providing the most comprehensive information on voluntary service-combined with travel-opportunities.
This week, Yuupon.com highlights the following destinations: Cancun, Orlando, North and South Carolina and more-all from 43-88% off. There are special tips and helpful hints associated with each offering, so read all the way to the bottom of the page!
Tahiti anyone? If you’ve always had the urge to travel to Tahiti, check out Enviius.com. Until July 19, you can book your reservation for a two bedroom villa with tropical view for just $379 per night (regularly $520)-for up to four guests. Or, for a party of up to six, you can reserve a three bedroom villa for just $690 per night (regularly $1000)! An all inclusive resort in Cancun and the resort at Glade Springs, in West Virginia are two other Enviius escape listings for the week.
This week, you’ll find bargains on exotic excursions to Morocco, Santorini, Monte Carlo, Rome, Paris and more at Ideeli.com.
Whether you’re dreaming of distant shores while in the lap of luxury or you’d prefer to see the world while helping others, your dollars will go farther if you use good planning tools-like some of the websites listed above. Also, if international travel is in your future, be sure to shop for a credit card that doesn’t charge a fee to exchange your currency and review your mobile phone plan for international travel rates. Even though it might take a little extra investment of your time before you leave, you won’t have to worry about unwanted surprises upon your return!
Happy summer travels…
Ladies,
Do you know where you assets are?
If you have proxied control of your finances, I urge you to reconsider your decision. If you have merely given the authority to someone else to manage your money, do you have periodic meetings so that you your money is managed in accordance to your best interests?
Ask yourself a few questions…
1. Do you know your burn rate (how much you spend each month-every single expenditure counts)!
2. Do you earn more than you spend? Or, are you spending money you don’t have? If your spending habits are out of control, this may be an area of focus for you. Many people feel a tremendous sense of relief when they are completely debt free.
2. Do you know where all of your accounts are located? Remember to be sure that you haven’t left a 401(K) Plan with a former employer-unless you felt that there was a good reason for your decision. You need to be sure you are paying attention to it!
3. Do you know how much insurance-of all kinds-you own, and how much you actually need?
4. Do you have a financial advisor, estate planning attorney and a CPA that you trust (and other advisors appropriate for your situation)? Good advisors can save you significant sums of money, in addition to time, energy, emotion and stress.
4. Do you understand your investments? Has your advisor taken the time to explain them, in detail, with you?
5. Do you meet with your advisors regularly? Your financial life should reflect your life; it is everchanging!
6. If your spouse or significant other manages the bills, do you have conversations with him or her, to ensure that you are pursuing the same financial goals?
7. If you are not currently working, would you be able to earn an income, if necessary? The ability to earn an income is an asset!
If you have a good awareness of all of the incoming and outgoing money in your life, you are well on your way to financial independence. You’ll feel more in control of your life, less stressed and more relaxed. And, you’ll be able to focus on the things that really matter to you. Is it your family, friends, travel, more education or the ability to leave a legacy? Only you can decide.
To a richer life,
Lori
1.A SHEfo™ is a woman who is committed to getting her financial house in order.
2. A SHEfo™ is a woman who is attuned to her spending habits.
3. A SHEfo™ has a short and long-term financial plan.
4. A SHEfo™ knows where all of her financial documents are, and has at least two other trusted individuals who know how to access the documents in an emergency.
5. A SHEfo™ takes the initiative to learn about money matters, and she hires competent advisors to assist her when necessary.
6. A SHEfo™ knows that she is ultimately responsible for her own financial well-being-even if she has consciously agreed to have someone else manage her day to day financial activities.
7. A SHEfo™ understands that while there is no such thing as a perfect financial plan, there are certain priciples that will help keep you on course or derail you.
8. A SHEfo™ understands that debt can be used constructively and destructively-and she always uses it constructively.
9. A SHEfo™ practices safe saving.
10. Are you a SHEfo™, or on the way to becoming one? If you want to be a SHEfo, stay tuned for more about saving, investing, and money related matters-especially for women.
“She-F-O” is a blog for women who take care of their finances.
Hello GPH Community!
I’m Lori Brillhart, your new Girl Power Hour financial blogger. Married to a wonderful man, and blessed with a fifteen year-old son-who is the apple of my eye-my household also shares space with a precious Lab/English Spaniel mix named Holly. While I am a lifelong learner, and enjoy new and challenging experiences, my passions include spending time with family and friends, and attending GPH events. I also have a passion for tennis, serving on the Board of Tennis Outreach Programs, and I love to golf, hike, get out on the water, read, and watch movies. A little known fact about me is that I am in search of the perfect dark chocolate bar; the research is relentless!!
For the past fifteen years, I have had a fantastic time as a tennis professional in the Greater Seattle area. Having coached kids as young as three and as young-at-heart as eighty-five, it has been a pleasure helping clients learn and grow, which has helped me grow some very deep relationships along the way. Additionally, I have enjoyed coaching high school and adult teams, and planning tennis events.
Somewhere along the way – about five or six years ago – I started to become interested in the world of investing, and, over time, began contemplating a career as a “financial coach,” using many of the same fundamentals and life-lessons I share with others when coaching tennis. These thoughts became dreams became actions, sparking a career in the financial services industry.
Myobjective in writing this blog and sharing financial information with you is simple: I feel energized when helping others reach their goals. I will be working with YOU to accentuate a simple message to help you take the steps necessary to get your financial house in order and get on with focusing on the things that bring passion into your life!
If there are questions you wish to have answered, or topics you wish to have addressed, please feel free to contact me, and I will do my best to accommodate your requests. I look forward to your questions and comments as we embark on a very prosperous journey together.
