Let’s pretend for a moment that your money is your significant other—your man (or woman).  What type of relationship do you have with your money?

Are you extremely possessive of your money, holding on to it tightly because you don’t believe that you’ll get anymore?

Do you ignore your money but still expect it to be there for you when you need or want it?

Are you cavalier with your money–if it’s there cool, but if not you don’t worry about it or seek it out?

Do you want money but believe it’s bad for you (you try to resist the urge??

Do you respect your money and give it the regular care and attention that it requires?

As we end the 2nd week of the Soul & Prosperity for Women Entrepreneurs telesummit, what our speakers have all be in agreement with is that money is energy.  It’s a neutral entity that mirrors you.  Similar to your romantic relationship, with money you get what you put into it. Therefore your ability to earn more money and to keep money constantly flowing in your life is dependent on your energy toward it.

If your feelings, beliefs and actions (aka energy) toward money are based on scarcity, avoidance, ignorance or carelessness, then it’s likely that you have a problem earning money or keeing it around.  However, if you like money because you focus on the good that it does and you pay attention to it you likely have ample money in your life.

Next week, I will be interviewing Helen Kim, an expert on transforming people’s relationships with their money. If you want learn how to improve your own relationship with cash, register and join 600+ women (and men) who are taking part in the Soul & Prosperity for Women Entrepreneurs telesummit.  Click here to register: http://www.soulandprosperityentrepreneurs.com

“Inside the Beltway” is abuzz over the August deadline to raise of the national debt ceiling. The  “debt ceiling”  is the amount of debt thegovernment can take on.   If the debt ceiling is not raised, the US wll default on approximately $12 trillions dollars in debt.  After bipartisan talks collapsed,  President Obama told both political parties that it’s time to “take off the band aid and eat our peas.” President Obama is essentially told the politicians to get on the goodfoot and make the hard and unpopular decisions that are in our country’s best interest. Perhaps it’s also time for you to “pull of the band aid and eat your peas” in relation to cleaning up your money blocks.

Most entrepreneurs insist that they wnat significantly increase their incomes, however their actions often say otherwise.  The ones who have difficulty generating and keeping more revenue frequently ignore their money.   If you’ve got stacks of unopened bills piled on your desks,; are not asking your clients to pay their overdue bills or you’re ducking vendors who you owe money to, you’re not signaling to the universe that you truly ready to take on more financial responsibility i.e. more income. 

If your business is not at the income level that you’d like, look to see how you can plug the “money leaks” in your life. 

Money leaks are those places where you are not paying attention to your money.  As a consequence you are losing money and/or or paying more than you should for goods and services in the form of late fees.  To begin to plug your money leaks, list any unfinished money business that you have.

Here are a few suggestions:

• Clients who owe you money
• vendor/people you owe money to
• unpaid/unfiled taxed
• unopened/unpaid bills
• don’t know bank balances

Pulling off the band aid means that taking a long, hard look at your money practices, including how much you owe.   Eating your peas centers on developing  pay-off plans foryour  current debt and creating new ways of  managing your money.

Plugging your money leaks isn’t some esoteric concept—it’s basic common sense: You need to take care of what you’ve got before have the space/capacity to get more.

Many entrepreneurs avoid the term “brand” like the plague. You may think that  branding is for laundry detergents, cereals or appliances, but not for your products or services. Your clients and prospects however don’t share your sentiment.  Branding is a way to differentiate your business, product or service from others in your market, and establish a personality that is both unique and appealing to potential customers.

Controlling your “brand” isn’t about being phony or manipulative.  It’s about  being clear about what you’re conveying to your audience about your products or services (and their benefits).  People are time crunched, so as a shortcut they categorize—people, products and services; your business is not exempt. 

Powerful celebrities such as Madonna and Kim Kardashian have learned how to manage their brand as way to maintain and expand their customer base. They reinforce their core message —their brand essence through the projects they align themselves with (as well as through packaging and design).

1) sexy and desireable (Victoria’s Secret)

2)  fit/healthy (Birkam yoga)

3) luxury (Hermes)

3) exclusivity/connoisseur (French Laundry restaurant, Napa Valley)

4) romance (Sandals resort chain)

5) socially conscious (Prius car)

6) family/community (McDonald’s)

7) great value at a low price (Walmart)

 time savings (Kinko’s business centers)

9) spirituality (Deepak Chopera)

As an entrepreneur, you communicate your business “brand” to the world with every Tweet and Facebook update that send into cyberspace; by the design of your web site, your choice content and by your the language that you use. Your brand is also expressed by the professional company that you keep, including your associates and the projects that you align yourself with.  Last, but not least when people see you in person, your clothing and hairstyle, also communicate your brand.

Whatever field that you’re in, there are distinctions between the service providers or products.  

Some of your colleagues are known for their extraordinary customer service; others are known for their miraculous products/services. Some of your colleagues however are known simply for being the cheapest gals in town.  What does your brand say about you  in comparison to your colleagues?  Whether you like it or not, your brand is an important factor in who is attracted to your products and services AND what they are willing to pay you for them.

Here are 6 interesting articles on branding:

A Brand Called You  ( Tom Peters, FastCompany)

Madonna’s Six Secrets for Personal Branding Mastery (Copyblogger.com)

As Seen on TV: Brand Bethenny (The Real Housewives of New York) (Wall Street Journal)

Kim Kardashian, Inc.   (New York Times)

Alexa Chung:The Makings of Fashion’s Latest “It” Girl  (New York Times_

How Branding Can Helo You Start Booming American Express OpenForum

Exercise: Need Help to Create Your Brand?

If you’re not clear about your own brand, think about creating a “brand board.” Similar to a vision board, you should cut out pictures that appeal to you.  Additionally you should include words or phrases that reflect your goals, mission or purpose for your business.  It’s important to include what your product or service does to help your clients. When  you’ve finished your brand board, you should have a better sense about how to articulate your businesses benefits and philosophy visually and verbally. 

If you have an A-HA moment, I’d love for you to share it  in the comment box below!

You may be thinking, “This blog’s about women overcoming underearning, why is Yvonne writing a post about child support?” It’s because it’s another area where women avoid taking steps to improve their financial lives.  Today, nearly half of all marriages end in divorce and across the board, there’s been an increase in the number of unwed parents.  Since women tend to be underearners, most single mothers literally can’t afford not to seek  child support.

As the mother of a 5 years old son, I know that child-related costs don’t end with food, clothing and shelter. They also include health insurance  and/or doctor fees; medicines; school activities; and before or after school care.  Despite these costs, many single mothers voluntarily forgo child support. 

I want to make my position very clear, not seeking child support is financially detrimental—especially if you’re struggling to make ends.  

According to Carolyn Edgar , a NYC attorney,  divorced mom and blogger, mothers don’t seek child support because they want to avoid dealing with the fathers. According to Edgar, “Courts don’t link child support with visitation, but a man who is paying child support will expect and demand visits, which may be uncomfortable for the woman.” 

Marjorie Bostwick a Florida-based life coach for single mothers says, “The child support office gives you the run around and can become time consuming. When I transferred from one state to another it took a year before they called me in for an appointment.”

A disgruntled ex or an ineffective child support office are real issues for single mothers. However I’m still not sold that they override the financial imperatives of raising children.  A mother who is not receiving child support will likely have to work more hours, which means she spends less time with her kids. In the alternative, this mother could just expect her children to make do with less. Both scenarios are problematic if her children’s father is able-bodied and gainfully employed in the Unites States.

Both parents have an emotional and a financial responsibility to their children.  The end of a relationship or a marriage doesn’t terminate those responsibilities.

To apply for child support requires going to your local social services office. In most instances you will need the following information: the father’s Social Security number, address, last known employer and if possible, a picture.  If you and the father weren’t married it helps if you have paternity papers and he has signed the child’s birth certificate.

Making child support arrangements outside the court system is a risky move.  In these instances the mother can only pray that her ex makes consistent payments.   Edgar says, “The parties can always agree to accept less/pay more than formulas dictate, but best for  it to be done through the courts so the payer has a record of payment, and the recipient has an enforceable order.”

I won’t lie, there are deadbeat dads .  Men can lose also their jobs or they can choose to work off-the-books.  All of this means that obtaining a child support order doesn’t  guarantee that you’ll see any money.  However women have to actively pursue financial opportunities that will benefit their lives.  In the instance of child support, the lives of a woman’s children can be greatly enhanced by the additional money that comes into her household.

Let me know what you think.

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Photo Credit: HuNo (Off & On)

Recently Vanity Fair magazine ran an article Desperately Seeking Sugar Daddies Culture” about a young woman who signs up with a dating site that matches women with older, wealthy men aka sugar daddies. The woman is tired of the grind of her job. She aspires to be a freelance writer (financially precarious employment) and wants a “benefactor” to support her Sex and the City ambitions. As the writer straddles the line between dating and prostitution it becomes clear to the reader the high price that women pay for not being financially independent.

The writer quickly finds out that the sugar daddies are not interested in marriage or in giving cash. For these older men, a young woman ‘s youth and good looks are her only trading chips. It actually enhances the older man’s cache to have a young, well dressed woman on his arm. Unfortunately the endless supply of young, attractive women means that women don’t have much leverage with wealthy men—particularly those not inclined to marry.  At the end of a young woman’s run with sugar daddies, she’ll be slightly older (less desirable) with only some outdated, designer clothing, a few pieces of David Yurman jewelry and some passport stamps to hold onto— no real estate, no stocks, no bonds, not even a car. She’ll have no assets which is no bueno.

Before you scoff—there’s nothing inherently wrong with wanting a financially successful man. It’s nice to have someone who can buy you nice gifts and whisk you off for romantic weekends. There however is a downside. Problem A arises when your entire way of life is dependent on someone else’s largesse. You can’t be yourself because you need to always meet his needs and expectations to keep his coffers open. Which leads to Problem B. What do you do when for whatever reason the sugar daddy ends the relationship? In this sugar daddy culture you’re over the hill at 25 yeas old.

There’s no financial certainty even if you marry a wealthy man. For every Elin Woods who stands to reap a billion dollar divorce pay-out there are millions more women like Danielle from The Real Housewives of New Jersey who are in financial limbo (along with her kids) because her ex-husband is withholding money and she has no job.

It’s important that women have a money mentality–meaning that their salaries are more than sufficient to pay for their needs and their wants. If you’re an underearner, a woman who consistently makes less money than is beneficial your first task is to acknowledge that you are in financial peril. Your first task should be to work on the creating a mindset and habits that will support you increasing your income–not outsourcing that to someone else. If you meet Mr. Big then you’re not coming to the table like a beggar, but as a woman of means.

Imagine that it’s a year from now—May, 2011. You’re having lunch with your girlfriends and they are all complaining about their finances. It’s the same things that you’ve been listening to for years. One them is saying that her job is giving her ulcers but she can’t afford to quit. Another is complaining that she’s having a hard time making ends meet as a single mother. One woman candidly says that she wants to divorce her husband but doesn’t have a way to support herself and her kids. The last person at the table, dressed in designer shoes and clothes asks you in a whisper if you’d cover her meal.

As you sit with your friends, you listen with empathy because last year you were also complaining about your life and finances. Unlike them you now have peace of mind and are happy with the direction of your life.

A year ago you made the decision to take control of your finances. You realized that if you took better care of your money, you’d be able to have more options in your life. A year ago you decided to increase your income and finally asked your boss for a raise. Eventually you landed a higher paying job at another company. With the extra money you made were able to eliminate your credit card debt.  A year ago you realized that it was your responsibility to know how you and your children would be fed, clothed and housed. This new attitude allowed you to evaluate your relationships in a new light. You can now decide to be with a person (or not) because you don’t need him for your survival.

The time to begin planning for a wonderful 2011 is today.  Are you committed to starting with the things that you directly control such as your money?—how much you earn, spend and save?  The difference between barely surviving  financially and emotionally and thriving is largely about taking action. People who take no new actions can expect no new results.

I’ll be talking about to create financial and emotional abundace in my upcoming 3 part telelass FREE teleclass, “7 Steps to Achieving Financial Freedom From Where You Are Right Now” beginning on May 12, 2010 at 8pm EST. REGISTER HERE

I’ll be teaching women some simple, easy steps that they can use to take control of their money. Every woman deserves to live a prosperous life, full of  joy and opportunity. So regardless of the current state of your finances, you can begin to build financial security…which will help you to sleep better at night.

I believe understanding what drives your earnings, spending and saving decisions is critical to achieving financial prosperity. This means identifying your “Money Personality.”  This information will help you to understand and resolve any money beliefs or behaviors that you could sabotage your efforts to create a financial freedom plan. 

Here’s my assessment of the seven most common money personalities— and how they impact your finances:

The Ostrich: The Ostrich lives in financial denial. Ostriches tend to stick their heads in the sand when it comes to their finances. She’s easily overwhelmed by financial information and relies heavily on other people for guidance.   Ostriches tend to place more trust in other people’s financial judgments than in their own.  Since an Ostrich avoids the realities of her finances, she tends to make money decisions based on what she’d like to believe is true rather than on the facts.

The Victim
The Victim tends to live in the past and blames her financial problems on outside forces (parents, ex-, employer, economy). She’s often passive-aggressive— acting out her feelings covertly rather than directly. She may appear powerless as a way to get others to take care of her needs.  Generally, Victims have been betrayed, abused or have suffered some significant financial loss.  Until The Victim releases the pain, hurt and humiliation of her past, she’ll most likely replicate old experiences of financial betrayal and loss.

The Warrior
The Warrior sets out to gain financial prosperity and is generally viewed as a successful person. She enjoys the buying power, influence and status that money affords her. Warriors are savvy investors, who make informed, strategic decisions. Although Warriors will listen to advisers, she trusts her own instincts and research to guide her.  Warriors are great caretakers who are frequently attracted to less financially secure money personalities such as the Ostrich or The Seeker/Artist who prefer not to manage their finances.

The Martyr
The Martyr, to her detriment, usually places everyone else’s financial needs above her own.  Martyrs are constantly rescuing their adult children, relatives, spouse/partner and/or friends from financial disasters.  In many instances, martyrs have long-established patterns of a self-sacrifice and suffering.  Martyrs are perfectionists who find it difficult to accept help from others.    In order to achieve their own financial goals, Martyrs have learn how to ask for assistance and give up their need to solve their loves ones financial problems.

The Seeker/Artist
The Seeker/Artist usually is on a creative or spiritual life path and has a love/hate relationship with money.  They negatively value money and is conflicted about how it relates her soul-focused life.  Consequently, The Seeker/Artist though talented and driven may be constantly struggling financially.  The Seeker/Artists can gain financial prosperity when she learns to see money as a tool of exchange that she can use to express her own values and beliefs.

The Dictator
The Dictator hoards money and uses it to control others. Although Dictators appear to lead comfortable, happy lives, in reality they are frequently restless, unfulfilled and anxious. The Dictator fears that unless she holds the reigns tightly she’ll lose everything. Dictators believe that earlier in their lives they suffered because they couldn’t/didn’t exercise control.  As a result she’s now driven by her internal need for safety and control. By hoarding money The Dictator is ignoring opportunities to grow her finances for her long-term needs.

The Manifester
The Manifester is the ideal money personality. Manifesters are fully self-aware about their personal and financial lives. Manifesters confront their past and make peace with their personal histories. With this knowledge she understands that she has the power within herself to create an authentic life that incorporates her finances.

Once you know your money personality, you will then be able to develop a strategy to counter the aspects that are hindering your prosperity.
 
I’ll be talking about topics like this in my FREE teleclass, “5 Secrets To How Women Can Take Charge of Their Money, Create Wealth & Gain Peace of Mind” on April 28, 2010. REGISTER TODAY!

I’ll be teaching women some simple, easy steps that they can use to take control of their money. Every woman deserves to live a prosperous life. So regardless of the current state of your finances, you can begin to build financial security…which will help you to sleep better at night.

Photo Credit: Lip Kee

What is an emergency fund?
An emergency fund is a stash of cash that you keep in a bank account that you use to pay for unexpected AND necessary purchases or services. Emergency needs vary but it generally entails an unforeseen event that’s related to your health, home, automobile, or livelihood.

Why do you need an emergency fund?
Studies show that annually most people in the U.S. have about $2,000 in unexpected expenses. Unfortunately most adult women in the U.S. have about $500 in savings—a $1,500 shortfall.

Here are some REAL reasons to start an emergency fund immediately:

Major Illness: Your (or your spouse) can’t work and earn money.
Job Loss: You or your spouse are unemployed for several months.
Death: You husband or a parent dies.
Major Repair: Your car’s engine needs work or your water heater goes on the fritz.
Fire: Your home and/or belongings are damaged or destroyed. 
Divorce/Separation:  You may suddenly be put in a position where you will have to pay all of household bills.

How do you start building an emergency fund?
It’s simple. Open a bank account and start putting money into it every pay period.  You can start with as little as  $25  or $50 a month.  As you reduce your debt and increase your pay you can then put away more money—say $100-$250 a month.  Automatic bank deposits help to make this process a little easier since the money is taken directly from your check.  It’s better to save a little consistently than to do nothing at all.

How much stashed cash do you need?
The rule of thumb is generally as least 3 months of living expenses, but I suggest 6 month. In now takes longer to find employment. Morever, in the case of illness disability policies take several months before they kick in. Lastly, if you are in the process of getting a divorce it could be several months before all of the financials are totally agreed on yet bills have to be paid in the interim,.

Don’t become overwhelmed by the amount of money that you need for your emergency fund. Start small with a little cash and slowly sock more away.  I can tell you that you’ll have peace of mind knowing that you have some cash set aside a rainy day.

I’ll be talking about topics like this in my FREE teleclass, “5 Secrets To How Women Can Take Charge of Their Money, Create Wealth & Gain Peace of Mind” on April 28, 2010. REGISTER TODAY!

I’ll be teaching women some simple, easy steps that they can use to take control of their money. Every woman deserves to live a prosperous life. So regardless of the current state of your finances, you can begin to build financial security…which will help you to sleep better at night.

Step Into Your Greatness.

Yvonne

As you may know, I use my Financial Renewal Blueprint   to teach women how to take control of their money so that they can create financial security and stop worrying about how they will pay their bills each month.

It’s important for women to participate in managing their household’s finances. I know that you’re busy working and taking care of your family….but you’ve got to make your PROSPERITY a priority.  Money disagreements are among the leading causes for divorce.  Also women are marrying later and when they do marry they generally outlive their spouses…this means at some point most women are solely responsible for their money decisions.

Here’s a short audio titled 5 Tips to Managing Money With Your Spouse or Partner. It’s quick and easy and will give  you some action steps that you can immediately implement to improve your family’s financial health.

Let me know how these help you.

I’m teaching a FREE teleclass  called “5 Secrets To How Women Can Take Charge of Their Money, Create Wealth & Gain Peace of Mind” on April 28, 2010.  REGISTER TODAY! 

 I’ll be teaching women some simple, easy steps that they can use to take control of their money.  Every woman deserves to live a prosperous life.  So regardless of the current state of your finances, you can begin to build financial security…which will help you to sleep better at night.

Step Into Your Greatness.

Yvonne

Your financial well-being is similar to your physical health—there are no quick fixes to years of bad habits and unhealthy decisions.  The only way to improve your health is to implement a new, life long nutrition and exercise regimen.  Similarly years of over-spending, incurring debt and neglecting savings can’t be turned around overnight.  However, once you state your money goals and commit to making better choices, gradually you’ll begin to see improvement to your financial health.

I have always practiced yoga– just not consistently.  Recently I committed to a morning practice so for the last few weeks each morning I do several rounds of Sun Salutations.  What I can tell you that I’m not as flexible as I’d like to be but I continue every morning.  Although my goal is seven repetitions, right now I’m at four. I’m sure that as I continue my stamina and flexibility will improve.  It was the same when I began my own road to self-sufficiency.  My first baby step was opening my bills and bank statements and thoroughly reviewing them each month. Gradually I progressed to harder tasks such addressing my credit card debt and saving money. 

Many women fail to get their financial houses in order because they are overwhelmed with information and advice. Frequently they don’t know where to begin.   Other women fail to manage their money because they’ve become bogged down in the guilt and shame of their past financial choices.  Our financial health, like our physical health can be renewed, revitalized by focusing on new decisions and new actions.

In coaching women to become self-sufficient I’ve outlined action steps that I find critical to helping them to create and build wealth.

I call them the 7 Building Blocks to Your Financial Renewal. 

1.Get to the Truth about Your Personal Finances 
The only way to improve your financial well being is to assess where you currently are. This means knowing in detail: what you earn; what you own; what you owe; and what you spend.

2. Determine What You Want To Do With Your Money
Women tend to pay more attention to their finances when they’ve earmarked the money for a particular purpose with a need-by date e.g. buying a home, taking a trip, starting a business, paying for their kid’s education.

3. Create a Financial Cushion
Financial security is a major concern for most women, so having an emergency fund to deal with unexpected expenses or a job loss is important to create peace of mind.

4. Pay Down Your Credit Debt (and Don’t Incur More)
Learning how to use credit cards wisely and paying-off existing credit card debt is a key component to achieving financial security.

5. Protect Yourself, Your loved ones and Your assets 
Women need to make sure that they have adequate personal, home and business insurance. Additionally they must make sure to execute necessary legal documents such as a power of attorney, letters of legal guardianship for minor children and health care directives.

6. Develop a Conscious Spending Plan 
Using your actual monthly expenses as a baseline, conscious spending allows you to allocate your money of items that matter to you most that month. 

7. Learn to Stop Underearning 
Millions of women are consistently not earning enough to meet their monthly expenses.  Learning how to earn more money through better salary negotiation, raising fees and transitioning to higher paying industries helps accelerate your ability to reduce debt and build wealth.

Step into your greatness today,
Yvonne