Single Mom Money Tip #1

Single Mom Money Tip #1

by | Nov 3, 2015

 

When I was a kid I learned how to create a budget. The reason I learned was because it was a part of my school work. I was homeschooled and was baking cakes and making money selling them. I was off to a good start.

Later on I was on the church finance team, balanced the budget on my job at city hall and for several other jobs. I learned what I know about budgets from all those experiences. It came in handy when I became a mom and had to make my money stretch on one income. I know you can relate.

It’s my pleasure to share what I know with you. I created the Single Mom Budget Sanity worksheet to help make creating a budget easier.

This is not your typical budget worksheet. This is a worksheet that practically does the work for you. All you do is enter your net income into the worksheet and it does the rest for you.

Download the worksheet here.

 

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Don’t forget to join the 6-Day Side Hustle Challenge so you can increase your income and have a lot more money to pay with in the worksheet ;-).

Financial Secrets Single Moms Can Learn from America’s Billionaires

Financial Secrets Single Moms Can Learn from America’s Billionaires

by | Oct 3, 2015

What financial secrets can single moms learn from America’s Billionaires? They seem worlds apart, but there are lessons we all can learn from who Forbes says are the top 10 wealthiest Americans. Here is the list of their names and the highlights of their net worth:

1. Bill Gates

Net Worth: $76 B
Source of wealth: Microsoft

5. David Koch

Net Worth: $41 B
Source of wealth: diversified
2. Warren Buffett
Net Worth: $62 B
Source of wealth: Berkshire Hathaway
7. Mark Zuckerberg
Net Worth: $40.3 B
Source of wealth: Facebook
3. Larry Ellison
Net Worth: $47.5 B
Source of wealth:
Oracle
8. Michael Bloomberg
Net Worth: $38.6 B
Source of wealth: Bloomberg LP
4. Jeff Bezos
Net Worth: $47 B
Source of wealth: Amazon.com
9. Jim Walton
Net Worth: $33.7 B
Source of wealth: Wal-Mart
5. Charles Koch
Net Worth: $41 B
Source of wealth: diversified
10. Larry Page
Net Worth: $33.3 B
Source of wealth: Google

How do you feel about that? Are you happy for them? A little jealous? Wish you had what they have? Are you feelings all over the place?

These men represent the 1-2% in the world. They are the ones at the top of the financial pyramid. Why is that?

Most of them do not have a college education yet they are billionaires! To some it doesn’t seem fair, but the reality is the wealthy have done what most people will not do to get what most people will never have.

[Tweet “the reality is the wealthy have done what most people will not do to get what most people will never have.”]

They had an idea they were not afraid to act on. They surrounded themselves with people smarter than they were. They took risks to get their product or service out to the world. They loved what they were doing. They ignored the people who said it couldn’t be done.

We all have the same ability to do what they have done, but fear holds us back. We make excuses for why we can’t do it. We feel we are not qualified because we do not have a degree or money or time. We can keep making excuses or we can get up and go after our dreams.

[Tweet “We can keep making excuses or we can get up and go after our dreams.”]

Right now I’m at a threshold in my life. I have the opportunity to start a six-figure management job, get benefits, and be in a better position financially. But you know what? I don’t want it because it means I will have to deal with stressful people and situations and I’m not about that kind of life.

My dream is to empower women who are ready to live stress free, create a life they absolutely love, and be in healthy relationships. Sitting at a desk for 40 hours a week and gaining weight is not my picture of an ideal life. I’ve done that for the last 10-15 years. I have the gray hair, weight gain, and premature menopause to show for it. I’d rather drive for Uber or Lyft (get your first Lyft ride free. Just enter MOMSONLINE946958) than be in another soul sucking job.

I’m living life on my terms and it feels fantastic! The sky is the limit for me so I’ll have to say no to the six-figure J.O.B. and yes to the life I’m creating for myself now.

What are you going to do with your life? What will you say “Yes” to and “No” to?

You may be saying, “I wish I had an opportunity to get a six-figure job!”. I get it. You are probably at that stage in your life where you want to upgrade your financial life. It would make life so much easier, especially as a single mom, right?

I get it and I want to help you get there. Check out my money workshop replays that will help you learn how to position yourself for a better financial story, deal with financial stress, and have financial breakthroughs. I will talk about my money story, how I went from $6.25 hr to six-figures, the truth about your money mindset, and the skills you need to get a better job or develop your career in the 21st Century.

You may not become a billionaire like the men on the top 10 list above, but you can become a financially savvy single mom with fewer money stressors.

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Need help with creating your budget. Get my Budget Sanity Worksheet for free!

Click the image below to get your.

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6 Ways to Turn Up the Volume Your Bank Account

6 Ways to Turn Up the Volume Your Bank Account

by | Oct 2, 2015

Are you still running out of money before the month is up? What about your savings account? Is it just a fantasy you hope will come true one day?

This used to be my life but fortunately I changed my money mindset and now I have a surplus and less stress.

So how can you get to this point in your life?  Would you like to learn 6 Ways to Turn Up the Volume on Your Bank Account? I encourage you to listen up.

I was invited by my friend Sarah Aderson over at Mom-in-Chief Lounge and Arise Single Mom Conference to share my secrets of how to attract wealth in your life.

The class is called Master Your Money Mindset: 6 Ways to Turn Up the Volume on Your Bank Account. The amazing thing is the class is now available as the Master Your Money Mindset paid course.

In the class you will:

  1. Understand the only constant is change

  2. Learn How to Subtract to multiply

  3. Explore the Money Cycle

  4. Recognize your absolute value

  5. Embrace your freedom of choice

  6. Attract wealth

If you want your life to move in a positive direction and discover how to have more financial freedom head over to listen to this class. Listen to the end to hear about my special offer.

The regular price for this class is $25 but if you enter the discount code money you can get $15 off! So you only pay $10 for the course.

Click to Get Master Your Money Mindset course for only $10 now!

7 Ways to Manage Finances Through Unemployment

7 Ways to Manage Finances Through Unemployment

by | Sep 21, 2015

Sometimes I get questions that I just have to share with you. My answers will benefit others because so many people face the same situation.  I was asked how a mom who is unemployed can manage her finances. Here are my answers, 7 Ways to Manage Finances Through Unemployment, in interview style format.

1. If you lose your job abruptly, what’s the first thing you should do in regard to your finances and debts?
Review your expenses and cut/reduce costs beyond the basic necessities. Next contact your creditors and tell them the situation and request a modification or reduction in payments. If it was a layoff go file for unemployment immediately.

2. If you’ve got good credit and want to keep that score high, how can you manage to pay the bills on time if you don’t have any money coming in?
Contact the creditor and make arrangements to reduce the payments, delay the payments for a couple of months, or stop using the cards until you are back on your feet.

3. What type of help can a personal banker offer someone who is unemployed and needs to reduce their monthly expenses?
They can request help with creating a budget from the banker. They can also request a reduction in their personal loan interest rates or that their payment be tacked on to the end of the payment thereby giving them a buffer for a few months.

4. If you have a retirement account, is it wise to dip into it at this time? If so, what’s the best way to go about it?
Getting money out of your retirement account is not conventionally recommended unless it is in case of an emergency. If you must take money out you can take out a portion and roll the rest over into an IRA account. All the money doesn’t have to be used unless the situation is dire but if at all possible leave 10-20% of it in an IRA account.

5. What’s the best thing to do in a scenario in which you’ve been unemployed for awhile, lived off your savings, and now those savings are dwindlng?
Find a part-time position ASAP, sell what you can, and/or start a service business like cleaning, virtual assistance, painting, etc.

6. Are there any tactics people can use, such as negotiating with credit cards, the IRS (if they still owe taxes) and their mortgage company in times of unemployment? Is there such a thing as deferring payment on certain bills until you get back on your feet?
The best tactic is to be honest and direct about the situation. The reality is everyone, even the IRS knows someone who has been affected by unemployment. Tell the truth and tell them you are willing to work out a plan during this phase of your life. Payment deferment will vary depending on the company. The reality is most companies just want to get paid so something is better than nothing.

7. What is the best way to reduce monthly expenses?
Reduce monthly expenses by eliminating non-critical expenses. This may include cable, subscription services, daily coffee runs, shopping sprees, etc. Stop using the credit cards you have and contact the creditor to amend the payment plan. Do your own hair instead of visiting the beauty salon/barber, make holiday gifts and cards, create and stick with a shopping list. Buy value items instead of brand name. Compare prices. Make it a game and know the situation is temporary.

Moving Pays Off for My Purse, Professional, and Personal Life

Moving Pays Off for My Purse, Professional, and Personal Life

by | Aug 8, 2015

Exactly one week ago I moved into a

 new home that is twice as big as the old home and yet is the same rent!

The difference? Location. Location. Location.

Moving to a different part of the city afforded me a larger single family home for the same price as my town home in an upscale zip code.

Granted, I gave up the convenience of having every stores and restaurants in walking distance. So now the four mile drive feels like a very long journey that I have to pack a lunch for, but we will survive.

Money is not the only reason I moved. In fact I have three other reasons.

1. Be closer to family

2. Bigger space to entertain family and friends

3. Be closer to my beau/sweetheart

Be Closer to Family

Family is important to me especially my siblings. When I lived north of the city I was almost an hour away. This didn’t make for good relationship building.

I enjoy my family and wanted to be closer to them. I want my son and nephews to see each other more. I want to see my sister and brother more.

This move also shaves off a half hour from my drive to my parents house.

Entertaining Family and Friends 

Moving into a larger home works for me because now I will have enough space to have people over for dinners and overall entertaining.

I now have a family room, a deck area, and an extra bedroom. That space will accommodate many more people than in the townhouse.

I’m not only closer to my family, in most cases I’m closer to my friends.

Closer to my Sweetheart

Last but not least, I’m closer to my sweetheart. He lived 4.5 miles away now.

Even though he happily came to see me every week it was getting to be a bit much.

He didn’t want me to drive the long distance at night because he was concerned for my safety. When I did visit it was tiring to drive back and forth.

Now it’s a 7-10 minute drive with traffic lights. The bonus is he is a handyman so I can get things fixed.

Bonus Reason #4

I almost forgot about another reason I moved into a bigger place.

I now have a spare bedroom for my office space.

Sitting on my bed or using the kitchen table was not working anymore. The distractions were constant so it will be nice to have a door to close and space to spread out and contain my ideas.

Having my own office space is awesome because I can now do more coaching in private, create amazing courses, create video or do live streaming, or simply hide away and enjoy my Blyss Life🎉🎉.