Summer of Tough Love

After my last post, It’s Good to be Back, my life became incredibly busy and as a result I was unable to blog as usual. My apologies. Now I am back, but instead of blogging three time a week I will only blog  twice a week.

It’s summer time and I am committed to spending most of it outdoors and enjoying the cultural offerings of my hometowm (NYC)–the best place to be, in my opinion, in the summer, or the fall, or the winter, or the spring…you get the idea.

Anyway, enough about me and my addiction. Now it’s time to get back on track. I trust that everyone has completed their project–which was to rearrange, sort, and file your important and necessary documents–and is now aware of every detail of their financial life, i.e. what you own and what you owe. The topic of today’s entry is how we can go forward in creating the financial life we desire. Whether you are in your 20s, 30s,40s,50s or older, we are going find ways of making sure that we get the financial life we desire and deserve.

It’s not a secret that we are staring down the barrel of a recession.  So this is a perfect time to take a cold, hard look at our finances and decide what steps we have to take to become financially healthy. Ask yourself the hard questions: How much do I earn? How much do I owe? Who do I owe? (Remember, there is good debt and bad debt) For example, student loans are good debt because they’re an investment–like buying a home–in your future. Credit cards=bad debt. You will be paying for that pair of Jimmy Choos long after the season is over. Are you saving for retirement or thinking about it? If you are saving for retirement ask these questions: Am I taking advantage of of my company’s 401k-matching dollars? Am I contributing to my 403b (non-profits)? And, if you are already contributing, are you contributing the maximum? If not, then you should be thinking of ways to fund your retirement to the maximum.

One of the first things to do in this exercise is to get a few sheets of paper and a pencil. Next, at the top of one of the pages write down your monthly income. Then, a couple of lines lower, jot down your monthly expenses, i.e. housing, utilites, food, clothing, transportation, insurance, healthcare, entertainment, credit cards, student loans and any other expenses that you incur monthly. Subtract the expenses from your income. What’s left? And now the task begins.

With this imformation, you are now ready to take control of your financial health. Although your particular situation is unique, the general outline above is a good first step in clarifying your current position. This is a lot of work. But, if you are serious about getting your financial house in order you will find this task exciting. It’s always better to have a name for an ailment. Why? Because then you know what to do about it. After this exercise you will know what to do in order to remediate or enhance your current situation.

I know what you are thinking…this does not feel fabulous. But it is. After you go through your assets and liabilities, and come up with a plan of how to reconcile the two, think of the relief you will experience. My friend, that relief is fabulous. Being in control is fabulous. Taking responsibility one task at a time is fabulous. It empowers you. Not wishing your debt away is the first step to controlling it. Making the decision to save more money than you spend is empowering and that equals fabulous. Planning and saving for your retirement equals fabulous.

Next time I will share with you the result of my financial housekeeping adventure and how this experience has made me calmer, happier, and able to enjoy the summer with a vengeance. I am also using some of the strategies from the entry titled Sing A Song and they help me to have fun inexpensively.

Don’t be afraid to get into the driver’s seat and take control of your financial life. Complete the task for this week and if you need extra help with it, check out this website  which will give you access to a number of calculators. Until next time!

Thought for the day: Take time to figure out what you find most satisfying-Karen Levine

It’s Good to be Back!

Hi guys! I am back!!! Sorry for being MIA for a few  weeks. I am sure everyone was busy being fabulous anyway. So much has happened since our last visit-all good though.

Anyone following the elections? Has it not turn into the best reality show on television? Or is it just me? I can’t keep up with the latest story line but it’s absolutely fabulous. I am hooked.

OK, I know what everyone is thinking. What gives with your trip to Austin, Texas? All I will say it’s a fine town with fine people-you all should visit soon. Who knows what could happen?

Now it’s time to get back to the fun part. Maintaining. When we last checked in with each other we were still in the process of organizing our financial lives

Sing a Song

The weekend is here!!! Yeah! The weather is absolutely divine in NYC and everyone seems to be out and about. The city is teeming with people enjoying nature’s gift; I am one of those people. Yesterday I spent the day with one of my most treasured friends. That was also a gift. We talked about our hopes and dreams for the future but also how glorious it was to be in the “present” with each other. It was a good time and I look forward to another visit soon.

What have you been doing? Did you get your assignment done or, like me, are you still in the process? I got sidetracked today but I will make up for it tomorrow. My goal is to be fully organized by next Thursday. Why? I am going on a trip. I am going to Austin, Texas to visit another friend. This is my first time and I am excited. Any suggestions about places that are “must visit” while I am there. If so leave your suggestions in comments.I only have Saturday since I’m traveling after work and returning on Sunday. So, what’s new my fabulous friends? Are you taking the time to smell the roses, listen to a bird’s song, enjoy the the wind whispering in your ear or feeling the sweet caress of the sun on your cheeks? I hope you are because I am! Remember fabulous does not mean going broke to enjoy the precious things in life. That old saying “The best things in life are free” is really true. So get out there and do something wonderful for yourself.

Speaking of something wonderful for your self, I have started a personal fabulous lifestyle diet and exercise plan. And so far I am thrilled with it. I get on the treadmill for an hour of walking each day while listening to my favorite tunes on my Zune-I actually listen to songs I really like and never get the opportunity to hear during my busy day, and not necessarily “exercise music”-it make the experience priceless. In addition, I am actually eating in. No more ordering out or eating out for a while-though fun at times-it expands the waistline and depletes the pocketbook. Not a good look. I have been busy with the color scheme of my food and being my own personal “Top Chef.” I found out I am a good cook and dining at home can be as pleasurable as dining out.

What does this have to do with fabulousness you may ask? Well, once you have developed a repertoire of dishes and lost the pounds and inches that has been holding you back (a good trick is to put the extra pounds you are overweight by in a sack; it’s a good visual of the extra cushion you carry with you everyday) then you can invite your friends over for dinner and conversation. Or cocktails and wine; coffee and cake whatever is your pleasure but one thing I do know is a fit host or hostess is a happy camper. Think of the compliments! I know you are not doing it for the accolades ….yeah right. OK! I will only speak for myself.

Want to hear about another fabulous pick-me-up? Hair color. Listen friends, a colorist is your best friend. Whether it’s to cover the first strands of grey or the whole enchilada or it’s to try out being brunette, or a red head-hot-or a blond-I heard they have the most fun. Although, no offense to my natural blond friends; I heard it’s the brunettes who become blondes who really have the most fun. Think about it guys. Nothing spices things up like hair dye. Don’t knock it until you try it.

So what is our agenda for the next few days? Well, we are still working on organizing our financial life. We want to be aware of all of our pennies so that our dollars will take care of themselves. Continue sitting in the driver’s seat of your life. If it feels a little scary that’s okay you will get better with practice. Being in control of the your life is sexy. But there is nothing sexier that being in control of your life and having the money to live out your wildest dreams-even if it’s giving it all to charity. And, remember to start looking at other ways to be fabulous-for example-find an extra thirty minutes in your day to work out to that new Madonna and Justin song or try Alicia Keys As I Am. If not listen to top ten radio and begin moving your grove thing. Instead of ordering in-cook a meal and set the table for that most important guest-you and maybe yours? but mostly you. Remember treat yourself the way you want to be treated. Pamper yourself; not only is it the fabulous way it’s the healthy way.

I have to go now but remember to stay or get in the driver’s seat of your life-even if it’s a bit scary-and always get caught being fabulous.

Until next time, be good to yourself and to each other.

Thought for the Day: Life is a song worth singing.

Spring Cleaning the Fab way…

It’s the day after Pennsylvania Primary. Hillary won. Barack lost. What does this mean? I don’t know. In my mind this is just a slow march to the inevitable. However, that’s all I will say about this topic. If anyone wants to comment please feel free to do so. We are a community here and I know a good debate is right up our alley.

Let’s get on with the job of being fabulous. Have you taken the time to do your assignment? I did. And guess what? I am stunned by the shoddiness of my bookkeeping.

First of all, I realized that I pay no attention my pennies, and, as a result, my dollars are not adding up-they are not taking care of themselves. The first thing I did upon realizing my precarious situation was to sit on my bed and stared into space for about half an hour. Then I got up and took out all of my financial papers-at least the papers that I found -and settled down at the dining room table and began sorting. I created four piles which I will eventually resort into larger piles. First pile pay stubs; second pile utilities bills; third pile credit card and student loans; fourth pile retirement accounts and bank statements.

My friend, what I encountered was a giant mess. My financial life is as scattered as my personal life -not fabulous. But you know what? After my four piles I felt a tinge of fabulous. Why? I did something and in the process learned an important lesson. The lesson learned? It is better to know the diagnoses of your illness so you can be well armed to attack it than to die of a tormented mind. What I mean is this: Your situation may not be as dire as you believe. What I learned from just sorting my piles is that 1) I am more solvent than I thought I was for the past year; 2) There are a number of steps that I can take to make my financial situation stronger and 3) Pretending is not a solution. As a result, I am going to enjoy my tinge of fabulousness.

You might be wondering why is finance the first assignment in the course of fabulousness and the answer is simple. Pretending is not a solution. I know without our health nothing is possible. I know our family means everything to us. I know our spiritual lives are sacrosanct and community is an important anchor. But because we live in the real world we are all aware that money is the oil that greases the engine. It’s what makes everything in the world go around, including the things in our little corner. This is not to imply that money is the most important thing in the world. No. Not at all. I believe your health is but, funnily enough, it can only be adequately protected by money. So, you see it comes back to the tool of the moment. Money. It is a tool that we’d better find a way to always have in our toolbox. Hence, it’s the reason for our first assignment.

Tomorrow I will resort my piles. I am jazzed, not because I enjoy shuffling papers but because I on my way to finding a solution. Remember, we are a solution-based group. On Friday I will share with you the outcome of that little adventure. There is no telling what I will discover on that journey. Maybe I am millionaire and don’t know it. Just kidding! But wouldn’t that be grand! Talk about shortcutting it to fabulous! My goal for tomorrow is to get a sense of what I have and what I need to do to get my financial house in order. I will tell you now one of the first things I need to do is get organized.

So after I make my piles and assess everything that is in front of me my next plan of action is this: I will get a file cabinet and some file folders and begin organizing. I know it will be tedious work but think about what  it’s like wearing a “drop dead gorgeous” dress without proper foundation garments-it just looks tacky. It’s the same with my scattered financial life; without proper organization it’s just pieces of paper scattered around the room. It’s a guessing game that I never win. My goal is to win this battle. I view it as a valiant quest.

So enough about me; what are you up to? Are you going to tackle this assignment? Or do you want to go on to another topic? What is the big task in your life right now? How are you approaching it? How may I or one of the friends be of help to you?  Do you have an idea to share with us? Please do. I would love to hear from you.

How are you welcoming spring? This is one of my favorite seasons next to summer. I am enjoying myself already. I love that the waking up every morning to the songs of the birds. I love the feel of the sun caressing my face; and not having to wear a heavy coat anymore. Now, I am anticipating the summer and all the intrigue it promises. Do you have any plans for the season of love’s promise? Share your thoughts with us?

Until we get together again. Be good to each other.

-Pea

Thought for Today: Lighten up.

An Introduction of Sorts

 

 

 

 

Well, well, well….

 Hi, this is the first of many conversations that we will have. So curl up on the sofa or armchair, on the floor? Wherever you feel comfortable, after all, this is your time to create a cocoon around yourself. So, you make the decision and stick with it. Or not. Give yourself permission to make this time what you want it to be.

 

What I hope would happen is that we will all engage in a sort of back and forth dialogue that entertains, elevates, nurture, educate and honor us. I created this space to test out a hypothesis. Upon further reflection, I surmised there are others you might want to go on this journey with me; and you know what? They are entitled to go on this journey with me. Now you are wondering. What is the hypothesis? Here it is: I will achieve my goal of fabulousness in one year by living mindfully; that is by paying attention to all aspects of my life: health, family, job, money, leisure, spirituality, community to name a few.  I know this sound like a tall order, and it is, however fabulousness is worth the challenge.

 

How are we going to achieve this major feat? We achieve it by sharing our collective wealth of knowledge and experiences. None of us embark on this journey as blank slates. No! We have all tried and at times succeeded in a number of these endeavors. However, most of us did them in isolation. We did not include others. Not because we were being selfish but because our lives are full, busy, chaotic and mostly complicated. My hope is that this would be a forum where we can share our successes and setbacks; a place where we share our collective knowledge so that we don’t repeat pitfalls but replicate successes. Importantly I want this to be a place where you can dip in and find solutions, laughter, empathy, joy and friendships but mostly a place where the potential for a good time is the expectation and the norm. Fabulousness is living your defined life. My goal is to help you achieve it in a year. Will your life be perfect in a year? No. But, you will have all the strategies you need in order to achieve the “dream” life.

 

Ok! Let’s work this out. I will select a topic to get this conversation started. In the future you can dictate the topic based on the feedback received.

 

What is the major topic of conversation whether you live in an urban, suburban, or rural area? The. Economy. Yes my friend, the economy is the new black. Why? I think it is because we are in the red. How did we find ourselves in this situation? Not so long ago we were flipping houses, going on extravagant trips, using our homes as veritable ATM machines - and then the sub-prime mortgage debacle happened. Many of us were hit hard. Suddenly, the party was over. No more good times. This was not supposed to happen to us. We were doing all the right things. The money mavens were orgasmic about the housing market. It was the brand new way of doing business. We can all achieve the American Dream of owning a home even if our circumstances suggest otherwise. Many of us allowed ourselves to be cajoled into a home even when our instincts screamed NO! We ignored the “gut check.” Now we are swimming in debt that we did not anticipate. What are we going to do? How do we adjust to the current trends and circumstances so as to save ourselves from further harm? This is where I am expecting the collective to share their solutions. We cannot go back and change the situation. We can however, work with what we have. I know that there is an abundance of advice that abounds in the media. However, that abundance can sometimes get us into trouble because it is so generic. What I hope that we can do here is to make it more specific for each other. Our goal is “a year to fabulous” and together we have to take steps that will allow each of us to reach that goal.

 

I do think before we can offer solutions we should be clear about how the economy is affecting us. Are we prepared for a rainy day? If not, how can we begin to the process of buying rain gear? Is it raining where we are already? How can we find shelter quickly? These are the little questions we have to ask ourselves before we begin the process of finding solutions.

So this is your assignment.  Ask yourself, am I prepared for a rainy day? If you are, share the specific steps you took to get yourself prepared. If you are not but you’re thinking about it now, what are some steps you think you should take to get ready. If it’s raining where you are already, how can we help you? Sometimes all that is needed is clarity. So be clear about your place in this economic cycle. It may actually be an opportunity for growth: your growth.

 

I will be back on Wednesday with my completed assignment and ready to share. I hope you will be back with yours and ready to share.

 

Thought for Today: Sharing is Caring.