We all see them. The graphic images on Pinterest and Facebook like this one. Food porn. They lure you in and trick you into thinking you really can squeeze a gourmet lunch or breakfast everyday into your budget. But when was the last time you actually calculated the cost of your breakfast? I calculated the cost of mine the other day just out of curiosity and was pleasantly surprised that it was only a whopping $1.96 every day!
Breakfast Breakdown
Grand total= $1.96
Not too bad right? Great way to start the morning and not bad on my wallet either.
Now if you know me, you will know I am a creature of habit when it comes to food and don’t mind eating the same thing every day. My breakfast is the same every morning; oatmeal, a banana, and coffee with soy milk. As routine as this may sound, I plan my meals like this mainly because I want to eat something healthy and filling in the morning. Because I stay so busy, I also appreciate not having to think about what to eat every morning– which saves me lots of time and money.
Get Control
When working with clients on their cash flow, I usually see their food costs as the expenses that can really get out of control. They save and skimp in other areas but often times dining out is the one place where money falls through the cracks. A lunch here, a dinner there, drinks here… and there– all of these things really add up. Planning ahead and prepping your meals for the week can ultimately become a more cost efficient route. Think of it as portion control for your finances.
Iron Lady Chef
As tempting as it may be to call up your girl friends for a fancy dinner out, a good way to keep your food costs in control is simply by eating at home. I try to go grocery shopping every weekend to stock up for the week ahead. Yes, there are occasions where I do eat out during the week (i.e. business meetings, client meetings/events or to celebrate a special occasion), but for the most part I usually eat my prepared, planned out meals and it frees up some time and spending cash. Get a jump on breakfast this week and cook a batch of these. Your tastes buds and your wallet will thank you.
One Bite At A Time
Another tip (one I learned from my parents), is to save money by not buying drinks while eating out. Think about it. You’ll end up drinking more water, saving cash, and possibly losing a few pounds by cutting back on sodas. I still follow this same philosophy today. If you have to have your diet Coke with dinner maybe skip the appetizers and/or dessert. Life without dessert may seem extreme, but deciding ahead of time what to cut will help you stay in control.
Now, I know what you may be thinking. Going out to eat is part of what you enjoy most and part of your social life too. I completely understand this. But I’ll let you in on a little secret, I still see my friends, family, attend networking events and go out for social gatherings all the time and usually do all while sticking to my food budget. Instead of business lunch meetings, I opt for coffee meetings (saves time and money). Instead of always going out to eat with friends, we opt for potlucks at someone’s house. We love this idea because everyone can bring their favorite signature dish to share, which is usually a great conversation starter and a less expensive route too.
If you just simply enjoy going out to eat and don’t want to give it up– don’t. Instead, make sure you adjust your spending plan accordingly to ensure you are still in control of your food costs. Remember, financial planning is not about cutting the fun out of your life. Rather, it is simply planning how you want to use your money to support your current lifestyle, while being able to save for your future one.
For further information I invite you to check out my blog www.Financiallywisewomen.com or email directly at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Brittney Castro is not affiliated with MadeWomenMag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC. California Insurance License #0F33895.
Do some financial strategies and terms just seem like a complete mystery to you? Do you feel that if someone just explained it in layman’s terms you would be able to understand the foreign language of finances better? Well, good news, I am going to crack one of the financial mysteries to help you when it comes to investing for your future financial goals. This is the rule of 72.*
Ever hear of it? Well, the Rule of 72 is a great financial rule of thumb that basically helps us calculate how many years it will take to double our money, given a specific interest rate. This becomes important as you save for your financial goals because you want your money to be working hard for you. The more time you have and the higher the interest rate, the higher the end result will be.
For example, if you have $10,000 and want to know how long it will take to double your money at a 2% compound interest, divide 2 into 72 and you get 36 years. If you take the same $10,000 and instead use an 8% compound interest, it will take 9 years to double your money– 72/8=9. Get the picture?
So if you are 30 years old and your financial goal is to accumulate $1 million dollars for retirement by age 60, it does not mean you have to save $1 million. It means your money has to GROW to 1 million– big difference. The more time you have to grow your money, the less money you need, because compounding interest will be hard at work for you. Even if you only have $50 to save per month, by starting now, you will have more time to allow compounding interest to work in your favor.
Here is a chart demonstrating how the Rule of 72 works with different compounding interest rates:
So there you have it, mystery solved. And we didn’t even need to bring in the FBI!
*The rule of 72 is a mathematical concept and does not guarantee investment results nor functions as a predictor of how an investment will perform. It is an approximation of the impact of a targeted rate of return. Investments are subject to fluctuating returns and there is no assurance that any investment will double in value.
Brittney Castro is not affiliated with MadeWomenMag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC. California Insurance License #0F33895.
You go to work, spend your money how you see fit, and live your life each day never thinking about how all that came to be. Not so long ago, women in this country couldn’t enjoy the financial freedom we take for granted today. The story of women and money is an interesting one and it is only when you take a look at the big picture that you can begin to appreciate how far we’ve come. In honor of Women’s History Month, I thought it would be a good idea to highlight some cool facts about women both to celebrate our successes thus far and make sure we continue to work on our own financial future.
We spend, save, and earn money differently than men. Looking at these facts makes it clear that we need financial plans tailored to us and our habits. For more information on how to do this visit my website, FinanciallyWiseWomen.com. Happy Women’s History month!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Sources:
Brittney Castro is not affiliated with MadeWomenMag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC. California Insurance License #0F33895.
I have a confession to make – I have multiple personalities. No, I haven’t been diagnosed by a mental health physician; I am referring to my multiple money personalities. And I am not alone. We all have multiple money personalities. Due to the complex world we live in, it only makes sense that we have more than one personality when it comes to money. A good balance of several different kinds of money identities is key toward cultivating a well-rounded financial life.
Two of my main money personalities are the “Flower Child” and the “Money Minded Mogul.” I believe that everyone has these two basic money personalities. The “Flower Child” is the one that wants the thrill of the present and to experience the freedom that money offers today. It is the side that lives in the moment and dreams big goals. The “Money Minded Mogul” is the personality that approaches money methodically. It is the side that plans strategically and takes charge of your financial life, plans out income goals, expense goals and financial goals for the year.
Most people have more than just these two money personalities, but these two represent a common yin-and-yang relationship many women face regarding how they would ideally like to manage their money versus how they actually manage their funds. What I notice is that a lot of women in their twenties and thirties tend to avoid their inner “Money Minded Mogul.” I am not sure if it is because we are scared to address our finances or that life gets too busy and prevents us from taking the time to engage in our financial lives. Whatever the roadblocks are, we as women need to make sure we take the time to nurture our Money Minded self. Women are staying single longer, the divorce rate is still high and we live longer than men – so it’s up to us to learn the ins and outs of personal finance.
I’ve learned to acknowledge all my money personalities and use them to their strengths. The “Flower Child” inside us all helps us to dream, imagine, and create; the “Money Minded Mogul” allows us to find ways to accomplish those dreams. For example, it may be that once you allow your Flower Child time to dream, you realize you want to travel to India and see the Taj Mahal. Once you capture that dream, you go back to your Money Minded Mogul and analyze how you can make this dream happen. You decide it will cost $3,000 for the entire trip and you will be able to set aside an additional $200 per month for this goal. Now that you know you can afford to take this trip in 15 months, you can start planning to make your dream a reality.
Be in charge of your financial life, take time to educate yourself about your finances and plan strategically for your financial goals.
Here are some ideas to nurture your inner Money Minded Mogul:
Strive to find the balance between your money personalities that is right for you and take time to nurture your (multiple) money personalities.
Brittney Castro is not affiliated with Madewomanmag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC.
This article was part of our series "30 Days of Made: Love Yourself". Each day we released updates of videos, poetry, images, and original content, all based on the theme of loving yourself. Click the link to read more!
More and more people are doing it. You probably have a few friends who have finished at least one. I’m talking about triathlons, the growing sport that has you swimming, biking, and running in one race effort. Triathlons, you’ve heard, are for the crazy and uber-athletic so you stayed away. Then you wondered, “how did that guy go and do one…and finish?”
Here’s the true story. Triathlons, like fun runs, have different course lengths: sprint, Olympic distance, 70.3 (also known as the branded half Ironman), long course, Ironman, and ultra. A sprint consists of not more than the following mileage: .5 mile swim, 17 mile bike, and 4 mile run. The Olympic distance triathlon is (you guessed it) the distance that is completed in the Olympics, so it’s metric: 1.5 kilometer swim, 40 k bike, and 10 k run. Ironman, which gets all the glory, is a 2.4 mile swim, 112 mile bike, and 26.2 mile run. The 70.3—the number of miles you finish—is half of each leg of Ironman. Long course is the name given to the race that has any variation of distances between 70.3 and Ironman. And, ultras are any distance longer (yes, longer) than Ironman. Now, you know the basics of triathlon distances, and may safely decide whether or not you want to put a triathlon on your list of things to do before the end of 2012.
The sprint distance triathlon is kinda like the gateway race to the sport. It is a lifestyle sport, including cross-training in the training schedule, so many participants will find themselves “addicted” to it after crossing their first finish line. Like many addictions, it may take a lot of the dollars out of your wallet. I think that’s why it’s quickly taking executives off the golf greens, and putting them into spandex and lycra swimsuits, cycling kits (that’s what those matching padded shorts with jersey are called), and running tanks and shorts.
You might not be convinced to try it yet, so let me break it down—how to do this without breaking yourself or your bank.
Those are the super simple, down and dirty, basics of getting to the finish of your first triathlon. You’ll pick up a few more tips along the way, from said triathlon club(s), book(s), and magazine(s). So, what are you waiting for? Get to it!
Have you been struggling with your finances lately? Come on, be honest… Are you ready to make a change in your personal financial situation in 2012? Well, the good news is you are not alone. If you are like most people, one of your New Year’s resolutions is to get your finances in order and finally take control of your financial life. And we applaud you. As a woman, it is really important that you start becoming more focused on your personal finances to help you plan for a more secure financial future. Here are some tips to help you manage your personal finances in the New Year:
1. Understand some basic financial planning principles
As tedious as it may sound, much of financial planning is staying disciplined and practicing the same financial habits over and over: spending less than you earn, saving for the future, paying off your credit cards each month, etc. Straightforward stuff. And while we know it usually comes down to remembering the basics, most of us still get so overwhelmed with all that we want to achieve financially that we often end up doing nothing at all toward achieving our goals. Call it “sticking-your-head-in-sand syndrome.” The important thing to remember is that these basic financial planning principles actually do work over time and the best thing you can do to ensure your future success is understand them and follow them throughout your financial life.
2. Visualize where you want to be financially on December 31, 2012
Let’s get down to business. Start by listing out all areas of your financial life, including your income, savings, debt, retirement accounts, insurance policies, etc. Then write down where you currently stand within each of these areas and where you would like stand by the end of 2012. (It will be here before you know it.) Be as specific as possible and aim for realistic yet high goals. For example, let’s say you currently have $5,000 in savings and want to have $10,000 in savings by December 31, 2012. This means you have to save $600 per month. After reviewing your cash flow you decide that this is a doable goal, but it will require a game plan to ensure you are saving the amount needed every month. You can do it!
3. Create a Game Plan
Once you map out where you would like to be financially by December 31, 2012, develop a specific game plan to help you get there. In the example above, if you know you need to save $600 a month, setting up an automatic contribution to your savings account every month is a good idea. If this requires you to cut back on shopping or going out to eat, make sure you calculate how much money you can actually spend in these areas without jeopardizing your goal.
4. Just Do It
Seems basic enough, yet many women get so overwhelmed by their finances that they end up disregarding the game plan they set out for themselves. Don’t let this happen to you. Maybe this means scheduling an hour a week to make sure you are on track. Just take action on the game plan and start working toward your financial goals. Whatever the action is, any action is better than none.
5. Check back in on your goals every month
As you work toward the December 31, 2012 vision you have for yourself financially, remember to check back in on your game plan every month to track your progress toward your goals. This will help you stay motivated and adjust the game plan as needed. Going back to the example above, if one month you are unable to save the $600, you need to decide on a new game plan to get back on track toward the goal. Tracking your goals may not be that fun or sexy but it is a necessary step in helping you reach them.
Remember, no one is in charge of your financial future other than you, so take the time to understand and manage your personal finances to help you plan for a better financial future!
Brittney Castro is not affiliated with Madewomanmag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC.
This article was part of our series "30 Days of Made: Love Yourself".
Each day we released updates of videos, poetry, images, and
original content, all based on the theme of loving yourself. Click the link to read more!
Net worth- What is it and how do we increase it? Simply stated, net worth is the amount your assets exceed your liabilities. Do you make more than you spend? Women in general tend to shy away from knowing what their net worth is because (1) They think they don’t have enough assets to have a net worth (2) They have no idea what goes in the net worth calculation. Whatever your net worth is, you want to get in the habit of checking in on it on a regular basis to ensure you are moving in the right direction financially. Typically if you are saving and working on financial goals every year, your net worth should be increasing year over year.
So how do you figure out what your net worth is? First off, don’t be scared! To make it easy, just make a list of what you OWN versus what you OWE.
Examples of what you OWN Include:
Examples of what you OWE Include:
Knowing your net worth is an important step to becoming a Made Woman, however it is not the end all in financial planning. Eleanor Blayney, CFP® states in her book A Woman’s Worth, “your financial success depends far less on what you have and much more on what you do with what you have.”
So remember as you calculate your net worth (OWN-OWE) there is no good or bad net worth, but rather a number that you should check on every year and work on increasing every year. Once you know your net-worth you will be able to plan for your future and live within your means. Having this knowledge gives you the power to make better decisions.
For further information I invite you to check out my blog or email directly at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Brittney Castro is not affiliated with MadeWomenMag.com. Brittney A. Castro is a registered representative with and securities offered through LPL Financial, Member FINRA/SIPC. California Insurance License #0F33895.
This month we are bringing you "30 Days of Made: Love Yourself". Each day we will release updates of videos, poetry, images, and original content, all based on the theme of loving yourself. Join us as we seek to reflect, refocus, and reward ourselves! Check back daily on our 30 Days of Made tab to see what's new!
It's there, in the back of your mind. And it's growing every day. It's the desire to have something to call your own. To walk into your own house every night, to remodel it to your liking, to feel the sense of accomplishment that comes with buying a home. But if you've been alive during the past couple of years, you've heard that there's more to buying a house than signing on the dotted line. Lenders are stricter than ever, buyers are expected to come to the table with a stack of cash, and banks are now property owners. All of this madness can be daunting, especially if you're among the rising number of single, female first-time home-buyers. But the best way to combat fear and uncertainty is always with knowledge. You can enter this new market--and without regret. You'll just have to do your research. And, of course, weve consulted a few good women to help you on your way. These ladies agreed to share their experiences to help us all navigate this new housing market, and avoid the pitfalls that trip up many of us first-timers. So whether you're planning on buying a house this year or further down the line; whether you're going it alone or buying with your man, you need to read this!
Why Buy Now?
As Made Women, most of us would rather pay our own mortgage than someone else's. Yet according to Rosetta Broomfield, that's precisely what we're doing when we rent. Rosetta, an independent broker, has also been a financial consultant for over twenty years, hosting financial freedom seminars and helping her clients create short- and long-term financial plans. So why does she suggest to buy now? "Simply put, real estate is at a discount. Everywhere. I always like to use the analogy of going shoe- or dress -shopping. The best time is always to buy when things are on sale." Makes perfect sense to me!
But what about those who have watched what's gone on over the past few years, and are a little freaked out about this home-buying thing? "If you're renting, you're giving someone else your money. The sooner you can build up equity for yourself and gain the tax benefits of owning a home, the better." Rosetta goes on to share how she and her husband decided to buy back when interest rates were an astronomical 14 percent (they're now as low as 4 and 5 percent). "Even though interest rates were high, we knew that if we rented, we weren't going to keep any money ourselves." They went on to pay the house off and she cites home ownership as the reason for her current financial position. "It has really been the foundation of our wealth." In her opinion, there's no reason to be wary if you avoid the traps that many homeowners succumb to.
Pitfalls to Avoid
The number one pitfall of first time homebuyers? "Overextending yourself," Rosetta states. Think of buying a car or a new dress. You see it in the store, it's all sparkly and beautiful--you just have to take it home with you. But then maintenance repairs come up on the car, you realize you have to get the dress dry cleaned all the time, and, "what seemed like a blessing can truly become a curse." A few hundred thousand dollar curse, at that.
She also says the best approach is to take your time, figure out what you can truly afford and to find a realtor that you trust. "You have to be comfortable sharing the most intimate details of your life. If for any reason you're feeling uncomfortable with your agent, you should not go forward. Move on!" Got it!
Pamela Watkins, a homeowner twice-over (go ahead, Made Woman!), agrees. "You should never be rushed; you've got to feel comfortable with your realtor and you have to do your homework. This applies to everybody, but for young women in particular, you're so susceptible because you're striking out on your own and you don't always know what you should question. It can be easy to be pushed the wrong way." Rosetta also cites emotions as something that can trip women up. She urges us to remember that home-buying is not an emotional decision, but a financial investment. So now that we know what to avoid, how do we get started?
Tips and Resources
If you don't happen to have $200,000-$400,000 in cash at the moment, chances are you'll have to borrow a few bucks. Rosetta says that all of the major lenders (Wells Fargo, Bank of America, Chase, etc.) have free online tools where you can enter your financial info and see what you can afford today. Free financial advice? I'll take it! Once you know where you stand, you can create a plan to get where you want to be. Whether you need to improve your credit or save more money for a down payment, this is a good place to start. When you're ready financially, she recommends being pre-approved (not pre-qualified--there's a difference) by three major institutions and "to use them against each other to negotiate for the best terms. If you cant qualify, you shouldnt be looking for a home." Well put.
Another good idea Rosetta offers is to use an online calculator to "figure out what your mortgage payment would be, and live that way a few months. See if that's something you can live with." She sees this as a very powerful way to find out what fits your lifestyle and what you're truly ready for. Most major banks offer mortgage calculators on their websites, but she personally recommends Wells Fargo's online tool. I also like Richdadworld.com's in-depth, free tool; just register for the site to access it.
Pamela recommends a unique source of education--HGTV. Shows like Property Virgins and House Hunters have exposed her to tactics she didn't know were even possible: "I didn't know you could ask [the seller to pay] closing costs or to fix things. When I bought my house I paid a down payment and closing costs. I think that young buyers need to realize that negotiation is possible." Who knew TV could help you make smart financial decisions?
Overall, what we should learn from these ladies is that with a little bit of research, time and negotiation, real estate can be attainable for all of us. Rosetta puts it simply: "be patient and buy what you can afford." Hmmm...what a novel idea.
Being a financial planner, I can spend all day and night talking about money, income taxes and the economy. My boyfriend on the other hand, while he has a great understanding of money, finances, and stays interested because he loves me, would rather not have 99% of our conversations focused around these topics. With money issues still being the number one reason why couples end up in divorce, you can understand why it is so important to learn how to talk about money with your love earlier rather than later.
So to help us out with our money communications skills, my boyfriend and I started doing weekly Team Huddles--specific time in our calendar to discuss topics such as:
o Money
o Short Term personal and financial goals
o Long term personal and financial goals
o Anything else going on within our relationship
Instead of me bombarding Brandon nightly about financial topics, we now table those more detailed conversations for our Team Huddles where we can commit our full attention to the discussions at hand.
Since we have been doing the Team Huddles, we have found that our communication has gotten even stronger around the things that we value most. It does not mean we always agree, but at least we both feel we can dedicate 100% to communicating our various opinions and thoughts on each topic. Brandon has indicated several times now that he loves the Team Huddles, feels less ambushed with money talks, and it allows him time to get on the same playing field as me (I am a Type A personality and can be quite aggressive sometimes). For me, the main value has come from the fact that I know we are communicating about these important topics in an effective manner on a very regular basis.
I encourage you to schedule your first Team Huddle with your significant other if you aren’t doing it already. Here are some examples of what you might talk about in your first Team Huddle:
• Your money personality- The Money Couple offers a great money personality quiz, click here quiz.
• Money Values- what is important to you about money
• Your short term financial goals- i.e. paying off debt, saving for a home down payment, etc.
Remember, the first Team Huddle might not be easy, especially if you have never really discussed money with one another, but the more you do them, the easier they become. Cheers to your first Team Huddle!
For more information on Team Huddles, check out my blog post about it here.
Unless you are incredibly blessed, have a sugar daddy, or some derivative thereof, once the 1st and 15th of the month roll around your internal monologue probably goes something like this: “Pay bills, pay some more bills, pay for that one major unexpected expense I didn’t see coming… Oh, and I also like to eat food sometimes, so get to the grocery store, my car needs gas…” and on and on, into the financial abyss you go. By the time you make it out, you have $50 to last you two weeks and your hair and nails are certified nightmares to look at.
The truth is times get hard for everybody on occasion, even a Made Woman. 80% of Americans are living paycheck to paycheck right now. But sitting still and taking the financial punches that life throws at you is not the answer. Girl, you need yourself a side hustle. Having multiple sources of income can boost your net worth, your network, and your nail game. In fact, 1 in 17 Americans are working more than one job! Here are some good ways to get some extra cash without straining yourself:
1) Babysitting: You’d be surprised how many people are willing to pay you big bucks to watch their kids sleep on a Friday night. Come on, a few Fridays won’t kill you. And if you’re the amazing Made Woman I think you are, by Friday you’re so tired from your work week you don’t want to go out anyway. Check out sensiblesitters.com for more info.
2) Online Data Entry Jobs: How perfect does it sound to watch money deposit into your PayPal account from the comfort of your couch? While you’re watching trashy reality shows, you could have your laptop open and be earning extra cash. Craigslist is stocked with these mindless jobs. You won’t make enough to pay rent, but hey, it’s more than you had.
3) “Mom and Pop Shops:” Look around your neighborhood. A lot of these family owned businesses that have been around since the city was built need help with small tasks, like accounting and bookkeeping. You don’t need a PhD in anything to snag this quick side hustle. Walk in there and ask them! You would be surprised how many have been praying for someone like you to walk in.
4) Private tutoring: Use that brain of yours to get paid. Private tutors make up to $60 an hour. 2 hours on a Saturday? You do the math. If you can’t do the math, guess what? There are 7 subjects taught in most schools, along with an 8th elective. Students always need some kind of help. You know what you’re good at! Sign up with a tutoring service, beef up your resume and get some $!
5) Start an online business: Can you copy edit? Write resumes? Fix computers? There are people who need help with these tasks and who will pay you to take care of them. Starting an online business can be as simple as a Craigslist post and as deep as creating a website for yourself. The trick is finding what you are good at and then targeting those who need your services.
So, don’t beat yourself up when ends don’t meet. Get off your butt and get resourceful. There is money to be made in the most surprising ways. Happy Hustlin’ Made Woman!
made woman everywhere
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