Helping Others is Helping Yourself

by | Nov 16, 2009 | Financial Literacy, Latest News, Uncategorized

A little history behind Camp Millionaire…

When I was 38 years old, I was struck by an aha that has driven me ever since…I realized, quite simply, that the only reason I didn’t know about money as an adult was that no one taught me about it as a child.

That one simple realization has led me down several amazing paths and those paths eventually met at an intersection that allows me to help other women find their own voice and story and in turn, go back to doing the thing we seem so good at doing.

First, that simple aha motivated and inspired me to create a financial education camp for kids and teens called Camp Millionaire that not only taught them how to USE money but how to THINK about it in a completely different way…as a tool to reach their dreams and a resource in order to do more good in the world.

That program has been a huge success for not only myself but over 200 people I have trained around the world to do the same thing. 

But I didn’t stop there. 

As I spoke with more and more parents over the years (the first camp was in 2002), they kept asking me for an adult program that taught them the same tools and information their children were learning. After some contemplation, I realized that if the parents didn’t have the information, not only could they not teach their kids about money in the first place, but they also couldn’t reinforce the information their children were learning in my camp. 

So I next set out to create a powerful life-changing financial program for adults. It was great, but, I noticed right off the bat that it was mostly women who were attending. The men, it seemed, attended mostly because they were dragged along by their spouses or partners or friends; not because they really wanted to learn about money or even admit they anything to learn.

About the same time, I started to notice that the girls in our coed youth camps seemed to struggle when the camp had more boys in it than less. For a couple of years I asked the girls, on a whim, what they thought about having an all-girls program. The answer was unanimous. Every time I asked this question, I got a resounding, “YES!” from every young lady in the room.

Now I had some thinking to do. Should I just teach all girls and all women? Was there something deeper here that I was missing? How would the experience be better or different for them with only girls/women in the room? Was there information I should teach them that was different than what men needed to learn? Did they need me to teach the information in a different, more feminine way?

The answers that came changed my life, and my focus. 

First, I added an all-girls camp to my summer line-up. It was a huge success right off the bat. The girls loved being without the energy-ladened testosterone-filled boys so they would think, contemplate, work together (girls are more cooperative whereas boys are mostly competitive), write down their feelings, etc. They thrived in this new program and their parents were happy with the results.

So, with that first test a tremendous success, and with the help and inspiration of a dear friend, I happily went on to convert my adult program into a unique women-only financial empowerment program that now leaves women full of hope for their futures…hope they tell me they haven’t felt down deep for an awfully long time.

Along the way, I continue to practice what I preach, and I continually ask women what they need, to be the women they want to be; what they want to learn to move them forward in ways that fulfill them at a deeper level than just ‘the money’ part of their lives. Money, as it has turned out, isn’t really want women want. It simply ‘represents’ a ticket to a freedom and deep sense of security all of us girls are craving in our lives.

And through it all I have used myself…I’m just a girl who acted on a dream and had more than enough support for making that dream come true than I needed to succeed. 
Knowing myself and continually exploring women’s issues and simply asking other women what they want and need, helps me see what it takes for women to again, feel like women in the world.

A huge percentage of women live in poverty. They live lives of quiet desperation as it is often described. Lives full of yearning to ‘do it differently’, wondering what happened to the good old days when men went to work and women took care of the families. 

I can’t change the way things are back to the way things were but I help women, every day, see their lives for what they are and help them authentically turn those lives into something that brings them joy, satisfaction, freedom and security so they can do the things that we all seem so hard-wired to do…take care of others.

And in taking care of them, I take care of myself.

Creating a Comfortable Holiday…for Everyone.

by | Nov 12, 2009 | Latest News, Uncategorized

It’s approaching that time of year when people often question the ‘reason for the season’ as it were. And for those of you with children, sometimes this questioning leads to much angst about having to do the season one way when you’d really rather do it a different way.

Though many people are completely comfortable, and even get excited, with buying and exchanging gifts with friends and family, an even larger percentage of adults are stressed and overwhelmed with the arbitrary rules and increasingly commercial aspects of Thanksgiving, Christmas, Hanukkah and New Years.

As with many things financial, we often do what we think we’re supposed to be doing without questioning the big WHY behind it all. We buy this and that and the other thing because, well, aren’t we all supposed to have those things? During the holidays, buying gifts is often one of those ‘supposed to do’ things that many of us just either don’t want to have to do or shouldn’t be doing because our financial situations call for a little tighter reign than usual.

What I’d like to suggest this holiday season, however, is that if your internal guidance system, aka, your gut, is speaking to you, perhaps it’s trying to tell you that something is amiss. Consider pausing to evaluate exactly what and why you’re doing what you’re doing this year. It might help you be able to CHOOSE to do it differently this year.

Helping OthersThe downturn in our economy is giving people even more motivation to pause a bit before rushing off to the mall to buy gifts for others because, quite frankly, there just isn’t enough cash to buy those gifts this year.

So what do you do if your gut is screaming, “Don’t do it!” this year? Well, don’t do it! Choose something different. Create a new paradigm for yourself and your entire family.

OK, I hear you asking, “But how do I do that? The kids want presents, my in-laws buy us gifts when we ask them not to, the people at work insist on doing a gift exchange.” Well, you simply have to CHOOSE to be bigger than the issue and when you’re bigger than issue, quite often the issue takes care of itself.

Let’s look at some simple options:

Kids:

What if instead of buying presents, everyone gave the gift of service to an organization that helped others? What if everyone donated a household item, book or toy they no longer needed to a under-privileged child?

Relatives:

This is often the most challenging for people. If you’ve ever heard yourself utter the words, “I feel so guilty!” just know you’re not alone. The thing is though, no one can make you feel guilty without your permission. You might be very surprised to find out that many of your relatives would actually be overjoyed if they didn’t have to buy presents for others. It often simply takes one brave soul to speak his or her mind to quickly find out that others are feeling exactly the same pressure, overwhelm, financial stress and discomfort with the gift part of the holidays.

Employees and friends:

It’s best to set the stage for gift giving expectations (because that’s all it is) right up front. When you get a job, inquire as to the company’s gift policy. When you hire a new employee, explain there is no gifts exchanged during the holidays and bring up the subjects of gifts with friends long before it’s an emotionally charged issue, i.e., don’t bring it up three weeks before Christmas!

Bottom line:

Be upfront and honest with those around you. It’s OK to say you can’t afford to buy gifts. It’s fine to express your discomfort and guilt around getting a gift from someone who agreed on no gifts and then bought you one anyway. Empower yourself, this holiday and forever more, to speak the truth for yourself, do what’s best for your family’s financial situation and know that if all else, in a few weeks it will all be over.

Oh, and if you love the holidays, please enjoy them to your heart’s content and do your best to help others this year who are struggling and just may need to ask you to do it differently this year.

The ultimate gift you can give another is complete acceptance of them as the human being they are. If you’re going to give, give without expect anything in return. Giving with no expectation is the true reason for the season.

Saturday QuickNote: Excited or Anxious

by | Oct 3, 2009 | Latest News, Uncategorized

As I get up to start my day, I notice I have these feelings in my body about working today.

Should I? Shouldn’t I? If I do, what do I work on? Stuff like that.

What I began to notice, however, was whether or not the ‘need’ to work was excitement based or anxiety based.

I have to admit it was a strange mix of both.

Being the owner of the business, there are always a myriad of things to do. The question for me is usually which one of those things to do first.

If you run a small business, by yourself, or like me, with the amazing help of one very talented woman named Jan (thanks Jan), you know that lack of focus and distraction is common. And if you’re a woman, I believe there is even more of a challenge because women are designed to pay attention to many things at once. Now this definitely falls into my ‘genderalizations’ category but I believe it to be true. Most women struggle with focus simply because it’s not hire-wired in us from the beginning or we simply haven’t figured out when we focus on certain tasks the best. I, for example, focus best early in the morning or late at night when there is peace and quiet in myself and my world.

Let’s take a quick diversion to your children. How many of you have noticed that they get distracted or loose focus at times? Do you notice that this is more common in your girls than in your boys? Just something to take a look at.

And are paying attention to whether what THEY have to do is excitement based or anxiety based? You might check in with them to see.

But back to the adult version of excited vs. anxious thing…

If you’re the one doing most of the work, take a quick notice in regard to how your approaching whether or not you work this weekend. If it’s excited, then perhaps spend a little time doing something that feeds you. After all, weekends are great for helping revive us for the coming week.

If you find that your motivation to work is more anxious than excited? All the more reason not to work.

Put it on a shelf in your mind labeled, “to do later when I’m rested and excited again” and go outside and play.

Enjoy your weekend…Elisabeth

Checking Your Money Thoughts To Make Your Checking Account Grow

by | Oct 1, 2009 | Latest News, Uncategorized

Checking your money thoughts…what does that mean?

We’ve all heard, over and over again, that “our thoughts are the key to creating the lives we want.”

Financial translation…

“Our thoughts about money and wealth-creation are the key to creating the financial lives we want.” Since it takes money to buy pretty much everything these days, I thought it time to spend a little time checking our money thoughts!

purple checkmarkCheck Your Thought Patterns.

Given that you likely have a few money thoughts that warrant some changing, you’ll need to look at what thoughts are currently running you in the financial realm. Before we can change our thoughts, we have to become aware of them.

An interesting thing about thoughts is that we generally think in patterns. We have one thought and it automatically leads to another thought. It happens the same way almost every time. We can call this ‘habitual thought patterns’ redundant as that may be! Seeing thought patterns is a good way to practice awareness.

Here’s an example: You want to buy something. Your initial thought might be “I don’t have enough money for that” which leads to “I never have money to buy the things I want” which leads to “I’m not very good with money” which leads to “I’ll never have the money I want”. Now, whether or not you end up buying the thing, you’ve already recast your fate. Your habitual thought trail led you right into a financial thought trap! But don’t worry, they can be re-patterned to work in your favor!

Our thought patterns are created early in life without us ever knowing it. We get them from our families, our teachers, the media, from just about every input we experience as children. Your children have thought patterns firmly set in place right now…about money, about people with money, about people without money, about what it takes, or doesn’t take, to have money.

And, because so many of our thoughts patterns are learned when we’re young, they are set deep in our subconscious and strengthened often.  Unless we learn to check our thoughts and put some space in between them, THEY control US.

Check In To See Where Unsupportive Thoughts Are Working.

Unsupportive thoughts are those that work against or in conflict with what you want.

By looking at or ‘checking’ those unsupportive thoughts we gain the opportunity to replace them with those that support our true desires. In the realm of money, this is KEY to creating a new internal paradigm ‘patterned’ for success.

Here are some common definitions for the word CHECK with some interesting ways to help you check in with your current money thoughts:

• Check

To arrest the motion of abruptly; halt: “checked the flow by shutting a valve”.

What thoughts about money stop you or keep you from moving out of your current situation? Look for thoughts like “I don’t know enough” or “I don’t deserve to be rich”. Where do you get these thoughts? Is there a behavior or habit you do or don’t do when you have these thoughts? And, if you have children, are you teaching them to have the same money thoughts?

• Check

To hold in restraint; curb: “check an impulse to laugh”.

When you find a thought leading to a behavior or habit that you don’t want to do anymore, see if you can stop the thought, restrain yourself, go a different way. I know, I know. The experts say it takes 21 days to make or break a habit. That may be, but why do some people successfully stop smoking one day and never smoke again? My point: don’t believe everything you read or hear and know that you CAN change on a dime!

• Check

To slow the growth of; retard.

Sometimes we FEEL retarded when we think we can’t control our thoughts. It’s OK. You’re not alone. The simple fact is that we CAN control them, meaning we can stop believing them. We just have to have a big enough WHY for doing it. Again, I’ll use the smoker who became a nonsmoker with a single thought, “I am now a nonsmoker.”

• Check

To inspect so as to determine accuracy, quality, or other condition; test, as in “checked out the system to make sure there were no errors in the software”.

Learn to constantly inquire within when you find yourself thinking financial thoughts that lead you in a direction that isn’t working. Inquiry is not judging. Inquiry is curiosity. Simply say to yourself, “I wonder why I’m thinking….” Inspect your internal thought system. See what comes.

• Check

To verify by consulting a source or authority: “checked her facts before speaking”.

It’s always helpful to understand where your thought patterns came from. For example, if you recognize that your most unsupportive thought patterns were learned from a certain relative, perhaps you can better monitor yourself when you’re with that person and be vigilant in noticing what other thought patterns you acquired from the same source. We tend to believe those we love and admire so chances are, if you took on a thought pattern from someone like that, it’s likely there are others in there as well.

• Check

To put a check mark on or next to: “checked off each item on the shopping list”.

As your awareness grows, make a list of your unsupportive financial thoughts. Inquire, inspect, and create new, supportive thoughts. Check them off as you go. Completion is a great stepping stone!

• Check

To deposit for temporary safekeeping: “checked his coat at the door”.

Recognize that these thoughts patterns are simply a part of who you are. They may remain with you for the rest of your life but you don’t have to act on them or use them if you don’t want to. Once you’ve checked them off the list, simply put them in the used, out-of-date, doesn’t-fit-anymore closet and move on to your new, happy, fits-much-better closet.

• Check

as in your Checking account!

This is the definition I like best. When we do the work above, when we learn to monitor, control, and architect the financial beliefs we need in order to have the things we want in life, there is almost always a corresponding increase in the balance of this account!

When your checking account grows, so do you.

The Secret

What are you waiting for? Start growing your checking account right now by simply asking yourself this one question:

“What thoughts am I having about money and wealth-creation that are keeping me from having the financial life I want?”

Now step aside and watch what comes up. The next few thoughts you have may be the keys you’ve been looking for.

Going Home: Women’s Quest to Reconnect With Their Roots

by | Sep 29, 2009 | Latest News, Uncategorized

When you do something over and over again, and if you’re paying attention, you often find commonalities and patterns. Coaching women through financial transitions has shown me a few such pattens. One pattern, however, is more pervasive than all of the rest and that’s the one that seems to drive us from deep in our core as women.

Financial education is important. I think we can all agree on that. Yet my experience of teaching this often taboo-ladened subject has suggested that financial education for women needs to quite different than financial education for men. And here’s why…

First, and foremost, money means different things to women than it does to men. In other words, when women think of money, it represents something completely different than it does to men. It’s like we (because I speak for myself as well) actually see a different thing when we look at a dollar bill.

Let’s explore what money represents to men first.

Men are what I call Providers and Protectors. As such, men see money as a way to provide and protect the ones they love and care about. Money is also a way for men to judge how they are doing as men; it’s a way of showing other men (and the ladies) that they have the bigger spear and can get the bigger deer and take care of the kids better than the next guy. It’s how they get the best gal to make the stronger family and in the end, survive. It’s a little about ego also as you might imagine.

Women are what I call Takercareofers and see money as a way to TAKE CARE OF the ones they love and care about. That’s slightly different than ‘providing for’ in this way. Men PROVIDE women with the money they need to TAKE CARE OF others. To buy the food, the clothes, pay for the education…stuff like that. When women have enough money to take care of themselves and others, they often do not have a drive to need any additional money.

More than anything else, to women, money is the ability to feel, and be, safe and secure.

The challenge for women happen when it comes to supporting themselves is that traditionally (from as far back as caveman and cavewoman times), men provided and protected and women took care of. Now, all of a sudden, things are different. Our hard-wired drive to take care of gets complicated and more difficult (stressful) because we now need to provide and protect as well. This is where the break down occurs.

Over the years, talking to the women I have coached, I have noticed that women don’t have the same internal drive to ‘make money’ like men do. They struggle, often asking themselves questions like, “Why do I have to get a job and work? I HAVE work to do at home that is fulfilling and satisfying.” Because they can’t see the question through the context of ‘where we came from’, the answer is allusive and ever present for many women.

But now that things HAVE changed and it does appear that we have to go to work for money, how do we adapt? How do we change our hard-wired takercareofer selves to see money as a means to take care of in a way that inspires us to make more than enough money than to just get by…to make more than enough money to support our immediate needs. How do we move beyond that to embracing the simple fact that things have changed and they’re not going to change back any time soon (even though many of us we wish they would)?

There are a couple of options.

First, you realize that you CAN have what you’re hard-wired for…you may just have to do it differently though. You have to be very specific when you choose a partner. You must agree, as a couple, that your ‘job’ is the home, the kids, the family. You must constantly work together as a couple to evaluate financial goals, spending, budgeting, wants vs. needs, and more. You must be willing to ‘sacrifice’ some things in order to have the grand thing…the ability to stay at home and do what your heart and soul is telling you they want to do.

Second, you can WORK for money from home! This is the best of both worlds. You get to make money to feel empowered in that way AND you get to stay home with your family.

There are many ways to work from home. You can…

• Find a regular job where your employer is OK with you working at home. The disadvantage to this option is that you’re not in control of your income potential and what you do.

• Create an internet business in a niche that you find interesting and have some expertise in. This is a great option if you are computer savvy (or not but have the ability to form a team), love to write, create products, want to learn to market other people’s products, etc.

• Create a business team by linking up with one of the many network marketing companies around today. But be careful…you must evaluate which company you choose to work with very thoroughly. There are tons of network companies popping up in today’s economy because network marketing DOES work, but these new little companies don’t have the research, don’t have the financial backing, the scientist, the funding, or the ability to go the distance.

• Create any other type of product or service business which you can do at home. There are literally an unlimited number of businesses you can do from home. Use your imagination. Look to see what others around you are buying. Notice where the money IS flowing and then get into the middle of the flow with a better product, a better service.

And here’s the last bit of info to motivate you…

You are NOT alone! Women are starting over 70% of all new small businesses. They are taking matters into their own hands and doing life differently. They know what they want and they’re going after it.

Just remember though, at any time,if  your hard-wired drive to go home and take care of others kicks in in a way that isn’t supportive, simply ask yourself, “How can I reframe (see differently) what I’m experiencing to see what I’m doing as taking care of others in some way?”

Once you do this, you’re off and running again. As they say, You Go Girl!

Pay Yourself First: The Only Way to Real Freedom

by | Sep 22, 2009 | Financial Literacy Principles, Latest News, Uncategorized

“I’ll put some money away if there’s any left over.”

This is most people’s attempt at saving money for their future. Only problem is…there’s rarely any money left over.

This is also called the Not Having A Plan method of financial planning. The end result is that you end up 60 years old without a pot to ‘—-‘ in (as mom would say) wondering what the heck went wrong.

 

Pay Yourself First

Pay Yourself First

Pay Yourself First

Here’s where Pay Yourself First comes in. It’s THE MOST IMPORTANT wealth principle you can learn and the most important money habit you can learn to do, right behind Financial Freedom is Your Choice, which we’ll get to later.

Paying Yourself First means that every time a dollar bill flows through your hands from an outside source, you take a little piece of it and put it away and by putting it away we mean Save it, Invest it, Buy assets…anything that will help create an income stream for you when you no longer wish to, or need to, trade your time and energy for money (i.e., work at a J.O.B.).

Paying Yourself First means that before you pay your rent or mortgage, buy those organic veggies, pay for the cell phone and the car, you take a piece out and pay yourself. Consider it a bill from your future self!

Consider this for a moment…are you or aren’t you planning on being an old fart one day (that applies equally to both sexes by the way!)? If you are, have you considered that this older version of yourself is counting on you to prepare for his or her future right now? They want you to do the right thing NOW so you can do whatever you want when you get to be them later.

So stop for a moment and close your eyes (after reading this whole paragraph, of course:-). Picture in  your mind your older self. Really get some detail…what do you look like, where are you living, how are you living, how is your health, what color is your hair, are there pets, are you alone or with a partner?

Just let whatever you see sink in. Now, ask your older self what he or she would have you do right now to prepare for that day in the future. Just listen and hear what they suggest. (NOW you can close your eyes:-).

For a nice visualization for this process, Download here.

Paying yourself first is one of the most important habits you can establish with your money. So much so that every adult who didn’t do this starting at a young age says they wish they had.

Paying yourself first means that…

• You’re establishing saving for yourself as a priority. You know that you are the only one responsible for your own future and you’re willing to do whatever it takes to make sure that older version of yourself is well provided for.

• You’re establishing the oldest, most time-tested financial habit on the face of the planet. In George Clason’s 1926 classic, The Richest Man in Babylon, his main teaching is to take a few dollars and put them away. It’s how the wealthy get, and stay, that way.

Here’s a simple but straightforward video from Brian Tracy on the power of Paying Yourself First…

HOW to pay yourself first can look like many things...

• Have money deducted from your employer’s retirement plan (401k, 403b, etc.) if they offer one. Enroll in this plan as soon as you start work. Even if you don’t have a clue what to invest this money in yet, get in the habit of having the money deducted so you are living on less. Then, take the time to do some research or hire a financial planner who you pay for advice to help you determine which mutual funds to invest the money in.

• Start a Roth IRA. It’s one of the smartest things anyone can do, especially a young person! If you have a teen, get one started for them as well but remember that the money contributed to this account must be what is called Earned Income. If you have a business where you can pay them a paycheck for doing actual work for you, this money can be contributed into the child’s Roth IRA. Starting early so that the power of compound growth has a long time to impact this account can make a million dollar difference when your child is 60.

• Open your own Investment Account in an online trading company like TDAmeritrade.com or Scotttrade.com or Fidelity.com. Choose one with the system that is easiest for you and look for a quality education component.

• For lack of any better plan, open a high interest savings account at an online bank like ING Direct or FNBO Direct. Set up automatic transfers out of your regular bank account or directly from your paycheck if you can.

How much should be put away…

The standard answer to this question is 10% of your net pay. The BEST answer is “it depends.”

It depends on whether you’re a male or a female. Women live longer, earn less, have fewer years of earning power (kids and aging parents), are widowed more frequently and end up divorced more often raising children. Women would be wise to pay themselves 12-15% or more each month.

Men can start with the classic 10% figure and modify as needed.

The more you put away now, the quicker you can be financially free later.

Remember, Paying Yourself First is the most important bill you pay each and every month. Do it now while you have the time and the energy.

Your older self is waiting…