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.
I get questions from my database all of the time about what to do in this situation or that. Here’s a simple one from a person who has a relative in a bit of a bind…
EMAIL:
Hi Elisabeth –
Can you recommend a reputable debt counseling service? A family member has about double the credit card debt they can handle and is looking to cut the montlhly payments in half if possible…
Thank you!
MY ANSWER TO THE PERSON:
I have talked to several credit card and debt experts over the past couple of years. From what I have learned, it is actually better for whoever it is to go directly to the credit card company and tell them that they can not handle the payments or interest or both.
They generally send that person to a ‘special’ department (let’s call it the “Let’s Make a Deal” department) and that department’s job is to help negotiate a better payback situation for the customer.
If the relative hasn’t paid on the account in a bit, then it may be even better because after a few months in collections, they are willing to deal.
When you go through a debt consolidator, you end up paying even more for THEIR services. This is what I know…
And for a great book on credit cards and debt, look into You Can Profit From Your Credit Cards by Curtis Arnold. It’s available on Amazon and a very good read.
This letter to the editor is in response to a great article in our Santa Barbara Newspress, entitled, “Who Wants to Be a Millionaire.” The letter is for Santa Barbara county but anyone who wants to join along, I’m happy to do the same in your community as well!
Regarding the article “Who Wants to be a Millionaire?” in the May 29 Santa Barbara Newspress, I want to pose that it’s really a matter of who NEEDS to be a millionaire. Our children’s financial success in life will depend on them learning not just basic financial skills such as budgeting and balancing a bank account but also learning how to save their money and invest it in assets that produce passive income so they can work because they want to and not because they have to. This is called Financial Freedom and my goal is to teach kids how to create it early in life, so they have more time to do a lot of good in the world if they choose.
I first want to give a huge ‘thank you’ to Angel Pacheco, the Newspress reporter who did such a great job of describing our Camp Millionaire program where we teach kids and teens the ‘value of a buck’.
And now I want to talk to anyone who has anything to do with kids, ‘Stop’. Stop with all the talk about how the economy is terrible and how we should all be terrified of losing our jobs. Permit me to explain…
We have to stop with the job thing. I mean stop indoctrinating our youth with the belief that they have to get good grades in school so they can go to college and get good grades, so they can get a secure job and be miserably tied to it till “retirement do they part.” It’s not the one and only option.
Lurking everywhere in our culture is the insidious idea that we have to get a job, we have to get through the work week (TGIF comes to mind), we have to make it to retirement and then, hopefully, we can afford to do what we want with the rest of our lives. Something’s terribly wrong with this picture and I’m personally committed to helping kids change the channel on this preconceived notion of “life as an adult!”
In my Camp Millionaire programs, I invite kids to start thinking differently. I want them to question what their educations are preparing them for and to choose to design their lives instead of living into the generally accepted, preordained destination of employee.
We need to shift the paradigm. Instead of, “Where do I get a job?” how about, “What job/business can I create where I can best use my natural talents and abilities?”
It is my belief that most school systems don’t question the idea of “what makes a happy, successful adult.” There are too many rules, regulations, tests and standards when there is no standard child. For the most part, based on our current paradigm, we’ve created good little employees who get in line, follow the crowd, and blame the world for their inability to live life to the fullest. We must shift education to create more leaders.
Money is a root, yes, but not the root of evil. It’s more often the root cause of human misery and stress. It is, however, necessary in today’s world.
So if money is so critical to life’s success and happiness, why don’t we teach it in the classroom? How about teaching kids to read using books about success, happiness, building businesses, buying and selling real estate, trading stocks, ethics, parenting, relationships, communications, sex, health, and the like?
How about teaching kids to write by having them write stories they can market and turn into cash flow? Why don’t we have them write business plans, stories of success, legislation they believe in and professional letters of every kind?
Why not teach kids math with something that’s totally relevant and of interest to them… money? We can teach them how to create budgets and cash flow statements, as well as practical accounting, financing and investing principles and we can do this all before they leave home.
I’ve spent the past three weeks teaching two classes of 56 students for Lola Paredes, the Career Connections teacher at Dos Pueblos High School. My program may well be one the most valuable lessons her students will ever receive in terms of their ultimate success as adults. And I don’t mean just monetary success. I mean in terms of creating happy, healthy families and being a contribution to the world. I’ve planted a seed that has every potential of growing into a financially responsible adult.
I want Santa Barbara to become the most financially literate county in the U.S. If you want to help me accomplish this goal, help me get it into every school, teach it to every employee in every company, and educate our city and county personnel.
I’m offering any Santa Barbara teacher, nonprofit, city or county employee the opportunity to attend our unique Train-the-Trainer workshop for only $100 (normally $1000). The program runs July 7-11. If we all do our part, we can turn this so-called economic “crisis” into an economic revolution, with Santa Barbara leading the way.
In any economy, it’s a known fact that there are people who do unscrupulous activities to make money illegally by using other’s people identities. Knowing this, you can take some very basic precautions to minimize your risk for having your identity stolen and used against you.
Here there are…
1. Monitor Your Credit
Most consumers aren’t even aware that their identities have been stolen…until they go to use their debit cards or other accounts and they are empty or they get a call from a credit card company asking if strange charges are theirs. All of a sudden you realize something is dreadfully wrong and you can spend months or years fixing what the impostor has done to your name, your credit, your buying reputation, etc.
You can request a free credit file disclosure, also known as a credit report, once every 12 months at www.annualcreditreport.com. There are other sites offering free credit scores and reports but quite often they are tied to a monthly charge to monitor your report and such. You don’t need this! Just get your free report from the website above and pay attention to the details.
2. Don’t give out your personal information without a good reason.
Make sure the person who is requesting personal information from you (name, address, zip, phone, etc.) is a reputable person and the reason they want the information is valid.
3. Be careful with your mail.
Using an unsecure mailbox out in the open is a big no-no when it comes to mailing important documents of any kind. Take mail to an official mailbox if you have to and make sure you collect the mail as quickly as possible each day. If you have to, go get a PO Box and pick it up every 2 or 3 days.
If you’re going on vacation, put a hold on your mail or have a neighbor or the house-sitter bring it in each day.
4. Watch what goes into your trash!
Thieves that live on stolen identities gather their information from trash, as well as mail, forms they copy in offices and a lot of other sources.
5. Only give out your social security number when you absolutely have to!
Your Social Security Number is the single, most prized find for identity thieves! Make sure you protect yours.
Banks may need them to start account. Employers need them to make sure you’re legal and your taxes are allocated correctly. However, you know those medical forms you fill out when you have a new doctor or dentist? They ask for your social security number? Don’t give it to them…you don’t have to.
Don’t give it out over the phone (giving the last 4 digits is fine…no one can track anything from the last 4), put it in the mail, etc. Just keep it to yourself.
And your social security card should NOT be in your wallet. If it is, get it out right now and put it in a safe! My financial guy taught me this one!
6. Pay attention to billing cycles of credit cards.
Know when your bills usually arrive (make them paperless if you work on the web effectively) and when your billing cycles land so that you know if something goes missing. Call your credit card companies if a bill doesn’t show up on time or a check you send is lost in the mail. Looking at past statements can help you set up a calendar so you know what arrives when.
7. Be cautious when ordering product on the internet
When you decide to order a product or service online, look for the symbol (a lock) on the bottom right-hand corner of the browser window you are using. If you don’t see it, call the merchant and place the order over the phone. It’s worth the extra few minutes to make sure your information is safe and secure.
8. Delete your personal information from all old computers you’re not using or sell.
How often do we sell or donate old computers without thinking about what personal information may be on that old useless hard drive? It only takes once in the hands of the wrong person to give donating a bad taste in your mouth.
Get in and delete all information, reformat the hard drive if you can and if all else fails, remove the hard drive (they are cheap now) and have a computer professional help you wipe the drive clean. Again, isn’t it worth a few dollars to hire someone to help you keep your personal financial life safe?
Bottom line, it’s up to you to be diligent with your personal information. Having your identity stolen and used against you is one of the most painful and time-consuming events to recover from. Do whatever you can to prevent it!
Form new habits that serve your goals, not undermine your goals.
Control your money – tell it where to go so you do not have to ask it where it went.
Choose wisely in all areas of your life, not just financial. Remember everything is a choice.
Be disciplined in creating those new habits until they become a natural part of your daily life.
Appreciate what you have. While dreaming big and working towards your goals, don’t forget to enjoy the moment you are in. Find something special to appreciate and be grateful for whatever your circumstances.
Be grateful for what you have rather than always wishing for more, different, or better.
These are the things I have learned and taken to heart since my time with Elisabeth in February. I never would have believed how that few days would change my life. My whole outlook on life is more open, more positive. I am paying myself first in more ways than just financial.
I did have to dip into my account this month. I haven’t seen my mother in two years and I needed a plane ticket to England. Combined with house insurance and preventative vet bills, this was financial overload. BUT these were also planned expenses I knew were coming and the money I was using had been put away to cover these expenses. What was so exciting was that in January, B.E. (Before Elisabeth!) I was positive that in February I would have to pay my regular bills from that money also. I made it until the end of April! I called that cause for a celebration…so I counted the money in my money jars–drum roll–$80 in each excluding living, $45 in the donation jar.
I mentioned that I was paying myself first in other ways too. After the Easter vacation I didn’t go back to work as a substitute teacher, but took the very empowering step to stay home and spend my time creating my dreams. Now I bounce out of bed earlier than I crawled out before, stay up later, and am not tired all the time as the enthusiasm and passion I have for what I’m doing, my so-called “work”, energizes me. Already many of the things on my dream board are showing tiny shoots of growth.
Freedom, whether financial or otherwise, does come disguised as hard work. I am actually working harder and longer than before, but loving every minute of it.
Which brings me to a final, important point:
Beliefs, thoughts, attitudes, and feelings determine your wealth potential. Don’t let your financially free future be compromised by your own head! Take control today. Remember today is earlier than tomorrow however young you are.
