Smart Financial Planning Strategies to Borrow from Women and Millennials

Article from NBC News on June 13, 2018.  Here is the link to the original post.

As a general rule, neither millennials nor women are afraid to ask questions, and that’s giving them a leg up when it comes to planning for the future.

Lately the headlines in personal finance have been pretty bleak — the average 2017 graduate has nearly $40,000 in student loans, millennial home ownership is down, and 39 percent of Americans have no savings at all. Even if you’re not concerned about your financial future, you may well be worried about a child’s, a sibling’s or someone else’s.

Thankfully, there are a few bright spots out there. A new piece of research from Schwab, the 2018 Modern Wealth Index, highlighted a few of them — including the fact that millennials are actually the best financial planners of any generational group. Thirty-one percent have a written financial plan, compared with just 20 percent of Gen X and 22 percent of Boomers. They also best others when it comes to goal-setting and saving. Meanwhile, women emerged as being better long-term investors and than men, and they’re more likely to research major purchases.

Here's a look at some of the things millennials and women are doing right, and how you can put their winning strategies to use in your life.

1. THEY ASK QUESTIONS
As a general rule, neither millennials nor women are afraid to ask questions, and that’s giving them a leg up, says Holly Newman Kroft, managing director of wealth management at Neuberger Berman. “Many millennials are living with a large burden of student loans, and they haven’t accumulated assets, so they’re a little hesitant about investing. They ask questions because they want to make sure they’re doing the right thing.”

Asking questions about finances shouldn’t be any different or more intimidating than asking questions in any other area of your life, Kroft says. “Are you going to go to the doctor and just blindly take medical advice or drugs? You’re probably going to research your condition, and be your own advocate when you go in there —you should be the same way with your financial advisor.” When you ask more questions, you increase your understanding, which is empowering — you’ll be less likely to panic in times of market turmoil, Kroft says. “People are always more scared of the things they don’t understand.”

2. THEY’RE JOINING GROUPS
Social media and other online communities have led to a proliferation of virtual and real-world spaces where people can support each other’s financial struggles, decisions and successes. “I would call them support groups,” Kroft says, “But they’re really more like clubs. I see people discussing everything from going back to work while breastfeeding to finding the right financial planner. People are really just looking to find a community, get educated and share advice.”

Instagram, Twitter, and Facebook have really changed the game when it comes to people connecting on important topics, explains Chris Britt, CEO and co-founder of banking app Chime. “If you’ve found something that’s been helpful to you, there’s a natural instinct to want to share it with others,” he says.

3. THEY AREN'T OVERCONFIDENT
“We’ve seen that women, for whatever reason, are not quite as confident when it comes to financial planning, and because of that, they feel the need to be more conservative,” says Alyssa Schaefer, CMO and Head of Product Experience at online lender Laurel Road. While it’s never a good thing for people to feel insecure, a little humility when it comes to investing can be a good thing. According to a study by Laurel Road, women had a more conservative outlook when it came to their emergency funds — while men thought they needed $8,000, women thought they needed $10,000. “Women seem to know that there is no such thing as ‘later’ when it comes to planning for their financial future,” Schaefer says.

Likewise, millennials, who were just starting their careers in 2008, are living their financial lives prepared for something bad to happen, Kroft says. “They won’t assume they know the best thing to do without doing a lot of research on it,” she explains.

4. THEY DON’T COMPETE TO KEEP UP
“Very rarely do my women clients come to me saying, ‘My friend is getting better returns than I am — I want that,’ but I do see that from men,” Kroft says. “Women don’t care what their friends are doing, and they aren’t trying to win a race.” Instead, they ask questions that pertain to them, and they spend more time making sure their investments are set up to meet their goals, rather than trying to beat the market. This is generally a wise strategy. You shouldn’t be calling up your financial manager and asking to change up your entire portfolio because of a tip you got at a cocktail party. Instead, you should see your investments as part of a long game to reach a long term goal of financial security. “Investing is a lot of things, but it’s not a competition,” Kroft says.

5. THEY USE DEBIT AND AUTOMATION TO STAY IN CONTROL
More millennials prefer debit cards to credit cards for one simple reason — with debit, they’re in control, Britt explains. According to a report by Visa, 28 percent of millennials use debit cards for the majority of their purchases, and Britt says that trend is likely to continue. “People know that with credit cards, they’re more likely to go to the mall and buy that thing that they shouldn’t have bought. Many of them know what it’s like to have $3,000 worth of credit card debt hangover that they’re trying to work through.”

Millennials are also leaning more towards automating their savings, which allows them to “set it and forget it,” Britt says, adding that 92 percent of Chime customers who open checking and savings accounts also sign up for the automatic savings feature, which moves a predetermined amount of money from checking into savings. People don’t have time to miss their money, Britt says. “If you ask someone if they plan to save, they would say yes, absolutely — but they don’t always put that into practice. When your saving is automated, it doesn’t matter how disciplined you are, it’s just happening in the background without you having to think about it.”

Female Leadership is on the Rise

Forbes published this article yesterday.  Here is the link to their post.

Female Leadership Is On The Rise. Here's The Lessons Learned That Will Help You Get To The C-Suite

As the invitation-only Forbes 2018 Women's Summit got underway in New York today, it seemed like the perfect time to share some of the latest research on female leadership. First the good news. According to a recent Pew Research Center Study, female leadership is on the rise (and your best way to the top seems to be through operational-focused roles and experience so make that a critical part of your career path). While women typically occupy top finance and legal positions, individuals in those positions, especially as the CFO, rarely make it to being the CEO. Instead, the best career path is to find a way to being groomed as the COO as consideration for the the C-Suite is usually via this pipeline.

While the ascent is slow, this much-welcomed progress is great for equality and beneficial to the bottom line. This was even backed up by The Royal Bank of Canada in their recently commissioned, widely circulated study showing that having women in CEO positions improves company financial performance and lends to a more diverse workplace. As 35 year-old Stitch Fix CEO Katrina Lake recently explained (and if you don't know Lake she's the youngest female CEO to ever lead a public offering and they're on track to make $1.2 Billion this year) "decision makers are realizing that being more inclusive of women, on every level, is simply good business."

Beth Gerstein the Co-CEO of Brilliant Earth also subscribes to this school of thought. As a female CEO in the historically male-dominated jewelry industry, Gerstein is committed to providing advancement opportunities for women in the workplace. In fact, 81% of Brilliant Earth’s overall workforce is comprised of women, including 67% of management and 80% of C-Level executives. Birch Bender Co-Founder, Lizzie Ackerman, has had a similar experience with her company's workforce primarily compromised of a strong female workforce.

So once you get there, or even better, as you hone your skills, what are some of the qualities you need to advance or be a more effective leader? Dr. Betty Vandenbosch, an award-winning administrator whose leadership at Purdue University Global has cultivated an atmosphere of achievement and integrity, has her own list of five lessons learned skills around becoming a more effective leader. It's insightful and backs up the research on the ways women bring innovative leadership styles to the C Suite and the financial results to prove it. Many of these might seem obvious but it takes real practice to bring these skills to the workplace everyday.

• Actively Listen. We all like to talk, but the best leaders are the ones who listen. Women seem to be better at this. That doesn’t mean you can never voice your opinion, but if you’re able to genuinely understand the perspectives of others, you’ll be able to work with your team more effectively. And that means hearing what people aren't saying, as well as what they are. It’s never enough to limit yourself to what you personally know.
• Maintain An Inner Calm. If you have an inner calm and peace about who you are and what you are capable of, you are able to lead without your ego taking over. A person who is anxious about looking good or getting that next job or next promotion is unlikely to be an effective or gracious leader because they're only looking out for themselves. By accepting where you are, you’ll be able to do your job to the best of your ability and that promotion will come sooner. Bottom line. Don't let emotions get in the way of decision making.
• Set Regular Meetings & Stick To Them. By meeting with your entire team, as often as daily, but no less than weekly, you have the opportunity to speak openly and freely about what you each would like to work on, as well as discuss bigger topics when they arise, including what’s going on within the organization and how to continue moving forward. And, you'll get to know & like each other better - a cohesive team will always move forward faster and more effectively than a group that don't know each other well. Even if you have a small team, adopt this habit.
• Creativity. Creativity means having lots of ideas, but innovation requires implementing the good ones. An innovative leader not only has or enables her team to have lots of ideas, but also has the faith of her team so that they will implement those ideas quickly. An innovative leader also appreciates the naysayers. Naysayers help avoid unintended consequences. She understands that it’s not only imperative to build a culture that encourages team members to openly share their crazy ideas, but also to foster an environment that empowers them to take initiative and follow through with a project to fruition without being micromanaged.
• Not Being Afraid To Change Course When Warranted. An innovative leader recognizes when an idea isn’t as good as she thought. Commitment to a course of action is important, but not if it’s not a good course. Innovative leaders are not afraid to change course when warranted. Being flexible and open to new ideas and course correction can lead a team to reflect, assess, and adjust its approach to a project. The first idea has nothing going for it except that it was first. Being open to the second, third and tenth iteration enables much greater success.

Gerstein takes it a step further by reflecting on specific advice for aspiring female executives and five lessons learned that dovetail with the theme of this year's Forbes Women's Summit. So what business advice does Gerstein have for aspiring female CEO's?

Have confidence, take risks, and foster relationships. It’s important to have confidence in your ability, so speak up when you have an idea and make your voice heard. Volunteer for stretch assignments and don’t shy away from tough projects. Lastly, fostering and maintaining relationships is key in any business. Be thoughtful about creating and nurturing your connections, as they can dramatically influence your career trajectory, not to mention make work more enjoyable and meaningful. Solicit advice from people you look up to that can guide and influence your career; there’s nothing more valuable than gaining insights from a respected mentor or seasoned vet. In fact, at the Forbes Summit Salon dinner hosted by Deloitte, collaboration and courage are two of six signature traits of inclusive leaders.

Finally, Gerstein shares her five lessons learned throughout her career that have propelled her to success. It's worth keeping them handy as you carve your own path.

• Be Persistent: If you practice persistence, there’s no limit to what you can achieve. During your journey, you will likely face a lot of resistance, but ultimately if you stick with what you believe is right, you can truly make an impact.
• Lead by example: You need to be intentional about both what you say and what you do. Everything you do sets the tone for the organization. Even day-to-day things, such as showing up to meetings on time, addressing customer inquiries with urgency and care, walking to work instead of driving, and being responsive to feedback and new ideas for improvement, show your team that you are invested in the work that you’re doing and encourage them to follow in suit.
• You’re only as good as your team: A significant amount of your time as a CEO is focused on building your team – recruiting, retaining, and working hand-in-hand with HR. Finding and nurturing the right people is critical to your success and will take up much of your time and energy. Your success as a CEO and as a company is not due to your own personal achievement, but through empowering others to carry out your strategy and vision.

Gerstein cited that for the the first eight years of running the company, Brilliant Earth Co-Ceo Eric Grossberg, interviewed every candidate that joined the company. In being a part of this process, they were able to hire not only the best fit for the job, but also maintain the brand and culture we were seeking to build. Ultimately, they hired an HR team to enable them to scale, but still remain extremely close to the hiring process and even host a CEO breakfast with new hires shortly after they join the company, so they have early and direct contact with us.

• Repetition is key: It’s important to over-communicate your message to ensure it is heard – whether reinforcing your mission and strategy, explaining a change in process, or implementing new best practices. You might sound like a broken record, but it can take 6-7 times of repeating the same message, in varying formats, for it to be heard by everyone in your organization.
• You are always on: Leaving challenges and problems at the office is not an option. The role of CEO means addressing the tough and unexpected issues, particularly when they are uncharted territory for the organization, and consistently being available to help and answer questions.

That is the "The Way Forward" and ironically the theme of this year's Forbes Women's Summit. Now you can find your way too.

15 Motivational Quotes About Reaching Your Potential From Inspiring Women

Article from Success.

1. “I didn’t get there by wishing for it or hoping for it, but by working for it.” –Estée Lauder
2. “You must do the things you think you cannot do.” –Eleanor Roosevelt
3. “We do not need magic to change the world, we carry all the power we need inside ourselves already: we have the power to imagine better.” –J.K. Rowling
4. “If you truly pour your heart into what you believe in, even if it makes you vulnerable, amazing things can and will happen.” –Emma Watson
5. “You can waste your lives drawing lines. Or you can live your life crossing them.” –Shonda Rhimes
6. “Nothing is impossible, the word itself says ‘I’m possible’!” –Audrey Hepburn
7. “I’m not afraid of storms, for I’m learning to sail my ship.” –Louisa May Alcott
8. “Real courage is when you know you're licked before you begin, but you begin anyway and see it through no matter what.” –Harper Lee
9. “A lot of people are afraid to say what they want. That’s why they don’t get what they want.” –Madonna
10. “Forget about the fast lane. If you really want to fly, just harness your power to your passion.” –Oprah Winfrey
11. “The most difficult thing is the decision to act; the rest is merely tenacity.” –Amelia Earhart
12. “The most common way people give up their power is by thinking they don’t have any.” –Alice Walker
13. “Everyone has inside of him a piece of good news. The good news is that you don’t know how great you can be! How much you can love! What you can accomplish! And what your potential is!” –Anne Frank
14. “You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of it.” –Maya Angelou
15.  “The question isn’t who is going to let me; it’s who is going to stop me.” –Ayn Rand

Words of Wisdom Wednesday

A synopsis of the book “The Compound Effect” by Darren Hardy

This book is a must for financial advisors. Darren Hardy is a renowned sales and marketing coach. He works with entrepreneurs, leaders and CEOs. In this book, he focuses on practical steps you must take to have insane growth in your business. Darren provides concrete examples of ways to implement the right behaviors to compound your results.

One of my favorite takeaways is his compulsive behavior of tracking everything. He explains that you can’t modify or change a behavior unless you understand the true impact on your performance. I implemented this philosophy and I tracked everything I did from the moment I woke up to the moment my head hit the pillow. I found so many inefficiencies in the way I was managing my time. I even took it to the personal level of tracking my calories and my exercise habits and I lost weight with my behavioral changes.

Another thing I implemented immediately was his E vs E equation – your Entertainment versus Education ratio. Everyone has the same number of hours in a day, including the most powerful and successful leaders. However, they seem to accomplish exponentially more with the same number of hours. It is all due to how they choose to spend their time. Darren suggests you track for one week every minute you spend on entertainment which includes news, television, Facebook, cat videos, etc. You get the point. Then he asks you to log how much time you spent on personal development. It could be an online course, a business book you are reading, a license you are obtaining, etc.

What is your ratio? The bottom 80% of society spends most of their time on entertainment; the top 20% spent it on education. This shift is one of the simplest but it is not easy as it requires a change in habits. You will be amazed at how much time you are wasting on garbage in which equates to garbage out. Your habits and behaviors never lie. If you say you want to lose weight but you have orange Cheetos stains on your fingers, then your habits are not aligned to your goal. There is a lot in this book but I suggest reading it and working through the exercises to truly see the impact.

- Bellaria Jimenez

Words of Wisdom Wednesday | Barbara Bush

Mentorship Tip of the Day: Self Development

Self-Development is key to any successful individual. Build a self-development program with your mentor. Identify your goals and build out strategies to achieve them.

What do you want to accomplish?
What things do you need to achieve this? (i.e. professional coach, professional speaking course, etc.) 

Keep focused on the goal and strategies to get there. Remember, if you don't leave your comfort zone and do things that challenge you, then you aren't growing!

I relate this feeling to hiring a personal trainer to prepare me for my wedding. I work out regularly but I have those days where I walk rather than run on the treadmill because I am tired or just don’t feel like it. With a trainer, I am accountable to someone who is in line with my goals. Someone to push me to do the things I dislike doing (i.e. jumping rope… ugh!). This not only helps me to physically develop myself but also allows me to achieve that next level of fitness I am looking for. 

For business, mentoring and professional coaches are an imperative part to get to the next level in your career. Take the steps below and work toward your goal by building a plan. Remember: Always keep your goals visible!

• Create a self-development plan (goals, strategies, action items)
• Review it with your mentor
• Move out of your comfort zone and grow allow yourself to grow
• Review your plan regularly, adjusting to the barriers that come along the way
• ACHIEVE the next best you!

Be sure to not let mentoring be a one-and-done experience for you. Always continue this journey. Every mentor can bring something new to your career and life. Always give back and be a mentor to someone. I have learned so much from those I have mentored; the experience alone is a very gratifying task.

-Kristen Esposito

Words of Wisdom Wednesday

The Rules to a Successful Career

The Rules to a Successful Career: Learn the dos and don’ts of engaging in a successful career path.

Personal Branding

• Building an image is the start to your career path
• You can initially destroy this image if you do not make yourself aware of the items
• Behave like a CEO

How to present yourself

• Keep your personal style but keep it classy
• Appropriate attire and accessories
• Personal Grooming
• Post night out presence

Presenting yourself in a meeting: making a stance, or giving your opinion

• How to say a few words with a powerful meaning, speaking with confidence
• Confidence in your stance and your appearance but not coming across as unapproachable
• SMILE

Taking and handling criticism

• How to ask for solicited criticism
• Taking the emotion out of it
• When its constructive or not

Teamwork: How to be a team player in a world where you are trying to get ahead

• Unfair and unbalanced teamwork
• Collaboration
• Project debrief- what worked? What didn’t? This is a positive way to provide feedback and correct the problem

Conflict Resolution

• Never assume. Jumping to conclusions. Hear all sides and think it through
• Always put yourself in other’s shoes
• Communication, communication, communication
• LISTEN!

How to be a step ahead of your competition

• Professional development
• Mentorship, coaching, sponsorship

Leadership

• How to be a leader. It’s not a title it’s a state of being. Act like a leader
• Leadership is taking control in situations. In helping to progress to a resolution

Lead by example. Be the person that sets the bar. Do the right thing.


Key Books to Read

• 5 Temptations of a CEO, Patrick Lencioni
• 4 Obsessions of an Extraordinary Executive, Patrick Lencioni
• Change Your Questions, Change Your Life, Marilee G. Adams
• The Coaching Habit: Say Less, Ask More & Change the Way your Lead Forever, Michael Bungay Stanier

A Synopsis of the book “The Power of Purpose: How to Create the Life You Always Wanted"

Change is never easy and as you mentally challenge yourself to think differently and adapt new systems and ideas -- your #1 challenge will be dealing with yourself. It is important that you learn to manage your mindset as it relates to managing change. This book by Les Brown focuses on dealing with our own fear of change. As Franklin D. Roosevelt stated, “There is nothing to fear but fear itself.” Don’t be afraid to make mistakes. The person who hasn’t made mistakes hasn’t accomplished anything. Have a YES, I can attitude and NO, I can’t aptitude. Continue to upgrade your skills and manage your fears by writing down the worst-case scenario and then tackling each of those fears. Keep your energy positive and only surround yourself with positive people that will fuel your desires.

Les gives a great analogy of a young man that was terrified of this big, scary dog. Every time he walked by the house, the dog terrified and paralyzed him. One day, the dog got loose and began chasing him. He ran as hard and fast as he could to get away from the dog. He finally decided to just stop running and face his fear. When he turned around and saw the barking, drooling and terrifying dog approach him, he realized that the dog had no teeth. The whole time he was afraid of a toothless dog. Many times, we fear that toothless dog.

Les discusses dealing with change by not sweating the small stuff because at the end of the day, it is all small stuff. We are all the directors of our own movie. The movie you are in right now has been created by your thoughts, your beliefs, and your actions -- you as the star and director can control your script.

-Bellaria Jimenez

Getting Plugged in After Moving to a New Area

Moving to a new city or state can be difficult when you don’t know anyone. In 2015, I left Richmond, Virginia, the place I lived in for 26 years – where my family and friends were – and moved to New Jersey. I spent two years in New Jersey before moving to Albany, New York. Three states in two years is a lot of moving and makes for a fun time when filing your taxes (ha!)

I knew no one when I moved to New Jersey or New York and my significant other’s schedule is ever-changing shift work, resulting in a lot of alone time. I wanted to make friends and get involved in my new area after each move. In Richmond, I left behind a great running group and knew that would be a good starting point after moving. I went to the Road Runners Club of America’s website and searched for a running group in the area, joined, went to their weekly runs, monthly happy hours, and trained with them for the NYC marathon in 2016. To this day, I keep in touch with that training group through social media. I did the same thing when I moved to New York, this time, plugging in with a running group affiliated with a local running store and am currently training for my third marathon – something I would not have done on my own.

Professionally, I joined an organization for women in the insurance and financial services industry (WIFS), where I was on the Event Committee and held the role of Treasurer last year. My company is very involved in the community and we have a few Volunteer Days throughout the year, which is always rewarding.

“In order to have a friend, you need to be one.” Social media has made it easy to get involved – you just have to be willing to put yourself out there. Facebook lists upcoming events in the area, there are apps such as Meetup and Nearify, and in both of my cases, the cities I moved to have a local website with upcoming events. In February, I hosted a “Galentines” get together, inviting women though a fitness Facebook group. Thirteen ladies showed up to my house with healthy snacks and flowers and we assembled our own bouquets at the Bouquet Bar. It was so much fun, and I knew none of them 10 months prior. Use your skill set, get creative, and have fun with it! It can help you with networking and just meeting new people in general!

With St. Patrick’s Day this weekend, I challenge you to get involved in your community in a way you normally wouldn’t.

• Is your town hosting a 5k? Run or walk it and ask a friend to join you!
• Is your town having a parade or Irish festival? Attend!
• Host a brunch! Irish Soda Scones |  Irish Coffee | Scrambled Eggs with Spinach Puree | Hashed Browns

Source

-Carrie Souleret

Making the Most of Your Time with Your Mentor

In order to get the most out of your time with your mentor or mentee, you need to know what to ask. Before each session, prepare your agenda of what you want to review in order to utilize both of your time in the most efficient manner. Ask open and honest questions; the things you really want to know. It doesn’t always need to be advice for an issue you are dealing with but maybe ask them to tell you a story about their career or a time they failed and how they embraced it in order to learn from it. Below are some helpful questions to make the most of your sessions.

Questions to ask your Mentor:
What’s the best advice you were given in your career that has helped you along the way?
What advice can you offer on how to progress in my career?
"What do you wish you knew at my stage?"
How can I work smarter in my role?
Who do you recommend I connect with or network with?
What do you do to live a balanced life?
What are 5 key books you feel I should read and why?

Questions to ask your Mentee:
What is the one thing you are looking to take away from this mentorship?
What are the 2-3 areas you are struggling with?
What are your goals for this year? This quarter?
How are you currently working towards these goals?
What keeps you up at night?


-Kristen Esposito

Women Empowering Women Wednesday

Coping with Loss

Dealing with loss is not easy as we overcome our emotions and the new normal of losing someone we love. As women, it is even more challenging than any other time in history because we need to juggle life and loss at the same time. Talk about work life balance being put to the test when you add the loss of a loved one or dealing with an illness in the midst of life happening. If you own your own business, work continues; if you have young children, they still need your full attention and care.

I recently lost my father, my rock, my first love. I was daddy’s little girl and now my heart feels empty knowing that I can’t turn to him for support, for that strong hug that always let me know that everything was going to be okay. The man who taught me my values, work ethic and inspired me to choose my career. He is gone. I am somehow coping with my empty heart and loss as I find myself still having to take care of work, my son and the financial loose ends left to be settled. No one would fault me for letting a few balls drop in the midst of everything happening. It would make perfect sense to stop and deal with loss but the reality is that it is not that simple of a choice. As women in business, we know that there are many people counting on us at any given time. Our sense of responsibility and selflessness causes us to choose others over our own heartbreak. Our businesses can only function without our dedication and attention for so long and our children still need our care and nurturing. Life doesn’t stop because we are experiencing a life event, it keeps moving forward. Unfortunately, the daily juggles of work life balance don’t leave a lot of time to mourn and be with our thoughts.

I was recently sharing my experience with my best friend; she is experiencing a similar issue in her life. Her mother was diagnosed with cancer and is undergoing surgery. The biggest issue she is facing is this profound sense of guilt. She feels that she is being judged. She feels she is choosing between taking care of her motherly duties and being by her mom’s side. She has little children and doesn’t have the support system to leave them and be with her mom during the actual surgery. This feeling of guilt of having to juggle life and being there for those we love adds to the already fragile state that we are in when faced with these challenges. A work colleague’s husband was recently diagnosed with cancer. She has had to rearrange her work schedule to be there with her husband, causing a higher level of stress thinking of her business obligations and client commitments as she worries about doctor visits and treatment schedules.

My thought is that life is going to continue to move forward, oblivious of our personal challenges. It is important that we stop feeling guilty about having to take care of our life obligations and not necessarily drop the ball on those matters that are important to us because of life events that are out of our control. We mourn in our own way, we remember those we love and those we love during the moments we are alone with our thoughts, we can dedicate our time to mourn our loss and remember those we love without guilt as we find one more challenge in our quest for work-life balance.

- Bellaria Jimenez

5 Tips to Secure Your Financial Future

If you are like many Americans, the current economic environment continues to make it difficult for your family to make ends meet. Many of us have readjusted our spending habits to such an extent that there is now a new normal. For example, we may no longer shop as much as or where we used to; we may settle for a staycation, rather than a true getaway; and items that were previously considered to be necessities have been relegated to the “can’t afford” or “not needed” category.

Unfortunately, many economic analysts feel that these shifting attitudes are here to stay.

Tips to help improve your economic future.
Here are some tips to help you take stock of your overall economic picture, with actionable steps designed to help improve your long-term financial security.

Tip #1: Determine what is really important.
Take inventory of what is really important to you and your family—is the newest electronic game system or cell phone more important than creating a secure financial future?

Start by developing your family’s mission statement. This is easier than it sounds: Simply write out what is important to you as a group. Be sure to include what your long and short-term goals are, and what you are willing to give up in order to make these goals a reality. Don’t forget that along the way, you may still want to decide what little luxuries your entire family can enjoy (like a getaway) that you want to keep in your budget – since these can help you feel less deprived and even save you money (by keeping you from going out to first-run movies, for example).

Tip #2: Cut back, even if it hurts (a little).
Figuring out what is most important to your family from a financial perspective is a smart move –and a good decision for your long-term financial security. Making even small sacrifices in your spending can help you meet your goals. Look carefully at how you and your family members spend your money so you can identify where you can make small changes to cut back on non-essential expenditures. And don’t overlook the bigger-ticket items you pay for every month, such as your cable TV/Internet subscriptions and car insurance. Making minor adjustments to these items can free up more dollars than you might imagine, and play a significant role in helping you fund your family’s long-term financial goals.

Tip #3: Become a dedicated saver.
If you are like many families, trying to juggle financial priorities can make saving extremely difficult.

Successful savers use the concept of paying themselves first whenever they receive a paycheck. Over time, adopting that one smart move can help you reach your financial goal of saving for a car, a vacation, or whatever is a priority for your family. To help make it easier, check with your employer to see if you can have part of your pay automatically deposited into one or more savings accounts. It can make saving automatic—and nearly painless.

Tip #4: Run your numbers.
Do you know if you are on track with your current disability coverage, life insurance, and retirement savings plan(s)? In other words, will these important items provide you and your family with the amount of financial protection you’ll need – when needed? Don’t wait until it’s too late. Take the time now to assess their adequacy and make the appropriate adjustments.

Tip #5: Get the help you need.
When it comes to Tips 1 through 4, you may feel you need some assistance. Whether you need help in just one area or all four, start looking at your future through a new lens – one that has your family’s financial goals in focus, with a plan to help you get there. Contact a financial professional to discuss ways they can help you put these tips into action—and your financial dreams on track.

Taking the right steps today can help to ensure a better financial future for both you and your loved ones.

New Year, New You… Where to Start?

New Year, New You... Where to Start?

Get a Mentor!

Here are a few reasons I strongly feel that mentorship is a base for women’s success in this industry.

1. You gain experience that is not shared in books or training. I have found in my 12 years in this industry that you can know every product, sales method and response to an objection from a client but the best training and know how is to experience it. Sometimes hearing someone else’s personal experience helps you to understand and gain the knowledge on how to handle certain situations. Hearing that others have struggles with your challenges to and found a solution may just be what you need to empower yourself through.
2. You are more likely to succeed with a Mentor. Every study these days shows proven scenarios where mentorship has helped with an individual’s success. A large percentage of CEOs and executive suite individuals all say they have had mentors and it has impacted their way to the top. Your chances of success in life and in business can be amplified by having the right mentor. The valuable connections, timely advice, occasional checks -- together with the spiritual and moral guidance you will gain from having a mentor -- will literally leapfrog you to success.
3. A mentor will help you stay in the business longer. I am the truth behind this reason. My time in this industry would have been over in 2010 if I had not met my first mentor. The guidance, the support and the reinforcement allowed me the confidence to pursue on in this industry to a successful career path.
4. Encouragement. As women, we need this. Failure, negativity and a bad day can all impact your mentality and productivity for the short term and worse the long term. A mentor can help keep your head high and provide you that outside encouragement to just keep pushing through. Your mentor has experienced the highs and lows of success and can help to provide you the positive advice you need to navigate your way.

My suggested New Year’s resolution for you would be to find a mentor and start your way to a successful 2018!

Stay Tuned for more blogs on mentorship!

- Kristen Esposito

Happy New Year!

Happy New Year!