http://www.sassybean.com/index.php/blog/lifestyle_money/ The woman's guide to living, loving and relationships en sassybeaneditor@sassybean.com Copyright 2008 08 22 2008-08-22T00:01:00-05:00 http://www.sassybean.com/index.php/blog/article/should_you_offer_to_pay/Erica Mayyasi http://www.sassybean.com/index.php/blog/article/should_you_offer_to_pay/Erica Mayyasi#When:00:00:00Z Do pretend to reach for your wallet? Find out what to do when the check arrives....It can be awkward enough trying to divvy up a check when you’re out with your girlfriends, but dealing with the bill on a date presents even more challenges.  Trying to keep the romance up while tackling logistics is no easy feat.  So, should you offer to pay? The overwhelming general consensus is that on the first few dates, the girl should always offer to pay and the guy should flatly refuse.  But, every couple is different and over time every couple will develop a different routine for handling the check.  Some couples go Dutch, some alternate who picks up the tab, and in some one party always pays. Just know that if you are in a relationship in which your man always pays for the dates, it can be really meaningful for you to insist on paying every once in a while.  “It’s the psychological factor that she’s actually invested enough in the relationship to offer to pay,” says one guy.  “Otherwise, if the guy just pays for everything he won’t know if he’s being used or if she really likes him.” Do you agree? Tell us your thoughts below. To pay or not to pay...that is the question? Love & Relationships, Money Matters 2008-07-11T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/money_makeover_tip_investing_you/moneycoach http://www.sassybean.com/index.php/blog/article/money_makeover_tip_investing_you/moneycoach#When:00:00:00Z The Money Coach, Marianna Olszewski shows you the best ways to invest...Main image: Joshua Davis Here are some ways to educate yourself on different types of investments. 1. Investments have different risk and reward levels. “Safer”, lower risk investments include Treasury bills/bonds, CDs, Money market funds. 2.  Diversify. Mutual funds and bond funds are a good way to diversify your investments. I suggest investing in one of these instead of investing in one or two stand along stocks.  If you invest only in one or two stocks, which I don’t suggest, and these stocks happen to fall in price for whatever reason, your will loose a significant amount of money. However, if you invest in a fund that is diversified with over 100 plus stocks, if one or two stocks go significantly down this won’t effect your holdings as much since you have 98 plus other stocks in the fund. 3. I suggest only investing in funds that have a “no load” (no front load and no back load) policy. Loads are extra charges to get into and out of a fund. You can find excellent funds with no loads. 4. Ask about the management fee, which is the fee the fund charges to invest and manage your monies. This should be no higher than a half of a percent or one percent. 5. Make sure there are no performance fees, which is a percentage of the money they make for you goes to the fund, taken for a mutual or bond fund. 6. Educate yourself on the different funds, stock funds, bond funds, real estate funds, international funds. You can diversify and have a group of funds which cuts down on your exposure to any one asset class. 7. Enlist the help of a financial planner. Financial planners and advisors are there to educate you on different investment products depending on your risk/reward tolerance, where you are in life, and your financial goals. I suggest asking a few trusted friends who you respect their financial situation to suggest a few financial planners/advisors. Take your time interviewing them. Make sure you feel comfortable with them and that they seem to have your best interest in mind. If they are overbearing, pressure you or push you into investments you are not comfortable with then they are not for you. Your relationship with your financial planner is very important. Even when you trust him/her, I strongly suggest reviewing your investment portfolio each quarter and keeping on top of new investments. It is your responsibility to be clear and monitor the ongoings of your financial life. 8. It’s never to late to start saving and investing. If you have fear around investing, I suggest starting small and safe. This means start with a small sum of money and invest in the safest lowest risk investments.  Love & Relationships, Money Matters 2008-07-28T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/get_out_of_debtnow/moneycoach http://www.sassybean.com/index.php/blog/article/get_out_of_debtnow/moneycoach#When:00:00:00Z Sassy Bean Money Coach Marianna Olszewski says it's possible if you proceed with a plan... Are the bills piling up on your desk?  Are you scared to answer the phone only to hear a bill collector at the other end of the line?  Take charge of your life now...and get out of debt as quickly as possible. •Pay off all of your credit card debt by allocating a monthly amount to the debt and sticking with it. •Do not only pay the minimum amount only, doing this will drag your debt out for years with costly interest payments. I suggest making the biggest payment to the credit card that charges the highest interest rate. Another suggestion is combining all credit card debt either on one credit card to make one monthly payment.  •After you complete a spending plan, see what feels comfortable for you to pay each month without feeling deprived or angry. • Feel good about getting yourself out of debt. •Stay away from compulsive spenders. Don’t shop with friends that push you into buying things. Be with people who support your financial goals and plans. •Don’t beat yourself up for credit card debt. Instead learn from your money mistakes. Accept it, acknowledge that you don’t feel good about all the debt and put into action a plan to pay off the debt. Also try to learn from this and let this be a lesson to stop spending compulsively on credit cards. You will begin to think twice before charging on your cards. Love & Relationships, Money Matters 2008-07-21T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/its_never_too_soon_to_save_for_retirement/moneycoach http://www.sassybean.com/index.php/blog/article/its_never_too_soon_to_save_for_retirement/moneycoach#When:00:00:00Z The Money Coach Marianna Olszewski says your retirement may not be as far off as you think... It sounds like it’s a long way off, but each year you are closer to retirement. The sooner you start saving for retirement the more money you will have when you retire and you will be making additional money on your savings through compounding and interest.  Here are some easy ways to start socking away your hard earned dollars: • Put money into your company IRA or 401K retirement plan. Ask your company if they have a retirement plan and what the maximum you can put into it each year. If they don’t, you can easily set up a 401K at a local brokerage firms like Fidelity. • Have your company take your contribution right out of your paycheck by direct debit BEFORE you see it. For example, if each week you are paid $600, ask what the maximum is that you can contribute weekly, if the maximum weekly amount is $90, then you should have a paycheck of $510 each week coming to you since the $90 was taken out before you receive your check. • The money you contribute to your IRA or 401K is taken out before you pay taxes on your income. Since you are investing pre-tax dollars you should invest the maximum in these plans. • If you own your own business, be sure to talk to your accountant for the best retirement plan for you, SEP-IRA, Keogh plans and the maximum you can invest. If you are a business owner or self-employed you can invest different amounts in retirement funds based on your self-employment income.. Love & Relationships, Money Matters 2008-07-14T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/never_have_money_for_a_rainy_day_now_you_can/moneycoach http://www.sassybean.com/index.php/blog/article/never_have_money_for_a_rainy_day_now_you_can/moneycoach#When:00:00:00Z The Money Coach, Marianna Olszewski shows you how to stop spending and start saving... In a relationship...money matters, so there are some very important steps to making sure you have a spending plan that is appropriate for you. Whether you are in college, just joining the work force or you have been working for the past 15 years, you must have a plan starting today. •A spending plan is a way to become clear about your spending, money coming in, money going out, and having what is important to you. A spending plan not a budget or a means for sacrifice, scimping, or depriving yourself. •Very simply, on a piece of paper put a line down the middle center. On the left side list all of your monthly income, money in, and amounts (from working, child support, gifts from parents etc). •On the right side of the sheet of paper list all of your monthly expenses, money out, and amounts (rent/mortgage, food, eating out, entertainment, phone, child care, clothes, doctor bills, investments, retirement payments, savings for vacation/home/car, slush money, rainy day fund) •By laying this out on paper and in front of your eyes to see, you create clarity with your money. You can see where your money is going and make adjustments and changes according to where you would like to spend money on what is important to you. For example, if you look and see that you seem to be spending quite a lot on eating out and that’s really not important to you but it is happening; while saving for a vacation is really important, you might want to slowly adjust this and maybe allocate $100 more or so a month to saving for a vacation and less to eating out. •Having clarity about where your money is coming and going is the first step to changing spending patters. •Spend less than you earn. This is the way you create wealth. •Be careful you are not putting to many strict goals on yourself. Changes come slowly. You must feel good about the changes you are making and know that you are making them so that you can have the things that are important to you. •If you get a bonus or windfall of money, put away some of it for a rainy day (I call it a rainy day fund or an emergency fund which should be enough money for you to live comfortably for 6 – 8 months without working), pay off some of your credit card debt with a part of the bonus, student loans, put a portion into investments and a portion towards “treating yourself” to something you have been wanting like a new dress, shoes etc. I believe treating yourself is as important as saving for retirement and paying your bills. Love & Relationships, Money Matters 2008-07-11T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/money_makeover_tip_take_care_of_yourself_first/moneycoach http://www.sassybean.com/index.php/blog/article/money_makeover_tip_take_care_of_yourself_first/moneycoach#When:00:00:00Z "The Money Coach" Marianna Olszewski says you need to take care of yourself first. Be positive You have the power to change your financial situation.  It is something you can control.  Use these tips to get your financial life in order: Be assertive Ask for that raise and/or that promotion. Ask for what you want. Be confident. Sometimes bosses will pay you what they think they can get away with paying you instead of what the job calls for. Stand up for yourself confidently. You might get the increase in salary, or not get the increase in salary, either way you will feel good about yourself and sticking up for yourself financially. Don’t use money to make yourself feel good Instead of overspending and compulsive spending to feel good, do other things that are longer lasting and really make you happy: be with good friends, take a bubble bath, pamper yourself with manicure/pedicure, a massage, light a candle, put on soothing music, do yoga, exercise… Know you deserve to have financial independence, freedom and happiness Know that you can have things that are important to you, your own home, vacations, clothes and also be able to save for retirement. Yes it is all possible for you. Say “yes” to opportunities that support your financial decisions and goals For example I if there is a seminar in your area about investing in retirement funds and you have an opportunity to go, say yes and do it. Love & Relationships, Money Matters 2008-07-07T00:00:00-05:00 http://www.sassybean.com/index.php/blog/article/money_make_over_tip_how_to_get_financially_independent/moneycoach http://www.sassybean.com/index.php/blog/article/money_make_over_tip_how_to_get_financially_independent/moneycoach#When:00:14:00Z The Money Coach, Marianna Olszewski says it's time to stand on your own two feet...•Don’t rely on your parents, husband, boyfriend for money, to pay your bills, buy you a house, take you shopping. •Don’t wait for your Prince Charming to come and “save you” and do it for you. Even if Prince Charming does come, unfortunately and sadly through a divorce or death, you may find yourself in a financially tough situation.  •Know that you have the freedom to make your own choices and decisions in life regarding money issues •Be actively involved in family finances. Educated yourself and be informed about financial issues. •If you are married, get involved in the business side of your family decisions. Don’t leave all the financial stuff to your husband. Love & Relationships, Money Matters 2008-07-04T00:14:00-05:00 http://www.sassybean.com/index.php/blog/article/money_makeover_tip_create_a_monthly_spending_plan/moneycoach http://www.sassybean.com/index.php/blog/article/money_makeover_tip_create_a_monthly_spending_plan/moneycoach#When:00:00:01Z How do you stop worrying about money? Create a monthly spending plan to figure out where it's all going. Main image by: PinkMoose A spending plan is not a budget or a means for sacrifice, skimping, or depriving yourself. Creating a spending plan is a great way to plan out your finances and figure out what is important to you. 1. Take a piece of paper put a line down the middle center. On the left side list all of the money that comes to you each month, from working, child support, gifts from parents, etc. 2. On the right side of the paper, list all of your monthly expenses. Your list might include rent/mortgage, food, eating out, entertainment, phone, child care, clothes, doctor bills, investments, retirement payments, or savings for vacation/home/car. 3. By putting your monthly numbers down on paper, you create clarity with your money. You can easily see where your money is going and make adjustments and changes according to where you would like to spend money and what is important to you. For example, if you see that you are spending quite a lot on eating out sacrificing your vacation savings, you might want to slowly adjust this and maybe allocate $100 more or so a month to saving for a vacation and less to eating out. 4. Having clarity about where your money is coming and going is the first step to changing spending patters. Just by writing your monthly numbers out each month and getting clear on your money, you will find yourself automatically adjusting spending patterns. 5. Don’t beat yourself up or put too much pressure or too many goals on yourself. Changes come slowly. Know that you are making changes in your spending so that you can have the things that are important to you! Love & Relationships, Money Matters 2008-07-02T00:00:01-05:00 http://www.sassybean.com/index.php/blog/article/money_makeover_tip_improve_your_credit_rating/moneycoach http://www.sassybean.com/index.php/blog/article/money_makeover_tip_improve_your_credit_rating/moneycoach#When:12:00:00Z What is a credit rating and how can you improve yours? Listen up to the Money Coach. Main image: Selvin Credit ratings are a very important part of financial planning that few people care about as much as they should. If you want to apply for a mortgage, take out a car lease, be approved for an apartment or house rental, apply for another credit card or take out a business or personal loan . . . the better your credit rating is, the more options you have. Here’s how to build yours up: 1. If you don’t already have a credit card, apply for one. You might be able to get a credit card easily through your bank if you have a good history with them. Many credit card applications often come through the mail, but be careful to check the fees and/or interest rates before you apply for them. Don’t open too many accounts at the same time-- one or two is just fine. 2. The most important thing you can do to raise your credit score is to pay off your credit card balance in full each month! Doing this alone will increase your score tremendously, as one-third of your credit score is based on this payment history. 3. If you do carry a balance on your cards, make sure you have a card with a 0% interest rate or one that is as low as possible. Be sure the balance is paid off before the rate increases significantly. 4. If you are using a credit card from your bank, make sure that you are taking advantage of their relevant payment services. You can often set up a system where the bank automatically takes the money out of your checking account so your card will be paid in full, which guarantees payment on time without extra fees. You can also monitor your monthly balance online to be clear on where your money is going, and to prevent overdraws on your account. Some banks also offer free online banking, bill paying and checking without a monthly balance. 5. Go to www.annualcreditreport.com to get a free copy of your credit report each year. Love & Relationships, Money Matters 2008-06-30T12:00:00-05:00 http://www.sassybean.com/index.php/blog/article/money_makeover_tip_need_help_hiring_an_accountant/moneycoach http://www.sassybean.com/index.php/blog/article/money_makeover_tip_need_help_hiring_an_accountant/moneycoach#When:00:00:00Z The Money Coach, Marianna Olszewski says you must know what you are looking for with tax season just around the corner... You flip open the yellow pages only to find a 20 pages of accountants listing one after the other. Now what? Instead of chosing a name at random, make sure you do your research. • If you are not an accountant, don’t fool yourself, spend the money to hire someone who knows the in’s and out’s of the tax code and how it can benefit you. •Accountants can save you money, are up on the new tax codes, can find loopholes that work for you •Your confidence about money will increase when you respect money and yourself enough to hire someone who is the best and help you keep as much money as you can each year •Accountants can help you and educate you on tax planning and estate planning •A good accountant will take the maximum tax deductions for your financial situation and give you advice for the years to come on what you can and cannot deduct and the reasons why • A good accountant will have your taxes done for you on time and without penalties Love & Relationships, Money Matters 2008-06-25T00:00:00-05:00