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Who Are You?

04 Jan
fall2011graduation 300x225 Who Are You?

A colleague, a student and me.

Sometimes you only get a minute or two to introduce yourself.  Depending upon the audience, it may be fairly important to make that introduction in a succinct manner that truly captures the image and persona that you wish to convey to the world.  When you think about it that way, it’s really a matter of how you see yourself and how you wish for the world to see you.

I think about this often because I wear many hats.  That is the nature of my profession.  As much as labels get a bad rap in our society, one can’t help but be labeled.  What is that one label that defines you better than any other? 

I’m an educator.  I educate undergraduate and graduate students in business finance.  I educate high school students and adults in personal finance and life skills.  I educate my own children in similar areas and then some.  I try to add value to the lives of everyone whom I encounter and help them to reach their own potential.  That’s a tall order, but I think educating others is more than just teaching what will be on the test.  It’s about being practical and relevant.  It’s about being a leader, a role model and a coach.

Recently, I began volunteering at a local, inner city high school.  I stick my nose into nearly everything in an attempt to help the school be more efficient so that it can become stronger and viable long after I’m gone.  In that capacity, I’m sometimes asked to talk with students whom no one else can seem to reach.  I met with one such student this week.  She was labeled as an ‘attitude problem’.  Her grades were terrible.  She had a ‘rap sheet’ as long as my arm for a number of minor code of conduct violations.  The principal had had enough.  The young girl’s mother pleaded for another chance.  I saw something in this beautiful but defiant 14-year old that I thought was worth fighting for.  I convinced the principal to give her another chance on the condition that I would work with her personally, including tutoring as our schedules allowed.  Hours after striking the deal, I was informed that the student was already breaking rules.  I reconnected with her and shared my disappointment after going out on a limb for her.  I asked her to think about who she was and what she wanted to do with her life before returning to school.  I told her that her principal would be happy to have a student who was eager to learn and abide by his rules, but that if she couldn’t be that student, she should find another school.  The next morning, I was told that she returned with a new attitude and eager to take on the world.  However, she had broken several dress code rules.  I caught up with her once again to discuss the matter.  It was hard to be angry about the dangling earrings and short skirt when I heard the excitement in her voice about her algebra homework and take-home science exam.  She chose her future over stubbornness and defiance.  She was finally focused!  Sure, we all have to play by the rules, but remember — I’m an educator.  This young girl went from academic indifference to being truly turned on by knowledge in just a matter of days.  Of course, it could have been an act, but I don’t think so.  I think I got through to her.  I honestly don’t think it was any one thing that I said or did.  I think it was simply that I cared enough about her to convince her that she should care more about herself.

I think that’s what being an educator is all about.  We have to cover certain topics and assign grades and all of that stuff, but in my book, those are the things that are least important.  What is most important is creating the spark and excitement for learning.  It’s about engaging students not just in a particular subject but in their future.

I love what I do and am proud of who I am.  I’m an educator and I enjoy playing that role on several levels from high school to college to adult education.  I think that knowing who you are is an important step in planning for your own future.  How can you be your best and continuously improve if you don’t even know who you are?  Who are YOU?

 
5 Comments

Posted in Uncategorized

 

New Year, New ???

02 Jan

Wow! It’s 2012 already!! What will the new year bring? New challenges? New opportunities? New attitudes?

As I reflect on 2011 and look ahead to 2012, what strikes me most is that life is truly what you make it. If you have no goals, what will you accomplish? If you simply take life as it comes, how do you get ahead?

Some days, I truly wish that I could just take life one day at a time. I wish that I could wake up each morning and move through my day in whatever direction the wind blows me. My world just doesn’t operate that way. I need a plan — for today, tomorrow, this week, this month, etc.

With those thoughts in mind, how will I embrace 2012? What will I do differently? What do I hope to accomplish? I think it’s time from some of those realistic, specific goals to ring in the new year. Here they are:

  1. Blog! My goal is to write at least once each week. The cost is minimal and the rewards are great, so why not
  2. Finish my book. I think this one is a matter of simply sitting down and getting it done. Who knows if I’ll even send it to a publisher. Still, there is a book that I am dying to write and I need to make it happen.
  3. Run.  I REALLY want to complete a marathon this year.  In my effort to streamline, I think I might have to switch from triathlon to running.  It fits my schedule better, and (to be honest) I’m better at it.

There others, but those are the specific goals that are on my mind at the moment. 

What about resolutions?  Those are a little different from goals.  Resolutions are more attitudinal.  They focus on differences that you will make in your head and your heart and are a lot less measurable.  I have a few of those too.

I want to figure out that work-life balance thing.  I work hard and am pretty unapologetic about it.  However, I need my kids to know how amazing and wonderful I think they are.  I hope to never miss a basketball, baseball or soccer game this year.

I want to smile more.  I get so locked into my own world and am so intensely focused that I don’t smile as much as I should.

I want to undercommit and overdeliver.  I hate to disappoint.  Maybe if I say “No” more often, I’ll be less likely to drop the ball.

I want to be happy.  Sometimes we get so focused on making everyone else happy that we lose sight of who we are and what truly makes us happy.  It’s never too late to get to know yourself a little better.

So, now I have goals and resolutions and can get 2012 started with a clear direction and purpose.  I suppose the ultimate goal is to be better.  What goals and resolutions can I set so that ultimately I can be a better person?  Isn’t that what it’s all about?

 
2 Comments

Posted in Goals

 

The American Jobs Act and YOU

08 Sep

Tonight, President Obama gave a speech outlining “The American Jobs Act” — a new piece of legislation that he intends to formally introduce next week.  As the President noted in his opening remarks, most folks don’t care about political grandstanding.  They want to see, feel and taste real improvement in the economy.  While there are some signs of life in the U.S. economy, we are still grappling with high unemployment (9.1% in August — unchanged from July) and economic growth (measured by the change in the Gross Domestic Product) has dropped off to just 1% in August after surpassing the long-run average of 3.28% at the beginning of 2010.

How do we get Americans back to work AND boost the economy?  Those are the tough questions we face.  The Federal Reserve has nearly exhausted all of its tools designed to stabilize the economy.  They have lowered interest rates to next to nothing.  The idea there is that if interest rates are low, saving money is less attractive and therefore consumers will spend more.  Specifically, they will purchase ‘big ticket’ items like cars and houses because they can borrow money at cheap rates.  Similarly, low interest rates ought to entice businesses to invest in fixed assets (property, plant and equipment) for the same reason.  Unfortunately, businesses and consumers just aren’t taking the bait as the Fed would like.  Why not?  A big reason is a lack of confidence.  We tend not to like to part with our hard-earned dollars if we don’t know what’s around the corner.  While no one’s ‘crystal ball’ is always accurate, there are times when we feel fairly comfortable about where the economy (and the country, for that matter) is headed and that the folks making the decisions know what they are doing.  Unfortunately, this isn’t one of those times.  Consumers and firms are nervous and uncertain and this shows in the markets.  Spending is off.  The stock market is volatile.  Political approval ratings are at all-time lows.  As my girlfriends would say, “it’s a hot mess!”

Another tool the Fed used was ‘quantitative easing’ or QE2 (the successor of QE1).  In QE2, the Fed bought $600 billion in long-term Treasuries.  The idea here was that buying a large quantity of Treasury securities will prop up demand.  Basic economics tells us that an increase in demand will drive up prices.  In bond markets, if prices go up, then interest rates go down which — as noted earlier — should increase spending.  Another caveat to adjusting interest rates through the bond markets is that a drop in bond yields (interest rates) may drive some investors to the stock market.  Again, the increase in demand should drive up prices and a rise in stock prices would be a strong positive indicator for the economy.  Unfortunately, this plan didn’t work.

What now?  If reducing interest rates and intervening in the bond markets hasn’t kickstarted the economy, what will?  Enter the American Jobs Act.  Ideally, consumers feel good about the direction of the country and the economy which encourages them to spend.  That spending drives up demand for goods and services.  That increased demand spurs firms to hire more workers to produce more goods and services.  That increase in production results in economic growth and a reduction in unemployment.  Our country has been in search of a catalyst to get this recovery cycle going and to keep it going.  If we can’t entice people and firms to spend, why not try it in reverse?  By creating a package of employment-based incentives, Americans should have more income available to spend and will hopefully do so because their own financial picture has begun to improve.

The Jobs Act has something in it for nearly everybody.  Just take a look at the highlights:

  • Small business tax cuts designed to get small businesses to hire workers and focus on growth;
  • Targeted cuts and interventions to boost employment for specific groups like veterans and teachers while rebuilding and modernizing schools and the infrastructure;
  • Help for those currently unemployed through unemployment insurance reform and incentives to hire long-term unemployed (currently 42.9% of the unemployed population) and
  • Tax breaks for the middle class in the form of payroll tax cuts and mortgage refinance assistance — estimated to average $1,500 per family per year.

The good news is that this plan *should* be palatable to members of both major political parties because it contains elements that both sides have supported in their various districts.  The bad news is that it will be expensive — $447 billion to be exact — broken down as follows:

  • Small business:  $70 billion
  • Worker Incentives and Rebuilding/Modernization:  $140 billion
  • Unemployment Reform:  $62 billion
  • Middle Class Tax Breaks:  $175 billion

So who picks up the tab for all of this?  That still remains to be seen, but the President is adamant that the plan will not increase the deficit and can be funded through a combination of spending reductions and increased taxation on the wealthy and big business.

How will this affect you?  It depends on who YOU are.  If you are a small business owner, the President is looking at you to expand your business and thereby create new jobs and he would like to cut your taxes in order to encourage you to do so.  If you are a veteran or a teacher, the President wants to give you an extra push to help you find/retain employment in an effort to show how much you are appreciated.  If you have the skills to rebuild and/or improve schools, roads, cellular networks and the like, the President wants to create opportunities to make use of your talents in order to make America better and more competitive as compared to other nations.  If you are unemployed or underemployed (working part time because that’s the only employment you can secure), the President wants to extend your unemployment benefits and give employers special incentives to hire you.  If you are a member of the middle class, the President wants to make that temporary payroll tax cut permanent and help you refinance your mortgage at a low rate.  If you are wealthy, the President wants you to help pay for this program through an overhaul of the tax code and believes that as a proud American, you will gladly do so in order to see the country get back on track.

Again, there is something in this Jobs Act for everyone.  Will it work?  Well, Congress has to pass it first . . .

 
4 Comments

Posted in Economy

 

Put Your Money Where Your Mouth Is

07 Sep
bracelet e1315430471893 224x300 Put Your Money Where Your Mouth Is

My new 'bling' for a student fundraiser.

I am a huge advocate for living a life with passion.  Heck, if you aren’t passionate about something, why do it?  Why just ‘go through the motions’ in life?  When you are passionate and enthusiastic about all that you do, it shows and everyone involved gets more out of the deal.

This semester, I’m teaching my freshmen about social entrepreneurship.  This is the idea of using entrepreneurial principles to create and manage a venture in order to achieve social change.  I love this concept and often think of Blake Mycoskie of TOMS Shoes as the poster child for this new way of doing business.  In an effort to bring some ‘flavor’ to my class and get students to ‘learn by doing’ I decided to add this element to my course this year. 

51T7Vf6teLL. SL75 Put Your Money Where Your Mouth Is  I thought about Muhammad Yunus and this 2006 Nobel Peace Prize winner’s incredible work with micro-lending in Bangladesh.  Why couldn’t my students follow in Mr. Mycoskie and Dr. Yunus’ footsteps on a smaller scale?  Why not?!  That is exactly what they are doing.  They have formed small entrepreneurial teams.  Those teams are creating and selling products and services in order to fund micro-loans.  They are developing lending criteria and montoring procedures.  They are journaling about their experiences as they go and incorporating those reflections into a paper and class presentation. 

The experience is incredible!  The ‘lightbulbs’ are going off and they see the connection between their entrepreneurial entities and the finance they read about in their textbooks.  One group decided to make bracelets as part of their project.  They researched the material cost, conducted a break-even analysis, generated a marketing plan and have begun to execute it.  In just a week they have recovered their cost and are well on their way to making a real difference in an emerging nation. 

I just had to support my students.  I bought a bracelet and applauded their effort. At the same time, I encouraged the other students to bring in their baked goods and other products so that I could support them too.  I’m not one to play ‘favorites’!  Perhaps one day I’ll start a more formal social entrepreneurship and/or micro-lending group on our campus so that I can get more students involved.  I’m not one to shy away from using new tools to tackle old problems.  The problems I’m addressing here are those such as:

  • How do I make finance interesting?
  • How do I help attract and retain students?
  • How do I make sure that they are really learning?
  • How can students (and others) give back to our local and global community?
  • How can students (and others) give in a way that is sustainable — throughout good and bad economic climates?
  • How do we learn and give and still have FUN?

I don’t know if I’ve found the answers to all of the problems, but as long as they are learning, having fun and helping others, I think I’m making progress.  On top of that, I’m having fun too, so clearly I’m doing something right.

Have YOU ever thought about how to do your job in a way that you reach your goals AND have fun doing it?  I’m fortunate to have a career with so much flexibility, but I wouldn’t be me if I didn’t put my own special brand of excitement in what I do by living my passion every day and showing my sincerity in all that I do.  I guess that’s just a part of who I am. 

P.S.:  If you want to learn more about my students’ entrepreneurial efforts, drop me a note at Stephanie@365daysonabudget.com and I’ll be happy to tell you all about it and how you can help or join my Kiva Club at http://www.kiva.org/lender/stephanie8477!

 
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Posted in Business/Finance Theory

 

Let’s Play the Markets!

01 Sep
challenge Lets Play the Markets!

Are you up for the Challenge?

Frequently, folks want to invest or learn how to invest but have no idea how to get started.  Some brave souls will venture out and plunk their cold, hard cash into stocks that were recommended to them by a friend and hope for the best.  Others will sit on the sidelines waiting and wishing they knew how to get in the game.  Still others will turn their portfolios over to a professional money manager who makes the decisions for them.  What if you want to ‘play quarterback’ and call the plays for your own portfolio?  How do you learn how to do that?  Is there a way to work your way up from the amateur ranks?

Paper Trading vs. ‘Real’ Trading

Here’s an idea.  Why not ‘paper trade’ until you figure things out?  You do all of the same research and strategizing that one might do with a ‘real’ portfolio, but you don’t use ‘real’ money.  For example, at http://finance.yahoo.com, you can track a portfolio in real time to see what gains and losses you would incur if you were actually buying and selling the securities in your ‘tracking portfolio’.  Now, for some folks, that’s just not exciting enough.  What’s the point of making great trades with fake money if you’re only going to get fake profits?

Never Fear, ‘Answer Girl’ is Here! 

Why not check out an investment challenge?  You get the same educational benefit of paper trading, but the excitement comes in with the opportunity to win prizes.  Now, there’s one caveat here.  Often times, when we trade in a simulated ‘gaming environment’ we make decisions a little differently than we would if there were real money involved.  That is, in a game, there really is no downside risk.  The worst thing that could happen is that you lose.  That may be devastating to some people, but in finance, it’s all about the cash.  With no cash losses at stake, there really is no risk.  However, if you make a bone-headed decision in your real portfolio, your life savings could be gone in a blink of an eye.  Still, trading games can be a fun way to learn about the markets, test your skills and become more financially savvy with very little risk except the potential for market addiction!  icon smile Lets Play the Markets!

Let’s Get It!

This year I think I will try CNBC’s Million Dollar Portfolio Challenge.  Here are the highlights:

  • Real-Time Equity Trading on the NYSE, NASDAQ, LSE and ASX
  • Real-Time Currency Trading
  • 1st Prize: $1,000,000
  • 2nd Prize: 2012 Maserati GranTourismo Convertible Sport
  • 10 Amazing Weekly Prizes
  • Free $50 currency trading account, courtesy of FXCM
  • Free access to CNBC Pro for new subscribers until 10/15/2011

What’s even cooler is that you get to trade up to five different $1,000,000 portfolios simultaneously and you can even use 10% of each portfolio for currency trading.  I am SO in!  Even as a person with a little bit of knowledge in this area, I don’t expect to win SQUAT!  Still, it’s a fun way to work on my investment strategies before putting my real cash at risk. 

I’m such an advocate of these types of learning opportunities that I think I’ll challenge my students to join the Challenge.  Heck!  I’ll even give my top performing students bonus points.  Let’s see if they can beat me.  Now, what about you?  Are you up for the Challenge?  Send me an email or post a comment with your username, if you decide to play so that we can compare progress.  I am ‘syrauterkus’.  The Challenge starts September 19th, so check it out!  What have you got to lose?

 
5 Comments

Posted in Investing

 

Do What You Love and Love What You Do

31 Aug
HHI 300x224 Do What You Love and Love What You Do

'Schmoozing' with colleagues.

I had a mini-epiphany this week.  I really LOVE what I do.  Seriously.  I love teaching and writing about finance.  I know that sounds like about the nerdiest thing ever, but that’s the way it is.  I chose this profession because I find it interesting and challenging and there is always something new to discover whether it’s new students or new questions to answer.  I get to travel to interesting places and meet people with similar interests.  There typically aren’t too many people ‘like me’ in the crowd (check out the picture to see what I mean), but when you really think about it, how many people are there in the world who are REALLY like me?!  icon smile Do What You Love and Love What You Do

Over these two months or so that I haven’t blogged, I debated about if I should re-start the blog or not.  I missed the writing, but that whole 500-words-a-day thing was getting OLD!  I received lots of great comments from folks who were amazingly loyal and even got a few speaking invitations in my infamous ’365 Days’.  That was WICKED COOL!  icon smile Do What You Love and Love What You Do

I realize that I’m a little late in figuring this out, but I noticed that when I do something I love, I do it a little better and when I love what I’m doing, I’m a whole lot happier.  On Monday nights, I teach an introductory finance class.  I don’t get finished until 9:30 or 9:45 and it may be another 30 to 45 minutes or so by the time I leave the building.  By then, I am spent.  My ‘dogs are barking’ and I keep threatening to lecture barefoot to ease the pain.  Still, I’m about as happy as I can be when I am there in my element.  I get to share theories and then relate them to what’s going on in the world today.  Every lecture has an element of ‘why you should care about this topic’ to it because I think I owe that to anyone who is patient enough to listen to me yammer on for 2.5 hours.  The best part is when I see the ‘lightbulbs’ go off over the students heads and we have real, live conversation.

This week, after class, a student stopped me and told me that I was, by far, the best professor he ever had.  Wow.  That’s what it’s all about.  If I was in there looking like ‘Sad Sack’ or just reading to them out of the textbook, I wouldn’t deserve such a comment.  Now, he could have just been trying to butter me up for a good grade, but I’ll take a compliment any way I can get it.  The point is this:  after years of trying to figure out what I want to be when I grow up, I realize that I am exactly who I want to be and doing exactly what I want to do.  Over time, the venue and the methods might change, but I’m happy.  What about you?  Are you doing what you love and loving what you do?  If not, how do you get there from here?

So, it’s time to blog again.  I’m looking forward to delivering the same kind of ‘value’ here that I try to offer my students on Monday nights.  There is so much going on in the financial markets and I’m distressed by the number of folks who just ‘don’t get it’ and the negative effect that their ignorance has on them.  I know that I can’t save or educate the world, but why not try? 

Here’s the plan, my hope is to post 2-3 times per week (instead of seven) with the simple goal of demistifying the financial markets and current events.  I’ve noticed that when I write about things related to topics we cover in class, my students tend to appreciate it — and the non-students get a free finance lesson.  It gives the students a little more insight into topics that are new to them and lets the non-students get the benefit of the ideas without the stale lecture.  As I told my students this week, that’s the value that I add (or at least hope to).

At any rate, it’s great to be back.  By posting less, I intend to stay on topic more.  I’m even keeping a journal now so that the world doesn’t need to be inundated with the minutia of my everyday life!  icon wink Do What You Love and Love What You Do

As always, if you have questions, comments or ideas, be sure to send them my way by posting a comment or sending me an email at Stephanie@365daysonabudget.com.  I’d love to hear from you!!

 
1 Comment

Posted in Career

 

Do You Have $1,000?

10 Aug

I didn’t know how long my ‘blogging break’ would last, but with so much going on in the world — debt ceiling squabbles, credit downgrads and stock market turmoil —  just to name a few, it’s nearly impossible to remain silent.  The final straw was an article I read in the Chicago Tribune.  The article states that according to a study by the National Foundation for Credit Counseling (NFCC), a majority (64%) of Americans don’t have $1,000 in emergency funds.

This is one of those disturbing facts that just ‘makes me wanna holla and throw up both my hands’ (in the immortal words of Marvin Gaye).  When will we learn?  The $1,000 figure is significant because often, it’s the little emergencies (or a string of them) that derail us — not the big ones.  If we were to resolve to stash just $1,000 in a safe place, many personal financial crises could be averted.

PSAVERT Max 630 378 Do You Have $1,000?On the other hand, our saving habits aren’t as bad as the Chicago Tribune article would have us believe.  As I mentioned once before, Americans tend to save more when times are bad and spend more when times are good.  The Federal Reserve tries to incentivize us to adjust our spending and saving habits according to what’s good for the economy.  They try to keep interest rates low when times are bad to encourage us to spend and raise them when rates are high to encourage us to save (and avoid hyperinflation).  However, consumer confidence tends to drive our spending and saving habits more than any action by government or the central banking authority.  That is, if we don’t genuinely feel good about the economy, our government and where we are heading, we don’t spend as much.  Instead, we sock money away for a rainy day.  If you don’t believe me, take another look at the Personal Savings Rate in the United States. 

The personal savings rate is the fraction of personal income that is not consumed.  It has been on the rise since falling pitifully into the 2-3% range in 2007.  However, even June’s 5.4% rate is lackluster.  Is saving 5.4% of your income really enough to accumulate wealth?  Let’s illustrate:

The personal savings rate is calculated as: 

(Disposable Personal Income -Taxes – Expenditures = Savings) / Disposable Personal Income

Therefore, a person earning $40,000 in disposable income per year paying 28% in taxes with a personal savings rate of 5.4% spends 92.5% of their net income and saves $2,160 per year.  This is approximately the average saving and spending scenario in the United States today.  Still, the majority of Americans could not immediately put their hands on $1,000 in a pinch.  This is because much of this savings is in retirement funds as indicated by the statistic from an earlier NFCC study that found that 30% of Americans have $0 dollars in non-retirement savings/investment accounts.  Nothing!  Nada!  Zilch!  Zippo!  This also means that that $2,160 that folks are saving is probably the 5% of income they need to stash into their corporate retirement plan in order to get the company match.  What do they do when their car breaks down unexpectedly?

Come on, folks!  Let’s get it together.  I speak frequently about developing short-term, medium-term and long-term goals.  If you are a part of that 64% that doesn’t have $1,000, make a short-term goal to make that happen.  Short-term means by this time next year, I want you to become a new statistic.  Become one of the ‘haves’ instead of one of the ‘have nots’.  Even with the paltry interest rates the Fed has pledged for the next two years, you can achieve this goal with less than $20 per week.  Surely, you can find $20, right?

 
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Posted in Uncategorized

 

Day #365: Thank You and Goodbye

06 Jul
goodbye 225x300 Day #365: Thank You and Goodbye

Sad face!

What a year!  365 days ago (give or take ;-0 ) I got a wild idea to start a blog.  That blog would be an online diary of sorts.  I would share my thoughts, experiences and ideas about money.  My hope was that by simply paying a little bit more attention to where my family’s money was going and why, I would become more fiscally responsible and we would be more financially secure.  That’s a little ambiguous, so a relative urged me to set goals.  I did.  As I mentioned yesterday, I didn’t quite meet all of my goals as defined, but I did learn quite a bit and I am thankful for that.

So, today is bittersweet.  It is about goodbyes and thank you’s to the folks who made this possible and fun and who encouraged me along the way. 

  • First and foremost, I have to thank my husband.  He makes sure that everyone is fed and clothed with a roof over our head making it possible for me to pursue crazy journeys such as this one.  Thank you my dear!
  • Then, there are old friends.  My 400+ Facebook ‘friends’ did a great job of spreading the word about this little project of mine.  In fact, they are very likely the reason that I was nominated for a Black Weblog award this year.  I especially thank my girlfriend Michael.  After nearly 30 years of friendship, we have reconnected in a powerful way.  She shares my laughter and pain and always seems to know what I need when I need it.  Thanks girl!  I can’t wait until next week for our ‘funky good time’!  icon smile Day #365: Thank You and Goodbye
  • Unexpectedly, there are many new friends that I have made in this last year.  I am amazed that sharing my craziness on the Web has allowed me to make new friends, but I embrace them and appreciate their support.  They push me to write when I really don’t feel like it.  They tell me how a particular story or anecdote touched them or a money tip made a difference.  They let me know that people are actually reading (and enjoying) what I write.  In a way, they have empowered me to be myself and seek my own happiness.  It’s nice to know that you can be appreciated for the person that you are — warts and all — without trying to put on ‘airs’.  I’m especially thankful for Sonya.  She fills my inbox with encouragement and when we get together, we giggle like schoolgirls who have known each other for a lifetime.  Who would have thunk it?  Lunch soon Sonya, OK?
  • I was also quite surprised by the many groups and institutions that supported me this year.  I was mentioned as one of the 50 best blogs written by business professors.  I was asked to deliver a keynote speech at a local women’s conference.  I was asked to speak to a wonderful group of sorority ladies at a local university.  At my father’s urging, I am working on a book proposal.  I gave a dozen or so media interviews.  My own university features my blog on the home page for the School of Business.  Whew!  I really felt the love!
  • I can’t forget my students.  At times they had to read the blog when it related to a class topic.  However, they didn’t seem to mind because it gave them a different perspective on a difficult topic.  I appreciate their feedback and comments.
  • Like the alpha and omega I begin and end my thank you’s with family.  I truly appreciate my moms and dads.  They didn’t necessarily read every day, but they let me know that they were out there supporting me and sharing my work with their friends and colleagues.  In fact, every day I smile when I look at the card from my stepmother with Wonder Woman on the front cover.  She is an awesome cheerleader!  Also, not a week goes by that I don’t talk to my best friend — my brother.  We often disagree, but after 40+ years we’ve learned to love each other unconditionally.  I don’t know where I would be without him.  Isn’t that what it’s all about?  What’s better than the love and support of family? 

So, I guess it is time to bid you all a fond farewell.  Is this the end of the blog?  Probably, but I’m not one to say ‘never’.  I am tired and need a rest, so don’t expect to hear from me any time soon.  However, if I get a ‘second wind’ I might come back or reinvent the blog in some other format.  Just stay tuned.  You never know what I might do next!  Until then, I’ll leave you with this quote from Alan Alexandar (A.A.) Milne, the English author most famous for creating Winnie The Pooh:

“Promise me you’ll never forget me because if I thought you would I’d never leave.”

 
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Posted in About Me and the Blog

 

Day #364: Money Lessons Learned

05 Jul

I have racked my brain to figure out how best to bring this blogging year to an end.  This morning it hit me.  Not everything has to be big and splashy in order to be meaningful.  Sometimes small and thoughtful does a better job of getting your point across.  Why not let the blog exit the ‘blogosphere’ as quietly as it entered? 

I reviewed an early post where I outlined my goals for this ‘project’.  When you set out on an undefined mission such as this one, how will you know if you ever reached your destination without goals to guide you?  My goals were:

  1. Write 500 words every day for 365 days;
  2. Reach 100 people per day; and
  3. Learn something

How Did I Do? 

Well, I obviously didn’t make the first goal.  In March, I missed my first day of writing and it has been increasingly difficult to keep up the daily schedule since then.  However, I’m OK with that.  I did my best and I didn’t give up.  Isn’t that all anyone can ask of themselves?  I have a bad habit of sticking with something to the bitter end just to make a point.  I think that makes sense when you are working toward something positive and beneficial, but can be self-destructive otherwise.  There were many days where I was simply too busy living life to stop and write about it.  There were other days where I just didn’t have anything interesting to say.  I finally decided that forcing the issue on days like that would be counter-productive.

With 211 subscribers, I think I met my ‘reach’ goals.  Besides the subscribers, I average about 900 visitors per month and those visitors have come from 99 countries.  That’s not so bad.  I had hoped for 100 visitors per day  in addition to regular subscribers, but I guess we take what we can get.

Finally, I simply wanted to learn something this year.  I was talking with someone this morning and I mentioned that the main thing that I learned was about my relationship with money.  It’s sort of like when people are trying to get a handle on their weight, some folks will suggest that they try to understand their relationship with food.  Do they eat for comfort or sustinence?  I noticed many things about myself in that regard when it comes to money.  Shoes make me feel better and I have a way of rationalizing new purchases when sadness strikes me.  In fact, I’m working hard at this very moment to resist the urge to shop.  The devil on one shoulder is assuring me that a shiny new pair of shoes will make me feel better, but the angel on the other shoulder reminds me to be financially responsible.  Let’s see who wins.  Still, I know this about myself and I have to develop a system to manage it without making myself go crazy.  What works for me may not work for others, but we can find ways to adapt what we learn from others to fit our own needs.  I learned that being more involved in the financial decsions in my household makes a big difference.  The key players in the household need to truly ‘buy in’ to the financial plan for it to have a chance to work.  Another thing that the blog has done for me is made me more aware of other bloggers and personal finance writers.  By reading their work, I’ve picked up a lot of interesting ideas on finance.  Some work for me and others do not, but I think that just might be the bottom line.  Responsible money management doesn’t happen overnight and we all make mistakes.  It first requires effort to take control of your money and then an ongoing commitment to continuously improve. 

What’s Next

Well, I don’t know yet.  Tune in tomorrow for all of my goodbyes and a final wrap-up and then we’ll see what happens next!

 
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Posted in About Me and the Blog

 

Day #357: Where to Splurge

28 Jun

splurge 216x300 Day #357: Where to SplurgeI was reading a post by another blogger recently and he listed all of the items where he felt that it made sense to splurge and concluded by asking his readers their thoughts on the matter.  That’s a tough question for me.  I’m such a bargain shopper that it’s tough for me to part with a dollar.  In fact, I’ve been fantasizing about buying a new road bike recently.  This weekend, I came across one for just a hair over $1,000.  I still am unable to allow myself to make the purchase even though this bike is a bargain at twice the price.  I commented to my husband that the deal was just fraught with too much potential for buyer’s remorse.  I could use that money for so many other things!  What if I buy it and I’m not any faster or better?  What if I crash again because I can’t figure out how to work the gears?  To this line of questions, my husband replied, “You have buyer’s remorse when you buy toilet paper, so this is not a good argument!”  Deep sigh. 

I’m going to go out on a limb here and try to compose my own list of ‘splurge-worthy’ purchases.  Here they are in no particular order:

  1. Education:  I firmly believe in investing as much as you can afford in a quality education because it never depreciates in value.  However, I also am a firm believer that he who adequately applies himself can earn a top-notch education at almost any institution.  Therefore, the investment is not solely monetary.
  2. Clothing:  Here’s another one with an asterisk.  Whether we like it or not, we are often judged based on first impressions.  Therefore — particularly in professional environments — proper attire is essential.  I would rather splurge for an expensive suit even if I can buy three or four of lower quality for the same amount of money.  High quality garments just look and feel better.  You know that feeling when you look in the mirror and feel pretty good about that person who looks back at you?  Why not have that every day?  The asterisk comes in because I feel even better about that $400 or $500 suit when I can catch a great sale.  Buying quality doesn’t always mean breaking the bank.  Once you learn how to get good deals on the quality stuff, you’ll never look at the cheap stuff the same way again.
  3. The Kitchen:  I actually love to cook.  However, I’m a little picky about it.  I need adequate space and lighting and top quality tools.  In fact, if I ever have the opportunity to build a house again, I will start with the kitchen.  Maybe it’s my (somewhat) southern upbringing, but to me, the kitchen is the most important part of the house.  It should be warm, inviting and spotless and the cook should have everything at his or her fingertips to create for an appreciative crowd. 
  4. Your Craft/Trade:  In some professions, you are only as good as your tools.  In others, the right tools will make you more productive and competitive relative to your peers.  In my profession, technology is important.  I likely spend more time in my office than most of my colleagues these days because I have the best computing equipment there.  I don’t have much patience for slow internet connections, crashing operating systems and corrupt hard drives.  It’s worth it to buy the best  you can afford to support your craft.  For that reason, I’m starting to think that a new computer for my home office might be a better investment than that road bike.
  5. Memories:  I think the point of the article that I read was that we work so hard that we owe it to ourselves to splurge every now and then.  One of my fears is that I will work so hard that I’ll ‘forget’ to have fun and enjoy life — especially while my children are young.  For that reason, I think it’s important to stop and take vacations and savor special occasions.  I’ve always been big on birthdays.  It’s that one day a year that — for the most part — is YOUR day.  I tend to go all out for my kids on their birthdays so that when they look back they’ll remember that we made them feel special.  I think the best part is when you can tap into those things that are unique about the person you are honoring to show that you are really paying attention.  Try it.  You may be able to create a memory that someone special won’t soon forget.
 
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