*Fewer than two in 10 women feel “very prepared” to make wise financial decisions. Half indicate that they “need some help,” and one-third feel that they “need a lot of help.” (Financial Experience & Behaviors Among Women 2010-2011 Prudential Research Study)

*They number of middle and upper income women struggling with debt has risen faster than the number of lower income women struggling with debt. (Women, Debt and Recession, CareOne Debt Relief Services)

Every woman has the potential to take control of her finances when she is equipped with the knowledge that she needs to make practical decisions regarding her financial future.  Here are a few basic tips for successful financial planning:

Create a Budget that You Can Live With
A basic budget consists of allocating a percentage of your gross income to categories that support your lifestyle.  While these categories can be different from person to person, the most basic categories are (with the percentages of your GI that many experts suggest you allocate to each):

Housing(35%)- includes mortgages/rent, utilities, home insurance & maintenance
Transportation(20%)- includes car payments, car insurance, maintenance, & gas
Debt(15%)- includes student loans, credit cards & personal loans,
Other(20%)- includes all other expenses such as food, clothing, entertainment and charity
Savings(10%)- at least 10% of you yearly income- pay yourself first!

*Here are a few of the sites that are well-designed and user-friendly that can assist you in budget planning: www.mint.com, www.Budgettracker.com, www.quicken.com, and www.money.strands.com.

Learn the Debt Do’s and Don’ts
In short, do break bad debt habits and don’t live above your means.  Don’t abuse credit and do practice delayed gratification and using cash instead, as much as possible.

 Save for a Rainy Day…& More
Rainy day funds should include more than just planning for emergencies, but should also include retirement planning, short-term goals and planning for your children’s education (if that applies to you). Emergency funds should include at least 3-6 months of living expenses in a safe account (i.e. bank account or CD’s). Savings for short-term goals, retirement and education should be saved in accounts that yield higher returns and a level of risk that fits your time frame for saving.  Starting early makes a huge difference.

 Plan for Tomorrow
When you’re married, you may depend on your spouse’s income to help pay the mortgage and other living expenses.  No one wants to think about tragedy or loss, but you should discuss with your spouse a game plan if something unexpected should happen.  While nothing can replace a spouse, a term life insurance policy protects your family if something should happen. 

 The basic concepts of money management aren’t obscure or difficult to understand.  Whatever your financial situation, it’s important to get started today.  If you put together a simple plan and follow it, you’ll be amazed at the progress you can make.
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Yolanda Johnson is a DC elementary school teacher and an independent financial representative for Primerica Financial Services. She earned her business degree from Florida A&M University and is currently completing her M.Ed at Lesley University (Boston, Massachusetts). Yolanda is passionate about education and serving the financial and income protection needs of individuals and families. For additional resources from Yolanda, visit www.facebook.com/pfsyolandajohnson

Dealing with Failure!

In addition to letting go of the mistaken belief that she is always right, some assertive women  also have difficulty letting go of unmet expectations. In many instances assertiveness is used interchangeably with ambition. This book is not intended to create commentary on whether that assumption is correct. However, this reputation contributes to the challenge of letting go.

The harshness of a certain “f” word is dreaded by almost everyone, and even more so for the assertive woman. For most people, failure is an admission of personal inadequacies. However, to the assertive woman, a goal that seemingly failed to everyone else is simply deferred to her. She understands that a dream deferred creates the perfect opportunity to display her resourcefulness, creativity and resilience. While she is to be applauded for her optimistic view on challenges, it is absolutely necessary that the assertive woman understand that in this regard such a view could be dangerous.

A difficult but necessary lesson for anyone to learn is that sometimes unmet expectations are not always deferred. Some goal may just not be meant to be. I do not encourage  giving up, but regardless of whether you blame a lost opportunity on God, timing, poor planning, or resources, there will be times when goals are unfulfilled. That is the reality of life….(It is important) to recognize when it may be appropriate to let go and when it is appropriate to push a bit further. As a rule of thumb for all women, when you begin to lose weight or your hair, it may be time to let go, at least temporarily. I share this to emphasize that self-management should come before reputation, accomplishments, or fleeting success. I hold the belief that if a woman has good self-management skills, the rest will somehow fall into place.

While it is important to recognize when to walk away, it is equally important to recognize when to persevere. There are goals that would not have come to fruition had I not fought for them. My company, P.E.R.K. Consulting is one of those goals. The key to deciding when to do either is a very personal process. However, when the refusal to let go begins to negatively affect your physical health or emotional well-being, it becomes clear that letting go is the only viable option. Whether this applies to goals, relationships, or your misconception that you are always right, letting go requires vulnerability.

Although it can be uncomfortable to admit one’s vulnerability, it is imperative that the assertive woman is purposeful about doing so because it just might free her for something better.

Thank you to everyone that supported by sharing our profile on their social media profiles. In case you missed it, click here to read the feature on P.E.R.K.!

It’s the same with your mind. Just as a coat absorbs scents, so does your mind absorb thoughts. It absorbs the thoughts of those with whom you associate.  Whose thoughts are you wearing?  If your thoughts had a scent, what would it be?  Is it stinking thinking or beautiful thoughts of peace, harmony, success, faith and love?

Whomever has a lot of your time has your mind.  Wherever you live, work, pray and socialize, it is your external environment shaping your in-vironment.  In other words, your external world shapes your internal world.  So who is shaping your thoughts? A lot of people and things – parents, friends, spouses, lovers, co-workers, media, society, school, church, job, social organizations.

The coat your mind is wearing will affect how you’re feeling. I’m sure there have been times when you went outside thinking that it was going to be hot and found out it was much colder than you anticipated !  Having to run around outside in the cold is hard enough but doing it with a Spring jacket instead of a Winter coat is much harder! When your thoughts are constantly self-critical and defeatist, that’s precisely how you’re going to feel AND how you’re going to act.

“I’ll never be as happy, smart, successful, good, beautiful, accomplished as (insert name here)”

“Even when I try, it’s never enough. I’m not skinny, smart or as beautiful as (insert name here)”

“No one notices all the work I do. Maybe it’s because I really don’t matter.”

“My life, marriage, relationships, education, future sucks”

“If I don’t get this degree and get married by 30, I’m a failure.”

“There aren’t enough good men anyway, so I’ll stay with him even though he hits me and makes me feel like crap. He’s better to me than other guys were.”

“Nobody loves me. Everybody uses me.”

These thoughts are like a tight jacket that choke and squeeze your mind.  When you find yourself around gossipy-critical-negative-complaining-little faith-much drama-reactive people, either you fit in and speak their language OR you gravitate towards another kind of people and conversation that is positive, productive, progressing, solution-oriented, loving, hopeful, caring and proactive. Remember that you can always change your “thought-garment”.

Change what your mind is wearing! It may take some time but just like you memorized your ‘A,B,Cs’ you can memorize good thoughts. Read positive, inspirational words. Scriptures, proverbs, beautiful quotes are all available for you to meditate on. And change who you’re hanging out with so your mind can absorb better thoughts. You’re never stuck with the same old tired, ripped, depressed winter coat! Spring is here! Change your thoughts and you change yourself!

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Akua G. Asare M.D. graduated from Case Western Reserve University with her B.A. in International Studies. She went on to receive her Medical Doctorate from the University of Pittsburgh School of Medicine. After her Psychiatric Residency at The University of Miami/Jackson Memorial Hospital, she was awarded the American Psychiatric Association’s Jeanne Spurlock Congressional Award for 2011. In this capacity she worked as the Health Legislative Fellow for senior Senator from Ohio, Sherrod Brown (D-OH). Currently she is pursuing opportunities in the areas of domestic and global public health policy and infrastructure.

…is like studying the appreciation of music without listening to it.”

Today’s Wednesday Wisdom was taken from marketing guru, Seth Godin. For his full blog entry, click here.