The Official Wealthy Wilma Blog

True or false: Imagination is the key to great wealth?

2011-03-29T09:38:00.000-07:00

According to Napoleon Hill’s research of hundreds of wealthy American’s in the book Think and Grow Rich—it’s true! This means that if you have an imagination (which I do, high-five!) then you are closer to wealth than you think, if you activate it. I quote:

If you have the imagination and see a more profitable outlet for your services, this suggestion may be the stimulus for which you have been searching. The idea is capable of yielding an income far greater than that of the average doctor, lawyer or engineer whose education requires several years of college. There is no fixed price for sound ideas.

Really, when you think about it—any great idea that amassed to great wealth started with imagining a new product or service in a creative way: Facebook A+ on imagination (twins...settle down, you have an imagination, too), Google A+ on imagination, ING Direct A+, Mint.com A+, Molly Maid A+, eBay A+: Twitter A+, HooterHider A + (just learned of this, its brills!), Spanks A++ (my ass thanks you), Apple A+++ and the list goes on.

Look at Henry Ford (who was interviewed in this book) he had an incredible imagination and no formable education. He surrounded himself with smart people—but his wealth amassed when he imagine the first automobile and brought his imagination to life. No big deal. Developed the impossible (and was laughed at)—and then took his immigration right to the bank.

I’m a big day dreamer; dreamer at large—and yes have a great imagination but after reading this book—there is a key take-away (my interpretation): there is a difference between dreaming and having an imagination. A dream is one by which you dream to win the lottery, you dream of prince charming, you dream of being a famous movie star. It’s quite different from imagining yourself as a famous movie star—because when you imagine something, your forethought guides that image, and you build roads to bring it to life. When you dream—it’s like you’re on autopilot, an escape of your reality, and its set aside as quickly as it appeared.

So—based on my readings of Think and Grow Rich—it’s in your very best interest to leave work right now, grab a pen and paper—head down to a park or coffee shop and let your brain imagine how you could make more money—without restrictions, given your skills. Write it down. Then go get the book Think and Grow Rich and learn how to apply imagination so that one day you’ll be quoting Pretty Woman “Remember me? You work on commission, right? Big mistake. Huge.”

Imagine.

How to Awaken Your Financial Brain

2011-03-10T09:54:00.000-08:00

If you say you don’t have a financial brain, I’ll say bull! You do. Your financial brain is likely just sleeping because you’ve never used it. It just sits there, dormant—somewhere between your fashion brain and your everyday-work brain. 100% underutilized. What a shame.

Think of the life you could be living right now if you used that financial brain ten years ago? What would your house look like? What would you be driving? How many different country stamps would be on your passport? It’s not too late! Let’s wake-up your financial brain!

The only way to awaken your financial brain is to first understand that you absolutely have one. And then, start to stretch it and challenge it! You will have to get financially engaged (Engaged? Yep, a giant diamond could come eventually). Start with reading a financial book. Maybe two. Then do your own personal budget—you’ll have to force yourself, like any exercise routine.

Most don’t fall in love with bodybuilding until they see their muscles grow. And most don’t love to run until they really get a good run in, where it didn’t hurt, they covered some distance and felt a high. Just like that, you likely won’t enjoy have a bigger financial brain until you’re seeing your money grow. And when you do—you’ll get that financial 'high’! After all, your financial brain is a muscle—the more you work it, the better it works.

The tough part is the first step; reading a financial book. I’m going to rip off the Band-Aid right now and tell you—you’re right; they’re not that stimulating. There is no sex. There is no juicy character build up. There is no suspenseful dialogue. There is no big reveal. The language appears to be English—but most times their word choices are so foreign it hurts your eyes. It hurts your eyes because you’ve never used your financial eyes. But what if the financial book you picked up, triggered an idea—that when put to action made you millions? It is possible.

Wake-y wake-y financial brain--- it's time to stretch.

Build Your Home Office

2011-03-02T13:25:00.000-08:00

Imagine a wealthy person. What are they wearing? What do they drive? Where do they live? Now—walk into their (imaged) house—find their office. Look around, what do you see? Maybe a big filing cabinet? Maybe a nice clean desk with pictures on it? Maybe there is even a stereo system in there? It feels wealthy, it smells wealthy (go with it)...touch it, it is wealthy. You’d love this home office, you want this home office.

Your turn. If you want to be wealthy—you’re going to have to start somewhere. And that somewhere is in your own stack of papers. It’s time to set yourself up for wealth. To be wealthy you need a home office. Maybe it’s a corner of your living room. Maybe it’s a corner of your bedroom, maybe it’s a closet—but declare said space your office—and own it! This is the place where your wealth will build. Where you’ll file your finances, and build your empire. You may start in the closet—but one day you’ll work your way up to a gorgeous home office that you’ll love.

It’s not that hard to build your office. You’re just starting your wealth journey—so you don’t need much. But what you do need is a great attitude about it (happy happy!), and you do need to channel your organization spiritual guides—you know, the kind of oomph that kicks your butt to clean your home before your Mum comes over, or the kind that helps you do the laundry cause you’re down to wearing your bathing suit to work—that one. You’ll need those cleaning spirits yet again.

Do you really want to spend the weekend sifting through paper work and building your office? Nope. But that stinky attitude is why you’re not wealthy YET. You’re going to have to shake that off—and get on with it. Who’s going to set you up for success if it’s not you? Show me a wealthy person and I’ll show you their home office. It’s your turn—let’s do it!

I have some sure fire ways to get you from zero to office hero, have a read:

Pick a day, and then—a back up day. You may need two days to get it all done, or a day to bail and then a day to really do it. Book this in your calendar – pen it in/type it in.
Tell two friends that you’re going to build your office THIS weekend—commit to it out loud.
Find a picture of wealth, be it a big house on the water’s edge, a fancy car etc, whatever wealth means to you—blow it up—and put it up where you’ll see it. You need something to work towards.
Make a list. What do you need to do the job? Remember you’re not just organizing-- your building your new office—large or small (or miniscule).
Think of it in phases. You’re working on your phase one office. But what is phase one? Phase one might just be a filing cabinet and an organized system. Phase two might have a filing cabinet and a desk. Phase three has a fish tank, desk and a filing cabinet. Phase four has a book-keeper, fish tank—etc.
Look in your home for the perfect spot to build your office. What room, spot, area feels right?
To tackle your phase one office, your list could have the following:

Filing cabinet – let’s get serious and get a structure for all your papers.

IKEA has them for under $60 – and they’re somewhat stylish.
Staples has rinky dink kinds of filing cabinet-thangs—but you can’t stack them, I’m not a fan—but they’re cheap, like $12. I’d go with IKEA—I’m just sayn’, you have options.

Hanging File folders- lots to choose from. I’m not a fan of the IKEA ones as you have to ‘build’ them yourself of course, and they’re plastic; so slippery—so I’d go with Staples (not to mention they’re a buck cheaper than IKEA).
File folders: same as above—but do you want to colour organize or not? I’m not a colour coordinator kind of gal—but there are a lot of freaks out there, so fill your boots. Colour code away if that makes you happy. You know who you are.
A good pen, maybe two—they always vanish when you need them.
Scissors – I’m not sure why you’ll need these—but always good to have your tool belt ready.
Recycling bin/box—cause you’ll be ruthless.
And most importantly-- good tunes.

And that’s it—with this handy list, your new home office will be in business in no time! Organize to how it makes sense to you. Throw out/recycle what you don’t need.

When you’re financially organized and your office is done—you won’t even need to celebrate—you’ll feel so good, you’ll tell all of your friends how you spent your weekend, and all the neat things you found. Maybe you’ll find an old lottery ticket? Maybe you’ll find a number you’ve been looking for? Maybe you’ll find $50 stashed away—you won’t know until you build your office. This is just the beginning.

Be proud of you new office!
Take pictures of your new home office- before and after and email them to me at bernadette@wealthywilma.com and I’ll post them to wealthywilma.com—we’ll show the world what you did. You’ll be an inspiration to all.

Good luck!

Napoleon produced the goods!

2011-02-28T16:50:00.000-08:00

The Wealthy Wilma’s new financial book is Think and Grow Rich, by Napoleon Hill.

Napoleon (not to be confused with Napoleon Dynamite or Napoleon Bonaparte) was commissioned to write this book by his BFF Andrew Carnegie (of the ehem...Carnegie Hall in Midtown Manhattan in New York City. No big deal, right?). Andy believed there to be a wealth formula—and that if Napoleon interviewed 500 Wealthy men, a standard wealth formula would surface—for all the world to enjoy. This pow-wow took place in 1908 and it changed Napoleon’s life forever.

Guess what—that wealth formula did surface; Andy hit the nail on the head and Napoleon delivered in spades! And thus birthed the book you’re about to go pick-up and read: Think and Grow Rich.

Napoleon (or Nap for short) worked on this book for 20 years (TWENTY YEARS!), and what he discovered is now referred to as the financial bible by many, many wealthy people including financial smarty pant: Tim Ferris. This book includes detailed interviews by the greats—the line up includes Henry Ford, Theodore Roosevelt, William Wrigley, Alexander Grand Bell, John D. Rockefeller, Thomas Edison and more. If this was an Oprah show and these great men were her Wednesday line up of guests—I know you’d call in sick at work to watch it. Who wouldn’t? So, going to pick up this book and read it is a no-brainer. Right?

First published during the Great Depression in 1937, today – 75 years later, it’s a perennial best-seller. Business Week Magazine's Best-Seller List ranked Think and Grow Rich as the sixth best-selling paperback business book of all time!

My dear Wealthy Wilma, your deadline to finish this book is Wednesday April 20^th. It will change your life.

To wealth and beyond.

How to Fire and Hire your Financial Advisor

2010-05-31T10:54:00.000-07:00

To invest with confidence you need to understand what makes sense to you. The role of the Investment Advisor (IA) is to help you find your own investment style, to take advantage of the markets and the best investments for those markets. But first you need to choose an Investment Advisor that you can trust and work with. While it is hard to tell when an advisor is genuine and we want to believe what they have to say, there are some ways that you can learn to protect yourself when searching for an Investment/Financial Advisor. Whatever your needs, retirement planning, children’s education, buying a home, or simply not having the time or expertise to get your finances in order, working with your IA can be a helpful step in securing your financial future.

Letting go

There are times when you feel that you are no longer important to your current advisor or the relationship has taken a turn and you are seeing signs that could be affecting the performance of your portfolio. Signs to look out for: The advisor does not return your phone calls, in fact you never hear from your advisor; never addresses your concerns; makes you feel stupid when you do make contact: compare/check the performance of your portfolio, it should at least be in line with the benchmarks. How much contact did you have during market volatility? A good advisor would have made sure that you were ok and that the portfolio was still within your risk tolerance.

Once you have made the decision to move, the actual process is very straight forward. The new advisor will open up the account and have you sign a transfer form. I always think it is a good idea to let your current advisor know that you are thinking of moving and the reasons why, because sometimes it could be a simple communication problem that was not addressed or expectations on either side were high and simply not met or unachievable. If clients do not address the reasons for leaving then the current advisor will never know what the problem is and can never correct it going forward.

Some people may be uncomfortable or do not wish to talk with their current advisor then your new advisor should take care of everything for you. They will forward the transfer form and liaise with the organisation for a smooth transition. There may be some transfer charges from the departing institution, don’t be shy to ask if your new advisor is willing to pick up the charges.

Let the search begin

Asking family and friends who have a good advisor is a good place to start; if this is not a solution then you should interview several to find the one that is a right fit for you and your style. Listed below are some questions you should ask in your search.

Questions:

What experience do you have?

How long has he/she been in the industry? Which companies have they been with; if they have moved a lot, why? It is fair to say that a 24 year old is not going to understand the needs of the High Net Worth client, nor will they know enough about estate planning. Something has to be said for experience. Advisors that have experienced the market crashes have learned from those, or at least we hope so!

What qualifications do they have?

The term “financial planner” is used by many financial institutions. IA’s with firms that are members of the Investment Dealers Association (IDA), or now known as IIROC (Investment Industry Regulatory Organization of Canada), tend to have a securities license which covers mutual funds, bonds and equities. They would also have the Options License for option trading. Some of these would even be insurance licensed. They are known to be full service advisors. Most advisors will have their credentials displayed in the office; if not, you can always call the local registration body (www.nrd.ca) to confirm your advisor’s qualifications. If they refuse to divulge this then walk away.

What services do they offer?

This can all depend on the planner and the qualifications they have and areas of expertise. Generally financial planners cannot sell insurance or securities products such as mutual funds or stocks without the proper licenses, or give investment advice unless they are registered in the province(s) of the clients they are serving. Some planners offer advice but do not sell the products, but rather refer you to someone who will implement the portfolio. Buyer beware, this is your money we are talking about.

Ask how is the planner compensated?

This could be a salary; fees based on assets under management; combination of fees and commissions; commissions by a third party. Some planners only charge once the assets are under their management, so they may not charge for proposals or second opinions. Most advisors these days are leaning towards a flat fee, this removes the conflict of interest which can occur with commission based advice, where the advisor could be churning (buying and selling) to make money to pay bills, the flat fee removes that conflict.

These are some of the issues to be aware of when you are searching for an Investment Advisor. Below are additional questions that you should be aware of.

Any conflict of interests?
Have they ever been disciplined for any unlawful or unethical actions? This information may be available on the website.
Ask for the services that they will provide. Depending on the size of your assets some advisors will have a service plan, so that the client knows up front how many calls or meetings they will have per year. Most advisors will meet with their clients at least once a year, which tends to be the norm.
Ask who else is on the team? Some advisors may have a junior partner that could be looking after you once the deal has been done.
What kind of an advisor they are? Some could be too cautious or too aggressive. Make sure they are a good fit for you
Ask how they will handle a mistake that has been made. Some advisors may pass it on to the client and say “it happens, no one is perfect.” If the advisor has made the mistake then they have to absorb it, not the client.

On a final note, if it is too good to be true, then it probably is.

Written by:

Jas Salh / Investment Advisor / jas.salh@nbf.ca

Spring Clean Your Investments!

2010-05-13T13:02:00.000-07:00

Have you ever wondered why people in lower tax brackets live as well or better than some high income earners who seem to be “just getting by”? The difference is as simple as making smart financial decisions. It is not so much about “how much money you have” as it is “how you handle the money you have”. The difference between getting by and being financially independent is actually very small. Financially independent people are not necessarily making more money – what makes the difference is they are better at making sound financial investments.

Spring is just around the corner! Typically it is a time for “spring cleaning” and this shouldn’t just apply to the home you live in. With the tax season upon us, now is a great time to consider “cleaning up” our investment portfolio and ensuring we are engaged in profitable investing for our lifetime. As you go through paper work and statements, make a note of how much money you spend on clothes, coffee, lunches and even simple things like bank fees. Did you know many banks charge as much as $30/month? If you are paying high monthly fees to your financial institution, there are other options (i.e. free chequing accounts). Eliminating the $30/month bank fee equates to a $360 savings per year. Take that savings and place into an investment account for the next 10 years at average growth of 6% compounded, and your investment will net you $5390. This is just one example of a cost that we pay little attention to that could make a significant difference. There are many hidden fees and costs that could make an impact on how much money you accumulate if you started a systematic savings and investment program.

Tips for Financial Independence

Spend less than you earn (reduce daily costs for alcohol, restaurant meals, coffee, cigarettes, etc)
Have a plan - Stay on track.
Buy a house, pay off the mortgage as fast as possible
Get rid of all credit-card debt and consumer loans.
Set up pre-authorized payments – 10% of your monthly income into an investment account; does not have to be a retirement account could be a TFSA as well
If your investment plan is long term, choose equities. If short term, choose bonds. A well-defined mix works depending on your goals.
Do not put all eggs in one basket, for example don’t put all your money in your employer plan.
Consider REITS as an alternative to owning rental properties and the hassles of being a landlord.
Save and invest job bonuses and pay raises
Protection against inflation. Invest in vehicles that pay more than inflation.
Speak to an advisor about a financial analysis and develop a strategy to ensure financial security

Keep in mind, the plan does not always have to be a retirement plan, but it should be a plan that allows you to have the funds to do what you want when you want with your money, like “mini-retirements”. Mini retirements are those things that you plan to do in retirement, by doing them now on a smaller scale.

Finally, "having money doesn't ensure happiness but not having money makes happiness more difficult."

Written by:

Jas Salh

Investment Advisor -- National Bank Financial,

For more advice, send Jas an email: jas.salh@nbf.ca

World Money Show-- Here I Come!

2010-04-06T16:25:00.000-07:00

I'm so excited to announce that I’ll be speaking at the World Money Show this Thursday in Vancouver at the Hyatt Regency Hotel. It’s gonna be filled with financial experts and money propeller heads—and then me. Gulp! I mean, my personal finances are becoming rock star and I’m walking the talk (hell yes!) but pit me up against a BNN junky who trades indexes and worships Buffett daily, I’m a sad comparison, maybe even laughable. But I will promise you this: I will be truthful, real and will get you excited to learn and get engaged with your personal finances. Why? Cause you have to- do you really have a financial back-up? Likely not: the lottery doesn’t count, and prince charming is already sleeping with two models at the same time—he’s totally crowded (and sexually diseased). So—wha? It’s up to you; if you’re going to bet on anyone financially- make it yourself.

You don’t know what you don’t know—so let’s learn. Financial books can be painful, I know. So deal. The Wealthy Wilma Book Club is the little engine that could; moving financially forward one book at a time! And with over 400 members in 6 countries…we’re not too shabby; women are starting to actually do it!

See you Thursday!

http://www.moneyshow.com/vcms/wBios.asp?id=893117SPK

The Wealthy Wilma's Pay it Forward!

2010-03-25T09:10:00.000-07:00

I had an idea—and I lit it on fire last night!

Who has seen the movie Pay it Forward? No? Rent it. Well, I’m stealing the concept (shh) and applying it to the Wealthy Wilmas. Am too!

I randomly selected THREE lucky Wilmas. Randomly—like point and shoot. Three Wilmas will receive our next book: The Wealthy Barber- FREE. I paid for it out of my very own pocket: book + shipping. The books have been shipped! Why?

So they’ll pay it forward. Yep, my gift to them -out of my own money- is to light as many women as possible on financial fire- and they’re gonna help.

But there are three basic rules:
1) They have to pay it (“financial education”) forward to (preferably) another woman.
2) They cannot simply give another women money—you need to educate her, or get her excited about learning how she can be wealthy, too.
3) They need to tell their lucky recipient to pay it (“financial education”) forward to another woman. I get that it might not be immediate-- but that's her task; its part of the deal.

My goal is to help ALL women by showing them that there is no boogie man in their financial closet—just cobwebs (cause we don’t like to deal with our personal $$ situations, so we’ve been ignoring them). Clean out the cobwebs—and you’re on your way to financial freedom.

The idea is lit—I can’t wait to see if this idea sets on fire!

Bernadette- yay!

Stricter Canadian Credit Card Regulations in 2010 -- by Veronique Milot

2010-01-12T12:59:00.000-08:00

If you plan to make a New Year’s resolution to control your spending habits in 2010, new government regulations for credit card companies will help you keep your promise.

In light of the economic situation, many of us have resolved to better manage our spending, including how we use credit cards. The good news is that regulations recently introduced by the federal government will help Canadians access credit products that are fair and transparent and that benefit the consumer.

What you should know--

Here are some highlights of the new regulations that take effect January 1, 2010:

• Less fine print, so you can see the costs: Now, credit card contracts and applications must include summary boxes up front to explain fees and rates in plain language, making it easier to understand costs and compare different cards.

• You can say “no” to more credit: Credit card companies must now ask you before raising your credit limit, to allow you to decide if more credit is a good idea for you.

• Joint borrowers must be told: If you apply for a credit card or loan jointly with others, the financial institution must provide disclosure information to each individual involved. This is to ensure that all parties are aware of the borrowing details of the loan so there are no surprises later.

• No more fees due to merchant holds: Certain merchants, such as hotels, gas stations and car rental companies, place holds on credit cards because they may not be aware of the amount of the transaction for some time. Once they learn the final amount, they typically release the hold. The consequence of a temporary hold is that it reduces the credit available to consumers, who then could unknowingly go over their credit card limit and incur fees. Under the new regulations, financial institutions can’t charge you for going over your credit limit because of a temporary hold placed on your credit card by a merchant.

• Clear regulations for debt collection: The new regulations now require federally regulated financial institutions to follow federal regulations regarding how and when payment for unpaid credit card balances can be sought.

Additional regulations take effect September 1, 2010 that will further empower consumers:

• Minimum 21-day grace period: Currently, if you don’t pay your monthly credit card balance in full, you may be charged interest on that balance and on any new purchases charged to your card. Under the new regulations, there is a minimum 21-day grace period on new purchases made with credit cards. That means you don’t have to pay any interest on new purchases for 21 days if you pay your balance in full for the current month. You have the benefit of the grace period on new purchases even if you are carrying a balance from the previous month.

• Pay off your most costly debt first: Since credit cards often charge different interest rates for purchases, cash advances and balance transfers, it’s smart to pay down your most expensive debt first. The new regulations state that, when you pay more than the minimum required, the credit card company must apply the overage to your balance using a method that is beneficial to consumers.

• Only pay the minimum? Here’s what it will cost: Credit card statements will have to include a clear example each month to show the financial consequence of only making the monthly minimum payment.

• A little warning, please: Credit card issuers must give you advance warning of any changes in interest rates, such as when your low introductory rate is about to expire.

Knowledge truly is power. These new regulations will help us better understand our credit cards so we can use them wisely, at the lowest cost.

To get more information on new credit card regulations, visit fcac-acfc.gc.ca

Written by:
Veronique Milot

Potato Peel Pie Anyone? Yes please!

2010-01-05T10:38:00.000-08:00

What a book!

I just finished this delightful/heart racing fiction novel about a book club- which is ironic and not intentional, as I run a book club (a financial book club). And the best part, this book has NOTHING to do with finances -thank god! The book is titled The Guernsey Literary and Potato Peel Pie Society. Yes, the title is long – but it’s a beautiful post WWII adventure story. If you see it on your travels- buy it/grab it/borrow it; it’s a must own/must read. At the very least it will, I promise, humble you as it tells a tale of an unimaginable (true) life lived just 60 years ago -with a wee interwoven love story, my fav!

I count myself lucky for finding this book. It was shear luck. I aimed, fired and found it on the BC Ferries en route to Victoria from Vancouver. Bingo! It did help that Elizabeth Gilbert, author of Eat, Pray, Love (which I LOVED) gave it props. Thanks Liz!

Oh, and the neatest part- it was written by an Aunt/Niece team. How cool is that? That’s a story all by itself

A random choice? Yep! In truth, I never really know what to read for pleasure. I sulk through book stores looking for my prey- reviewing jacket covers and hope that my vibe is right and that the book that I’m about to pay $20 for is awesome! And this one delivered. Whew! I didn’t grow up in a household where fiction books were passed down or even recommended. In fact- reading was only ever forced on us (me and my three sisters) by teachers. My parents only read non-fiction, which for a kid was blaaaa boring. Oh, and I once tore the cover of Black Beauty in grade 3- and was yelled at in front of the entire class for my lack of respect for books (yelling at students was acceptable back then. Shame!). That sticks out like a prickle. Damn teacher- she terrified me into treating books like Nana’s china, which likely had an impact on my reading habits i.e. afraid to hurt a book- so I didn’t go near them. In my late 20s I joined a book club -which I openly called a “cult”- as it was impossible to get out of (which actually helped me). As much as I loathed it- it did get me reading fiction, which I began to love (cult of love?). And I haven’t stopped reading. I only lasted a year in that book club- and yes those girls love the fact that I started a book club myself…oh the irony.

So if you should be reading a finances book (you know who you are)- but can’t seem to force yourself to do it- yet, get distracted with The Guernsey Literary and Potato Peel Pie Society. You’ll love it. Then finish the finance book by March 31st- K?

Enjoy.

B.
ps
A note about/to the authors Mary Ann Shaffer (Aunt), clearly genius- even if this is her only published book. She was blessed with wit and adventure. I miss her (like Elizabeth, only different). And to Annie Barrows, high five lady! I hope to find another book authored by A.B. in the near future.

Great Globe & Mail Article: It seems like a no-brainer, but ...

2009-12-24T11:34:00.000-08:00

Often reporters contact the Wealthy Wilmas to get quotes from "real women" on the current economy. The Wilmas, we're not financial experts- but we are indeed real, and we do have, let's say- an opinion or three. We're learning and with that come a few wake up calls- and some strong opinions.

The Globe's article (picture above) features the first Mother/Daughter Wealthy Wilma duo in Wilma history (well, after my Mom and I...but we don't count, I forced her. Heart you Mom). Heather has been a Wealthy Wilma for almost two years and was one of the first Wilmas in Vancouver (now there are 126) and Mary, Heather's Mother was the first in Wilma in Winnipeg (now there are 31).

We're happy to help the Globe & Mail- and any other media outlet who needs opinions from "real women" on any given financial situation.

"Budgeting is the basis for a strong financial foundation - and rising interest rates in 2010 may serve as a rude wake-up call for many"

Keep reading this great article- click here: http://www.theglobeandmail.com/globe-investor/personal-finance/it-seems-like-a-no-brainer-but/article1411225/

John Chow - Kapow!

2009-12-13T21:21:00.000-08:00

Earlier this week, I had the pleasure of speaking at The Vancouver Financial Services Marketing Meetup Group with John Chow.

I love lighting financial fires under men and women's derrieres! To see their faces light up; to see the power shift from being a financial victim to becoming a financial student- working towards wealth! And how easy it is; that there is a very doable next step- and its as simple as picking up (and reading) a financial book.

The Wealthy Wilma goal is wealth. Plain and simple. What better way to learn 'wealth' than by Tim Ferriss' method in his book the 4 Hour Workweek- with a person who puts his methods (passive wealth accumulation by leveraging technology) to action, John Chow. Who is John Chow? He's only one of the leading authorities on making money online. He's kind of a big deal. It was wild to share a stage with him!

My favourite review of the night:

“ Two very different speakers with thought-provoking messages. Bernadette's mission to education women about finance is one that merits universal support. From an altruistic point of view, it will make the world a stronger place! From an industry perspective, the more that women are comfortable discussing their finances, the more they will feel comfortable working with and hiring financial experts to grow their wealth. So from all point of views, it's a good thing to help Bernadette spread her critical message . John Chow was so specific and open about information and that makes for a valuable learning experience! Thanks John for your mind-boggling information which makes me think in a different way. Thanks for the meeting! ” M.Klug

I'm exciting to put John's practices into action! I'll let you know how I do.

Give the gift they don't want!

2009-12-07T17:15:00.000-08:00

You’re starting to knock together your Christmas “to buy” list. What to buy your family? Mom? Dad? Mark? Jen?
Give the gift they don’t want. That’s right, give the gift of a financial book. Blech! No one wants to read a financial book. Even those that buy financial books don’t really want to read them. C’mon, you wanna cuddle up to a fire, with a hot tea in hand and enjoy a good book on investing? No you don’t. If you do, you’re sick- stop reading this. Go to the next blog about Buffett’s “durable competitive advantage’ strategy- eat your heart out. Okay, back to my regular readers. Yep, give the gift they don't want this Christmas, a financial book!

But wait- you can’t just give a financial book as a gift- you’ll be hated, black listed- even your awesome nieces and nephews will label you 'lame'. I can’t have that on my conscience now can I? That’s why you need to give the real Christmas gift (or the second Christmas gift if you will) as an incentive, at the end of January. Confused? Let me explain. Little Susy (13 years old) opens up 'Rich Dad Poor Dad for Teens' on Christmas morning. She reads the cover, lifts the book up, looks underneath then looks at you (Mom) with sad eyes of “This doesn’t look like an ipod?”. Then you say “Hey, read the card”. She reads the card that says “Hey Susy - finish this book by January 31st and you and your best friend get to go to the movies on me!- Oh, and without me. That’s right – no chaperon!” You get the gist; the second gift is the incentive to read. Because if they read it- there is no telling how much your gift will pay off! You'll be loved. Adored even! And why stop at your daughter? What about your Mother? Father? Brother? Sister? Cousin? Son? Friends? Note: For friends, its a good enough gift as is ie they don't need a second gift. If they're as smart as you, they'll read it.

Families love, love love to fight about the popular topic of money! Everyone’s family is dysfunctional. (And you thought you were special) What a difference it would make if everyone in your family got excited about their finances? These books do this! No joke. Imagine your family feeling proud that they're learning something new and were suddenly stoked to move towards wealth; they're figuring it out- all by themselves. They just needed a little push. Merry Christmas Uncle Jake!

Think of how different your financial situation would be today if you had been given (and read) a financial book when you were 13? Even if you’re 60- it’s not too late. It’s never too late!

So enjoy the holidays with peace of mind that next year, your family may not be as stressed about money- just give them the gift they don’t want: a financial book!

But what books?

My recommended financial book pics (based on what I have read):

For teens: Rich Dad Poor Dad for Teens
For Dads/older brother/sister who are already in the real estate market: 4 Hour Workweek (or Rich Dad Poor Dad)
For anyone old who doesn’t own their own home/not in the real estate market: Rich Dad Poor Dad
For any female who has the latest fashions but can’t afford to chip in to Mom’s big gift: Make Money Not Excuses
For a female who is just getting into the work force/or a female who shys away from confrontation- or who just needs some basic negotiation skills : Ask For It
For anyone with aging parents and who don’t necessarily have their finances in order: Courage To Be Rich
For anyone starting a business: Investments for Dummies (caution: skip the bad parts i.e. the first half of the book re: stocks etc...its really hard to read/understand)
For anyone who dabbles in the stock market (not for newbies): The New Buffettology
Also, an oldie-goldie (that I haven't read- but will read in May with the Wealthy Wilmas) and one which many men have said to me: "Its why I am where I am today- because they read it when they were in their teens" is: The Wealthy Barber

Written by Bernadette Giet

The Seventh Saving Suggestion-- By CJ

2009-12-06T20:23:00.000-08:00

This is the last suggestion from CJ to save yo money! Its relevant, easy, juicy and very doable. Give it a try.

# 7 Save Yo Change

I have a little golden piggy bank that I use exclusively for my loose change, you’d be surprised how much money you can save over the course of a month. I started doing this in August and I’ve saved almost $60 so far. Not a long term wealth strategy, but an easy way to save for something special, make a credit card payment or make a donation to your favourite charity. Find $10 in your jeans? Stuff it on in there and add to your loot.

The key to success?

Don’t open the bottom for at least two months, you’ll be surprised and excited to see how much cash oozes out your little piggie. Wow, that didn’t sound right at all did it…

Written by Courtney Johnston

6/7 Saving Suggestions-- by CJ

2009-12-01T15:12:00.000-08:00

This is the sixth of seven suggestions to save yo money! They're relevant, easy, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

#5 Say Hello to Your Library

I love books. I have always been a voracious reader and I have a very very large weakness for gorgeous cookbooks filled with glossy photos. I can’t help it, I love to cook and live to eat (my expanding pants can attest to that) but the problem remains that those glossy gams aren’t a cheap addition to my own library. Hence, I love the library. I have a library card, and I even have overdue fines to prove it.

Next time you’ve got an hour or so to spare, head on down to your local branch, get a card and take a walk through those soothing, quiet stacks filled with stories, inspiration and pure possibility. The very premise of the Wealthy Wilmas was based on the amazing things you can learn all while not paying a cent for the privilege. Unless you are like me, and rock the overdue fines (but hey, I guess it’s for a good cause…)

Find the hottest fictional love story or tear jerking biography, books about Muppets or learn how to make sesame paste. It’s like an endless smorgasbord of awesome.

The key to success?
Get a library card! If you don’t have one you’ll need photo ID as well as something with your address on it (a cable bill or something of the like) and stay in touch with your library to see what’s new (did you know the Vancouver Public Library Twitters? True story. Pun totally intended. http://twitter.com/vpl) And another tip, don’t forget a bag! Guaranteed you’ll be inspired and end up with more books than you can carry, and that is a very good thing.

Written by: Courtney Johnston

5/7 Saving Suggestions -- by CJ

2009-11-30T15:36:00.000-08:00

This is the fifth of seven suggestions to save yo money! They're relevant, easy, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

#5 The Eat Down Challenge!
Instead of waving your hands in despair and picking up sushi, or letting that bag of yummy spinach go to waste, take the “Eat Down Challenge” for one week and use what you have. You’ll improve your culinary genius as well as save an entire weeks grocery bill worth of dough.

There are only two little rules to note before you accept the challenge:
1. No new shopping (unless you run out of TP, lady products or gin)
2. No eating out

Go look in your pantry – and tell me what you see – no wait, let me guess, you have: rice, soup and baked beans (really? You don’t? They’re so good for you!). Great – now go look in your freezer and what do you see? I’d bet a solid buck that you have: chicken, vegetables, ice cream and gin.

Pantry + Freezer = dinner!

Some ideas:
Channel your inner housewife and add a can of soup to some rice and chicken and BLAMMO you have dinner. Other ideas- breakfast for dinner, or how about gin soup?! Yep, its all the rage. A little creativity goes a long way – and simply double your rice to have enough to take for lunch the next day.

The key to success?

Find simple recipes that call for only a few ingredients, and arm yourself with some great blogs to reference and inspire you to get your buns in the kitchen and cook!
http://contests.apartmenttherapy.com/2009/thekitchn-quick-meals/
http://www.tastespotting.com/

Written by:

Courtney Johnston

Ask For It -- by Jessica

2009-11-26T10:11:00.000-08:00

How many of you have been laid off as a result of the recent recession, which... no, I don't think is over yet. But maybe that's just me. How many of you have had to do more with less? I'm sure we've all had to "trim the fat" at least a little. I myself was laid off back in July. Immediately, we (my hubby and I) to find savings wherever we could. We cancelled our cable. And we had the supreme digital package, but going to basic wasn't that much of a savings. So we cancelled the whole thing - going on three months cable free. And we decided to stop ordering pizza delivery, which we sort of did once a week...(I know, not cool). But we stopped. And that helped. As did other little tweaks we made. But lately, I've been trying to do more. I've read and heard people talk about calling creditors to see what can be done... reduced interest rates or whatever, but never really considered doing it.

However, as I found myself more strapped and stressed, I decided to see what else could be done. It was a month and a half ago, the first time I called one of the credit card companies (with whom I carry a significant balance) and asked about reduced/lower interest rates. The first person I spoke to told me that I had the lowest interest rate card (19.9%) and there was nothing less that I could get. I accepted that. I planned to write a long, ranting email the next day and express my disappointment and stress that I would pay off my card and then cancel it. Instead, I called again. I said to the customer service rep, "I understand there's nothing lower than 19.9%, but what if, let's just say, I declare bankruptcy (a little dramatic, but possible), in that case you get nothing. There's nothing else you can do?". She asked, "did you lose your job"? I guess she'd heard it before, but she mentioned a different option and said someone would call me within a few days. I won't bore you with the details and poor customer service, I've been phoning every week for the past 6 weeks and finally found out today, that I'll be able to participate in the hardship program. What does it get me? Well, I can't use my card (not a bad thing), but I pay NO interest for one year and only 50% minimum payments (although I plan to try to pay more). What I really get is an actual chance at catching up and getting ahead. And a bit of relief. And to think, I almost accepted that there was nothing I could do. Imagine, I almost didn't ASK FOR IT.

Written by:

Jessica, a Toronto Wealthy Wilma

4/7 Saving Suggestions -- By CJ

2009-11-25T11:49:00.000-08:00

This is the fourth of seven suggestions to save yo money! They're relevant, easy, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

# 4 Swap-a-rama-rama

I’m lucky enough to know an enthusiastic swapper in my neighbourhood – and she organizes seasonal clothing swaps about 4 times a year. These are awesome for rotating out those jeans that look awesome (on everyone else but you) and trading them for a new sweater or pair of boots that indeed look awesome on your fine booty. These are easy peasy to organize:

Email your list of ladies with a time & date about 4 weeks out, if you’re hosting provide address and RSVP details, remind ladies that this isn’t your regular donation box finds, but for gently-loved clothing and accessories that remain in fine condition (ie: leave those gym socks at home – or fix them dammit! See tip #2)
When ladies start to arrive, start to organize the clothes into neat piles, jeans, sweaters, t-shirts, etc.
Once everyone has arrived, hit the GO button and watch the melee begin! Tradesies are of course welcomed and ensure that you’ve got a little vino to watch the whole thing unfold.

Ask Bernadette about the success of swaps – she scored a sweet pair of 7’s at the last one!

The key to success? Give the girls lots of heads up time to prep their clothes and go through their closets. It’s also recommended that you do this at season’s changes as most of us are going through our clothes and thinking “I didn’t wear this all summer, why did I buy it?”

Written by: Courtney J to the Johnston

Seven Saving Suggestions -- By CJ

2009-11-24T08:44:00.000-08:00

This is the third of seven suggestions to save yo money! Four more to go. They're relevant, easy, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

#3 Have a Girls Night – IN

It’s Friday night, you’ve had a long week and you’d love nothing more than sitting down at a restaurant for a steak and a bottle of good red wine with your girlfriends. Well, that sure sounds like an amazing night, but you’d be a better Wilma if you planned a great girls night in and saved your money for that house you’ve been eyeballing…well, maybe not a house, but your bank account will be much healthier if you plan to stay in, instead of paying a 150% markup on wine. Choose a theme for your night in and have your ladies each bring something to contribute, a bottle of wine per lady + a food item and whammo – you’re done! Have a Patrick Swayze night with Dirty Dancing & Ghost, or sit around the dinner table and eat fondue, drink wine & get caught up with each other. Or everyone can bring the latest OPI nail colour and you can update those smart little Wilma toes of yours.

The key to success? Keep it simple – plan a few small appies that are easy and just let everyone know what they can bring. Veggies and dip, your favourite chips and salsa…please don’t forget the dessert. Oh, and more wine.

Written by
Courtney Johnston

Seven Saving Suggestions -- By CJ

2009-11-18T12:46:00.000-08:00

This is the second of seven suggestions to save yo money! Five more to go. They're relevant, easy, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

#2 - Embrace you Inner McGyver

Have something broken? A rip in your jeans, holes in your favourite socks, a busted lamp? You can fix just about everything with the right tools. Two things I can’t live without: my hammer and some really good glue. You can even head on over to YouTube.com for fix-it instructions and then to your local hardware store to make sure you are doing things right (and safely). Simpler things like darning holes in socks have been done by our mums, grandmothers and others before us, so bring DIY back in style Wilmas!

The key to success? Invest in the right tools – every Wilma (and general person) needs a tool box. Sewing kit, hammer, screwdriver, nails, screws, paperclips, safety pins and some GOOP adhesive will just about fix whatever ails you. Having the right resources, makes fixing achievable for every Wilma, and saves you money from having to replace it.

Written by
Courtney Johnston

Seven Saving Suggestions -- By CJ

2009-11-13T14:17:00.000-08:00

Over the next week or so I'll be posting seven suggestions to save yo money! They were written by a fellow Wealthy Wilma who is an expert in saving money- hallelujah! They'll be relevant, juicy and very doable. Check back and have a read- and more importantly- give'm a try.

#1 - Make yo’ lunch!

Seems like an obvious one right? But when I looked at my bank account’s 30 day overview, I realized I was eating out far more than I thought. And those dimes add up baby…I try to plan a quick lunch that I grab at home in the morning. You can also cook a larger meal on Sunday and have it last for a few days of lunches.

The key to success? Make sure you have lots of re-usable containers. Divide up the leftovers right away and make sure you have a hot little lunch bag to take with you. You can even make your own version - my favourite is here: http://ow.ly/zHmM And one more tip, drop your keys in your lunch bag so you don’t forget your hard work and face palm yourself at 11:30am when you realize it’s in the fridge at home and not in your belly where it belongs.

Written by
Courtney Johnston

Love Yo Money!

2009-11-03T18:50:00.000-08:00

November 4th is the International Day to Love your Finances!

Today is the day! You can do it. Why? Cause your financial situation could always be worse, so appreciate how far you've come today. You may have a ways to go- but you'll get there, with a little hug here and there to the moula that you do have; you'll get there. Take a moment and reflect how far you've come: be it a pay cheque size, a financial book read, a spreadsheet completed, a financial meeting booked - or just some loose change in your purse. It could always be worse, so love where you are - financially - today. Spread the word.

Family makes the best $$ TEAM!

2009-11-02T14:58:00.000-08:00

I originally started the Wealthy Wilmas as a family book club for my three sisters, myself and my Mum. It dawned on me that we all financially sucked. We sucked because we never talked about money (unless to say we didn’t have any) and then the entire oxymoron of it all- that we were all smart, so why weren’t we financially smart? Oh, right. We didn’t like it. The term “financial ownership” was a topic that was foreign to us.

When I initially sent out my first Wealthy Wilma email to my family, it went something like this: “Guess what? I’ve started a financial book club thats a new family mandatory; you can’t get out of it. And I will relentlessly guilt trip you to read the financial books that I choose- which you’ll have two months time to read them. Then we’ll meet and talk about the financial strategies and figure them out together. The goal: Wealth”. You can imagine that email didn’t go over very well. I received a few “Hey Bern, shove it!” emails. A nice “That’s great dear, remove me from your email list” from my Mum and the other two sisters just ignored me. They did however, all agree that reading financial books was a good idea but they were all too busy to actually do it- but they’d try. As fate would have it, I had a few friends that liked the idea that I would guilt trip them to read financial books. They told their friends. And then their friends told their friends etc, et voila, ze Wealthy Wilmas was born.

What about my sisters and my Mum? Well, to date they’ve all read at least one book, OK maybe two books (of 8 books)...maybe even skimmed about three or four books (not bad, not bad). My Mum and sisters have even tried to host a Wealthy Wilma meeting or two. This December, I have one sister (Alex) hosting a meeting in Toronto (and she’s 8 months pregnant). I’m impressed! But it’s still a bit of an up hill battle to get them to understand that THEY control their financial future- and without having a financial strategy, or an ongoing financial plan- the same financial nightmares will repeat themselves. The idea of being wealthy will be nothing more than a dream; a lottery ticket. I myself would prefer to have a plan! And why not learn from those who are already wealthy, and hide their secrets in a book?

So- why does family make the best TEAM? Well, I went to Victoria this weekend to visit my Mum and my older sister Gaby (single Mum of two kids). I forced Mum to read my one blog entry called “Haunted Finances?” (which I had asked her to read three weeks earlier). Without much fuss (this time), she opened her laptop and started to read it. She laughed out loud (She’s very supportive) and said “Bern, you’re so funny”. Ahh, a mother’s affection. But when I said, “Mum, click on that link to get the excel sheet called “Personal Budget”… her response was “Oh honey, I don’t know how to use Excel, so I can’t”. I said, you don’t need to know excel Mum (which I wrote in the blog entry) - just try it. And guess what? She LOVED it. She spent the rest of the afternoon ignoring our catch up session to build her own Personal Budget on her laptop. And then guess what happened? I asked Gaby to read the same blog entry on Mum’s laptop. Gaby said “Oh Bern! Do I have to?”. Yes damn it! I said with a sisterly glare. So she started reading it- and only like a sister could say “You think you’re funny Bern, but you’re not. This is too long”. True. Then I said- click on the link. She replied “I don’t have time Bern…I have to make dinner”. My Mum then pipped up and said “Gaby for crying out loud, just open it. You’ll love it! It’ll make a huge difference to your life!”. She did. We spent the next hour building out Gaby’s Personal Budget (and growing hungry). Her eyes lit up. She was able to create financial goals. She could see her financial demons (income vs expenses)…and they weren’t even that scary. We built out her 2010 Personal Budget. It was easy! She was even having (dare I say) fun.

In my world- this is HUGE. Being a Wealthy Wilma works. It does take a team effort, but it works.

Two family members down, two to go!

B.

Ps
My family won’t read this, unless they know I’m publically talking about them, so shhh. I’ll keep you all updated on their progress. It’s my own personal payback for being called “most annoying in the family”. I am, but it works.

Haunted Finances?

2009-10-30T13:07:00.000-07:00

Boo! Are your finances haunting you? Do you have a financial Boogie man? Are they haunting you just as you go to sleep? When you try pull $100 out at the ATM and it says ‘insufficient funds’. When you’re a tiny bit late to pay your rent/mortgage
/cellphone/line of credit/hydro/credit card bill etc? When a 1-800 number shows up that you don’t recognize? Boo! Scary! Ghoulish! Run, hide!

If this sounds at all familiar, you likely have a Financial Boogie man that’s approximately 10 feet behind you- he’s ready to get you, and he has obscenely bad breath. It’s only a matter of time, if you don’t do anything about your situation, he will get you. Who believes in Boogie men anyway? You’ll think. When my prince charming gets here, he will beat him up! You just wait and see! And wait. And wait. Too late! The Boogie man ate him. Mr. Charming tasted good. Kind of short, bad jeans, balding slightly, but goooood. Now what? The Financial Boogie man is now 5 feet behind you. OMG!

You must perform an exorcism to rid yourself of your haunted finances; your Financial Boogie man. To do this- you’ll need a priest. Kidding. They’re busy. Save that for head spinning children and green vomit. But you will need the following ingredients:
1) A computer with Microsoft Excel (don’t worry- you don’t have to be an expert or know anything about Excel!)
2) A glass of wine (don’t argue)
3) Soft music- some jazz maybe?
4) And a stack of all your financial commitments; bills, savings etc
5) Chocolate- one bar (lets not get greedy)
6) A timer- set for two hours. Yes, 2 hours. Use your phone, or the oven timer.
7) A picture of a something you want really bad (big house, cabin, new car, yacht etc)
8) A calendar- electronic or paper

How to perform the exorcism is fairly straight forward- but you must follow it exactly. Unlike the movies (they always lie) a financial exorcism must be performed bi-weekly. It’s never a one-time fix, they just edit that part out. To rid yourself of your Financial Boogie man, you must schedule it in. Just like a hair appointment- same same only different. Neat eh? Just pick a day (Wednesday?) and add it to your calendar TWICE a month. Got it? If you have Outlook put it in with a 1 day reminder. Annoy the hell out of yourself. You’ll want to ignore it. But don’t- the Financial Boogie man won’t go away unless you exorcise him. Second step: pour yourself a glass of wine and break a small piece of chocolate off the bar-o-goodness. Then take a sip. Just one. Now, go find your bills/stubs/receipts. Collect the stack. Put them in front of you. Take another sip, and another bite of chocolate. Good job. Get online and open Microsoft Excel (click ‘start’ and then ‘programs’- its there). Set your timer- for two hours. Get your goal picture out- hold it up. Look at it. See yourself there; in it, using it etc. Take another sip. Another bite. Now, click here , download this Personal Budget Worksheet (free from our friends at Microsoft) and start filling it in. You can do it! Save it to your desktop. Once you’ve filled it in, you’ll have a snapshot of your finances. More wine? More chocolate? Suck it up. This is the hardest part: looking that Financial Boogie man in the face. He may be ugly! Or he may just have a uni-brow i.e easy to fix. Either way, he’s on his way out!In two weeks- repeat.

Eventually, you’ll be calling your credit cards to get a better interest rate. You’ll know how much money is your account at all times. You’ll have an understanding if you can afford those hot fall boots. You’ll see if you can squeeze out some savings. Oh- and you’ll be in a position to learn about investing- lets get that goal! You can join the Wealthy Wilmas as we read financial/investing books - or start figuring it out all by your big shot (small ass) self. But do it. Or else…he’ll get’cha!

Boo-ernadette.

On November 4th Love Your Finances!

2009-10-27T20:55:00.000-07:00

Yep, the International Day to Love Your Finances is now here! How? We just created it. Why? Read on. Is it official? Absolutely.

On November the 4th, take the time to pat yourself on the back for financially achieving as much as you have. You may not be at your financial goal (you may not even have a financial goal), heck you may still be drowning in bills- but I’m sure there is something that you can be proud of? Like, are you taking a lunch to work? Did you pay your bills on time? Have you read a financial book? Did you recently invest well?

Most of us spend 365 days every year secretly hating our financial situation. We feel like we’re ‘financially stupid’, ‘not great at math' or we’re just sad that we aren’t able to keep up with the Jones; that we don’t have as much moula as we’d ideally like to have. So what’s one day to actually be proud of where you are/how far you’ve come?

If you know of any woman who just can’t celebrate Love Your Finances Day on November 4th because she might be financially overwhelmed - then help her out. She’s not alone. She can join the Wealthy Wilma Book Club. We read financial books (even though they scare us) and actively work on action over anxiety - so that next November 4th- she’ll be loving her Finances! It can all start with one day of love- November 4th. Spread the word: Love Your Finances.

Who Wants More Money?

2009-10-22T12:09:00.000-07:00

Me please! Earlier this week I had the pleasure to learn- up-close and personal- about the world of entrepreneurialism, from a very serious financial perspective. (Keep reading, this is good stuff. I promise not to bore you.) I went to the Connect 09 conference where I sat with about 300 men, and only 30 women (sad) and I learned a ton about how to get funded.

Just for one little province in Canada -British Columbia- has, on average $100 MILLION dollars per year to invest in start-up companies! Yes, g' ahead and read that again - put your pinkie to your mouth and say “$100 MeeLEon Dollahas”. I can’t image what a major US/Australian state or the UK can offer? I'm sure double/tripe that! Who has this money? Angel Investors and Venture Capital Investors- and guess what they’re biggest problem is? There are not enough entrepreneurs.

Wha? Yep. On average, entrepreneurs are down 50% year over year. That’s just in BC…but when asked, it seems to be a global trend (their opinion). And, there is no end to investment funding in the foreseeable future. These guys do it full time; they search for companies to invest in - they need companies to invest in. Great. So, where are all the entrepreneurs? Are they trying to make a go of it without funding? Or have they just wimped out and taken a salary gig?

So before you forward this to your Aunty Roberta who has a million ideas, email subject line: Aunty R- lets ask for $50,000!- there are few things to note/to put this into context:

A company should be incorporated – see these links/learn about it (click on your country to learn more on how to do this): Canada United States Australia England

Your company should have a great board of advisors (smarty pants that you find/who are accomplished, can offer great experienced advice and are willing to sit on your board and ‘advise’ you). This will make you look good- and will help you tremendously and will make your investors love you even more.

Investors won’t just hand you the money. Of course. They need a business plan/clear vision to what your company is about, and most importantly what their return on investment will be. They’ll want ½ your company – so you better be ready to negotiate what their ROI will be i.e. it will have to be a win/win; good for them and great for your company to make it work. Learn how- read Ask for it!

When you’re ready to go- you will have to SELL the company to them ie pitch it in 30 minutes or less! This is key. Some entrepreneurs have called their investor of choice (angel or venture) every day for a month- just to get funded. Gutsy. Now, you’re a Wilma- be polite, but have your case button down ie tight- and be persistent. Apparently it's the price of entry.

In close, the keynote speaker: Leonard Brody, President of Clarity Digital (he’s a shorter version of Robert Downey Jr.) did a presentation about where we’re headed as a global entity- how, because of technology, life cycles are shrinking, and businesses are forced to be more environmental etc. I was mesmerized. So smart. Like Obama smart! Yep, I just said that! His start-up company closed on the NASDAQ IPO at $240 million. Chump change really. Gulp.

So Wilma…do you have what it takes to be an entrepreneur?

Haunted Finances?

2009-10-16T15:39:00.000-07:00

Boo! Are your finances haunting you? Do you have a financial Boogie man? Are they haunting you just as you go to sleep? When you try pull $100 out at the ATM and it says ‘insufficient funds’. When you’re a tiny bit late to pay your rent/mortgage/cellphone
line of credit/hydro/credit card bill etc? When you collect your mail? When a 1-800 number shows up that you don’t recognize? Boo! Scary! Ghoulish! Run, hide!

If this sounds at all familiar, you likely have a Financial Boogie man that’s approximately 10 feet behind you- he’s ready to get you, and he has obscenely bad breath. It’s only a matter of time, if you don’t do anything about your situation, he will get you. Who believes in Boogie men anyway? You’ll think. When my prince charming gets here, he will beat him up! You just wait and see! And wait. And wait. Too late! The Boogie man ate him. Mr. Charming tasted good. Kind of short, bad jeans, balding slightly, but goooood. Now what? The Financial Boogie man is now 5 feet behind you. OMG!

You must perform an exorcism to rid yourself of your haunted finances; your Financial Boogie man. To do this- you’ll need a priest. Kidding. They’re busy. Save that for head spinning children and green vomit. But you will need the following ingredients:

1) A computer with Microsoft Excel (don’t worry- you don’t have to be an expert or know anything about Excel!)
2) A glass of wine (don’t argue)
3) Soft music- some jazz maybe?
4) And a stack of all your financial commitments; bills, savings etc
5) Chocolate- one bar (lets not get greedy).
6) A timer- set for two hours. Yes, 2 hours. Use your phone, or the oven timer.
7) A picture of a something you want really bad (big house, cabin, new car, yacht etc)
8) A calendar- electronic or paper

How to perform the exorcism is fairly straight forward- but you must follow it exactly. Unlike the movies (they always lie) a financial exorcism must be performed bi-weekly. It’s never a one-time fix, they just edit that part out. To rid yourself of your Financial Boogie man, you must schedule it in. Just like a hair appointment- same same only different. Neat eh? Just pick a day (Wednesday?) and add it to your calendar TWICE a month. Got it? If you have Outlook put it in with a 1 day reminder. Annoy the hell out of yourself. You’ll want to ignore it. But don’t- the Financial Boogie man won’t go away unless you exorcise him. Second step: pour yourself a glass of wine and break a small piece of chocolate off the bar-o-goodness. Then take a sip. Just one. Now, go find your bills/stubs/receipts. Collect the stack. Put them in front of you. Take another sip, and another bite of chocolate. Good job. Get online and open Microsoft Excel (click ‘start’ and then ‘programs’- its there). Set your timer- for two hours. Get your goal picture out- hold it up. Look at it. See yourself there; in it, using it etc. Take another sip. Another bite. Now, click here , download this Personal Budget Worksheet (free from our friends at Microsoft) and start filling it in. You can do it! Save it to your desktop. Once you’ve filled it in, you’ll have a snapshot of your finances. More wine? More chocolate? Suck it up. This is the hardest part: looking that Financial Boogie man in the face. He may be ugly! Or he may just have a uni-brow i.e easy to fix. Either way, he’s on his way out!

In two weeks- repeat. Eventually, you’ll be calling your credit cards to get a better interest rate. You’ll know how much money is your account at all times. You’ll have an understanding if you can afford those hot fall boots. You’ll see if you can squeeze out some savings. Oh- and you’ll be in a position to learn about investing- lets get that goal! You can join the Wealthy Wilmas as we read financial/investing books - or start figuring it out all by your big shot (small ass) self. But do it. Or else…he’ll get’cha!

Boo-ernadette.

The Girl in the Green Scarf: Lesson

2009-10-14T22:27:00.000-07:00

Yes, I'm likely the ONLY female who hasn't seen this movie or read the book, Confessions of a Shopaholic- until tonight. Okay, well likely not the only woman, but it feels like it. That movie is so silly! Insulting really (but fun)- to all the smart women out there but, and I do mean but, there are some great little lessons in that movie. I could take a page/scene out of that movie myself. Could you?

It’s funny that so many women identify with the truisms of that movie; an over-spender who "needs" that dress, pair of boots, that coat, those earrings, that handbag etc. but can’t afford it ie doesn’t have the money (vs credit) to pay for that ‘need’.

I've never purchased Prada. I've never even entered into Tiffany’s (I know! Shame on me. One day I'll have breakfast!) I think because those brand names/stores intimidate me. (Wait, let me check. Yep, I’m intimidated.) I feel like they somehow know my blood isn’t that rich. Really, I’m biding my time until I’m wealthy (and I will be) before I can enter those intimidating stores and say “You work on commission right? Remember me? Big mistake. Huge!”. Empty retaliations. Odd. Yet fun.

Anyway, I have however, bought clothes on my credit card. Yep, guilty. Only I buy clothes at stores that don’t have laser vision into my financial soul. I have done it many, many times. And what's worse is I have paid for them using my credit card that already has a significant balance. Egad!

So, back to the Girl with the Green Scarf. Here’s my big question inspired by the Green Scarf bird: is your credit card the enemy?

Some will say- “Your credit card is your friend! You can collect useful points, get 'free' stuff and even save money with it.”

Based on the 7 Wealthy Wilma financial books that I've painfully read to date- I'm going to make a bold statement. Ready? Your credit card IS the enemy if you have a balance on it that makes you want to hide under a green scarf. That's right- it’s the ENEMY; it’s the gold ring; it’s Skeletor, it’s that ex-boyfriend who told everyone you slept with him when you didn't (or did- whatever); it’s your boss that takes credit for your work and throws you under a bus to save his/her hide; its every magazine that makes you feel fat and unfashionable; it’s your email that screams at you that you have 80 new messages when you wake up (the world should stop working at 2am! C’mon people!); it is the E.N.E.M.Y. Now, quit sleeping with it! And by sleeping I mean having it on your pretty person when out in public near a shopping district. If you have a shameful balance on your credit card -and by shame I mean: you’d sweat, go red in the face and only whisper the amount on your card, only to lie- as its likely higher than what you just confessed. See? It’s the enemy. It’s even making you into a liar. LIAR! Bust out the kleenex, we've got water works ladies. Sad.

Remove the enemy from your wallet. Figure it out. Become a Wealthy Wilma- suffer like the rest of us and learn this thing. Or don't be a Wealthy Wilma, but remove it until you've learned how to befriend it.

Now, lets pay cash for our next green scarf. As a matter of fact, screw green scarves, black never goes out of style.