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Graduation 2011

Sheila Jacobs — Sat, 04 Jun 2011 15:02:05 +0000

Every year around this time, I wonder what to say to our grads that will really make an impact. What can I say that they haven’t already heard, and perhaps ignored, a hundred times? What would I have benefited from hearing at their age?

This year, I think I’ve got it. It’s the importance of systems; systematic saving, systematic investing, and systematic planning.

Last week, I was invited to give a personal finance workshop. One of the attendees was a nutritionist. Like most nutritionists, she was very fit. Her eyes were bright and her skin was flawless. In that same, “It’s simple” tone that I use when I discuss the fundamentals of personal finance she looked at me and said, “Just replace everything white with something brown.” Noticing my quizzical look, she added, “Brown bread instead of white, brown rice instead of white. It’s all in how you shop.” She has a system.

As a graduate, you’ve just mastered a great system. Year after year, you registered for the courses, attended class, did the work, and passed the tests. It’s that simple. Not really. If you’ve done it, you know it’s not that simple. It’s a lot of work, but there’s a tremendous sense of satisfaction once you’ve finished. The work is hard, but there is a system; a road map to success and you’ve navigated it. So what’s next? What type of system will you master next?

After you’ve taken a few weeks to enjoy your achievement spend a few days creating your next system. Start with your goals. List your top three to five goals in order of priority. Would you like to become a home owner? Reduce debt? Continue your education? Take an amazing trip?

Calculate your net monthly income (income after taxes and deductions). Calculate monthly expenses. The difference between income and expenses is your discretionary income. That is the money that you can use to save for your home, your debt reduction, your education, your amazing trip. A plan for saving those dollars and investing appropriately will allow you master your new system. The sooner you create your next system, the sooner you will celebrate your next victory.

Feel free to reach out to us at info@lifemoneyconsult.com if we can help you in any way and sincere congratulations on your success!

Happy Easter!

Sheila Jacobs — Sun, 17 Apr 2011 23:11:55 +0000

When I was growing up, Easter was a holy day.

We always dressed well, but our clothes were generally made by our mom rather than purchased from a pricey boutique. As an adult, I can appreciate the dresses but at the time, they meant that I had to sit “like a lady” for most of the day. No running. No jumping. No playing with my dog or my pony, and certainly NO MUD PIES!

Back then, Easter was a pretty simple day. These days, someone’s confused the Easter Bunny with Santa. My sons are getting questions like, “Was the Easter Bunny good to you?” It leaves me wondering, “Was the Easter Bunny supposed to be good to them?” When I last checked, the Easter Bunny was handing out a few hard boiled eggs, and a few pieces of candy and mom and dad were responsible for supplying the basket. Now, apparently he’s supposed to roll up in his Eastermobile carrying an X Box, a Wi, or the latest Apple innovation.

While I realize I can’t turn back time, this year, I may keep the boys at home for a few days after the holiday so we can enjoy our eggs and chocolate and hide out from the “Was the Easter Bunny good to you?” people.

Instead of an X Box, a Wi or an Apple, we’ll have an apple pie and save a few dollars for our sons’ futures. If you’re so inclined, join us in the revolution.

Happy Easter!

Being a mom has changed me.

Sheila Jacobs — Fri, 01 Apr 2011 00:26:04 +0000

Being a mother has changed me in many ways. For example, I’m a lot less picky about my meals. If I have a chance to sit and eat at all, I’m happy. I’m also less wardrobe conscious. Friends who have known me for a while will smirk at this one but I really was wardrobe conscious at one time. For a while there I actually even had a great high end wardrobe. These days the wardrobe is a lot of Lands’ End and hand-me-downs. Maybe I’ll be high end again one day. But that won’t happen until baby Jay stops using my thighs as handkerchiefs.

I’ve also realized that I’m not nearly as smart as I thought. There’s nothing like a four year-old with a healthy dose of common sense and a consistent chorus of, “Mom, that’s not right”, to keep an ego in check.

Despite a new perspective on my own intelligence, and a lack of relaxing meals and high end attire, I’ve never been happier. I guess that’s the beauty of seeing the world from a mother’s perspective. My children inspire me.

This year, they’ve inspired me in a special way. They’ve inspired me to begin a series of personal finance themed storybooks for children ages three to seven. Rather than the usual, how-to format, I’ve written the books using rhyming couplets. Thankfully their dad the English teacher was here to help with that. Though my little guys are pretty smart, there are a few things that they can learn from their mom. I want them to grow up understanding the importance of hard work, saving and sharing. Hopefully the books will help them with that understanding. Hopefully they will help your children too.

The children’s books, Jake Saves the Day and Jake Earns a Treat are available through our website. Life & Money

8 Great Recession Buster Ideas For Now and Later

Sheila Jacobs — Thu, 08 Jul 2010 16:10:19 +0000

8 Great Recession Buster Ideas For Now and Later

1. We get into the habit of buying certain brands in certain sizes, but we need to pay attention to unit prices. For example: On average, 6 oz cups of yogurt cost about 50% more than 32oz containers. If you’re headed out or need to pack a lunch, the smaller containers make sense. But if you’re eating at home, scoop the yogurt into a bowl and save yourself 50%.

2. I love a great café breakfast as much as the next girl but rather than spend $15 or more on dining out, I’ve created an omelet that I love and can make at home.
I combine sautéed grape tomato, egg white, a touch of my favorite cheese and a few chives. A piece of toast and a cup of my favorite juice and I have a great breakfast for about $3.00.

3. I’m not a fan of the gym so I’m a little biased on this one, but with an average cost of around $40 per month, a nice walk or run around your neighborhood can save you around $500 per year. An added bonus is that you get to know your neighbors.

4. I’m a big fan of internet shopping and I like sites like Amazon.com. There are a lot of great deals there; but even so, when I’m shopping on the internet, I always check www.wow-coupons.com for deals. On Wow Coupons, I can search by site name and find additional discounts for Amazon and hundreds of other on line retailers.

5. Energy bills can get outrageous and with so many of us working in office buildings with windows that don’t open we’ve stopped opening our windows and doors at home. First thing in the morning, I open windows and doors to let in the fresh cool air. This way we don’t need to crank up the A/C until late afternoon.

6. Try a few new brands. Over the past few years I’ve tried a few new brands and store brands that I actually like just as much as the ones I’ve always used and we’re saving money. Give some store brands a try. They often come with money back guarantees so there’s nothing to lose.

7. Stop buying bottled water. We have small children so we’re very concerned about water safety. We had our water tested and it passed with flying colors. We still use a filtration filter for flavor but we’re thrilled that we’re not lugging home gallons and bottles by the trunk full.

8. For those times when you just aren’t going to cook no matter what and you really have a craving for a dish from your favorite restaurant; switch from the standard menu to the catering menu. You’ll easily get 6-8 servings from the catering menu for the price of 2 servings from the standard menu and you can freeze the extra servings for the next time you’re definitely not cooking and have a craving for your favorite dish.

An added bonus is that many of these ideas are environmentally friendly.

Spring Cleaning

Sheila Jacobs — Thu, 25 Mar 2010 16:08:29 +0000

Happy Spring!

While you’re doing the rest of your spring cleaning, make sure you tackle your financial paperwork. Here are a few ideas to help you keep your finances in order all year long.

Create an efficient filing system
Once you commit to putting in the time, you’ll need an efficient filing system. It’s best to keep your files (or scanner) very close to the spot where you open mail and pay bills, that way there’s no second step involved in keeping your system organized. If you use paper, invest in a portable filing system that you can tuck away if you have limited space. If you’re lucky enough to have a home office consider placing your financial files right at your desk so filing is as easy as a swivel of the chair.

Make sure to back up your data if you’re using a scanner and make sure to create a file for tax related documents so you don’t have to search for them at the end of the year.

Sort your mail as it comes in.

There’s no sense spending your money management time sorting through junk mail. Sort your mail on a daily basis. Keep your recycling bin and personal shredder in the same area as your mail, then you can empty them at the end of the week as you would any other trash bin.

Read your statements.

I realize that financial statements aren’t the most interesting pieces of mail and they’re especially easy to ignore in your email in box. But, the more you read and understand the more control you’ll have over your finances.

Make sure to keep an eye on fees and interest rates (those you’re earning and those you’re paying) and make sure to read your investment statements so you know which investments you have and how they work. Keep a highlighter on hand to highlight and make notes on items about which you have questions.

Ask Questions.

There are no stupid money management questions. Once you’ve highlighted and made notes, be sure to ask your questions. Emailing is an efficient way to get your questions out right away while they’re still fresh in your mind. Include a phone number and the best time to reach you in case your question requires a phone call. Make sure to check for responses and follow up during your next money management session.

Get help when you need it.

If you have time, energy and the aptitude to handle your personal finances on your own, that’s great but if you’re feeling overwhelmed and need help, start to interview professionals. Whether you need a personal organizer, an investment advisor, an attorney, accountant or just a bit of education, start to look for people who listen to what’s important to you and who want to help you succeed. Regular appointments with good advisors will help keep you on track.

Get clear about what you want; then be true to your goals.

Make a list of your top five goals in order of priority with a time frame. Keep your list of goals on hand. Keep a copy where you do your money managing and keep a wallet size copy near your debit or credit cards. Staying true to your goals will inspire better money management all year long.

Use the buddy system.

Find a friend who’s ready to take control of their finances along with you. Hold each other accountable and support each other. Make sure to chose someone who will be honest but won’t make you feel bad when you’re a little off track.

One great benefit of the buddy system is that you’ll also have someone with you when it’s time to celebrate your success.