You Can Create a Successful Money Strategy
If you create a successful money strategy, you can start wealth building. But, first you have to know what wealth building is and is not. Wealth building is not just making a great income or accumulating money or things.
Talk to all the movie stars, athletes, singers and those who have inherited millions only to find themselves living in poverty somewhere down the line. Why? For most of them they thought wealth-building was single faceted and existed only as a million dollar income.
The 7 habits of wealthy women are not what most think. The stereotype most think, is the habits of wealthy women are full of excess and waste. But according to my experience, seeing wealthy women navigate life, they do not spend most of their life in excessive spending and waste. I see wealthy women in the media working hard; as politicians, owning their own media companies, as talk show host, and some working hard in multi-national corporations,where they have a large stake in.
Those women do not spend their time walking the aisle of expensive department stores, playing bridge or having a useless tea all day-that is the stereotype. Below I have attempted to explain some of the better habits of wealth women.
These are some of the common habits of wealthy women.
1.Wealthy Women value education
They value education and they get educated, either formal or informal. That does not mean they went to Harvard or Yale, that is not necessary. Many went to cost effective, low cost schools with no or low balance student loans. With low debt there is low stress. With the low stress they can concentrate on advancing their career.
Some go to private schools, but others to a good public institution. Some of them were taught a skill by taking inexpensive classes over time. An example is learning the in’s and outs of finance to protect their money and assets.
Another example is, reaching the top level of real estate, as a broker and managing director or becoming a master in the tech world. It takes career concentration, constant learning and mentorship, and mostly hard work.
2. They research everything they do.
A wise old man once told me;
“Believe nothing you hear, and only half of what you see, research everything”.
There is so much false evidence being passed on as real, that the anti-wealth building process is alive and well. I call it “chasing rainbows”. Wealthy women do not engage in the useless “chasing of rainbows”.
That is, do not believe mostly what a stranger tells you, professional or not. You run the risk of getting involved with bad product or companies, until you find out you have overspent and believed in a false product. Some people go by false advertising copy, some go by the fake status of the person pushing bad products, and some only plain old believe anything.
A case in point is women who get involved with either scam phone calls or dating websites where a person pretends to be something he is not. The next thing they know after 2 or 3 years they have sent the fake person their entire life savings.
A smart woman who becomes wealthy would not talk to the stranger in the first place. So, the scamming could not take place. She has already learned that there is a system in place for strangers to rob other strangers over the phone.
The best way to avoid this is to avoid others in the first place. Don’t even think there is something over the rainbow that is waiting to make you happy or rich. It does not exist. If the stranger were happy or rich, he would not be on the phone all day soliciting your money.
3. They save and invest like their life depends on it
Wealthy women understand the power of saving money and having money when they need to buy important items. That is, not everything is charged, if it is, it is paid for the same month. They concentrate on making interest, not paying interest.
Then, they go onto learn investing. Investing is the key, I can vouch for that myself, I have had several years of successful investing. I first learned how to understand stocks and bonds, then I went on to focus on mutual funds.
Since there are a wide variety of low cost, low risk mutual funds – it is easy to find great high value investments in mutual funds. Even if they hire investment advisors, they first learn how investments work before they trust a stranger with their money.
4. They do not engage in predatory loan practices at the beginning or end of wealth building
They understand how to leverage with borrowed money the right way. They do not engage in predatory loans or lending. They usually use loans as a short-term vehicle to address an immediate need. Like borrowing money for a home until an investment tops out, or they save enough from their employment, business, or an inheritance comes through to pay off the home early or in cash. Cars are treated the same way.
5. They are not dependent on others for their livelihood
Women who are wealth builders do not build wealth on the backs of Dad’s or husbands. If they get money from their Dad’s or husbands it is a plus, not their main source. They work hard at a job or business and accumulate money by saving and investing on their own.
6. Whether they make their money during their lifetime or inherit it, they spend it very carefully
Wealthy women are frugal women for the most part. They work hard for their money and spend it wisely. No, they do not take first class flights unless they are doing it with frequent flyer miles. They prefer to save by going business class.
They do not buy in-season clothes; they prefer to buy discounted high value clothes. They do not like to waste time, energy, or money on purchasing things that are not extremely useful.
7. They do not boast about the money they have
The money they have accumulated through saving, investing, and working hard is their business. They understand the dangers of letting strangers know what they have. Even telling family members can be dangerous. People who have a lot of money are frequently the target of professional scammers.
A professional scammer looks normal, they talk like they are in a profession, they have business cards, brochures, fake articles about their fake business. For naive people this sometimes works, for wealthy women, they do not allow others to come to them, they seek out their own prospects and verify everything about them before getting involved. They usually do a swallow and deep background check on a person who works with a legitimate company.
In summation the habits of wealthy women suggest they are uber careful. They are not susceptible to scams and scammers. They work hard, even after they make a lot of money, and they are frugal and careful with their money.
Wealthy women make sure they know investments and savings, so they can either; invest their own money or monitor an investment advisor and the investments he or she suggest. The habits of wealthy are more positive than not.
Powerful positive money affirmations are necessary to remove lifelong negative affirmations that dominate your thinking. Because negative financial affirmations start as a child, they become deeply embeded. If you have positive, thoughtful money affirmations placed by your parents and others, you will be positive about money.
Unfortunately, many of you have negative financial affirmations, placed by your family. The good news is negative affirmations can be replaced by positive money affirmations if you are willing to work at it.
What type of work does it take to replace the negative with the positive? It takes a lot of work to change old financial tapes in your head. But you can do it if you make it a concentrated task over time.
Examples of Negative Money Affirmations Growing Up:
1. You will always be poor
2. We will never get out of debt
3. You’ll never work hard enough to get ahead
4. You will always be a factory worker
5. We will never get ahead in life we were born that way
6. The money is not there, and it will never be
7. Success is not for people like us
8. It does not do any good to get an education
9. If you save and budget, the money will get away from you anyway 10. The more you try, the worse off you will be
Your First Positive Affirmation Task
The first task it to become familiar with positive money affirmations. Some of you have been programmed with negative thoughts for so long that you must search for the positive ones deep in your head. Here I have compiled a list of positive money affirmations I created, so you can move forward.
If you consistently repeat these positive money affirmations, you can rid yourself of the constant negative affirmations and thoughts about money, personal finance, and financial behaviors.
You may feel that this is basic information that most of you know. I have bad news for you, it is not. Because many of my clients I have spoken to do not understand where their bad financial behaviors come from I recommended you do a backwards analysis.
Financial Habits Backwards Analysis
This is where a backwards analysis comes in. You look back at everything people close to you have said about money, so you can change those tapes.
We do the analysis to pinpoint the exact times and places the negative thoughts were programmed in your head. Let us move forward and change your financial behaviors for the better by understanding that your money affirmations can be changed by you, and only you.
Examples of Positive Money Affirmations From Parents, Teachers, Grandparents, or others:
1. You are smart enough to be a businessperson
2. The hard work you do will be rewarded
3. If you continue to build on your abilities, you will never be poor
4. When you work hard, as you do, the rewards will follow
5. Honesty pays off, stay honest and work hard
6. A formula of a smart girl, common sense and hard work is what you have, and it will take you far and wide.
7. You will be extraordinarily successful one day and will have all the money you need.
8. You have the brain to create powerful finances, just keep doing your research
9. If you understand how to save and budget money, you will have great finances
10. Be consistent, the harder you work at it the better your chances
Here is Your Positive Money Affirmation Challenge Exercise
Choose one of the affirmations a day for two weeks, write about it and repeat it three times a day. You will slowly change the way you think. Do each of the following positive affirmations until you are done with the list. This positive affirmation challenge will take the better of 9 months to totally change financial behaviors, but sooner with many of your financial behaviors.
Of course, if you double up on your affirmation duties you can do it in half the time. The key to success with affirmations are 1. Be consistent 2. Complete the task 3. Continue to study the most powerful ones for the rest of your life 4. Document how you will use them to change your financial life forever.
22 Powerful Positive Money Affirmations by MsFinancialSavvy
Money Affirmations to Get Started, “I Will”…
Not create emergencies with irresponsible behavior
Create at least 3 savings accounts
and account for all the money I spend
Use my income for my needs first,
I realize I work to pay my bills
Only rent an apartment I can easily afford
Not let a salesperson determine my needs,
Purchase what is best for me, not him or her
Budget my budget
Marry a financially responsible person
Money Affirmations Half Way There, “I Will…”
Always understand quality items lasts long, and low quality must be replaced fast
Not go into business until I understand basic business accounting principles, customer acquisition, and business rents and leases
Spend money according to me income, not my credit card
Be prepared for most financial emergencies.
Not spoil my kids, unless I want to create a monster
Always understand that predatory loans can ruin my life for a long time, sometimes forever
Budget my time, energy, and money
Keep a budget for all phases of my life
Positive Money Affirmations That Change Your Life, “I Will”…
Create a savings account for emergencies only
Save first, invest second, keep debt low and start to build wealth
Dream it, then do it, after a lot of research preparation and thought
Understand that I alone am responsible for my finances,
Another person in the picture ads flavor to the mix
Learn basic investing skills, to protect my money and my retirement
Not believe anything I hear, and only half of what I see, I will do my research
Be the captain of my ship and the driver of my bus, I will take care of my finances
The More You Know, The More You Grow – Your FinancesMsFinancialSavvy, Lois Center-Shabazz
Lois Center-Shabazz| Money Strategist | Course Delta Agency
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How to Understand Mutual Funds
Understand mutual funds by beginning with the definition of a mutual fund, and then going on to understand the different types of mutual funds.
A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt.
The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents an investor’s part
ownership in the fund and the income it generates.
What Are Mutual Funds Used For?
Mutual funds are investments that are generally long-term investments that are used for general savings, retirement savings, and college fund savings.
Mutual funds are purchased because they are professionally managed, diversified investments, an affordable investment, and liquid.
Some have up front fees to purchase and or sell called loads. Some have no-loads, but all have yearly management fees from as low as .2 to 8%.
I prefer fees less than 1% with no-loads. There are good mutual funds that fall into all categories.
Mutual funds make money when dividends are paid, usually every 3 months to every 12 months. Capital gains are usually every 12 months. Mutual funds also make money when the NAV value of the fund increases. The NAV is the Net Asset Value of the mutual fund, similar to the price of a single share of stock.
There are many types of mutual funds within these nine types of mutual funds. Here are the 9 different major types of mutual funds. The risks of mutual fund investing runs the gamut of very low to very high and many levels in between within one type of fund. Do your research thoroughly before investing in order to understand mutual funds.
I have invested in mutual funds for at least 30 years now, and they have served me well.
The 9 Different Types of Mutual Funds:
Risk: Low to Medium
Allocation funds are a combination of stock and fixed income securities and are subject to the risks involved in each of these security types. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. In general, the bond market
is volatile and fixed income securities that carry the interest rate, inflation, price volatility and other risks.
Risk: From Low Risk to High
The fund may invest in securities that may have a leveraging effect (such as derivative and forward-settling securities) which may increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
The commodities industry can be significantly affected by commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.
4. International Equity
Risk: Medium to High
Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for funds that focus on a single country or region.
Make absolutely sure your budget is in order before you begin to understand mutual funds and start investing.
5. Money Market Mutual Funds
Risk: Very Low
A money market mutual fund is a type of fixed income mutual fund that invests in debt securities characterized by their short maturities and minimal credit risk. You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before investing always read a money market fund’s prospectus for policies specific to that fund.
6. Municipal Bond Mutual Funds
Risk: Very Low to Low
The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a municipal bond to decrease.
7. Sector Equity Mutual Funds
Risk: Medium to High
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.
8. Taxable Bond Mutual Funds
Risk: Very Low to Medium
In general, the bond market is volatile, and fixed income securities carry interest rate risk. As interest rates rise, bond prices usually fall, and vice versa. Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
9. U.S. Equity Stock Mutual Funds
Risk: Low to Medium
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
You will understand mutual funds when you begin with understanding the different types of mutual funds.
Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist
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