The Millionaire Girls' Movement - Generating, Sustaining, and Protecting Wealth for Women.

19 Apr 2013

How Far Will We Go For Equal Pay?

Written by Leah Singer, Posted in Blog | Leave a comment

I was 21-years-old – a bright-eyed journalism college graduate – and was about to start my first professional job as a public relations assistant at a local broadcasting station. I just finished going through the formal application and interview process, and was now receiving the official call from Human Resources with the salary offer. When the HR representative offered me the starting salary, I countered, asking for $2,000 more per year. The company matched my demand. I successfully landed my first job making $21,000 a year.

I’m not sure why I had it in my mind at such a young age that I should always negotiate my salary. But something told me that – even at 21-years-old – I had enough self-worth to warrant a decent salary for which I was willing to negotiate. This was the first among many lessons I would learn as a woman in the business world, especially when it came to equal pay and negotiating for what I am worth.

In 1963, Congress enacted the Equal Pay Act to end unfair discrimination against women in the workforce. At that time, 25 million female workers earned just 60 percent of the average pay for men.

Fifty years later, Equal Pay Day was “celebrated” across the country on April 9, 2013. It was a day where across the blog-o-sphere, Twitter and social networks, I heard that it takes women 99 days to equal the same amount of pay that a man made the year prior. I heard that, on average, women earn only 77-cents for every dollar that a man makes.

That sounds harsh, yes, but what does it actually mean? Let’s look at what that 23-cent loss equates to over the course of a woman’s work life.

A female and male high school graduate earns $20,000 per year. Over the woman’s lifetime, she will earn $700,000 less than the man graduating with her.

A woman graduates from college and starts a job making $30,000. Over her lifetime, she will make $1.2 million less than a man who earned his diploma in line right behind her.

A woman graduates with a degree in business, medicine or law, and starts a job with a $70,000 salary will make $2 million less than the man at her side.

While these statistics are alarming, what is more frightening is how little progress we’ve made in this country when it comes to equal pay for women. It has been 50 years and women are still making less than their male counterparts – even with legislation to correct such discrepancies!

While I can complain about pay inequality until I’m blue in the face, what we really need to do is ask what we – as women – can do about this problem. While there is not much one individual can do to change an entire corporate culture, there are things we can do collectively that can make a difference.

So what can we do to bring change and awareness to pay equity?

Don’t be afraid to talk about salaries. This is probably one of the biggest hindrances we have as women. We’ve been told countless times – from our own mothers, colleagues, bosses and HR representatives – it’s not polite to talk about money and salaries in public. Well, guess what? We need to stop being afraid to talk about money and start having the difficult conversations about equal pay and what’s fair.
Negotiate for yourself. Women especially have a tendency to take the salary that’s offered and not ask for more. While I’m not arguing you should always ask for more money when there’s nothing to be given, I am saying you should know your value and ask for that.
Attend salary negotiation workshops. It’s hard to ask for money. Heck, it’s often times hard to even raise your hand at a meeting or request a day off. Don’t go at this alone. There are salary negotiation classes available that teach tactics and the right things to ask and say.
Research salaries online. We need to do our homework and know what pay if fair and equitable. There are many online salary tools (salary.com and payscale.com) that you can use to find a baseline salary for the positions you seek and currently have. DO NOT take anything less than what is standard.

I often think back to what my first job would would have been like if I had not negotiated my first salary. Perhaps that simple act would have been seen as an act of compliance. Maybe I would not have moved up into other leadership positions in that organization or received further raises. There is no way to know for sure.

What I do know is that we cannot wait another 50 years for equal pay to catch up between women and men. We cannot celebrate another Equal Pay Day where women are earning only 77-cents for every dollar that a man makes. Women are equal in the eyes of the law. Don’t you think they should be in the eyes of dollar, too?

01 Mar 2013

MGM Members Profile: Jill Eickmann

Written by admin, Posted in Blog, Members Profile | Leave a comment

Who are you and what do you do?

Playful Authenticity

I’m a psychotherapist, drama therapist and play therapist, and passionately believe in the healing power of play. I work with abused and traumatized children for free and/or very low pay. Improvisational Theatre is my passion, and instruction manual to life. I run a holistic arts company, Leela with my husband. www.leela-sf.com

What motivated you to join MGM?

I’m tired of our society giving more to those who create value for the “free market.” What about people who create value for mental health, children, and well-being? We deserve to be valued greatly, monetarily. Helping professionals deserve to be millionaires so they can give back to themselves all they give to others. I want to learn how to make more money and empower myself, while staying true to my gifts and values.

What would surprise us to learn about you?

My sister is a VP at Wal-mart in mergers and acquisitions. My father is a CPA, MBA, and PhD is International Business and Entrepreneurship. It’s not my role in the family to manage money! I’m the creative one! Yet, I want to change my psychology about money, and use my creative and healing strengths to not only help others, but also help myself.

How can we support you?

Learning money management skills from a creative right-brained approach, while being true to my values of helping others.

What do you most want people to know about you?

I am playful, inspiring, smart, and an amazing networker. I create a safe space for people to play.

Calling all MGM Members. Submit your profile and get featured on our site!

16 Jan 2013

Making Changes of My Own

Written by Ruthie Inacay, Posted in Blog, Money Mindset | Leave a comment

Joining the Millionaire Girl Movement is a decision to create life changes. Perhaps, a million and one thoughts flooded my mind. I gave myself permission to try. I ceased from complaint and decided to create opportunities for myself. It was an innovative act of faith. When I became an M Girl, I read the following mantras:

The Millionaire Girls’ Movement is dedicated to inspiring, motivating and educating women to earn a million of their very own dollars. We seek to change the culture and create more women millionaires as role models for future generations. Even if you don’t want a million dollars, you should have the skills to make a million dollars. We want to inspire one million women to commit to creating their own success.

I will commit to my own success and take responsibility for my personal and professional success.
I will not complain, but instead seek to create change.
I will not gossip.
I will support others success as well as my own.
I will ask for the support I need to be successful.
I will accept criticism like a gift.
I promise to take care of myself physically and emotionally.
I will challenge myself.
I will resist the urge to judge others and myself.
I will not make excuses.

I typed in my name and submitted my email address; I wondered, “If I could change my circumstances, what would I do? If absolutely nothing was in the way, what could I accomplish? If it were a perfect day in my life, what would that look like?” Somewhere in that thought process, I stopped dreaming and started doing. There were no obstacles, excuses, or challenges, just opportunities and possibilities. Somewhere in the midst of wonderment was a realization, “I can do this.” In the midst of seeking to create change, the complaining stopped and the work began.

When I launched Inacay Communications, I reflected on it. I thought about the safety cushion of my current employment situation. Afterwards, I evaluated the impacts of letting it all go. I pondered my pursuits of education and the necessity to attend school full-time versus part-time. I considered my family and home; I grasped the longing to spend more time with the people that mattered most to me. Although I knew that owning a business would mean change, it would provide a flexible schedule that would make my endeavors much more manageable. In one week, I made my decision. I turned in my two-week notice and invested in creating some changes of my own.

For me, creating change was about answers. Although uncertain, I stopped asking questions and I started answering them. I referenced the second mantra of an M Girl, “I will not complain, but instead seek to create change.” Thus, my quest for creating change began. The answers I found dealt with three important concepts of change:

Circumstances: All of us have circumstances. There are excuses, reasons, and complaints for not doing, being, or having. Change is the accomplishment of our desires. I asked the question, “Why not?” Afterwards, I started doing something about it.

Opportunities: There will be risks and doubts. It will take effort and work to set the foundation for your business and personal goals. Focus on accomplishing your goals and not on the obstacles. The problem is never the problem, what you do with the problem is the problem. Recently, I lost an account. The loss impacted my income. The challenge allowed me the opportunity of expansion into other areas, which attracted other types of clients. Since then, I have gained three new clients. The solution was to become flexible and grow. By marketing other services, I responded to the market demand. Loosing a client was not the important hurdle, my response to loss was.

The Perfect Day: At the time, I asked, “If it were the perfect day in my life, what would that look like?” When I asked this particular question, I simply wanted to work from home. I so desired to attend school full-time while I worked part-time. The result was business ownership. Today, I own a business and attend classes full-time. I will be graduating next year. Today is the perfect day to ask for what you want.

Seeking to create change is about transformation. It is looking in the mirror and saying, “The time for change is now.” It is renovating, educating, recreating, and renewing of one’s self. Each person has a change to make. It is simply a matter of making it.

Recently, I interviewed Devra Gregory. She is a professional entertainer and Michael Jackson impersonator. Her work is unique in that she is a female to male impersonator. Recently she performed at the Lyceum Theatre in San Diego on December 2012. She won the Bravo San Diego Award for her premier performance. Her one-man show called, “Woman in the Mirror, A Dancer’s Journey” deals with her life as a dancer and her work as a Michael Jackson impersonator. During the interview, she shared her amazing story.

Ruthie: Every woman wonders, how to get there? How did you get there?

Devra: Dance has always been a part of my life. At one time, I thought, I am too old to dance, but dance kept calling me. It wasn’t just about making a million dollars; it was about finding my life purpose. We have a support system behind us, if we make a commitment. If you decide what you want to do and commit to it, the universe will back you up. At first, I was afraid. I discovered that I could move forward with confidence. I trusted things would be ok. I found a director and a theatre. Within two months, my show came together.

Ruthie: I am a firm believer that you should follow your heart and the money will follow. If you can be authentic, you can make money. When you rock it your own way, you can work it from there.

Devra: It is really important to not short-circuit yourself. Sometimes we think, “Nobody believes I can do this so they must be right.” We need to believe in ourselves over the voices of others. A really important point for women is to listen to your own inner voice. Listen to your inner voice and go for it anyway, even if you are afraid.

Ruthie: I love how you mentioned, “I am too old to dance.” You faced your fear and realized, it’s not true. As a graduate student at the University of San Diego, I am much older than most of my classmates. I am 41 years old, but at some point you just have to say, “Who cares?”

Devra: (Amused, she smiled) At 54, age has to be the least important factor.

Change is a transformative journey. Seeking to create change is about going for it. Now is as good a time as any. You are the only one that can pursue the changes you want for your own life. Fear, age, and hardships are not valid justifications. Much like Devra’s show, you are the woman in the mirror on your own dancer’s journey. Dare to dance to the beat of your own drum.

Devra Gregory,

Michael Jackson Impersonator

Image from “Woman in the Mirror, A Dancer’s Journey”

For a demonstration of Devra Gregory’s Michael Jackson impersonation visit the You Tube website at: http://www.youtube.com/watch?v=mfsfCOE3IMQ

15 Nov 2012

Millionaire Girls’ Movement Interview with Ginger Hitzke

Written by Ann marie Houghtailing, Posted in Blog, Interviews, Million Dollar Journeys | Leave a comment

I love interviewing women who are doing it their way. Ginger is that woman. In the male dominated world of real estate development, Ginger is a bold stand out staking her claim in the market with a brand and vision that is unexpected and completely Ginger. Ginger will inspire you with her story and enlighten you with her perspective. Enjoy! And make sure you check out Ginger’s website.

Hitzke Development

12 Nov 2012

Making the Most of Your Time While Blogging

Written by Colleen Rugg, Posted in Blog | Leave a comment

In my prior post I wrote mainly about Twitter and LinkedIn and I mentioned if you love to write, try blogging and email newsletters. If the thought of posting something everyday on Twitter and Facebook makes you nauseous (whether scheduled beforehand or not) the good news is you can put in less time and still make a great impact on your personal brand and SEO (Search Engine Optimization).

I recommend blogging wholeheartedly to all my fellow female (and male) business owners because if you do it right, you can make the most of your time, get the best bang for your buck and build relationships both B2B and B2C. Who is your target audience and what are you ultimately trying to accomplish (more sales, greater visibility, personal brand recognition, credibility)? Start a blog NOW or enhance the one you have to help reach your goals. There’s no escaping Internet marketing, and whether you blog yourself or have someone help you – get your content out now and follow my tips.

In this post I’ll talk about blogging (next post – email newsletters):

Blogging: Tell A Story

Before I fill you up with tricks on how to make the most of your time blogging, I want you to think of the last time someone told you a great story. I bet it got your attention. Advertisements are everywhere we look, plus who can ignore those loud and disruptive commercials on TV? When we are blasted with so much, a great story can attract our attention and help to ground us. That’s how you should write blogs.

Now how can you make the most of your time telling stories?

If you can find time to write at least once per week, blogging can work for you! If you can write twice a week, even better!
Even though great blogs (stories) have the ability to attract our attention most people still have a decreased attention span. Keep blogs short (250-350 words), and use bullet points when ever possible.
See if you can find one day a week where stress levels are low, clients aren’t constantly emailing and calling, and your family is out of the house and not needing your help. This will enable you to focus, slow down, write excellent content and then “schedule” your blog to post on another day. If you have time to write two blogs in one sitting that’s great! Schedule them both and get on your merry way to finding more leads and closing more deals.
Once you get the hang of it, writing a blog should only take you about an hour. At first, it might take you longer. Plan to put aside up to two hours, as you will need to get the hang of writing a headline, sub-headline, include keywords, tags, crop photos, etc.
To make the most of your time, work on a marketing plan that lays out your business goals and objectives for the next three to six months. Within that plan, weave in the topics you want to write about – they should be in line with your goals. Do you work in life insurance? Is your goal to find more people in their late 20’s to start thinking about life insurance? Write a piece on that topic, and tell your audience what they need to know. Most 20-somethings might not be thinking of life insurance at all – but this is your chance to educate them. If you’ve helped a recent 20-something, tell a story about how you helped them (get a testimonial if possible) and explain the costs involved and how that client walked away more secure because of your services. Keep the piece mostly about that person and how they were helped – don’t use it as a way to blatantly advertise your services. “Share” that post where 20-somethings will see it.
Blogging and SEO is a mix of hot chemistry–think of a hot couple on Dancing with the Stars –that kind of chemistry is how I like to think of blogging and SEO. If you want to get more people to your website to call or email you, fill out an analysis, request a quote, sign up for your newsletter or scroll through your products/services, your blog is the main attraction! Think of your blog as a place to build a web of connections and backlinks, to share excellent content around your target keyword list, and build a network of fans who will “share” and re-post your work to their own blogs and social media networks like Facebook, Pinterest and Twitter. *In point 1) I mentioned if you can write twice a week it’s even better – the reason is SEO. The more your write, the fresher your content is to the masses and the more likely your post is to be found by “crawlers.” I will cover more on how you can make the most of your blog and SEO in another post.
Always include a photo or video with your post. If you’re out of photos or videos, iStock Photo is a cost-effective means to find professional imagery. I do suggest using as many original photos as possible to tell the story of your brand, but make sure the people or subjects are presentable. When you can be funny, use playful imagery – there’s no need to be serious all the time. Also, imagery with a lot of color can be both visually pleasing and professional. If you’re not shy, make a video every time you write a post – share the exact wording from the post and give your readers the option to watch your video instead (this is also great for SEO!). Here is a great example of a blog that includes both the post and video. It talks about the subject of Guest Blogging (below).
Guest Blogging: Are some weeks busier for you than others? Connect with other bloggers and ask them to guest blog for you. This not only frees up some of your time, it also lends to your credibility and professionalism by having other like-minded individuals to join you. And the best reason? It helps with your SEO because it creates more links back to your blog, which means a greater “reach:” = the additional audience plus all of their contacts who could see your blog. Take your time choosing guest bloggers. Read a few of their blogs first so you can get a good sense of their beliefs, language and topics. Don’t make the mistake of connecting with someone who uses foul language or has an extreme point of view on any one topic (especially politics, race, sex, religion). As a businessperson I’m sure you don’t want to offend anyone, so only look for people who can enhance your personal brand.
The best time and day to publish your blogs? I have personally found success posting on Wednesdays or Thursdays in the early morning and on Sunday afternoons. However, what works for me or for everyone else might not work for you, so it’s important to experiment.
Once a blog is done, don’t forget to share it: LinkedIn, Facebook, Email newsletters, Twitter, Pinterest. Don’t forget a call to action as well – just tell people what they need to do! Ex: “Sign up for my blog now – One post a week and you will be closer to your financial goals.” OR “Sign up for my blog now! Quick Tools and Tips for Every Parent/College Grad/Baby Boomer/Back Pain Sufferer/Small Business Owner/Divorcee/Cycling Enthusiast.”

Please contact me if you have any questions, I’m here to help! Stay tuned for my next blog post on “Making the Most of Your Time with Email Newsletters.”

18 Sep 2012

The Art of Making Money

Written by Ruthie Inacay, Posted in MGM Expert Insights, Money Mindset | Leave a comment

Making money is an art. It is an innovative force of intentional energy, a commitment to building systems, processes, and methods toward a flow of income. It may not sound inventive, but it takes artistry to perfect. It is a passionate endeavor with intuitive awareness that combines courage, risk, technique, knowledge, skill, and talent. It is an act of innumerable combinations engaging the heart, mind, and soul. It is the art of making money.

What is artistry? In my opinion, it is creative ability. I am an artist, at least an amateur. One day, I picked up a paintbrush and started painting. A canvas could not contain me. The walls were an appealing option. Almost every room of my home contains the captivating presence of a mural. In the living room is a depiction of a life sized palm tree (a testament to the fact that I do not own a single green thumb). In my Modern Asian themed bedroom, a dragon, painted on all connecting walls, guards a round bed. In the kitchen, a provocative piece in hues of reds, mocha, and rose entices the eyes and livens the energy. Sounds eccentric, perhaps. However, it is just another day in my home. I am surrounded by the comfort of my own creative renditions of color, metaphor, and life. Each mural represents countless hours of quality craftsmanship.

How does the art of making money concept apply to people in business? Is making money an art? In thinking about this, I thought about the flow of my own money. I am also a consumer, one of a pool of many people that pays for stuff. Let’s start with something simple, auto mechanic services. When I take my vehicle to an auto mechanic for maintenance, there is a process. After customary greetings, a discussion of my client needs ensues. A decision is made to take a closer look at my vehicle for inspection. Then, I am given an estimate itemizing the cost for services (building trust). The underlying message is, “Before we take your money, we want to explain why.” After reviewing the estimate together, an agreement is made on which services I would like to purchase. Then I am asked to leave my vehicle (keys and all) for a couple of hours/days. A contract is presented and signed. Once the job is completed, I receive a friendly phone call, “Miss Inacay, your vehicle is ready for pickup.” As I go to pick up my vehicle, I find that it is fixed. Another contract is drafted with an agreement of payment and the transaction is finalized. Before I leave, the staff member explains warranties for the services rendered and assures me to call if any other problems occur (ensuring return business). I leave happy and satisfied. My mind is relieved that the problem is fixed. The artistry is that I left my precious vehicle, in the hands of a stranger, reviewed an estimate, signed a contract, made a payment, and determined to come back, such skill. This establishment artfully took my money with my own satisfaction guaranteed. How amazing is that! The artistry of making money is not merely an administrative process; it is a people process.

Making money is a useful craft. Just yesterday, I was speaking to a fellow student about “the art”. Although I am a businesswoman, I am also a full time student at the University of San Diego in pursuit of a Master of Arts degree in Clinical Mental Health Counseling. As many students, sources of income are a constant discussion. It is a continual effort of funding housing and living expenses while furthering education. As the discussion continued, he began to tell me about his entrepreneurial endeavors. He sells computer goods on-line. Merchandise is purchased at cost and marked up at a hundred percent profit. Items are reasonably priced with the convenience of being able to conduct on-line purchases. The consumer benefits. With a gleam in his eyes, this moneymaker passionately spoke to his masterpiece.

Equally important to the making of money is the collection of payment. The intriguing part of the conversation was his description of an on-line payment method. By managing his PayPal account on-line and paying transactional fees per client purchase, he is able to keep business expenses to a minimum and maximize profit. By only paying a fee per transaction, he avoids additional monthly costs that would affect his bottom line. The cost of his payment processing is minimal. The artistry is evident in his understanding of the process by which he makes money and collects it.

Here are a few helpful tips to guide your own rendition in the art of making money ideal. It is all about your heart, mind, and soul.

Heart – There is a concept called “The Law of 10,000 Hours.” Based on research, it is a theory that expertise in any area is a matter of investing 10,000 hours practicing any given proficiency. If you want to be an expert at making money, you need to constantly practice doing so. Your 10,000 hours could be in research, marketing, or asking. Whatever it is that you have to do to put in the time to reach your own particular money making goals, put 10,000 hours of your heart into it.
Mind – You must have a plan for administratively receiving and collecting payment. A service or product will not make money if you do not have an operational strategy in place readily available to allow for the transactional process. A few tools you may need may be a contract, a PayPal account, or an invoice. More importantly, you need a specific “get paid” plan that works for you and your business to ensure the continual flow of income. Design a plan with processes in place to create income in mind.
Soul -When I was a kid, we used to play this game with our hands. We would entwine our fingers and say, “Here is the church.” Then we would lift two fingers from each hand to form a point, and then say, “Here is the steeple.” Afterwards, we would open both hands and wiggle all our fingers and say, “Open the doors and there are the people.” I shared that to make a point. In your business, it is all about the people. When I was a kid, if I “opened the doors” and there were no people, well that would have been tragic. Same with the art.Where are the people? Are you connecting with your customers? Do they feel that wonderful feeling of “satisfaction guaranteed”? Ultimately, it is all about them.

Remember, just like my paintings, making money is a skill, a true expertise. A painting did not grow all by itself overnight. Although it may appear flawlessly executed, this is not the case. It took paints, colors, brushes, concepts, thought, design, commitment, and time. It took heart, mind, and soul. As Ann Marie Houghtaling has said, “It’s not luck that allows you to achieve your earning potential; it’s a multitude of decisions and small acts of courage.” The art of making money is not a magic trick; it is an applied expertise.

10 Sep 2012

What Social Networks Will Help me Make the Most of My Time?

Written by Colleen Rugg, Posted in Blog, MGM Expert Insights | Leave a comment

There are so many social networks to use, but which ones should you choose to make the MOST of your time? Buckle up and get ready to be educated on how to empower yourself, your time and your business with social media!

Social media can be used in various ways and it’s important that as a business owner, you understand all of the opportunities you have to connect. For instance, you can do B2B social media and B2C social media. In B2B, you can attract other businesses and vendors and acquire leads, and in B2C, attraction is focused purely on customers, their friends and networks.

For this post I am going to focus solely on B2B. I’ll talk about the networks that will help you make the most of your time and give you pointers on how to be efficient everyday, while you manage a busy schedule and your personal life.

“One-third of global B2B buyers use social media to engage with their vendors, and 75% expect to use social media in future purchases processes.” (Social Media B2B)

“Top executives need to be involved in social media. 77% of buyers say they are more likely to buy from a company whose CEO uses social media. 94% said C-suite social media participation enhances a brand image. And 82% of employees say they trust a company more when the CEO and leadership team communicate via social media.” (eMarketer)

So B2B social media is helping many businesses, but which one makes the most sense for you?

To keep it easy, I’ll list just a couple of networks. There are many options, and I want you to give one network your best shot and then move on to a second network. Also, if you love to write, consider blogging and email newsletters. Here are my suggestions for the best B2B networks:

LinkedIn – the # 1 professional network: “Although Facebook is the most important social media lead generation tool for B2C marketers (with 77% saying they had had acquired a customer through Facebook, compared to 60% for a company blog), among B2B companies, LinkedIn was the most effective, with 65% having acquired a customer through the professional network, followed by company blogs (60%), Facebook (43%), and Twitter (40%).” (Marketing Charts) www.JeffBullas.com

Twitter – use the right techniques to find the right people. There are over 175 million tweets per day. 84% of users “Retweet” a message because of a personal connection. 69% of people decide to follow others because of referrals from friends. 16% of people access Twitter via their mobile phone. The top three countries that use Twitter are the United States, Brazil and Japan. 30% of Twitter users have an income greater than $100,000.

Blog – excellent way to help with SEO

Facebook – the right approach can mean building “likes” and sharing your talents/services

Email marketing – publish one newsletter a month, and make it great!

Are you still not sure of which networks to use for B2B social media? When clients come to me in need of training and they want to do B2B social media on their own, it’s important to start them off using one network, doing something that is in step with the type of business they have. Many times the businesses we choose to lead have to do with our own personal strengths and talents. I like to pair my clients with social media networks in the following way:

If their business is more left-brained (law, science, financial, tech, accounting, banking) they start with LinkedIn. If their business is more right-brained (fashion, beauty, sales, design, entertainment, sports) they start with blogging. Why? On LinkedIn it’s more suitable to share facts, strategies, case studies, details. It’s also like a virtual mixer, where instead of fancy tangible business cards there are new connections, recommendations and resumes being shared. In blogging you can paint a picture with your words, use symbols and images (photos/videos), and tell a great story. You can connect to other bloggers, guest blog and share links to your blog on other social networks (more on this in my next post).

Twitter is excellent for both left-brained and right-brained businesses (and individuals). Left-brainers can share quick stats and facts, links to news, and promote others; right-brainers can have fun tweeting back and forth with various “tweeps”, share photos, quotes or links to their blog posts and videos.

“@WisteriaHome @ColleenRugg I prefer twitter because of the relationships you build @courtneymprice @RIAWAHINE @LindaSherman”

In my next post I will explore the facts on blogging, Facebook and Email marketing and how you can use these networks wisely. For now, let’s continue with LinkedIn and Twitter.

So How Do I Make the Most of My Time?

When I meet with CEOs, company presidents and small business owners, I always like to gauge how much time they have to use social media. Of course a look of exhaustion ensues and then I hear “I have no time” – but I know they do and I know you do too. If you make a habit of using one to two of the networks I have suggested, and use it on a consistent basis, you will begin to receive leads and referrals. I always believe that the more you put into the universe, the more you get back, and the same goes for social media! You are in control of your own personal brand and your networking destiny.

If you can start with at least 20 minutes in the morning and 20 minutes in the evening 5 days a week (include a weekend day), you will see a difference!
Don’t forget to check back and respond if anyone has left a comment, a mention, a retweet or a “like”!
Keep a schedule handy and adhere to the tasks you need to do daily, weekly and monthly – stay consistent!
Have someone on hand to step in for you if need be. Make sure you can trust them with your passwords. When you want to take a vacation, it’s important to put your laptop and cell phone away!
When you have started to see success with one social network, start up with the second. In B2B one to two hours per day is ideal.

For tips on how to use social media to generate leads, read more in my other post: “How to use social media to generate leads, build relationships and how to position yourself and your business online”. Please contact me if you have any questions, I’m here to help.

30 Aug 2012

Is your Financial House in Order?

Written by Bridget Grimes, Posted in Growing Wealth, MGM Expert Insights, Money Mindset, Protecting Wealth | Leave a comment

Executive women have a lot on their plates. In addition to demanding careers, many women are juggling raising children, having a relationship, and trying to provide some semblance of balance in their lives. The challenge for these women is that they focus on taking care of everyone but themselves. Their financial life winds up pretty far down the list of priorities. Case in point: Yesterday I had lunch with two girlfriends, both of whom run successful companies here in Southern California. Coincidentally, both of these women are going through a major life changing event: Divorce. These are emotional times and both women have found themselves in the position of having to deal with financial issues that they did not address prior, because they never expected they’d need to. Having your financial house in order before a major life transition can help you avoid certain financial pain, heartbreak, and drama that happens in these situations. More importantly, it prepares you for life’s unexpected events and helps you push forward instead of finding yourself at an impasse.

To have security in life financially means not only making money and investing it well for your goals, but also protecting your family financially and passing your wealth on as you intended… It means having a plan. I believe that in order to be truly financially secure, you need to look at your entire life. This is a disciplined, holistic approach to wealth management. I’d like to propose that we women stand back for a few minutes to assess our personal lives and then follow some guidelines to help us achieve financial well-being for ourselves and our families.

Let’s talk about the issues you should address, one by one.. I break them down into two main categories: Investment Management and Estate Planning, and there are several sub-topics within these categories. Not all of these issues affect everyone and they may not all affect you. However, if you go through each topic, identify those that affect you and prioritize them, you can then put a plan together.

Investment Management

1. Investments: I’m sure you’re familiar with the saying, “It’s not how much you make, it’s how much you keep.” Investing your money is not only about preserving what you’ve made and kept, but making it grow. Your investments should be invested in a way that is based on your personal risk tolerance, when you need the money, and the specific goal(s) that guided your investment choices. In addition, ALL investments should be considered when you come up with your plan on how best to invest your money. So, Real Estate, stocks, bonds, limited partnerships, you name it – It all figures together when determining a strategy to get you to where you want to be financially. If you have several different accounts, make sure they are all considered when you take a look at your assets to determine how best to invest them. Bottom line: take stock of everything you have, everything you need, and everything you want. This is why you invest and how you’ll make sure your investment strategy reflects your life goals today, tomorrow, and after.

2. Qualified Retirement Plan/IRA Coordination: Even though your employer-sponsored retirement plans must remain, most of the time, in the plan your employer provides, you may have a degree of control over how that money is invested within the plan. You’ll want to make sure your money is invested based on your personal risk tolerance and goals, and diversified among the choices provided. You will also want to be sure that the strategy you employ here is in sync with your overall investment strategy. Make sure to keep beneficiaries up to date. If you have life changing events, be sure to review who you have chosen for your beneficiaries.

3. Stock Options: If you are compensated by stock options, you’ll want to make sure there is plan to help you unwind concentrated stock positions. There may be significant tax implications here to consider.

4. Managing Liabilities: Any debt you have needs to be considered in the big picture of your financial life. Identify all your debt, such as: mortgages, car loans, construction loans, education funding, business loans and credit cards. You will want to address the interest rates of any debt you have as part of your investment strategy.

5. Business Succession Planning: This is a big one that is often overlooked by small business owners. For many business owners, the business is their retirement plan, as well as their largest asset. Depending upon your wishes for your business, you should have a plan in place to transfer ownership of the company down the road when you are ready to retire. If there are several owners of the company, you should have a plan in place to anticipate the issues that might arise should one or several of the owners change.

Estate Planning

1. Insurance: This is all about asset protection. If you have children or a non-working spouse, you truly must have life insurance. I usually suggest term life insurance to my clients who are looking to make sure their families are protected should they pass away. Term life insurance tends to be relatively inexpensive. As you approach age 50, I suggest you consider Long Term Care insurance. The premiums will be lower for you if you get a policy when you’re younger, rather than waiting until you think you need the service. Not only that, but you are more likely to be healthy when you’re young, which is an important qualifier for most insurance companies when evaluating potential insureds.

2. Durable Power of Attorney: It became apparent to me how important this and an Advanced Directive was when my husband had a heart attack last year. If you become incapacitated, you will need someone to make decisions that are in line with what you would want.

3. Asset Titling: You want to make sure that all your assets are titled correctly so that they wind up going to whom you intended. I recently heard a very sad story about a widow whose late husband had not updated the title on some key family assets. When he passed away suddenly, there ensued a battle between his family and his widow. I am sure most of us would rather have our assets go directly to those we intend.

4. Trust Executor: Make sure you have someone whom you trust to execute your estate plan when the time comes. This may be a relative or a professional fiduciary, but you’ll want to have the person designated ahead of time. Through your estate planning attorney, it is very easy to conduct a video recording of yourself executing your estate plan. This simple and inexpensive service takes a lot of pressure off your Executor and is an instrument that aids in preserving your wishes.

5. Distribution of Wealth: Not only do you want to make sure that your wealth is distributed according to your wishes, but there will also be tax implications that you will want to have anticipated and planned for. Establishing a trust is key to avoiding probate and passing on your money as you had wished.

6. Gifting to Children and Descendants: There are many different ways for you to assist your children and grandchildren financially. If this is important to you, you’ll want to make sure someone can help you structure this so that you are mindful of gift tax implications.

7. Charitable Giving: Do you have a charity that is close to your heart? This should be spelled out. You may have an organization or charity that you’d like to donate while you’re alive. You’ll want to spell these wishes out in your estate plan.

8. Charitable Inclinations at Death: You may have an organization or charity that you would like to receive a portion of your assets. This can be structured in a number of ways. A charitable remainder trust (CRT), as an example, is often a successful strategy of increasing the legacy you leave behind to both the charity and your loved ones, and also helps mitigate estate taxes.

Once you’ve identified what issues you have, prioritize them. You’ll want to put a comprehensive financial plan together, which includes your estate plan so that you are on track with your goals. Revisit the plan once a year and when a major life event takes place. If you don’t have an estate plan, get referrals from some trusted friends and interview a few estate planning attorneys. Choose someone you feel comfortable with who has a practice that is in line with your needs. If you need a wealth advisor, I would again suggest you get referrals to several people. Interview them until you find someone you trust has your best interests at heart and who can offer you in-depth analysis of your life and help you execute a strategy. Your estate planning attorney and wealth advisor will often be able to refer you to CPAs, business attorneys, insurance brokers, and private bankers to help address other issues on the list. You’ll want to make sure your advisors collaborate with one another so that nothing is missed, and if you can find a financial advisor who is comfortable quarterbacking all your trusted advisers, that is the best case scenario.

As soon as your financial house is in order, you will find that you are in a better, more secure place to withstand life changing events. While you might need to make revisions to some of your decisions along the way, you will have peace of mind knowing that at least this part of your life is taken care of and you’re prepared for life’s unexpected events.

Image: FreeDigitalPhotos.net

09 Aug 2012

Water and Homeowners Insurance

Written by Susanne Romo, Posted in Blog, Protecting Wealth | Leave a comment

When most people think of home insurance and claims, fire or burglary is usually the first thing that concerns people. But what might surprise you is that neither of those claims is the most common. Water is. And your homeowner’s policy may or not cover the damage. The bottom line your claims adjuster will need to know is —- where did the water come from? Did it come from a sudden and unexpected burst of a pipe? Old corroded pipes finally gave up? The sewer backed up? Rain leaked in from the roof? A flood?

Many times water is simply not covered because it is a maintenance issue, not a catastrophic one. Homeowners insurance is meant to protect you from events outside of your control. All types of insurance are based on risk. The dictionary defines risk as “Uncertainty arising from the possible occurrence of given events” The key word here is uncertainty and lack of control. So, if it comes down to a maintenance issue, there is not the key factor necessary to create coverage—- uncertainty and a lack of control.

Every winter when the storms come, I see claims submitted for ceiling damage. Too many times this is not covered because it is a maintenance issue. The roof is older, there’s a leak, and it causes damage to your ceilings. Is this covered? Generally this is not covered, as it is a maintenance issue.

People generally don’t think of the pipes in their house until they break and water is everywhere. If you have older pipes that have corroded and finally worn out and water is everywhere, is there coverage? Again, this is a maintenance issue, and probably will not be covered.

Another source of water damage is from household appliances, heating or air conditioning systems, or plumbing/heating systems. Did the pipe burst or the water heater leak? Did the ice maker line break? Once the claims representative determines that there is policy coverage, it usually covers the damages caused by the water but does not pay to repair the damaged or broken water line or appliance.

Another and truly the most devastating water claim is from flooding. Flooding is also probably the most misunderstood of the types of water claims. The reason for the misunderstanding is that “flood” is not normally covered by most insurance policies. In California, flood insurance is a separate policy, just like earthquake. Flood coverage rates depend on what is called a ‘flood zone’. If you are not in a high-risk zone, flood insurance can be very affordable. And you would know if you are in a high-risk flood zone, as your lender would have required you to purchase flood insurance.

Unfortunately when it comes to water claims, this is an issue that causes consumers to get angry and say “I have paid years of premiums, why isn’t this covered?” Don’t get angry. Learn about your policy. Read one of the most important parts of the entire policy— the exclusions page. Not all policies are alike. Even in my own agency we have several different types of homeowner’s insurance policies; from the most basic to more coverage-loaded policies. You need to sit down with your agent and talk about what you are trying to cover. A landlord needs different coverage than a homeowner. A condo policy is very different from a renter’s policy.

When you are “shopping rate” be careful you are not inadvertently shopping ‘coverage’. All policies are not created equal. If you are saving a considerable amount of money, hesitate, and take a side-by-side comparison with the two policies. What you are ‘saving’ in premium may cost you in ‘coverage’ over the long haul. And if your agent just gave you a ‘rate’ without learning something about you and what you are trying to protect and what is most important to you….you may need to seek out another agent.

Image: FreeDigitalPhotos.net

31 Jul 2012