Elizabeth, Author at Women’s Money

03Feb 2021 by Elizabeth

The 2 Times When You Should Stop Saving For Retirement

Image credit: CalcXLM There is plenty of talk about Americans saving too little for retirement. Almost half of those under 30 have saved nothing for retirement, and nearly half of those 55 and older have saved nothing for retirement. But let’s talk about the other end of the spectrum. What about those who have saved enough or too much for retirement? Here are two signs you should stop saving for retirement. 1. You are under 40, and you've saved at least $500,000 for retirement. Let’s say you are 38 years old and graduated from college in 2005. Since then, you have worked steadily and been able to nearly max out your retirement contributions most years since you graduated. If you had contributed $15,000/year since 2005 to an index fund that…

27Jan 2021 by Elizabeth

3 Best Ways to Generate Business Ideas

Entrepreneurship / Making Money

I have started at least five businesses in my life. I’m currently on my 6th and 7th. Some of them have been failures with thousands of hours and dollars poured in with them never fully getting anywhere. Others have been relatively successful -- earning enough per month to live on and then being able to ultimately sell. I eventually sold or wound down these businesses before truly giving them a chance to grow. That’s because my favorite part of starting a business is: The Idea. I love coming up with ideas for businesses. However, for many entrepreneurs coming up with a viable business idea is a challenge. Here are the three best ways to generate business ideas. Answer the following questions: 1. What Problem Do You Need Help Solving in Your Life…

20Jan 2021 by Elizabeth

The 1 to 5 Plan for Easy Financial Planning

Saving & Investing

For many people, the new year means a whole new look to your paycheck. Maybe you received a raise or a cost of living increase. Chances are your health insurance premiums went up. And, of course, taxes may be coming out at a slightly different rate. Whenever I get my first paycheck in the new year, I always closely look at my paystub compared to last year’s and determine where I can make adjustments to better reach my savings goals. One of my favorite plans to build wealth is what I call the “1 to 5 Plan.” I developed this plan for myself, but you can make adjustments depending on where you are currently at and your goals. If you are looking for a great way to kickstart your year and…

13Jan 2021 by Elizabeth

How to Find Fulfillment at Work

Goals / Taking Action

Across the board, research on happiness and fulfillment reveals the critical importance of feeling like you are making an impact. Does your work matter? To feel fulfilled and find happiness at work, you need to be able to answer this question with a “yes.” How to Find Fulfillment at Work Depending on your role and where you work, it may be hard to feel like your work makes a difference. Thankfully, there are two easy solutions for this. 1. Ask yourself three questions. Angela Duckworth’s Grit details three questions to ask yourself to increase your satisfaction in your job. First, how does the work you’re already doing contribute to society? Let's say you work in marketing for a healthcare company and your goal is to sell more of a particular type…

06Jan 2021 by Elizabeth

Women’s Money Manifesto

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Are you ready to reshape your financial future? Did you come to Women’s Money looking for some practical tips on managing your money, learning how to invest, negotiating for a sabbatical, or even building a business? Women’s Money is a community of strong, action-oriented women who are inspired to create change for themselves and positively impact the world around them. We believe in: Letting go of the past.Living in the present.Investing in the future. We do this by: Shaking it off and starting with a clean slate.Knowing that through challenge, we can change.Finding joy and making more brilliant moments.Showing up and doing what we say we will. We invest in ourselves. We use structure to create freedom. We don’t improve just for ourselves. We also strive to improve the lives of others. …

04Jan 2021 by Elizabeth

Why You Should Use the New Year to Set a Money Resolution

Goals / Taking Action

It’s a New Year. It’s a Monday. It’s the beginning of the month. All of these are reasons to embrace a fresh start for your finances and your future. But is this a good approach? And if so, why? It turns out there is enormous power in starting something new on a fresh turn of the calendar page. In Dan Pink’s book When: The Scientific Secrets of Perfect Timing, Pink writes about “temporal landmarks.” Temporal landmarks are key dates or points of time in the calendar. These can include a new year, a holiday, or a birthday. They prompt us to reflect on the old and the new. Think about your most recent birthday. Didn’t you reflect on how quickly or slowly the year had gone? About what you did…

31Dec 2020 by Elizabeth

Write A Letter as Your Future Self

Goals / Taking Action

Do you know what you want to spend your time on over the course of the next year? Do you know where you want to spend your money? Can you describe your passion and life’s work? One of the best ways to find happiness and create wealth is to have clear goals and direction. But sometimes, you don’t know exactly what you want. One of the best exercises I have done is to write a letter as my future self. Specifically, I imagine myself a year from now, and I write a letter to myself looking back at and reflecting on the past year. As you finish a month of preparing for the next year, spend 30 minutes and do the following exercise. How to Write a Letter as Your Future Self…

28Dec 2020 by Elizabeth

What Do You Need Right Now?

Take Action

What kind of preparation do you do for important moments in your life? Maybe you spent hundreds of hours, logging thousands of miles, preparing for a marathon. Maybe you prepared responses to exhaustive lists of interview questions to prepare for a job interview. Maybe you spent months agonizing over a guest list and table centerpieces and tens of thousands of dollars preparing for a wedding. Maybe you went to classes, read countless books, and packed and repacked your hospital bag to prepare for childbirth. Maybe you are saving for an entire lifetime to be ready for retirement. But what about today? This exact moment? How much time did you spend preparing for right now? Why Preparation is Important One thing I have learned during this time of COVID is the…

23Dec 2020 by Elizabeth

The Power of Visualization: How Affirmations and Visualizations Work

Goals / Taking Action

If you’ve ever participated in a competitive sport, you’ve likely been introduced to the concept of visualization. Your coach might have told you: Just imagine yourself kicking the soccer ball into the upper right corner of the goal...or sprinting with all of your remaining energy for the last 400 meters of your 5k...or serving the tennis ball to the inside of your opponent’s backhand. Even if you didn’t play sports, you may have heard about visualization, affirmations, mental rehearsals, or vision boards. The basic idea is that you picture yourself achieving a specific goal with vivid detail. Imagine exactly how it feels, the emotions you are feeling, the smell, the touch, what you are wearing, the sounds you are hearing, etc. The more detail you can envision, the better. The power of…

16Dec 2020 by Elizabeth

8 Key Metrics to Assess Your Financial Well-Being

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Last week I wrote about seven frameworks to analyze your entire life and overall well-being. But what if you’re not interested in your overall well-being and just want personal finance specific frameworks? You're in luck. We have some metrics you can use to assess your financial well-being. Metrics to Assess Your Financial Health Below are the best ways to think about your personal finances. You can analyze, track, and assess your financial health and wellness with these metrics. Run the numbers, and see how you are doing. 1. Income and Expenses The simplest framework for understanding your monthly and yearly finances is to understand your income and your expenses. To put together this list, simply put your income in one spreadsheet (or column of a spreadsheet) and your expenses for that…

Author: Elizabeth