Do You Have A Scarcity Mindset?

From our earliest childhood memories, most of us remember hearing specific messages about money from the adults that took care of us. What did you hear when you were growing up? Was money hard to come by? Was it tight? Did you hear the adults around you arguing about money? Did it feel like there was never enough for everyone to feel good?

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A "Hair"-oing Tale: What Does It Mean For Your Career?

Women & money expert Manisha Thakor explores the impact on long term women's economic empowerment of pieces that deride professional women for the very bodies they were born with. In this case, she examines the backlash facing former News Corp International CEO Rebekah Brooks' choice to appear in Parliament with... gasp... her real hair down.

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Turn Your Kids Into Personal Finance Champs

by Manisha Thakor

Do your children think you are a walking ATM?

If you are tired of "must-have-that-toy-right-now" tantrums as you walk down the aisles of Target or Toys “R” Us, go straight to your nearest bookstore and buy Alisa T. Weinstein's new book, EARN IT, LEARN IT.  Alisa tosses the old allowance-based system of teaching your kids about money and replaces it with: J.O.B.S.  But not in the way you might think...

Innovative learning lessons can transform a child's life. When I was growing up one of my pivotal memories was sitting down with my dad who showed me how to calculate how much money I'd have in my IRA down the road if I contributed my babysitting and lawn mowing money to it and it grew at 6%, 8%, 10%, etc.  Yeesh. Once I saw that if I saved $2,000 a year (the annual max contribution back then) for 50 years and earned 8% average annual returns I'd have over $1,000,000 - I was hooked. It changed my attitude about money forever. Learning to be responsible with money became fun. Now most kids aren't as wonky as I was so punching the keys of an HP12C financial calculator might not do it for them, but I have a strong hunch Alisa's unique approach will.

How did you come up with this concept of using jobs to teach kids about money?

I credit my daughter completely. She wanted “one more lip balm Mommy!” and I thought 13 lip balms were plenty for a four-year-old (a four-year-old!). In my exasperation I told her to “get a job.” As soon as I said it, I just knew that was how she was going to earn her allowance: by test-driving real jobs.

How does EARN IT, LEARN IT work?

For the book, I interviewed 49 people with 49 different careers. I then translated their day-to-day responsibilities into kid-friendly tasks, many of which take 15 minutes. So when Mia was a Toy Designer, she cut out a paper version of her favorite stuffed toy and we talked about things like hard costs (which she apparently doesn’t have because “Mom, I don’t pay for [that stuff]. You do!”)

What is the most surprising reaction you've had so far from a child?

I say this with a big smile: the most surprising reactions don’t come from kids. The real surprise reactions are from parents, who didn’t realize it could be so easy, and take so little time, to get their kids engaged in something totally worthwhile.

What is the most common challenge parents have today when teaching their children about money?

It has to be just getting started. Talking about money makes people uncomfortable. On top of this, the traditional methods (paying for chores, odd jobs, or no strings attached) aren’t much fun. Since we’re all so busy, it would seem easier to avoid the subject altogether. But then you end up with a kid who thinks the world exists to provide her with another lip balm.

What have you personally learned about money while writing this book?

I was lucky. My parents taught me early on that what we do to earn money can be even more valuable than the money itself. Which means being more open to finding a career that simply makes us feel good. And this not only makes life richer, it makes living with (and learning about) money a lot more fun. [You can follow Alisa on Twitter at @EarnMyKeep]

What experiences have you had teaching your kids about money?


[Want more financial love? You can follow Women's Financial Literacy Initiative founder, Manisha Thakor, on Twitter at @ManishaThakor or on Facebook at /MThakor.]

Comment /Source

Manisha Thakor

From Manisha's linkedin profile page:

Manisha Thakor is the Director of Wealth Strategies for Women at Buckingham Strategic Wealth and The BAM Alliance. 

Manisha and her colleagues provide both evidence-based wealth advisory services for high-net-worth households and core asset management solutions for women and families nationwide with $80,000 or more in investible assets. 

An ardent financial literacy advocate for women, Manisha is the co-author of two critically acclaimed personal finance books: ON MY OWN TWO FEET: a modern girl’s guide to personal finance and GET FINANCIALLY NAKED: how to talk money with your honey. She is on Faculty at The Omega Institute and serves as a Financial Fellow at Wellesley College. Manisha is also a member of The Wall Street Journal’s Wealth Experts Panel, a member of the 2015 CNBC Financial Advisor’s Council, and wearing her financial educator’s hat serves as a part of TIAA-CREF’s Women’s Initiative. 

Manisha's financial advice has been featured in a wide range of national media outlets including CNN, PBS, NPR, The Today Show, Rachel Ray, The New York Times, The Boston Globe, The LA Times, Real Simple, Women’s Day, Glamour, Essence, and MORE magazine.

Prior to joining the Buckingham team, Manisha spent over twenty years working in financial services. On the institutional side she worked as an analyst, portfolio manager and client relations executive at SG Warburg, Atalanta/Sosnoff Capital, Fayez Sarofim & Co., and Sands Capital Management. After this she moved to the retail side and ran her own independent registered investment advisory firm, MoneyZen Wealth Management. 

Manisha earned her MBA from Harvard Business School in 1997, her BA from Wellesley College in 1992 and is a CFA charterholder. She lives in Portland, OR where she delights in the amazing Third Wave coffee scene and stunning natural beauty of the Pacific NorthWest. Manisha’s website is MoneyZen.com.

Generation Earn: A Chat With Kimberly Palmer

by Manisha Thakor

US News & World Report senior editor and personal finance columnist, Kim Palmer, has written an excellent new book for young professionals: GENERATION EARN.  Kim was kind enough to share her thoughts both on the writing of the book and to highlight "5 Money Tips for Today's Young Professionals."

What motivated you to write GENERATION EARN? I felt frustrated with the constant focus on how bad our generation is with money. We’re told that we have too much debt and are clueless about finances, but the fact is, we’ve learned a lot from the recession. We were forced to learn how dangerous debt can be and how important it is to save and understand where your money is. As a result, we probably know more about money than any previous generation did at our age. I wanted to help people with their new goals-- financial security, supporting growing families, and giving back in meaningful way.

What has surprised you the most as you've talked to people about GENERATION EARN? That there has been a huge shift in how young people think about money. We care more about having money in the bank than impressing people with big houses or fancy cars. Financial security is the new measure of success. But that doesn’t mean we’re greedy – in fact, the focus on giving back is a hallmark of our generation. We also want to make sure we’re spending our money in ways that support the bigger causes, from environmentalism to social justice, that we believe in.

What do you know today that you wish you had known 5 years ago about personal finance? That the only way to get ahead financially is to save at least one-third of your income. It sounds impossible, and sometimes it is. But if you don’t start saving that much for your emergency fund, goals, and retirement in your twenties and thirties, it’s just going to get harder later, when you have even more responsibilities. Sometimes that means living in a tiny apartment for a lot longer than you ever thought you would.

5 Money Tips for Today’s Young Professionals... from Kimberly Palmer

  1. Save one-third of your income. Yes, saving such a big chunk of money each month means sacrificing some comforts and indulgences for the short-term, but it’s the only way to get closer to that ultimate goal of financial security.

  2. Don’t scrimp on career-related investments. There’s one area where it’s okay to be a spendaholic, and that’s when it comes to investing in your future earning power. The category includes not only education expenses, but also voice lessons for an aspiring podcaster, how-to books for those with potentially lucrative hobbies, and even a new wardrobe for office workers who need to impress the higher-ups.

  3. Pay off all but your cheapest student loans early. Student loans that carry a 5 or 6 percent interest rate (or higher) are costing you much more than your savings can earn in our current low-interest rate environment. That means paying off a chunk of your loans will immediately start saving you more money than you could if you continue to make those slow and steady monthly payments.

  4. Don’t wait to invest until you have “extra money."Waiting to start a retirement account until you feel like you can afford it might mean you can never retire. Don’t wait to open up a 401(k) account if your workplace offers it, even if you start by contributing just 2 percent of your salary.

  5. Give back – on your own terms. Use Charity Navigator to check up on the background of your chosen organization before donating any money to make sure they’re going to use the money the way you want them to.

What about you - what advice do you have for today's young professionals?

[For more MoneyZen in your life, follow Manisha on Twitter at @ManishaThakor, on Facebook at /MThakor, or visit MoneyZen.com.]

Comment /Source

Manisha Thakor

From Manisha's linkedin profile page:

Manisha Thakor is the Director of Wealth Strategies for Women at Buckingham Strategic Wealth and The BAM Alliance. 

Manisha and her colleagues provide both evidence-based wealth advisory services for high-net-worth households and core asset management solutions for women and families nationwide with $80,000 or more in investible assets. 

An ardent financial literacy advocate for women, Manisha is the co-author of two critically acclaimed personal finance books: ON MY OWN TWO FEET: a modern girl’s guide to personal finance and GET FINANCIALLY NAKED: how to talk money with your honey. She is on Faculty at The Omega Institute and serves as a Financial Fellow at Wellesley College. Manisha is also a member of The Wall Street Journal’s Wealth Experts Panel, a member of the 2015 CNBC Financial Advisor’s Council, and wearing her financial educator’s hat serves as a part of TIAA-CREF’s Women’s Initiative. 

Manisha's financial advice has been featured in a wide range of national media outlets including CNN, PBS, NPR, The Today Show, Rachel Ray, The New York Times, The Boston Globe, The LA Times, Real Simple, Women’s Day, Glamour, Essence, and MORE magazine.

Prior to joining the Buckingham team, Manisha spent over twenty years working in financial services. On the institutional side she worked as an analyst, portfolio manager and client relations executive at SG Warburg, Atalanta/Sosnoff Capital, Fayez Sarofim & Co., and Sands Capital Management. After this she moved to the retail side and ran her own independent registered investment advisory firm, MoneyZen Wealth Management. 

Manisha earned her MBA from Harvard Business School in 1997, her BA from Wellesley College in 1992 and is a CFA charterholder. She lives in Portland, OR where she delights in the amazing Third Wave coffee scene and stunning natural beauty of the Pacific NorthWest. Manisha’s website is MoneyZen.com.