In the 2010 flick Wall Street: Money Never Sleeps, Shia LaBeouf’s character (Jake Moore) asks Josh Brolin (Bretton James), “What’s your number?  …the amount of money you would need to just walk away from it and live?”

Without hesitation, Brolin responds, “More”.

Yes, that was a fictional movie but we all know people who have that same you-can’t-be too-rich-or-too-thin mentality.  And let’s face it, who hasn’t played “What I would do if I won the lottery” in their minds?  I have, several times in fact.

My visions – as cliché as they may seem – include luxurious vacations in exotic locales, a to-die-for wardrobe, and my very own ‘Team Susan’: a masseuse, chauffer, personal trainer, maid and chef.  My parents would have the very best health care.   My friends’ children’s college tuitions would be taken care of.  The ASPCA would receive a big fat check.  But would this accumulation of material goods (and snapshots of goodwill) make me happier?  Is being rich overrated?  Would I become more of a glass-is-half-full gal?

CAN MONEY BUY LIFE’S NON-TANGIBLES?

Money coach, best-selling author and award-winning financial journalist Jean Chatzky stated, “A Roper study conducted for my book The Ten Commandments of Financial Happiness revealed that what you need to feel happy is enough cash to live comfortably – not lavishly, just comfortably.” More money than that won’t buy happiness.”  (November 2010 issue of Women’s Health magazine.)

Why not?  Personal Finance Expert Andrea Travillian (takeasmartstep.com) explains that self-esteem can’t be bought.  “If you don’t like yourself, you still won’t be happy regardless of how much is in your bank account.  Money can buy new clothes and “toys” which provide you with a temporary boost, but eventually these items lose their impact.  The gadget is no longer new, the car is old and you need to get more so you look for the next boost.

Bottom line: you can not buy self-esteem.”

Adds Matt Wallaert, a behavioral psychologist and lead scientist at GetRaised.com (a web service that helps people earn what’s fair), “It’s probably true that a big screen TV won’t automatically make you happy in any long-term sort of way.  But if you hook up a Wii and start playing with your kids more often, that probably will.  In other words, happiness isn’t about stuff: it’s about what you do with the stuff.”

In the same movie I referred to earlier, Michael Douglas tells his future son-n-law, “Money is not the prime asset of life.  Time is.” Quite a turn around for a guy who coined the infamous phrase, “Greed is good”.

THE 3 P’S
Pop quiz – which of these brings us genuine inner peace and drive happiness?

1. Purpose (Where do you want to serve?  In what area do you want to make a contribution?)
2. Passion  (What are you truly passionate about?  What is your ultimate dream?)
3. Paycheck

Wallaert explains, “Part of happiness is a sense of purpose, a feeling that your life matter and that you are doing something meaningful with it.  Philanthropy can certainly provide part of that sense of meaning.  It is one of many things that one can do to feel like they matter.  But so is building an empire, or teaching, or spending time with your family – people have many ways of providing meaning for their lives.”

We hear about people who have left high paying jobs to start nonprofits or pursue a long-awaited dream job – pay cut included – and are more fulfilled than they’ve ever been in their lives.  People who chose ‘a’ and ‘b’.

BUT NO MATTER WHAT, WE STILL WANT IT…

If, in the end, riches do not make people happier, why do so many people go to such extremes to get their hands on the green stuff?

New York City bankruptcy attorney Daniel Gershburg, ESQ has a roster of clients who once “had it all” and then lost everything.  “Everyone strives for it because they think it’s going to change their lives.  They think they are going to wake up in a different world thanks to this financial cushion.  Their expectations didn’t come to fruition and they feel empty.  …disappointed that nothing has changed.  They thought money would be the crutch to bail them out of their misery and are now left feeling like, ‘Now what do I do’?”

Adds Gershburg, “Surprisingly, my (formerly wealthy) clients who decided to claim bankruptcy are almost always relieved afterwards.  There’s no need to maintain silly appearances anymore.  That ‘hamster on a wheel’ feeling because is gone.  They’ve been relieved of $3-$4,000 minimum monthly credit card payments and are completely fine with relinquishing the Mercedes and getting a Honda.  It’s as if they have cut ties with an addiction.”

If you’re not happy without it, you won’t be happy – or any happier – with it.

So, back to my lottery fantasy.  Yup, I had it all figured out – the trips, the clothes, the donations.  And then I returned to reality, which to be honest, isn’t such a bad place to be.

Houston, we might have another Cisco Fatty on our hands!

I belong to a few online/email groups and came across an email from a young lady who’d gotten into some hot water because she tweeted about a potential job offer after snagging and acing the interview.

One problem.

She tweeted the company’s name and possibly that the person in the current position might be getting fired.

Yes, she said all of this on Twitter.  

Ouch.  *shudder*

Imagine her surprise when she got an email from the HR manager telling stating she was bothered by the applicant’s decision to tweet company information in Twitter.

First, if you know me then you know that I think companies are going a bit too far with checking on applicants using social networking sites like twitter and Facebook.

My second question was why did she tweet company businesses out to the Twitasphere like that?  I know we all have moments like these but I think what took me for a loop was the applicant’s intended response which in mine and other’s opinions was most unapologetic, and sounding like she was starving for a piece of humble pie.  

Having been out of work for close to a year, she needed this job to work out.  But she wanted to tell this HR manager that she had no contract with them for emplyment and did not plan to tone down her personality to suit them especially when she tweeted about the situation due to her excitement about the position, not because she had any ill intent in disclosing the good news (for her) albeit, company business.

Well, considering that they were planning to fire someone in order to vacate the position for her, that’s where things get sticky.  Any number of legal scenarios coud come up and Im sure this company just wanted to make sure they dotted all their Is and crossed all Ts before moving forward.

In the end she acquiesced and wrote a letter explaining that she was just so excited about the position and didnt think about the consequences of tweeting such sensitive information.

But let this be a lesson to all of you quarter lifers and even you social media types, save your personalty and sass for happy hour and get on the straight and narrow when it comes to your day job.

Here are a few tips to avoid the above situation:

1. Use a separate email account for Twitter and Facebook, this is how your boss and other superiors will find you
2. Remove your profile from public search results on Facebook
3. Remove your picture from Facebook search results and don’t enable your profile to be tagged on Facebook
4. Don’t put your picture on Twitter if you really want to Tweet with wreck-less abandon
5. Don’t put any personally identifiable information about yourself on Twitter
6. Don’t Tweet about your day job, EVAR. Period. End of story. Leaveitalone!
7. Dont share information you aren’t comfy with your mother or boss knowing.  Twitter is a bit more open than Facebook unless your profile is locked/protected.  Say something RT worthy and watch is spread like swine flu

This is a guest post by Beverly Davis,  Founder of SundayCosmetics.com

I’m a home-based entrepreneur with a clear vision of stable, multiple income streams. It sounds savvy, but the truth is, I learned from sudden unemployment. I’ll never again rely on one employer (or client) as my only source of income. It is my mission to share my personal revelation with anyone who wants to succeed financially.

I’ve always heard “live beneath your means, don’t spend all you make, don’t use credit cards. Pay your tithes, give offerings” Good advice. Teachings should also include suggestions for increasing income with examples of people who did. It opens up creative thinking. Times have changed. Today, most companies are quick to downsize, cut pay and lay off employees. It’s ruthless.

After two consecutive jobs working in a toxic work environment, I couldn’t take it anymore.  I reached my limit. I had spent a almost 25 years working hard to succeed with no financial security to show for it. It was a disguised blessing.

In October 2007, with a small savings and a new mortgage, I launched out to work for myself. Friends, family and colleagues laughed. They expected me to fail and some were bold enough to tell me. I immediately let them go. I cleaned my life of all negative people and kept my faith in God.  I struggled intensely, but I made it.

In this economic recession, there are people surviving and thriving because they had a Plan B. When their company cut their pay or laid them off, they were able to still take care of themselves and their families. They didn’t end up starving or living in a homeless shelter.

The only way to recession proof our income is to have more than one source.

This is a guest post by Yolanda Shoshana. Yolanda Shoshana “Shoshi” is a personality, lifestyle expert, life coach, and speaker living in New York City known as the “Luscious Lifestyle Diva”. Her blog is “The Luscious Life” which gives the 411 on lifestyle, motivation, food, health, and entertainment for single women who want to leave behind the good enough life and live lusciously! www.lusciouslifestylediva.com

You can’t deny that single women are more independent these days. We are earning more money than our mothers, buying houses, starting businesses and just all around breaking financial ceilings. All of this is “you go girl” fabulous! However the story behind the scenes when it comes to single women and our money says we need to make some adjustments. It’s no secret that we are in a recession, but now is not the time to ignore your finances or give up from financial frustration. Here are several keys areas to focus on:

Did you go running to the your broker to take all of your money out of the stock market? Running away from the stock market is not the best thing to do right now. Stocks are about long term investing. What goes down must come up and vice versa. If you listen to wealthy people they actually like to invest during recessions and hard economic times, according to them this is when they make their money.

A small struggling stock today could be the next Google or Microsoft. Stock market trends show that after a good time in the economy the bubble has to burst to begin a new growth in the economy. Talk to your broker and find out what stocks you should keep or pick up. If you are your broker, why not research companies or see who the new kid on the stock market is.

What good will the money do for you under your mattress? You have to be in it to win it.

When talking about women and money, we are often portrayed as financial risks.  This is because of the perception that we we either shop too much or know little when it comes to utilizing money to create long term wealth and security.  So today I’d like to discuss the issue of being a financial asset in your relationship.  No partner wants a woman who shops too much and isn’t financially responsible with bad credit.  You’re as much of a risk as the man with a bankruptcy and continued financial irresponsibility if those are your cards.  So how do we become a financial asset?

[Edit] Some of you have already commented that you are surprised by the gender assumptions made by the article.  It is based on this Bankrate.com article which I found pretty eye-opening in that they specifically indicate the differences in approach to money by men and women. I don’t want you to think that I am using this article to paint all women with one brush, just understand that not all of us are working towards financial freedom because we havent been taught how to do so as the article implies.

Men and women spend and save differently:

• Women, trained to nurture and seek acceptance, view money as a means to create a lifestyle. Women spend on things that enhance day-to-day living. Theirs is a now-money orientation.
• Men, trained to fix and provide, view money as a means to capture and accumulate value. Men don’t spend, they invest. Men don’t want something, they need it. Theirs is a future-money orientation.

Embrace The Frugal Lifestyle

Before you turn your nose up at the idea, this isn’t about being cheap.  This is about getting the best price you can for whatever you buy, remember, if it isnt free then it isnt on sale.  It is also about figuring out your needs vs. wants, do you need that pretty fuschia sweater at Bluefly?   Your partner will be able to appreciate this quality because you won’t present as a spendthrift, but as a woman informed about her buying power and not at all dedicated to buying crap and coming home with nothing to show for it.  Believe me, I know

Invest In your Career and Education

I don’t care what your life plans are.   Some of us want to stay home and take care of our children and some of us want to run out and conquer the world, whatever you decide, invest in your education and/or something that you are able to do in the event that you have to earn a living on your own.  A man is not a financial plan and prince charming doesn’t exist.  Sh*t happens.  Be smart and protect your self.  Having an education even if you don’t pursue the corresponding career (English major becoming and English teacher), shows your partner that you are invested in yourself and that is the best investment that you could EVAH make.

If you’re a career woman, map out a 1-3-5-7-10  year plan and revise it yearly as it is a working document.  You’ll be a better woman for it because now you’re bringing to the table a woman who is focused and intent on her success.

Keep Up To Date On The Latest Financial News

Read and be informed around current and ongoing financial issues.  I’m not at all asking you to go out and subscribe to Barron’s but reading sites like Girls Just Wanna Have Funds (shameless plug), Consumerism Commentary, CNN Money, MSN Money MasterYourCard and others will give you both an insiders and main stream media view of what’s going on with your wallet.  Be aware of current savings and loan interest rates, take an active interest in making the most of your money no matter where it is.  A financially motivated woman is a woman who is in control of her destiny.

Engage Your Partner On Financial Issues

How much does your partner understand about the current bailout drama?  Do you meet regularly to discuss house finances such as your household budget and current debt load?  Make these conversations a regular part of relationship to ensure that you remain on the same page.

Maintain An Open Door Policy:  Communication

Need I really say this ladies?  Communication is key.  Don’t haul off and buy that $400 dress without talking to your spouse if your rules dictate as such.  Some people need to consult for a $7 purchase and others a $200 purchase, different strokes for different folks.  Whatever yours may be, keep the lines of communication open.

I’m the shopaholic in my relationship but I make sure to tell the husband unit of any purchases over $300 that sits outside of our regular budgetary items.

Be Financially Responsible Around Debts And Money Habits

Cut that shat out!  No partner wants a woman who is irresponsible around her debts and overall money habits.  In his/her eyes you become more of a financial risk, especially if you have no idea on how or if you’ll pay it all back.   Debt is slavery and we really don’t want to be enslaved to a perpetual debt now do we?  Get a plan, read a book like The Automatic Millionaire, Young Fabulous and Broke, Smart Women Finish Rich or Total Money Makeover.

I’m not saying that you have to go into your relationship or marriage, debt free but the first step is a change in mindset and a plan to make it happen.  A woman with a plan makes for a happy man.  Cheesy, I know but true.

Be Charitable By Giving To Others

Give and ye shall receive.  You can do through tithing, charitable work/donations and/or community service.  Any service given to those who have less than you is an indication of the quality of your character.  This tells your partner you are willing to part with your time and money in the service of others, can’t go wrong with that!

Question:  Have I missed anything?  How do you think a woman can be a financial asset in her relationship?

photo credit: Derek Farr ( DetroitDerek )

This month’s group writing project is about our personal experiences with loans. I’d say that with over 100l in student loan debt I’m quite familiar with the subject.

My experiences with loans includes the following:

Student Loans

After a BA in Criminal Justice and 2 MAs in Forensic and Counseling Psychology I am facing over 100k in student loan debt set to begin repayment in January 2010.  Am I concerned or worried?  Not really.  Our plan is to continue living off my husband’s salary while I use mine to sock knock down at least 75% of it within 3-5 years.  Tough but it works and we won’t be facing paying this sizable debt for the next 30 years.

Auto Loan

I’ve only had one auto loan.  My first car upon moving to the area after graduate school.  I got a great interest rate but a longer term.  My rate is around 5.99 percent and I still have less than $2k to go in paying it off.  Since we are buying a second car this month, I am planning to throw this month’s blog revenue towards the payoff of the current car.  I really hope to pay it off by December because I don’t want two car payments.  We would sell the current car, but DH wants to keep it “just in case”.

photo credit: lumaxart

Mortgage

Our mortgage was obtained June of last year.  We bought a 4BR 2.5BA house, 3000 sq ft with a finished 1000sq ft basement.  Our interest rate is 5.375% which is pretty sweet.  We were able to go through ACORN and get the mortgage one point below market.  Our mortgage guy told us about being able to get our principal amount written down so we are looking into that as it would amount to around a $200 payment reduction per month.  $500 would sweeten the pot.  We’ve lost around $60k in value since moving in so that would be a welcomed plus for us since it seems that foreclosures and short sales are going on all over our area right now.

Credit Cards

Probably the bane of my existence but working on it.  I recently started branching out in diversifying the types of credit I have because I’ve only had one credit card for the longest time.  So this summer I applied and got a card through another company (sorry I dont give out specific personal finance info on the net) and it’s been pretty good.  First experience with a cash back rewards card so Im looking towards that end of year check.

Question:  What are your experiences with loans?  Good ones?  Bad ones?

All three came out on top in their respective divorce proceedings. If you’ve been under a rock and aren’t familiar with the final decisions, Juanita Jordan was paid $168 million dollars when all was said and done. You read right, $168 million dollars. After Sheila Johnson’s divorce was finalized she walked away with $670M after taxes, which several published sources report she has successfully parlayed into a portfolio in excess of one billion dollars. Due to Halle Berry’s iron clad prenup, she avoided having to support Eric Benet in their divorce.

Are you in a situation where you’re soon to be divorced? I won’t play therapist in this post but if you’ve made up your mind but there are some things to consider. I hate to entertain this line of thought but the reality is that everyone won’t live happily ever after and we need to protect ourselves and our ASSets in the event divorce is a reality.

Straightening out your Finances

Gather all of your important financial papers and purchase a lock box if you haven’t already done so. Secure’ all important papers such as birth certificates, passports, retirement papers, bills, bank statements, tax returns and the like. You can also find more information about separating your finances here along with other solid divorce resource information.

Make sure that all major financial accounts, read savings accounts are in both of your names. Many women have been screwed by their partners due to not insisting that both their names be on all major savings accounts.

Start saving for the financial cost of the divorce. If you are able to remain in the situation and save money for the financial cost of the divorce then do so. As you will soon discover, divorces are expensive and will take its toll on you both financially and emotionally. Prepare for this by saving your money even more during this time. You will need to consider that you don’t have your spouse’s income anymore and will need to stand on your own financially and hire your own attorney which will be expensive.

If you’re a stay at home mom/wife then now is the time to consider getting back into your career or perhaps beginning your career. Again you will need to be able to stand on your feet financially independent of your husband and create/restart your identity financially, professionally and personally.

Iowa State University lists the following financial responsibilities

1. Gathering information
• Keeps legal bills down
• Helps you learn family finances
• Prepares you for financial decisions

2. Negotiating property division
• Calls for equitable distribution
• Requires determining needs
• Includes income tax consequences
• Involves legal issues
3. Managing debt
• Calls for prompt action
• Requires listing unpaid balances
• Affects your credit rating

Are there children involved?

If so then start to prepare them for the reality of a possible divorce. Maintain an open dialogue with them and be especially open to processing any feelings they may be feeling such as anxiety and depression. Indicators may lie in falling grades, changes in behavior at school and loss of motivation for activities they were once heavily involved in.

I know that as adults its easier to assume we know how children feel, but we don’t unless we pay close attention, please include your children’s feelings during this time in every decision you make. And please, for their sake and in order to maintain their respect moving forward, please don’t unload your ill feelings about your soon to be ex on them. They are children, let them have a choice in the matter. I won’t detail the many cases in which children are torn apart because of the selfishness of their parents during a divorce.

Take the high and responsible road. You know where it is, don’t let your emotions get the best of you.

Take Care of Yourself

It’s probably best to start seeing a therapist, if nothing else for the purpose of having someone to confide in and make sure that you’re remaining psychologically and emotionally healthy as divorce can and will take its toll on you. You can often reduce the cost of this by seeing someone on your health care network, EAP-Employee Assistance Program or through your local church. If the idea of talking to a counselor doesn’t suit you then find another confidant, someone you trust who will listen to you as you open your heart about the ongoing process of separating yourself from your partner. Please don’t underestimate the toll this process can have on your mind and body, take care of yourself during this time.

Read more at:

Womansdivorce.com:

• Legal Considerations For Women
• And Money Considerations
• Marital SeparationChildren’s Issues
• Emotions
• Strategies To Save MoneyDownloadable Documents
• State Resources

DivorceSupport.com

The Modern Woman’s Divorce Guide

DivorceMag.com

I know some of you are asking, how does she know all of this? While I am happily married to the love of my life, I have had my share of bad relationships and I am a counselor in training. I quite possibly have seen and heard it all and as such I believe in being prepared. Still, no amount of preparation will shield you from the emotional toll this process will take on you. Whatever you decide, make the best decision for yourself and for any children involved.

photo credit: banjo d

photo credit: ganessas

I’ve gotten a few emails and chatted this up somewhat ad nauseum with friends about the money coming our way from Bush’s economic stimulus plan. *sigh* Let’s be real here folks. We are in a recession. However, remain optimistic and protect yourselves. If you get an extra check from Uncle Sam this year, here are 3 tips on what to do with it.

1. Save the money

Put it aside and SAVE IT. Please don’t spend it thinking that this somehow helps the overall situation going on with the economy. If you are in one of the industries projected to see lay offs then you might want to pad that emergency fund. I can’t stress this enough. Be smart. Don’t make plans to buy a new TV or get yourself into more debt, see this as an opportunity to save your money and secure yourself in the event that things get worse.

2. Pay down debt.

If your emergency fund is at its goal, then pay down debt. Don’t get into more debt, but pay it off.

3. Necessities
If you must purchase something, then make sure it is something that has long term value such as a needed kitchen appliance, auto repair etc etc.

My thoughts? This is just money that we give them during the year anyway, they are just giving us more of it back this time around. I fully believe that we will pull through, we just need to be patient and wise during this time.

Short and sweet. Hey, its a no brainer. Protect yourselves first.

What are your plans if you get an extra $800 or $1600?

It’s the new year and hopefully you’re giving careful thought as to your financial goals for 2008. Are you planning to save for a new car? Contribute fully to a retirement fund? Save towards an emergency fund? If you are, then you should consider meeting with a financial advisor.

Retirement

• Will you fund a ROTH or Traditional IRA?
• How much can you afford to contribute?
• What kind of lifestyle do you want when you retire?
• Have you thought about the correct mix in your portfolio as you prepare for retirement?

Savings

• Do you have an emergency fund? If no, why not?
• What are your 2008 savings goals?
• Are you saving at least 10% of your income?
• Will you be saving for your child’s college education?

Debt

• Is your debt manageable?
• Do you have a plan to pay it off?
• Has it become overwhelming?

Wills/Trusts?

• Have you created a will?
• How about a trust?
• Do you know what they are?
• Who will care for your children when you are gone?
• Who will receive your estate once you pass away?
• Have you made any preparations in this regard?

Mint gives these tips on what to ask when interviewing a financial advisor:

What licenses they hold, in which states

What services they provide

Their investment strategy

How they would prepare and implement your plan

Who their existing clients are (ask for references)

The average size of their portfolios

How their portfolios have performed

Their fees and/or commission fees

If they sell financial products

These are just a few questions to get you started. Of course, even if your answers to these questions prove that you know little about your fifinancial situation, you don’t need to run out and get a financial advisor. There are tons of personal finance books, blogs and articles on the Internet to help you find the answers to the above questions, so no worries. However, keep in mind that unless the person giving the advice is licensed in the area of personal finance they are unqualified to give advice. We can share tips, strategies and the like and some may even work for you, but in the end it is best to seek the advice of a professional who can run numbers, give advice specific to your situation with experience and education to back it up.

Do you have a financial advisor? Why/Why not?