Dating On a Dime.... For the Fellas!

I was listening to a radio program where they had set two people up on a blind date. The hosts were following up to see why the girl never returned any of the guys calls for a second date. When they reached the woman she said the date went well, he was a cool guy. So, what was the issue? No love connection…or was she ‘just not that into him’?

She hemmed and hawed and finally spit out the truth. Long, shallow, story short, the guy had pulled out a coupon on the first date, buy one meal, get one free and everybody wins! She was turned off. Hey, he has to watch his pockets too right? She didn’t see it, thought he was cheap and didn’t like cheap men…

Shallow? ABSOLUTELY!

With that said, the truth is, we don’t want to see the coupon – not on the first date. Well, blatant coupon use is only okay once you’ve become a couple. Crazy, I know, but the case nevertheless. His mistake was making it known. Her mistake was writing him off for it. Talk about being harsh! She probably missed out on a really great guy by being superficial.

So, this inspired me to write a post on frugal dating for men. I’m on your side. Dinner for two, a movie (with snacks) could easily amount to $100 if you’re not careful. As your Financial Coach, I just cannot condone spending that much! I reached out to my male Facebook and Twitter friends to help me compile this list…thanks guys!

So, here’s ‘How to Date On a Dime’!

1. By all means – use the coupon! Just pull the waitress to the side – on your way to the bathroom and slip it to her. Let her know you don’t want it to be known and if there is an issue with it, to call you away discreetly.

2. Pick dinner or a movie, not both. If you are doing both, catch the matinee movie. $5 - $7.50

3. Try to go to matinee movies only

4. Dinner – stick to places where you can eat between $8.00 and $15.00 per person, $30 - $50+ per plate dinners are for special occasions. Yes, even if you can ‘afford’ it. (We’ll talk about this more in another post)

5. Seasonal fun - ice skating in the winter, outdoor concerts in the summer … normally equate to a low cost  or free date.

6. Cultural events, festivals, etc. can also be easy on the pockets.

7. Do a little homework, find things to do that YOU can afford. If you leave it up to some women you won’t have any money left at the end of the date.

8. Don’t talk about money, how broke/not broke you are or trying to save during the date – turn off for sure – just plan it out.

Alright fellas, I hope I’ve been some help – let me know how it goes!

Your Financial Coach,

- Dorethia
www.connercoaching.com

Change? - No Thank You.

We all balk at change sometimes. No matter how progressive we are or how flexible, there are times when we wish things would stay the same. I experienced  this recently while entering one of my favorite
remote-office-coffee-house locations. I rushed in, secured my spot and could not wait to order my favorite sandwich. A wonderful chicken salad variety on honeywheat bread! I'm getting hungry thinking about it! Well, they no longer served it! But politely offered me another version that was creamier and included almonds and cranberries. NO THANK YOU! The original was PERFECT to me....why did they have to mess up a good thing?

Some of us are experiencing this in our finances. We were doing fine or getting on our feet, when something unexpected invaded our lives. Whether it is an illness, job loss, or other blow to our financial progress, we have to adapt, regroup, and find another route to overcome the situation. Remember that there is ALWAYS a solution - NO situation is hopeless. Don't get discouraged by having to start over, just be diligent and you will be surprised at how quickly you recover!

~Dorethia

Make a great impact this Christmas! Give the Gift of Financial Coaching! http://www.connercoaching.com/
________________________________________

Black Enterprise Magazine Feature Celebration Thank YOU!

Last Thursday, I celebrated being a Featured Financial Allstar in Black Enterprise Magazine. We filled Java Exchange Cafe in Detroit's Midtown and had a wonderful time! A big THANK YOU to everyone who came out to celebrate with me or sent words of congrats via phone, email, twitter, facebook, linkedin, etc....lol!

It was a fun night, starting off with Money Bingo! Yes, a very crucial round where seasoned competitors vied for great giveaways such as: 365 Ways To Live Cheap by Trent Hamm, Zero Debt by Lynette Khalfani and Brand YU Life by Hajj E. Flemings

Hajj Flemings shared with the audience the importance of building your Personal Brand. He challenged each of us to tap into our hidden potential and unlock the inner genius, which has nothing to do with IQ, but the God-given talent we all have. Hajj also spoke on the importance of celebrating the success of others because we want the same in return. It was inspiring.

We ended with mingling and connecting a few businesses in the room with folks who could use their services.
I was elated and humbled by the show of support from everyone - THANK YOU ALL! I've enclosed a link to the pics from the event - enjoy!   Check Out The Photos Here!

Visit:

• Dorethia Conner Financial Coaching
• Hajj Flemings, Author, Brand YU Life 
• Java Exchange Cafe

Up and Coming:
I've begun a series of Podcasts and Teleseminars, October's 'Raising Money Smart Teens' was held this month and received a great response.

The November Podcast/Teleseminar is 'Don't Manage Your Debt - Get Rid of It!'
Register here: http://nomoredebt.eventbrite.com/ to be notified of date and time of this event.

IN THE MEANTIME...if you or someone you know wants to make an empowering change in their finances and learn how to manage their money THEMSELVES... call me! ~Dorethia

dorethia@connercoaching.com
http://www.connercoaching.com/coaching.html
800.962.2491

Answers to Your Money Questions

Here are a few questions that I've received from my email bag. Do you have questions you'd like answered? Send them to info@connercoaching.com!

1. Are U.S. Savings Bonds still a good way to save money for the future?

I would suggest mutual funds as a better investment. Savings bonds are thought to be safer, but in actuality the variable rate they have can fluctuate quite a bit causing a great deal in losses.

2. How much money is considered an Emergency Fund?

Your initial emergency fund is $1,000. Once you have saved this amount, you stop adding to this account and begin to get out of debt. Pay off everything except your mortgage. Once you are out of debt, you go back to your emergency fund and add 3 – 6 mos. expenses, not income. This gives you a cushion in case of job loss, illness, or other unforeseen event.

Sidebar -- I’m hearing a lot of advisors say in this economy you need 9 – 12 months of expenses saved. While I don’t argue with this fact, I suggest 3 – 6 mos as a starting point.

3. What is the most effective way to handle cash?

When you receive cash, you should allocate it for a purpose. If there’s no bill to pay – add it to your emergency savings or other savings goal. If you have your $1,000 emergency fund and there is outstanding debt, additional cash should be put toward paying debt down from the smallest to largest amount.

4. When I reach one financial goal, how do I plan for bigger goals?

You would simply budget for your bigger goals. For example: If you want to start a business or currently have a business in addition to your ‘day job’- write out how much it will cost you start/run the business. Begin to set aside money each pay toward it. It would be the same for any financial goal, (retirement, vacation, mission trip, etc.). First calculate how it fits in your budget and designate a dollar amount each pay for it.

5.  My car is paid off, should I now remove the full coverage policy for a no-fault policy which is cheaper?   This would give me extra money to pay down debt.

If you have enough money saved to replace the car (for cash) without tapping into your emergency fund, you can remove the full coverage. Otherwise, it is better to be safe than sorry - keep your full coverage policy!


Visit: http://www.connercoaching.com/
Twitter/Facebook: Dorethia Conner

Branding and Social Media - Brand Camp University

This past weekend I had the opportunity to attend Brand Camp University - Personal Branding 2.0. It  was an awesome event! Branding and marketing experts converged on  Lawrence Technological University in Michigan and downloaded a wealth of information. I thought I'd share a few nuggets with you. First, branding is not just for entrepreneurs and corporations. In his book BrandYu Life, Hajj Flemings, (Founder of Brandcamp University), states that each of us has a brand. Branding is simply what we are known for, what people think of when they see or hear about us. Branding is the image portrayed.

The lineup of speakers was awesome and I walked away with a lot more information than I could possibly share here, but have outliined a  few helpful points for the individual or entrepreneur wanting to maximize their BRAND using Social Media such as Blogging, Facebook, Twitter, LinkedIn, Ning sites, etc.

Hajj Flemings, Author of BrandYu Life - There's a genius in you! You're just as smart as the next guy, if not smarter. Don't worry about what others are doing, thinking you won't have significance - you will!!!   Get your GRUSTLE on!!!!  Grind + Hustle = Grustle

Work your day job (GRIND), but tap into a talent or a dream and work that too (HUSTLE)

Hajj's Website: www.hajjflemings.com/blog

Mitch Joel, Author of Six Pixels of Separation - Be authentic. No need to copy anyone else and with social media(facebook, twitter, blogs, etc.) you'll be found out a lot quicker. Find the real you – your value goals and beliefs – live in authenticity. Stick to what you are passionate about - it will propel you further. One point Mitch made that resonated with me was TALK TO STRANGERS! I have met so many cool, interesting people just by striking up a conversation and you can too. You never know who it is you are standing next to and if possibly you all can help each other at some point.

Mitch's Website: http://www.twistimage.com/blog/

Rohit Bhargava, Author of Personality NOT Included  - Gave excellent insight into the process of book writing. He also shared how he was able to get Guy Kawasaki, who does not write book forwards, to write his!

He discussed how the book idea came from sharing a random coffee with a random person and ended up leading to one of the major successes in his life. (Back to talking to strangers)  

Rohit adamantly encouraged us to not limit ourselves because we are afraid of what others will say and to find our twist, what's different about you or your business and what you offer. Good Stuff!

If you are an aspiring author and want an example of a book proposal visit http://www.personalitynotincluded.com/

Ken Brown, Author of A Leap of Faith - I've heard Ken speak several times and each time he brings so much energy you are ready to conquer the world!!!! He said he travels the world setting people on fire and that's exactly what he did at Brand Camp! Ken shared how his parents began having children as young teenagers and although their family lived in poverty, they would not let their children have a poverty state of mind. All five of their children finished college. He encouraged us to have passion - vision - purpose. To know our WHY and write our own story, create our own Personal Brand. 

Visit: http://www.kenbrowninternational.com/

Scott Monty is the head of Social Media Marketing at Ford Motor Company. He spoke about using social media to market your business. Several useful tips he shared:

• Have a blog
• Find forums and blogs that people in your industry write or comment on and join the community.
• Each time you post to a forum or blog, be sure to leave your signature line w/company website, etc.
• My tip here: Don't make your signature line too long - name, email, maybe phone - If you add your entire biz card people will roll their eyes and keep moving.

 Scott's Website: http://www.scottmonty.com/

 

April Holmes, World's Fastest Amputee, WOW ... is one way to describe April Holmes and it would not be enough. April had been running since she was five years old, but in 2001 she was in a train accident that caused her to lose her leg. While she was recovering,  a doctor gave her a booklet on the Paralympics. She shared a video detailing her journey to the 2008 Beijing Olympics and winning the Gold that was truly inspiring. It was difficult to keep a dry eye. THEN she passed around her Olympic Gold Medal, telling each of us we can have our own gold medal, whatever that may be for us. She told us to take a picture with hers so we would never forget that.

April's Website: http://www.aprilholmes.com/ - check out videos and pics

Valeria Maltoni – Marketing Blogger for Fast Company Magazine - Told us we should all have a Personal Board of Directors as suggested in Jim Collin's book 'Good To Great'. She also shared ways to connect to new prospects by evaluating: 

• Who you know
• What they are looking for
• Where to connect (online, networking events, etc)
• When to follow up
• Why they should talk to you

Valeria pointed out that professional associations and groups were great to be involved in, but don't stop there. Building relationships online allows you to have one on one conversations as opposed to competing with others in a room full of people. This gives you a greater chance of getting the job or the client.

Visit: http://www.conversationagent.com/  

Bob Fish aka Biggby Bob! Owner of Biggby Coffee Shops, shared with us a case study of how Biggby came about. It was very interesting to see how he's grown from the initial coffee shop in Lansing, Michigan to build a franchise.

"If you want money you go get it with conviction" – Bob went to 9 banks before being approved for a loan.  He didn't have all the answers before starting Biggby Coffee, but had conviction. He didn't know how much money he really needed and his biggest challenge was running out of money. He had to get rid of cars, catch rides, and couldn't  pay his mortgage in the beginning. Key point - conviction is convincing – your authenticity and passion speaks volumes and will lead to success. He eventually gave up his office (literally) to go on the road and interact with customers and employees. 

Biggby Bob Mission: Every customer leaves the store in a better mood than when they arrive.
http://www.biggbybob.com/

Resources:

Thanks to Hajj Flemings and Brandon Chestnutt for putting on such a great event.  Check out Brandon's Blog here: http://brandonchesnutt.wordpress.com/ 

Check out this link for books recommended by the various speakers: http://bit.ly/aSuGs

The common theme from each speaker was to be you, be authentic and go after your passion. My summary does not do this event justice, but check out the speakers and the suggested resources. They are sure to help you maneuver building your brand (be it personal or business) in a social media atmosphere!

Freebie ~ Celebrate w/Dorethia ~ Cool Biz Tools

Free Teleclass:
Raising Money Smart Teens
When I talk to parents, one of the biggest issues with their teens is that they don't 'get it' when it comes to money. Which is why I'm offering a free Teleclass for PARENTS who want useful methods, tips and tools to help their teens EARN, SAVE, and APPRECIATE money!

So when your house has settled down for the evening and your cell phone minutes are free - call in!

Sign up and then share on your Twitter/Facebook pages and email lists! 

Register Here!: http://www.moneysmartteens.eventbrite.com/

Date: Tuesday, October 13, 2009
Time: 9:00 p.m. - 10:00 p.m. est
Dial: (712) 432-0800
Pass 1081228#


Celebrate w/Dorethia Afterwork!
This month, I am a featured Financial Allstar in October's issue of Black Enterprise Magazine - pg. 66 (YAY!) I am grateful to the magazine and want to see all of you ....so let's get together after work!

Let's meet Thursday, October 22, 2009:
5:30 p.m. - 8:30 p.m.
Java Exchange Cafe
440 Burroughs
Detroit, Michigan 48202
Phone: (313) 822-6456

We'll  shoot the breeze, meet new people, listen to a little music and have a little fun - you'll have a chance to win prizes @ bingo w/a twist.  Oh, we can't forget about the food! Great food/coffee/tea/water @Java Exchange  and they are offering a cool $5 sandwich combo deal! (You must try the King David Sandwich!)

Please Register Here -  http://afterworkcelebration.eventbrite.com/ - Free to join me but we want to make sure there's no fire hazard!!

An apology to all my clients and friends who live out of state and can't celebrate w/me in person - don't worry - I'm coming to a city near you soon!!

Midnight Ramblings....
I was up late working one evening and began thinking about the number of people who follow through after I've helped them plan their business startup.  Not because they didn't have great ideas or startup money, but because being an entrepreneur is hard work. For those thinking you can get up when you want to, go on vacation at random and there's no boss to bother you - there's a rude awakening. You will work harder than you ever have for an employer when you start your own business. There are long nights, your weekends aren't really and rarely do you go on vacations in the beginning. As for not having a boss...trust me your household bills will ride you to produce much worse than your boss!

The entrepreneur who has a plan and can hold out those first few years will succeed. Holding out means serious strategic planning on paper, knowing when a bad idea needs to be scrapped and being surrounded by people who can give sound advice. Mistakes will be made and that's okay, you just have to be able to bounce back. For  those who want a 10 - 2 workday, annual vacations and guaranteed benefits...eh... keep your day job. But if you know that you want to create a product or provide a service that has YOUR name on it and is beneficial to your market - go for it!  Yes, you will suffer from sleep deprivation and your social life may come to a screeching halt for a while - but the long term payoff is worth it!

As for the planning on paper bit... check out this post Finish Your Business Plan in 3 Months

Cool Biz Tools I Like:

• Talkshoe  - cool podcasting and teleconference site
• Hostgator - webhosting - great rates and the best customer service I have ever received!
• Urban Interns - the name says it all
• Dimdim - free netmeeting 

Let's Connect!   Twitter/Facebook


Thanks! -Dorethia
dorethia@connercoaching.com

CONNERCOACHING.com

Musings of a Financial Coach......

I had an interesting conversation with a good friend of mine this morning about what it takes for some people to 'get it' and move toward reaching their goals and why others don't. He got me to thinking about my role in helping people overcome financial hurdles…and what being a financial coach means for me. This is what I came up with....

I’m not a financial counselor or therapist… I’m not the one to pat your hand, rub your back and join the ‘poor baby’ pity party. I can’t do it, it doesn’t fit my personality. A coach pushes you to accomplish your goals. Sometimes that means they have to get in your face, look you square in the eye and tell you what nobody else will. Don’t misunderstand, I am a compassionate person, I’ve been there and I feel your pain. But I’m not going to let you roll around in it. Nope. What good does that do? None – zero, zilch! There’s no time to beat yourself up…I've never seen the value in rehashing mistakes you’ve made with money or old strategies that didn’t work.

The only thing we have time to do is make the future better than the past. What is your goal now… today? Got it? Write it down and let’s make THAT happen!

1. Ask yourself - what’s stopping you from achieving your financial goals?
2. Know where you are financially - write down all your income, expenses and debt.
3. Write down where you want to be financially in 1, 3, 5, 10, 20 years.
4. Read about, listen to and learn, as much as you can about money management.

Remember - it's not going to happen overnight, take small steps, don't get discouraged and you will see progress!

 

~Dorethia

 http://www.connercoaching.com/

What's Distracting YOU?

Distraction comes so quickly. Recently, I was in one of my favorite places to be on my favorite kind of days. Downtown Detroit, on a nice hot summer day, debating my next steps. Should I call a few friends, meet up, shoot the breeze, see what’s new in their lives? I’m hungry, should I stop in for a bite to eat or grab an ice cream - yeah ice cream!

Or do I lace up my shoes and …run? Afterall, this is what I came down here to do!  I signed up to do the Detroit News/Freepress Fun Run with some friends and well...er… I haven’t run in several months. I'm starting from scratch… trudging along until I can reach 3 miles. It would be easy to stop, but I’ve made a commitment to the team I’m running with, which is what keeps me accountable.

What's distracting you from assessing your financial situation? How many times have you told yourself that this time you were going to do it, no excuses, you were going to get your money in order - only to get side tracked?

In managing our finances it is easy to get distracted. It is more fun spending than planning. Life happens and the days slip away...writing out a budget, balancing your checkbook or reviewing your retirement accounts are put on the back burner. The kids, the job, or maybe your business responsibilities get in the way. The committment I made to my teammates pushes me to run when I'd rather hang out. It's time for you to remember the pledge you made to yourself or to your family to leave a financial legacy.

NOW WHAT?

1. Renew your committment to understanding your finances thoroughly
2. Don't worry that you haven't done it in a while.. begin again!
3. Have someone that will hold you accountable whether it is a spouse or close friend
4. Schedule a consistent day and time that is reasonable for you to do your budget - set an alarm on your phone if you have to
5. Stay FOCUSED, keep your scheduled time! When you are pulled away to walk Fido, cut the grass, do laundry, take a call (you get the picture) remember your committment to yourself and the reward of financial diligence

Email me and I'll send you a basic budgeting form to help you get started - dorethia@connercoaching.com

pssst... another thing about running is that it gets easier each day you get out there and if you maintain after you've trained - you never have to start over...same goes for you and your money... I'm just sayin' ~Dorethia

WSJ - Making Seniors More Money Savvy by Ruth Mantell

Although she hasn't owned her own home in several years, David John's 87-year-old mother still receives refinancing offers.
The poor economy tends to "bring out wolves" bearing fraudulent offers, including illegitimate home refinancing, says Mr. John, a retirement expert and senior research fellow at the Heritage Foundation. "They prey on those who are perceived as the easiest targets, who are in many cases older Americans."

Financial literacy, often cited as a key to building retirement assets, is frequently targeted to teenagers and young adults. But older Americans, particularly those who have taken a beating in the markets, also need to arm themselves with financial expertise, experts say.

Read the rest of Ruth's article here:

http://online.wsj.com/article/SB125038433719834643.html

We're Bailing Ourselves Out!

Well, I'm am excited out my upcoming financial seminar! In the process of planning this event, I've met some wonderful and interesting people. I'm driven by their stories of financial triumph and how many of them have decided to take the reigns when it comes to their money.

For instance, Doug, who said he wanted to go back to school, but didn't want to go into debt to do it. We talked about him only taking one class per semester and picking up an additional job for a few hours in the evenings to cover the cost. This was doable since his classes would only be one night per week.

I've been able to encourage others as well, who aren't quite there yet, who don't quite see the light at that end of the tunnel. Just keep pushing forward, continue with your diligence and one day you'll look up and the pile of bills won't be so high, the creditor calls won't be so frequent and you'll have some money left over when the dust settles.

Don't let debt and monthly bills steal your joy or peace. Develop a plan, stick to it and determine not to be stressed.

For those of you in the Metro Detroit Area, come on out tomorrow night, I'll be discussing nuts and bolts solutions to managing your money. Joining me will be:

Tanya Thornton, President of Thornton Insurance Agency http://www.farmersagent.com/tthornton1/

DeShawn Johnson, President of Black e-Commerce
http://www.blackecommerce.com/index.cfm

For all my out-of-towners... don't worry... I'm coming to a city near YOU!

~Dorethia
www.connercoaching.com
dorethia@connercoaching.com

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

BAIL YOURSELF OUT!

FREE PERSONAL FINANCE WORKSHOP

Thursday, July 16, 2009
6:00 p.m. – 8:00 p.m.
University of Michigan Detroit Center
Skillman GNI Technical Assistance Center
3663 Woodward Detroit, MI 48201
(At the Corner of Mack and Woodward)

Parking is avail. on Woodward or we will validate parking in the structure behind the building

- Money Management w/ Dorethia Conner, Pres. of Conner Financial Coaching

- Basic Insurance needs w/ Tanya Thornton, Pres. of Thornton Insurance Agency
- DeShawn Johnson, Pres. of Black e-Commerce will also give useful tips for your job hunt!

Why buy it? Rent and return any of thousands of items | detnews.com | The Detroit News

Why buy it? Rent and return any of thousands of items | detnews.com | The Detroit News

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Bail Yourself Out! Free Financial Workshop

BAIL YOURSELF OUT! FREE FINANCIAL WORKSHOP
Financial Coach Offers Free Workshop for the Community

DETROIT, Michigan (June 30, 2009) With the state of the economy being as it is, people are looking for concrete steps they can take to manage their money - especially in Michigan where the unemployment rate is the highest of any State at 14.1%.

Dorethia Conner, Financial Coach, will present ‘Bail Yourself Out!’ – a free personal finance workshop:

Thursday, July 16, 2009
6:00p.m. – 8:00p.m.
University of Michigan Detroit Center
3663 Woodward, Detroit, MI 48201.

The workshop will show people how to:

· Tap into talents to earn additional income
· Know what to pay first when there’s more month than money
· Save for emergencies
· Develop a realistic budget and eliminate debt.

“It is important that people are equipped to handle financial issues when they arise, because we all know there will be challenges. Our job is to empower by educating people on how to save, budget and plan for the future – themselves. “ says Conner, "Attendees will walk away from the workshop with steps they can take immediately to change their finances".

Tanya Thornton of Farmers Insurance Agency will also discuss the importance of life insurance and other insurance needs.

This workshop is free and open to the general public as well as the residents of the Skillman Good Neighborhood Initiative, but registration is required. Registration also enters your name in a drawing for Free Financial Coaching Sessions. For more information or to reserve a seat, please e-mail info@connercoaching.com or call 800.962.2491.

About Dorethia Conner
Dorethia Conner, President of Conner Coaching, is a financial coach, public speaker, and community advocate with various organizations in the Metro Detroit area. Conner Coaching offers workshops and one on one coaching for individuals, families, organizations, companies and youth groups. Dorethia helps clients save, get out of debt, deal with creditors, build wealth and live financially free.

For more information, interview or to request Dorethia to speak to your group or organization, please email info@connercoaching.com ~ visit http://www.connercoaching.com ~ or call 800.962.2491.

Financial Coach Offers Solutions for Real People

– (June 2009) Robbing Peter to Pay Paul. Rubbing Two Nickels Together. Living Paycheck to Paycheck. Dorethia Conner has heard them all. Not just because of her more than five years experience teaching people about personal finance, but because at one time in her life she rehearsed and demonstrated them on a number of occasions. Conner, a single parent of two, found herself in a financial tailspin and knew that change was imminent but could not immediately find the help she needed. “No one taught me the ABC’s of finance. I had to wing it,”..........

Click Title for rest of the story or link below:

http://www.connercoaching.com/PressPage.pdf

http://www.dorethiaconner.com/ ~ info@connercoaching.com

Do You Have Time to Get Back in the Black? WSJ.com

by Dave Kansas ~ Wall Street Journal June 14, 2009

The past couple of years have proven tough for most retirement accounts. Diversification provided some respite, but, overall, most portfolios got mauled.

In recent months, the stock market has rebounded, but most of our nest eggs have still lost a lot of money since the market topped out in 2007. And all of us have lost a lot of time.
Alas, there's no such thing as a risk-free approach to rebuilding your nest egg. Super safe may feel nice, but it pays no returns over time. A few of us are in a position to live off a super-safe approach, but most of us are trying to figure out how to get back on track.

Figuring out how to deal with your retirement portfolio depends on where you are in your life. Time is perhaps the most important element in building or rebuilding a portfolio. That's one reason we're breaking down this nest-egg analysis into age groupings, aiming to give people some ideas that suit their current situation.

Click on title for complete story from The Wall Street Journal - Enjoy! - Dorethia

www.connercoaching.com

~Ask About Our Gift Certificates!~

800.962.2491

info@connercoaching.com

Hard-to-Insure Find Novel Way to Get Coverage

By KELLY GREENE from The Wall Street Journal Wednesday May 27, 2009

People who have lost their employer-provided health insurance because of a layoff, early retirement or other reasons are turning to a little-known strategy to get coverage: forming a small business, or using an existing one, to buy a group policy.

The strategy is used by groups as small as one person, and is particularly useful for people with chronic health problems -- so-called pre-existing conditions -- that insurers refuse to cover or that result in steep premiums. Group health plans, under federal law, are required to cover such conditions, as long as the individual doesn't go uncovered for more than 63 days.

Click on title for complete story from The Wall Street Journal

New Credit Card Rules take Effect in 2010

by Dorethia Conner, Personal Finance Coach ~ http://www.dorethiaconner.com/

The Credit Cardholder's Bill of Rights has been passed and I for one am applauding. It is long overdue in an industry that has run rampant far too long. I'm not negating the importance of personal responsibility when handling credit, but do understand that the carefully crafted sales pitches can convince even the financially savvy at times.

I do not suggest using credit cards - for anything. With that said, I'm aware that 75% of Americans have credit cars and am glad there are some protections in place for them.

Credit card companies can no longer charge you to pay your bills by phone, online, or electronic transfer, nor can they raise interest rates for the first year. If a promotional rate was offered to attract consumers, they must offer that rate for at least 6 months. Any payments received over the minimum balance due will be applied to balances with the highest interest rates. Oh and no sudden increases in interest rates either, yes those little surprises have been done away with. Your interest rate can go up if you are 60 days past due on your bill.

The fine print must be made clearer, a kind of 'truth in lending' clause telling you how long it will take to pay off the credit card if only the minimum payment is made. This allows consumers to see on paper the cost of using their credit cards. Issuers must send bill 21 days before due date and card issuers will have to provide information on consumer credit counseling and debt management services.

There are also no more over the limit fees - I bet this has the card issuers cringing and rightly so. I'm not a fan of credit, but there have to be consequences for breaking the rules or more rules will be broken - right?

Anyone under 21 must have signature of parent or someone else who will be responsible for debt. (Okay, huh? Really bad idea - let's show them how to start their lives off in debt and burden their parents as well?)

So how will credit card companies offset some of the money they will lose as a result of the new rules? Well the annual fee to have a credit card will make a comeback and fewer promotional rates and reward programs will be offered. I'm sure we will see other changes as well before this law takes affect next February. Cash is still King in my book!

Do you have a friend, coworker or

family member that could benefit from

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The Stimulus Plan in Plain English

Are you finding it difficult to make heads or tails of all this Stimulus Plan talk? Here is a simple explanation of what it means to you.

More Money in Your Paycheck

There has been a reduction in the amount withheld from your paycheck for Federal income taxes.

Individuals: $400/year if Adjusted Gross Income (AGI) is less than $75,000
Couples: $800/year if Adjusted Gross Income is less than $150,000
On average this amounts to about $13 additional in your paycheck each week.

Retiree Benefits

Do you collect...

Social Security?
Supplemental Security Income?
Veterans Disability?
Retirement Benefits?

You may qualify to receive an extra $250 check this summer.
Go to -http://www.socialsecurity.gov/payment


AMT Tax (Alternative Minimum Tax)

What exactly is the AMT? Click here for a detailed explanation http://www.fairmark.com/amt/amt101.htm

$500 increase in AMT exemptions for individuals with income less than $46,700 and $1,000 increase in AMT exemptions for couples with income less than $70,950.

With this change 26 million Americans won’t have to pay an AMT Tax this year!

New Vehicle Purchases

Car
Light Truck
Motor Cycle
Motor Home

Spend up to $49,500 and you can deduct State and Local Sales Taxes which in most states is 6% of the purchase price.

Who qualifies?
- Individuals who earn less than $125,000
- Couples who earn less than $250,000

You will qualify for the deduction whether you itemize or not.

(Okay, I’ve posted this for information’s sake, but the best way to buy a car for personal or business use is to buy used and pay cash)

Home Buyers

$8,000 credit for first time home buyers who purchase a home between January 1, 2009 and November 30, 2009.

Stipulations:
- The home must be your primary residence
- You must stay in the home 3 years
- If you fail to meet these requirements you will have to repay the money.

Did you buy a home between April 8, 2008 and December 31, 2008?

You may be able to qualify for 2008 earlier version of this credit. The 2008 credit maxes out at $7,500, however, and you have to repay the credit over 15 years - even if you stay in the home three or more years.
Check out this link for more info: http://www.federalhousingtaxcredit.com/home.html

Energy Efficient Home Improvements

Are you buying new windows this year or home insulation? The credit for energy efficient home improvements has been raised from $500 to $1,500.

The improvements include everything from new windows or water heater to a new central air-conditioning system for your home.

College Tuition

The Hope Credit: Increased to $2,500 (was $1,800)
Income Restrictions:
- Single: $80,000
- Couples: $160,000

The 529 College Savings Plan: The money in these accounts can now be used to purchase PCs/Laptops or Internet Access for students.

Unemployed?

If you were laid off between September 1, 2008 and December 31, 2009 and remain on your previous employer’s health insurance (COBRA benefits) – you will receive a 65% discount
on the premium for up to 9 months.

You also don’t have to pay taxes on the first $2,400 of unemployment benefits

Information on the 2008 Stimulus Payment:
If you didn’t file for the Economic Stimulus Payment for 2008 it may not be too late!

http://www.irs.gov/newsroom/article/0,,id=177937,00.html

Contact Dorethia:

www.connercoaching.com

800.962.2491

Homeownership...The American Dream? Not so fast...

A few weeks ago someone sent me an email advertising a mortgage for low income people available through the funds from the new stimulus package. The email stated that you only had to have an annual income of around $24,000 to qualify to buy your very own home!


Yes, only to wish you hadn't!! Why are we pushing low income people to buy a home? Even people with high incomes who also have high amounts of debt and poor spending habits should steer clear of home ownership.


It seems as if we haven't learned anything from the mortgage and economic meltdown. Because if we had we would be saying 'Hey, there's more to home ownership than simply paying the monthly note'.


Things like maintenance, repairs, taxes, and insurance. Not to mention your housing costs, whether it is rent/or mortgage, should not exceed 28 - 35% of your 'take home' pay. Some calculate gross pay, that's not realistic and 35% is on the high side, you still need to be able to save for life's incidentals...


I say rent, I don't care if it's you and 6 kids, cram into an apartment you can afford until your income goes up and you can buy a home on solid footing. Being uncomfortable is a lot better than being MISERABLE because you've bought a home you are struggling to pay the monthly expenses for! Ask the folks on either end of the income spectrum. We've all seen that regardless of how much money you make, if you over-extend yourself, you're still BROKE at the end of the day.


So don't let the ad campaigns get you again people. Do the math and make sure that home ownership fits in your budget - with room still left for saving. Make sure you can devote the TIME to caring for a house and don't be so caught up on 'owning a home'. As we can all see, the 'American Dream' has been uprooted....Create your own dream... hopefully it will include educating yourself and your family on effective money management as well as debt free living! - Dorethia

Use your tax return to invest in yourself!
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Dental Credit Cards Drill A Hole in Some Wallets...

by Kelley Weiss from NPR.org

Weekend Edition Saturday, March 14, 2009
“People are being convinced to take on more credit than they can afford.”Elizabeth Landsberg, Western Center on Law and Poverty

It's hard to get credit these days, except when it comes to fixing your teeth. Across the country, dental credit cards are becoming more popular for those who don't have insurance or enough money to pay for a procedure. But a growing ......

Click Title for more of the story - Dorethia

My Two Cents: America is not learning from it's mistakes and consumers are still buying into the gimmicks and tricks of the credit industry. We've got to educate ourselves folks....

Bailouts, Buyouts, & Bellyups!!

Folks are whispering at the plant, holding meetings around the office water cooler. The corporation you work for is in the news...earnings down, layoffs inevitable - I HAVE A QUESTION....

Are you preparing for the Pink Slip?

It's not just a grapevine or rumor mill...this is the real deal - you may not have a job tomorrow. What are you doing so that the fall is not so hard? Did you receive a severance or buyout? Now is not the time for that Mega Entertainment Complex in your basement. Don't be among the folks who have gotten severance and buyout packages and foolishly blew through the money as if they had hit the $10m lottery. Now, they are suffering.

What to do if your company is threatening layoffs:

Stop spending (duh!) - I'm talking zero! No movies, no dinners out, no new clothes. Add all the money together from those little pleasures and SAVE it - you will be surprised at your progress.

Pay attention! - Read the paper, google your company and read all the news relating to the future of the company you work for.

Educate yourself on money management! - No more slacking! Balance your checkbook, be able to account for every dime you spend! Read, Read, Read about the areas you are weak in - master your money. (Ignore any comments that suggest going into debt for any reason)

Create a spending plan - (aka budget) Write it down!! (email me if you need a template) Also, list all your debts, know what you owe!

Look for a side gig! - Use a talent that can generate money without any major cash outlay. You could look for a job in fast food, Walmart, janitorial, - hey this is no time for pride issues.

Go to the Doctor - You, the kids, your spouse - dentist, family doctor, optometrist - get it all taken care of while you have a job!

Don't get discouraged by the numbers you see once you write out your budget, list your debts. Don't panic, everything can be worked out - it's NEVER the end of the world - no matter how bad the nightly news paints it!

Do begin to get your finances in order and stay away from any further debt.

-------------------------------------------------------------------------

Use your tax return to invest in yourself!

Call today for discounted rates on

Financial Coaching Sessions!!

800.962.2491

www.connercoaching.com

dorethia@connercoaching.com

What's in the Stimulus for YOU?

From The Wall Street Journal @ WSJ.COM
By ARDEN DALE, VICTORIA E. KNIGHT and JILIAN MINCER

Consumers get spending money and a helping hand with some key expenses under President Obama's stimulus plan.

By far the biggest tax piece in the plan is the Making Work Pay tax credit. It would put a bit of cash into pockets, probably by having employers withhold less tax. Each eligible worker would get 6.2% of earned income up to a maximum credit of $400 ($800 for two-earner couples). So folks would see an extra $12 to $20 per weekly paycheck, depending on whether the government pays it out over six months or more.

Many taxpayers will get the Making Work Pay credit, though it isn't open to anyone who earns more than $95,000 ($190,000 for couples). Its slow-drip approach is likely to stimulate spending, according to some tax experts. In hard times, people tend to stash a larger windfall in a savings account, says Roberton Williams, senior fellow at the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute. An extra $20 each week, however, is more likely to get spent at the movies or on a piece of clothing.

First-time homebuyers also get a tax break under the plan.... Click title for rest of story -


~Dorethia
http://www.connercoaching.com
money management for real people!

Finish Your Business Plan in 3 Months!!!

Ahh, a business plan!!! Is the idea of tackling this task overwhelming in the midst of everything else on your 'To Do' list? Many entrepreneurs put it off, but the business plan is the foundation for your company. It is not just a document you need if you are approaching investors or banks for loans. Even if you are funding your business yourself you need a business plan!

You discover things about your methods, ideas, and industry when you have to put all your research and hard work down on paper. You can save yourself a lot of time and money when you have a written plan!!!

A Few Quick Tips!

1. Spend two weeks on each section: there are 10 - 12 sections in a business plan - two weeks on each section = 3 months.

2. Finish the sections that are the easiest for you first. If you already have an idea of your operations or company description -complete those and then tackle the areas you have to research.

3. Write the Executive Summary last as it 'summarizes' the detail of your plan.

The portions that may need a little more time is the research you will need to do for your Market Research, Industry and Competitive Analysis. But don't drag it out - set specific days and times to work on it and stick to your deadline!


Check It Out -

www.Score.org: Business planning and financial templates for startups and existing businesses

Score offers some one of the best templates I've found complete with explanations of each section - and they're free! No two-ton book to buy or carry around!!

Ramping Up Your Side Gig!!!

In times like these we cannot always wait for traditional means of earning an income only. Think of ways to earn money that maybe you wouldn't have considered before. What can you do that would not require a large cash outlay? For instance, a bucket, a mop, and some soap and you're ready to clean homes and offices.

Tap into your talents - what do you enjoy doing in your spare time? What are you good at that people praise you for? Maybe there's something you always wanted to do but never had the time. Now, may be the opportunity to make the time!

Handy around the house? There are plenty of women/seniors who could use someone to fix things up a little, clean out the garage, etc and would gladly pay.

Do you love children? Babysit for a family that works the night shift. The kids will be sleep for most of the time - parents pick them up as you are getting ready for your work day - easiest gig ever!

Do you have a way with words? You can write blogs, articles etc. for people who have great ideas but don't know how to articulate them.

Always loved English? (or Science or Math or Speech...you get the picture) Tutor a student who is struggling in that area.

Do you live in an apartment building or in a tight knit neighborhood? Offer to clean the inside of your neighbors cars weekly, do the outside as well if you can.

Are you a great cook or have a special family recipe? Make your goodies and sell to your coworkers, friends, etc.

Fitness as a hobby? Do you have some equipment at home or great workout techniques? You could charge $5 per person and let people you trust use your 'gym'

These are just a few ideas, there are endless opportunities unique to your situation!

TO DO:

1. Write down at least 10 talents/things you enjoy or can make money doing.



2. Which ones can you implement THIS WEEK? Develop a serious action plan to get started!!




Remember:

YOU decide the financial state of your household! Make it Happen!!!!

- Dorethia

Seven New Tax Breaks

By Andrea Coombes MarketWatch - Wall Street Journal

In all the hoopla surrounding the current stimulus package, it's easy to forget that other stimulus bill -- the one in 2008 that resulted in a good-sized check for many U.S. taxpayers. Forgetting about that earlier stimulus, and any of the other major tax changes in 2008, could mean missing out on some much-needed cash when you file your tax return this year.

There were six "pretty significant pieces of tax legislation" in 2008, said Mark Luscombe, a principal analyst with CCH Inc., a Riverwoods, Ill., tax publisher, including bills related to housing, farming, the military, pensions, and two on the economy.

Still, while all that tax tinkering affects most of us eventually, many of the changes last year were related to arcane rules -- and won't show up on our Form 1040s.....

Click title for more of the story - Dorethia

Citigroup Get's $50b Bailout, Buys $50m Jet

Bailout bank's new jet angers Levin

BY TODD SPANGLER • FREE PRESS WASHINGTON STAFF • January 27, 2009

WASHINGTON -- When Detroit's auto execs winged it to the capital to ask for government help, they got beat up like a has-been boxer. Is it Citgroup's turn in the ring?

Back in November the question was: How dare the automakers poor-mouth if they could still afford to fly around in private jets? General Motors and Chrysler had to give up their aircraft to get $17.4 billion in loans.

Citigroup, like some other beneficiaries of the $700-billion Wall Street rescue, got to keep its jets. Citi said Monday it was under contract to buy the jet, and was considering selling or leasing the aircraft.

Sen. Carl Levin demanded that incoming Treasury Secretary Tim Geither end "a ridiculous double standard."