Getting Married Debt Free!

It's wedding season, in fact I have several friends getting married each month from July - December this year. Yes, my complete social calendar from now on will be weddings and receptions!

I am actually a bridesmaid in one of the weddings and our adventures in searching out 'wedding stuff' prompted this post. From the flowers to the dresses, when you add 'wedding' - it gets very expensive.

So how do you get married without breaking the bank? I have some tips and I also reached out to my Facebook  family for suggestions - here is what we came up with:

Coach Conner - The B-word: Set your wedding budget ....(You knew this was coming right?)

Yes, you and your future spouse need a wedding budget. Develop a goal of what you want to spend and set aside money from each pay to go toward your wedding. Guys normally have no problem with this...women on the other hand get caught up in the emotion and sentiment of it all.
So definitely make sure it's beautiful, but stick to your budget. Guys, hold your bride accountable... without causing arguments...er.. good luck with that!

Cash is King! You can negotiate everything when you are paying with cash. When you show that you are ready to purchase, and with cash - a vendor will go down in price before they let you walk out the door.

Andrea L.-  My daughter got married last year. We saved money by doing our own flowers for the church and reception. We hosted the reception at a restaurant which we shut down for the day. We selected a great menu and didn't have to rent a space for the reception.

Angelina B. -  Keep your invite list small. People really do understand when it comes to weddings. Invite those who have invited you to theirs (rule of etiquette) and if you haven't talked to folks in over a year (unless they're family!) don't invite them!

Also - dresses are marked down (or will be) once prom season is over and that is a good place to search for bridesmaids dresses!
Ann A. -  Get married intimately and have a reception for invited guests!

Brenda M. - Consider having a lunch/brunch reception, it's usually half the cost of a evening reception.

Benita T. -  Do your own invites and if there is a wedding party, select dresses that the bridesmaids can wear after the wedding.

This should get you started .. next post is Money and Your New Honey!  Financial conversations you should have before you get married....

Check it Out - Wedding Websites!

Wedding Tips for Grooms: http://www.groomsonline.com/

Wedding Tips for Brides: http://www.theknot.com/

Your Financial Coach,
Dorethia
http://www.connercoaching.com/

Last Minute Tax Advice by Cann Accounting, LLC

I know many will find this post by my own personal accountant helpful. Cann Accounting is owned by my good friend LaTeama Cann and her husband Nate. They are experienced and knowledgeable and will definitely be able to answer your personal or business tax and accounting questions!  - Dorethia


It is April 13th already and your taxes are not yet done. Here are some stress relieving ideas to help you.

Don't Panic if You Can't Pay - If you can't immediately pay the taxes you owe, consider some stress-reducing alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government's financial agent to take the money directly from their checking or savings account on the April due date, with no fee.

Request an Extension of Time to File - But Pay on Time - If the clock runs out, you can get an automatic six month extension bringing the filing date to October 15, 2010. The extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date. Call us for a variety of easy ways to apply for an extension.

If you have any unanswered tax or accounting questions, call Cann Accounting!!!. There are five easy ways to contact us. Simply call, email, fax, write or just stop by!!

LaTeama Cann
Cann Accounting Service LLC
21848 Van Born Rd
Dearborn Heights, MI, 48125
contact@cannllc.com
Phone: (313) 278-2188
Fax: (313) 278-2206

Write Your Vision Build Your Dream Team! MASTERING YOUR MONEY!!

FREE! REGISTRATION REQUIRED:

http://www.masteringyourmoneynow.eventbrite.com/

Thanks! Dorethia
http://www.connercoaching.com/
dorethia@connercoaching.com

Living Life On Purpose

There are so many twists and turns in this life. As I always say – you don’t know which way the wind may blow. Don’t be so focused on your career or your money that you forget to live. Living doesn’t mean you have to take extravagant vacations or buy expensive cars, clothes or attain the corner office with the river view. Worrying about what you don't have and letting that stop you from being grateful for another day is a miserable way to live each day, month, year.


It doesn’t cost a thing to sit down and catch up with an old friend, take a walk with the kids. There’s plenty of free family entertainment at bookstores and libraries. Make your own fun at home – you don’t always have to go out. A home cooked meal for friends and family with lots of laughter and games is just as fun, if not more, than an expensive night out at a swanky hot spot.

Don’t make living so hard, accept where you are without comparing how much money other's may have or the kind of job they have. Yes, definitely set your financial and career goals and move toward them – but don’t beat yourself up each year because you haven’t ‘attained’ whatever you are seeking. Keep moving forward; balance your ambition by enjoying the journey.
 
Living life on purpose, 
~Dorethia 
http://www.connercoaching.com/
dorethia@connercoaching.com
800.962.2491

How Much Should I Spend on Groceries?

Plan out your meals. Decide what you are going to cook for each week, and buy groceries based on those meals. Think of how often you will go out to eat as well, say for lunch, and add that in.

If you aren't sure of the amount you normally spend, do a 'dry run'. Do your 'regular' grocery shopping, buying only necessities for each meal. How much did you spend? Write that down and then budget in a reasonable amount for snacks and eating out.  We start with your 'regular' grocery shopping because that is normally the largest amount and most difficult to get a handle on for a family.

Average monthly amount that a price conscious family may spend on groceries:

Size       Amount
2              $450
4              $600
8              $850


Don't forget your coupons! http://www.couponmom.com/

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/
dorethia@connercoaching.com

Should You Be Out of Debt Before Starting a Business?

I am asked this question a lot when I'm speaking or coaching clients. Many people have entrepreneurial dreams, but aren't sure how this fits in with getting their personal finances in order.

The answer is NO, you do not have to be out of debt to start your business. (As a side, no you do not have to be out of debt before you get married either. I get this one a lot too!)  Anyway, moving right along,  here are a few financial things to consider before you jump into the world of being your own boss....

Have You Mastered Your Money? 
If you think handling the family money is a pain, wait until you start a business! You must have a process in place and some discipline in handling your personal finances in order to be able to successfully manage your business income and expenses as well.

Can You Answer YES to These Questions?

• You complete a budget each pay period and you know where your money goes
• You write transactions in your checkbook when they occur or at least by the end of the day
• You balance your checkbook to your bank statement when it arrives (or online)
• You've reigned in unnecessary spending
• You do have a plan for paying off your personal debts 

Personal Emergency Fund

I do suggest having at least your partial emergency fund of $1,000 saved.

Saving For Your Business

First, complete a 'Startup Expenses' form. You can  find one here: http://www.score.org/ .
List everything you will need to start up and the cost associated. Then, look at your personal budget and calculate how much can be allocated toward saving for your business each pay.
Essentially, you will add a line in your budget for let's say  'Dave's Detailing'  and assign it a dollar amount. Be disciplined about setting that money aside.

Stay away from debt... I'm the poster girl for the bootstrapper. Bootstrapping allows you complete freedom, no one gets a piece of the pie but you because you didn't borrow money!

So off you go... get busy ... live your dream, start your business, just plan it out!!

Need some motivation? Check Out These Tunes!

McFadden & Whitehead - Ain't No Stoppin' Us Now
Survivor - Eye of The Tiger
Ben Harper - My Own Two Hands


Your Financial Coach,
~Dorethia
http://www.connercoaching.com/

Money 411 - Answering Your $ Questions

Is it the parent’s job to pay for their children’s college? Kimani - Syracuse, NY

No, a parent's job is to raise them to the best of their ability. If the parent has CASH to pay for college (without missing a beat and has saved for their own retirement) then by all means.

Otherwise, the child should be looking for scholarships (http://www.fastweb.com/) like it's a part time job. No parent should go into debt to fund their child's college education.

Ideally, it would be good to save for college through the years if you can, but we all know that LIFE can get in the way of that.

So, how do I save for my child’s college if I'm able?

You save using 529 Plans or an Education Savings Account (http://www.savingforcollege.com/), if your family’s finances will allow. This means you have:
a. An emergency fund
b. Have paid off your debt or paid down enough to have serious wiggle room in your budget
c. Are continuing to contribute to your own retirement fund

If you are all set with those 3, then set aside a monthly amount to put into your child’s education savings. Your child should still begin looking for scholarships in junior high.

Last year I didn’t have much money to buy Christmas gifts. I’d like to start saving now for this Christmas, but my budget is tight. How can I make this happen?    Sandy – Washington, D.C.

Your first priority is your household responsibilities. Do a complete budget; don’t leave anything out that you may spend. If there’s not enough money as it is, you will have to table the Christmas savings idea and find ways to increase the money coming in by getting a part-time job, cutting back, etc.

Once you are able to pay your monthly bills with no problem, THEN you can set aside money each month into a separate account for Christmas. Write down each person’s name and the dollar amount you want to spend on them. Total it up and divide by the number of months left in the year. That is how much you will need to save each month in order to buy for everyone on your list.

If you have extra money, is it better to apply it towards debt or your emergency fund?
Macarena – Coconut Creek, FL

Extra money should go toward your emergency fund if you haven't yet reached your $1,000. If you have reached it, stop adding and put all extra money toward paying down debt.

What is the best way to pay down debt? – Jennifer - Rochester, NY

The best way to pay down debt is from smallest to largest. Write down everyone you owe, EVERYONE, and create a schedule for payment. WHY smallest to largest? Because it allows you to build momentum, eat the elephant in smaller chunks. Check out table below and go here for downloadable version: Debt Payoff

Say Goodbye To Expensive Gym Memberships!

No contracts, cancel anytime - ONLY  10 BUCKS A MONTH. Yes, this is what made my jaw drop. I pay $10 to drop in on a good gym class at some places, you mean I could have full access for ony $10? Yep. Okay, so wait a minute, what is the sign-up fee? You know that $100, no $99 - you're waiting until I agree to spring that on me right? Nope... only $10.  So you mean to tell me $10 to sign up and $10 per month? Ah... yep!

Guess what else? Come as you are, no one is staring at you like 'wow you should really work out a little harder if you want to lose all that'. The staff is not harassing you to join by making you feel as like a loser if you don't. You may not get group classes, but a convenient in and out workout on new equipment. I love it, who ever came up with the idea is a genius! Saves time and your dime!!!! This is the next best thing to finding the $2.00 dry cleaners!

So find one near you and say buh - bye to expensive gym memberships!!

Check it out:

Planet Fitness

Fitness 19

Your Financial Coach,
~Dorethia
http://www.connercoaching.com/
dorethia@connercoaching.com

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

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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.