by My Blooming Biz | Oct 19, 2017 | Empowerment Tools, Entrepreneurship, Financial Empowerment, Women Empowerment
Having huge amounts of debt can wreak havoc on our emotions and even wreck our relationships. It can feel like eternal servitude being obligated to pay out large portions of our monthly income for pleasures we have already enjoyed, trapped as puppets in a very calculated zero-sum game of financial chess that leaves us as mere pawns on the playing field. Yes, having huge debt is serious business!
So how can we get out of debt and remain debt free? Let’s first take a look at why the majority of us get in debt in the first place.
Debt is, for the most part, accumulated by impulsive behavior. When we have those I-need-to-have-it-now moments in life that serve to balloon us out of our circumference of affordability, we often do not think about the consequences of our impulsive action, and are usually only keyed in to the pleasure we will be getting from whatever we are entering into debt for. So money in those instances to us is merely a tool in our virtually endless quest to constantly gain pleasure – at whatever cost. This uncontrollable behavior stems from deep down within our psychic apparatus – the Id, Ego, and Superego, which is the driver of the thing we call our minds. So the first thing we have to do to combat this persuasion from our psychic apparatus, is to learn to create some awareness to this interaction so as to override it.
What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience? ~ Adam Smith
Here are 5 Steps for Getting Out of Debt & Staying Out of Debt
Step 1. – Analyze your Debt
The first step to getting out of debt is to make an analysis of your debt. You cannot get out of debt without first understanding how much and what kind of debt you have. We know many of you have a vague idea of what you owe and to whom; however, in order to know exactly what you are getting ready to tackle, and the options available to you, you must write down all your debt and the corresponding parties you owe. Facing debt is not an easy task! We here at MBB know how difficult it can be to face the music of your debt load, but we also know that it must be done if you are serious about ridding yourself of debt for good. Many of us weren’t always debt free! And the biggest problem most of us faced, was that we did not want to look at our debt situation. We did not want to face it! We would rather turn a blind eye, cause we’re too afraid to see just how much debt we’ve racked up. It’s frightening – we know! However, if you cannot analyze and understand your debt, then there is absolutely no way you can rid yourself of those debts and emerge debt free. An analysis must be done!
So, if you’ve not been keeping track of your debt, gather all your bills for the past 12 months and get to a table so you can start organizing and tallying the numbers. Organize your bills in date format, with the most recent on top. Now, you are ready to organize and tally your numbers. We recommend you use an accounting software such as QuickBooks, Mint, or FreshBooks to do this, or at the very least a Spreadsheet, because they make it so much easier to edit, make changes, calculate, and store in an organized way. If you do not have any of these, do not allow that to hinder your progress. Get a sheet of paper, turn it in a landscape position (or rectangular) and at the top of page, write a main heading “My Current Debt to Date – (input the date you are doing this)”. Next, create 4 columns below the main heading with 4 headings: 1) Creditor’s Name, 2) Amount Owing to Date, 3) Fixed Interest Rate 4) Average Variable Interest Rate. Use the last bill from each creditor to fill in each column and rows. Then tally the total of column 2 – Amount Owing to Date and write that figure down at bottom of column 2 below the last used row. Be sure to include and calculate all of your debts – from credit cards, to car loans, personal loans, student loans, mortgage, insurance, and everything else. Now that is what you owe to date, with the exception of the missing interest that may be accumulating on a daily basis. Each debt terms will most likely be different, likewise the interest rates – some may be fixed and some variable. Now you want to calculate the interest rate you’ve been paying per month for each variable interest debt. To do this, find the average interest by adding all the interest for each month of the creditor and dividing that total by the number of months. You want to tackle the highest-interest rate cards first, as well as the variable interest debt in order to wipe those out as quickly as possible.
Step 2. Create a Budget
A budget is telling your money where to go instead of wondering where it went. ~ Dave Ramsey
Now that you have analyzed your debt, it’s time to create a budget, or adjust the one you currently have. There is no way you’re going to pay off your debt without making some adjustment to your spending and sacrificing some things. So, in this new or newly adjusted budget you will leave those things in place that cannot be carved such as your rent/mortgage/insurance and any other fixed payments you have. Then decide on what you want to cut back on in terms of using less electric/water/gas/phone etc., and possibly spending less on cosmetics/clothing/entertainment/traveling. The one thing we recommend is that you do not cut back on the quality of foods you eat. If you usually eat out a lot, you may want to start preparing your own meals at home, but you must insist on enjoying the same quality of healthy foods so you do not compromise your health. The last thing you need as you go through this transitioning from debt trapped to debt free, is a medical bill. We here at MBB do not believe in lowering our standard of living; we believe in elevating our monetary strategies and increasing our finances to meet our standard of living instead. However, drastic times demand drastic measures, and working to get out of debt that can be so crippling, warrants this deviation.
Step 3. Bargain With Your Creditors
Call up your creditors, and seek out a bargain. Many creditors will be happy to make a deal with delinquent debtors. They will be happy to get back a portion of the monies owed to them and close out old debts, rather than lose the entire sum of money. Some creditors you just can’t bargain with, but most will welcome your call and attempt to resolve your debt situation, and be more than willing to cut your debt – astronomically.
Step 4. Set a DEBT FREE Goal
Now that you understand your debt and has bargained with your creditors, it’s time to set a debt-free goal, which means you cannot continue to keep up with the Joneses (and the Kardashians). Depending on how badly you want to get out of debt, your situation will now be different. The way you go about doing what you do in living your life, will have to change as getting out of debt takes precedence. If you are truly ready and committed to becoming debt free, then you will make the drastic changes necessary to achieve that goal. Be realistic and specific about your debt free goal. Don’t make it so drastic that you won’t have food – healthy foods, as you go through this process. If you know you are only able to put $1000 each month towards this goal, do not lay out a plan for $2000 or even $1500 per month. Put the $1000 down as what you will pay out. It may take a bit longer, but you will not feel too strapped and possibly jeopardize your health in the process. You want to come out debt free but still healthy and whole at the end of it all. Also, be specific about a deadline. Based on how much you owe and how much you can pay out each month, divide them to see how many months it will take. Keep that month as your goal deadline. Now, you may be able to pay out more some months than others, depending on your situation – if you have a side hustle or run a business – but even when you do that (and by all means do that), you want to keep the $1000 each month as your realistic amount on your paperwork. There is hardly any better feeling than completing your mission and achieving your goal way before the time you have set.
Step 5. Increase Your Income
There are so many ways to increase your income, and based on your individual situation – whether you’re working a 9-5 or running your own business – technology and the Internet make it possible and easier for anyone to uplevel their finances. If you are working a 9-5, consider using a part of your skillset to bring in money on the side. You can do this by creating a course to sell, which will bring you passive income as we so highly recommend, or you can write a book about a topic that you know a lot about that you know is in demand. You can also use any of these 7 Income streams that can truly uplevel your net worth. If you are a service business owner, you can choose to package and position your services, or an aspect of what you do in course format, so that you too can take advantage of some passive income. If you are product based, you may want to rethink your marketing strategies, and reposition your products so a wider market can access your products. If you are not using social media marketing, you may want to take a look at it, as it is one of the most effective marketing tool in today’s technologically advanced world. Increasing your income or money inflow should always be on your agenda. Money can never be too much!
BONUS TIP: Use a software to keep a record of your income and expenses. There are many free software on the market to date, such as Mint.com and Wave.com. This will give you a clear precise picture of where your money is coming from and most importantly, where it is going. This way you can analyze and cut back on your outflow – where necessary, and work at improving your money inflow. These software will allow you to see a complete snapshot of your monthly money flow, so you can quickly nip the unnecessary expenses in their bud, and work at increasing your income.
With love, gratitude, and empowered attitude,
by Katherine Goldman | Oct 17, 2017 | Empowerment Tools, Personal Growth & Development, Wholistic Empowerment, Women Empowerment
Self-love. What is the first thing that pops into your mind when you hear this word?
To me, self-love means to truly love yourself – with all your imperfections, the way you look, how you act, how you think – without giving a fadizzle what others think about you. Loving yourself without conditions – unconditionally! You love yourself even when you’re mad at yourself because you took your parents advice and marry Dick over Harry and that ended badly and now you’re having to start all over again. (A bit dramatic, but you get the picture?) You accept what happened, cry or laugh about it, learn from it (yes, deduct the lessons from your losses – there are always lessons), dust yourself off and continue on with your self-love in tact.
One aspect of self-love is that you love spending time with yourself. It’s not enough to love spending time alone while watching TV or reading a book. Yes, that’s awesome! But you have to go deeper than that. Can you be in your own company with your own thoughts doing nothing but just being? Do you like yourself when you’re not motivated and feeling kinda out of place? What about when you put on weight or when you’re angry and are having a heated argument with someone? Do you still love yourself in those moments? It’s a process to really and truly accept and love yourself as a whole. You do not have to love the situation or what is happening to cause you to feel uncomfortable to the point where you want to self-hate, but if you learn to separate that thing from your person, you will be better able to disconnect it from you and thus use it as a learning tool.
I have learned not to self-sabotage, and self-hate but prior to that I cannot tell you how many times I’ve beaten upon myself with the “You’re so stupid!”, How could you’ve done that?!” “You stupid fool!” and at times literally harming myself. (You do not want to hear about that, I promise you!). True story. But how do you get to that stage of being wholeheartedly comfortable with yourself? It’s a process and it takes time. And sometimes when you think you’re already there, you find that there’s still so much to learn. It can be hard to love yourself through some things, but with each trial and overcoming, you will be stronger and get closer to loving your self unconditionally as you will definitely learn so much more about yourself with each trial and triumph.
I think it’s important to acknowledge that it all starts in your mind. Negative thoughts can have such a negative effect and there’s really no room for them. It’s easy for me to write this because I’m naturally a positive person, but trying to change the negative thoughts to positive ones can make such a difference. Simply reminding yourself: “it’s okay, everything is okay”. It’s okay to feel anxious and not good enough. Recognizing negative thoughts is half the work. Know that not being a positive person is okay too. Think about what you would say to your loved one if they were feeling uninspired and down. I’m sure you would be encouraging and kind, so be the same to yourself. It’s hard but not impossible. I really like self-loving affirmations, inspiring quotes and even listening to inspiring videos on YouTube. You could also say those affirmations to yourself. I’m sure we’ve all seen it in a movie before; someone standing in front of a mirror saying to themselves “I’m beautiful. I’m worthy. I’m proud of myself”. It’s so easy to believe negative things that someone is saying about you but did you ever think that positive things you say about yourself can also be the truth?
The biggest part of mastering the art of self-love is beginning to take better care of yourself – physically, mentally, emotionally, and spiritually. Doing things that make us genuinely happy and fulfilled is the way to go. For me, it’s going for a walk to enjoy nature, doing yoga, having a home spa evening, watching a TV show, meditating, or reading. I don’t think we should worry about being perfect. No one is! Simply start practicing self-loving thoughts and incorporate self-care acts and practices into your life.
Ladies, we cannot look to someone to love us when we don’t even love ourselves. Not gonna happen! And you know what? You could attract a narcissist whose vibratory lens are keen at identifying self-sabotaging, self-hating women and are masters at pretending to be just what you need – initially, until you are deeply entwined in their web of deceit.
And finally, as our CEO here at MY Blooming Biz Eugénie Nugent once wrote, “Having our finances in order is the highest form of self-love, a love that cannot help but to command respect.” This is definitely another aspect of self-love. Being financially secure! We need money to do pretty much everything on a daily basis, and while it cannot afford us the important intangibles, it will allow us to have the tangibles that are vital to our very being. Without financial security, many women often find themselves in precarious situations where they are being pimped and abused, or living in inhumane conditions. If you are not financially independent, this should be your immediate priority. Your self-love depends on it. Your livelihood depends on it. Your life depends on it. You cannot leave something this important to anyone else. Your finances is your lifeblood, and your lifeblood is your life.
Bottom line: If you do not like something about your physical, you can change it. There is exercise, healthy foods, and even plastic surgery available – thanks to innovation and how far we have come. If you don’t like where you’re at financially, you can change that too. Most things about us can change, but whatever you do, do not strive to be anyone else. Do not zone in on any person and start working at being just like them. You will not be successful at being them, and you may just become self-loathing. Your unique essence of you is exclusive to YOU. You cannot be anyone else, and no-one else can be you. Connect with your inner self and allow that connection to manifest.
Show yourself some LOVE, we all deserve it. Embrace and love YOU!
Love & Light,
Katherine Goldman is a Cognitive Psychologist and Behavioral Mentor attaining her doctoral credentials from the University of Massachusetts Amherst. She has used her psychological training over the years to impact thousands of women and young adults, and have since added coaching to her repertoire of skills. Katherine recently joined our team as a Life Coach here at My Blooming Biz International where she is helping women overcome obstacles and reclaim their lives. When Katherine is not busy changing women’s lives, you can find her trekking to one of her favorite places around the globe, spending quality time with her family and friends, or in her kitchen cooking up a storm.
by My Blooming Biz | Aug 17, 2017 | Empowerment Tools, Women Empowerment
Everyone has dreams!
And the great news is,
they can all be realized.
Well, as long as your dreams are accomplishable, you can make them a reality.
Yes YOU can!
Isn’t that liberating to know?
Here are 14 “Must Read” Dream Quotes to Put a Pep in Your Step Towards Your Dreams OR Knock You Off Your Rockers:
1. “Every dream has the potential to come true!”
– Eugénie Nugent
2. “The biggest adventure you can take is to live the life of your dreams.”
– Oprah Winfrey
3. “Build and realize your dreams or risk living your nightmares.”
– Eugénie Nugent
4. “No dream can be accomplished without a solid ‘WHY’. If you don’t know your ‘why’ don’t take another step before figuring it out.”
– Eugénie Nugent
5. “If you don’t believe your dreams can be realized, don’t bother pursuing them. Give up now!”
– Eugénie Nugent
6. “Every “dream-come-true” story includes at least 1 struggle, and could not have been fulfilled without consistent action, determination, persistence, resilience – and a solid ‘why’.”
– Eugénie Nugent
7. “It is the possibility of having a dream come true that makes life interesting.”
– Paulo Coelho
8. “Too many of us are not living our dreams because we are living our fears.”
– Les Brown
9. “No one can keep you from realizing your dreams – but YOU.”
– Rosetta Thurman
10. “You are busy building a dream. The question is, is it yours?”
– Eugénie Nugent
11. “Each day as you embark on your journey towards your dream, your path will become clearer and your dream more real, as you get closer… and closer… and closer.”
– Eugénie Nugent
12. “Follow your dreams and use your natural-born talents and skills to make this a better world for tomorrow.”
– Paul Watson
13. “Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”
– Harriet Tubman
14. “Go confidently in the direction of your dreams. Live the life you have imagined.”
– Henry David Thoreau
Did our quotes put a pep in your step
towards your dream
or knock you off your rockers?
Which dream quote(s) did the number on you?
by My Blooming Biz | Aug 4, 2017 | Business Ownership, Empowerment Tools, Entrepreneurship, Women Empowerment
If you are a startup business owner or an aspiring entrepreneur, it is inevitable that you will need an elevator pitch to tell people about your business – in as little as thirty (30) seconds. Yes, thirty seconds isn’t a lot of time but that’s all you will have to sell your business to prospects or investors in a concise, yet compelling way.
Convincing the right person at the right time can make all the difference for your startup; which is why it pays to master the punchy summary.
While it may be short, an elevator pitch is by no means small. Crammed into that thirty (30) seconds is an explanation of what your business is, what makes it unique, and what it hopes to achieve. On top of this, an elevator pitch needs to capture someone’s interest and ensure it is sustained long after you have left.
Because of the sheer amount of information covered in such short timeframe, an elevator pitch can be harder to write than even the most lengthy and detailed business plan. But because of how often it will be used, it’s crucial to get it right.
Here are three (3) questions to ask yourself to ensure you end up with a rich elevator pitch:
1) What Problem Does My Business Solve?
There is a problem-solving angle for all businesses.
Your business must be framed as the solution to a problem. Even if that problem doesn’t come readily to mind, keep thinking – there is a problem-solving angle for all businesses. Once you’ve identified the problem your business solves, find a way to present it in a relatable manner that can be quickly and easily grasped.
Your audience needs to walk away from your elevator pitch believing your business leaves the world a better place. There must be something at stake and something to be gained to make your business seem valuable and memorable.
2) Who Is Having This Problem?
You need to get specific about who is having the problem your business currently solves, and incorporate it into your pitch. Is it a community problem? Is it domestic? Is it for women? Men? Children? Pets? Is it schools? churches? Is it other businesses?
3) Why Should They Choose To Do Business With Me?
In the same way it is important to present a problem to be solved, it is equally necessary to explain why your business is the ideal place to solve it. If this connection isn’t made, your audience will be left wondering why your competitors cannot do it, or why they can’t do it themselves.
Make your pitch pop with richness and be a precise representation of your business.
Identify your unique features and what makes them efficient and effective, explaining clearly and concisely how they solve the problem. At the same time, touch on the shortcomings of other existing approaches to the problem and why yours is different and better.
Make your pitch pop with richness and be a precise representation of your business. They need to be excited about you and your business in order for your elevator pitch to stick, so go for the rousing and inspiring. Where possible, use narratives that engage people on a deeper level. Avoid anything negative – keep it constructive, affirmative and optimistic to create lasting positive associations. Ensure your language serves your audience. Edit and cut the dry jargon that slows speech down, and instead use natural, plain English. Don’t get bogged down by boring nouns but draw on punchy verbs that convey action and results. Meet your audience halfway and make it easy for them to understand, remember and care about your business and what it does.
So there you have it! Three (3) Questions to Answer in Order to Craft a Rich Elevator Pitch.
Do this right, and watch your business succeed!
With love, gratitude, and empowered attitude,
