To Poverty in a Prada Purse

Ok, we all know what it is like to have a long, hard day at work and treat ourselves after to a nice, costly purchase. After all we earned it. While this might be true, it is also fact that spending to justify something in our life is a bad habit to get into. As women we know this technique well. Maybe it is to get the purse that others will associate status to…or maybe the new wardrobe that screams corner office. Either way, let’s for a moment put our emotions aside and think about the future.

As a financial advisor, it is common to watch females, more than males, spend themselves into poverty. The here and now seems weightier than a savings account, so before we know it, and many credit card debts later, we have forsaken a basic lesson—save first then live on the rest. It is crucially important to max out all 401k contributions or start a self-employed savings plan, and put away for the future before going out shopping. Your priorities will stay much more in line if you follow these few guidelines:

*Set a budget and get a grip with how much you are saving month to month
*Start small or large with your committment to savings each month, just make sure it becomes a habit
*Plan and follow long term financial goals—and review them regularly
*Limit the number of credit cards
*Contribute to 401k or other retirement accounts with direct deposit so that it is being put away before you have a chance to touch it
*Take the emotional experience of rewarding yourself through spending money and instead find things to do that don’t require money to boost your self esteem (working out, time with friends, read a good book, etc)

Don’t live your life beaten down because you can’t purchase something. Instead, feel good about shopping when you have put aside money to treat yourself. You will never have buyer’s remorse when you have saved the money ahead of time…and believe me, your retirement account will thank you as well.

Naive Idealism

I recently read an article in The New York Times, entitled " Generation Q", written by Thomas L Friedman (author of The World is Flat). He made some comments on the pacifism of Gen X and Y...which is naive idealism, mixed with a surreal outlook on the future of politics, the environment, and peace among our enemies. He claimed that this generation -or two- can also be called 'Generation Quiet'..."more optomistic and idealistic than they should be...so much less radical and politically engaged than they need to be". We truly wont understand the inpact of the Baby Boomers until they have used all the Social Security, overpopulated the nursing homes, and left a trail of policitics that no one wants to clean up. I agree with his thoughts that my generation believes in the power of one, the click of a mouse to change policy, but maybe beyond the point for our own good?

If we dont pay attention soon to the state of our nation, global economics, climate change, foreign power players, and the changing face of life as we know it, we will be left behind in a world that wont stop while we catch up. Friedman quotes " American (and the twentysomethings) need a jolt of activism and outgrage". Being in the finance business, and seeing how quickly our world can change with a sneeze from someone in China makes me awakened to this idea. I hope that others in my generation can turn on the heat, stay involved in politics, be well read in world affairs, and take ownership for the US of A before courage and idealism become attributes of the past.

Anyone coming with me?

Thread Foundation

I have been meaning to post on this great event for a week now. On September 28 a revolutionary new concept came to Los Angeles. One that combines fashion and philanthropy, passion with action. Coined as the Thread Foundation, this new nonprofit hosts designer sample sales to benefit rotating charities. In this inaugural event, there were 25 designers represented and the sales supported a fabulous work based in Washington DC called Polaris Project-- targeting human trafficking. What a concept...bringing awareness to the industry of consumption. I love the people that are working on this and there will be many more updates as this organization continues to make waves in the garmet industry.