Your Number One Money Blocker

*As Seen On http://pocketofmoney.com/your-number-one-money-blocker/

Want to know the real reason why you aren’t earning the salary you want? Want to know why every time you make some money it goes out just as quickly? Do you wonder why you can’t move to a higher income bracket?

The reason for all of these issues is your money story. It’s your relationship with money. A money story based on lack and limitation will play out in your life repeatedly. Whether you realize it or not, you have an unhealthy relationship with money. This is especially true if you feel anxious or stressed out when you pay your bills.

Take a moment to observe your money relationship. Do you have a love/hate relationship with money? What emotions come up for you when you think about money? Are they positive or negative? How does your body respond? All of the negative reactions are proof that your money story is blocking your prosperity. Just like you, money doesn’t like to be where it’s not wanted and appreciated.

Don’t beat yourself up. It’s not your fault. You were totally unaware of the impact your money story has had on your life. It’s very important that you don’t attach any blame, guilt, anger, or shame to your financial situation. It’s just that – a situation. It doesn’t define you or determine your worth as a human being.

Money is simply an energetic number. The negative energy generated from your money story is transferred to your bank account. Your money story is a melting pot of your parent’s beliefs, societal standards of status, spiritual teachings, and your own personal experiences. The good news is that you can create a new money story for yourself starting right now.

In order to usher in prosperity you have to first become aware of your current money story. Pay attention to how you speak about money. Become aware of the fears you have about losing money or not having enough money. Notice the meaning you attach to money. For example, you may think being poor is more honorable than being rich. Don’t judge what comes up, just let it be. Be an impartial observer.

Second, reflect on where you first heard these ideas about money. Who told you money didn’t grow on trees? Were you told that money is the root of all evil? Did you have a bad experience with a wealthy person? Try to pinpoint when you began receiving these messages about money. Again, do not assign any blame. The people involved were simply repeating what they were taught.

Next, forgive yourself and everyone that contributed to your unhealthy money beliefs. Forgiveness will free you from the past. It’s not necessary to actually tell the person that you forgive them. Forgiveness is felt in the heart. Depending on how intense the emotions are you may have to forgive the same person several times. You’ll know that you’ve forgiven them when you can think of the incident without being pulled back in emotionally.

Finally, you’re ready to create a new money story. The old story and negative emotions must be replaced. Here’s how:
• Focus on feelings of gratitude when you think of and spend money.
• Read the cashier’s name tag and celebrate the fact that you can help him/her to feed their family.
• Make a list of all the amazing things money allows you to do.
• Create new beliefs that are aligned with your values instead of your fears. Like, my relationships strengthen as I earn more money.

Your original money story wasn’t created overnight. It will take consistent effort and awareness to create a new one. Notice the abundance that appears as you do. This may come in the form of money, ideas, opportunities, or support from others. Appreciate however it shows up. Remember, the more you have, then the more you can give to others. You’ll always get back what you give.

Your turn! Comment below and share your new money story.

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Sarah Aderson, also known as the Leg-a-SHE Strategist, is an international speaker, best selling author, and product creator.  As the founder of Expand Your Heart, she transforms your services into digital and physical products.  Sarah empowers entrepreneurs to charge what they’re worth so they can leave a lasting legacy.

Sarah’s transformational product line is designed to help purposeful entrepreneurs de-stress, envision their dreams, and boldly declare their desires. She has a flair for packaging your passion into profits. Sarah shows you how to build an empire, not just a business. Get your free 2 Hour Product Creation course at www.expandyourheart.org

Photo credit: TaxRebate.org.uk

Women & Finance: You Have to Have Your Own Money Skills

I was speaking to a woman about money and monitoring expenses when she admitted that she “just let’s her husband handle everything.” When she said everything she meant everything. She had no idea what accounts they had or at which institutions they had them. She of course didn’t have the passwords to any accounts. She didn’t pay the bills and trusted and expected him to alert her if there was anything she really needed to know. I was shocked. Was this really happening in this day and age?
Apparently the number of women who handle the household finances went to 24 percent in 2013 according to Fidelity Investments. Wow only 24 percent. It’s better than it was but is still so low. Women were not as confident about their ability to handle the finances especially not investing and long-term financial planning.  This is especially troublesome since women are still outliving men. Between the 40-50 percent divorce rate and the fact that the life expectancy for women is longer than for men, at some point women will have to be fully in charge of the finances.
Even if you allow your spouse to have full control of the finances at least be well versed in what the household financial situation is. Both spouses should have a vested interest in the financial security of the household. Here are some ways and rules to come together over the finances:

1) The information for any shared household accounts should be known to both parties. Information such as the institution, account number, and account password.  Notice I shared accounts. If you subscribe to the ideology of a separate account for each and a joint account … hey that’s fine. As long as both parties agree and are honest.

2) Design the budget together. This way it’s clear to both parties where the money is going and why. Miscommunication here can lead to differing expectations on spending. If one person is unclear on the actual budget for a specific category then it will be much easier to overspend. Overspending in one category causes you to have to make up for it somehow, usually at the expense of your financial goals.

3) Have monthly finance meetings. Schedule the time on your calendars to sit down and check in on the financial plan and with each other. How well did you stay within the spending plan aka your budget? What needs to be tweaked for next month? How much progress did you make towards your goals? Make sure everyone is on the same page. It doesn’t have to be long, it’s a check in.
Guys, don’t think you’re saving her the trouble or the worry. Include her in the conversation and updates on the money. Women take an interest and do what you need to do to be more confident about financial decisions.

Grow your financial confidence:

1) Read (well continue reading since you’re here) financial blogs and books. There’s a lot of great information out there. Start reading and gathering the knowledge necessary to be an engaged participant in building your financial security.

2) Exercise your growing financial muscle. Go beyond the budgeting and household expenses. Have discussions about the long-term financial planning. Make sure you understand what the plan is for your financial security. Know how you will be able to survive and run your household during retirement. Talk about the retirement goal. Know the nest egg number and how close you are to it. Know the plan of how you will reach that number. Talk about the investment vehicles being used.

3) Attend the meetings or conversations with the financial advisor. Both spouses should be comfortable with this person. If either don’t feel comfortable talking to the financial advisor then it may be time to make a switch. This person is handling your money and investments, you should be comfortable asking any question about your money. No matter how silly you may think the question is! You should be able to ask “hey does money grow on trees?” and get a thought answer that doesn’t make you uncomfortable. You can then say you were just joking.
Both spouses should be involved in the financial security of the household. However, each person should have money management skills of their own.


Photo credit: The Urban Scot







About Dr. Maria James



Dr. James, The Money Scientist, has expertise with designing income management, debt management, and wealth strategies to help you live your best life. She is the founder of Pocket of Money, LLC and the creator of The Wealth Protocol™. Dr. James has also been a guest financial expert on ESSENCE, WEAA, Madame Noire and more.

10 Ways to Get Paid to Do What You Love

Over the last few years, I’ve met hundreds of women all over the country who want to finally stop talking and start doing what it takes to build a business doing what they love. And what I’ve noticed is that many women in our community aren’t even aware of all the opportunities that are out there for them to create multiple streams of income based on their passion, skills, expertise and experience. So I wanted to give you a dose of inspiration and motivation that will help you build your business with less stress and more confidence.

As my gift to you, I’ve put together a summary of the 10 different streams of income you can create based on your passion, skills, expertise and experience. Now, these are not just theories or random ideas. These are all areas that I’ve actually made money in through both of my businesses over the last six years. I hope you find them helpful as you brainstorm strategies to earn more money in your business this year!

1. Freelancing

You can earn income through offering contracted services in a specific area such as photography, web/graphic design, personal styling, copywriting, editing, social media management or personal training. You can offer your services by the hour or in a package, depending on what you offer. As a freelance writer, I was paid a monthly fee for producing several articles per week for a career website.

2. Consulting

You can get paid generous fees for advising businesses, nonprofits, churches and government agencies in your area of expertise. Consultants typically provide key deliverables as part of a time-bound contract, which typically runs for a few months to a year. As a nonprofit consultant, I maintained two long-term contracts with organizations that borrowed my brain and my time for 10 hours per week.

3. Speaking

You can build a lucrative stream of income as a keynote speaker or workshop leader for conferences all around the world. It’s a great way to make a difference with your message AND get paid to travel at the same time! I’ve been a professional speaker since 2008, with more than 100 clients from New York to Nebraska who have paid me to teach, inspire and motivate their audiences. I suggest you start by speaking for free at local events and attracting paid gigs from there. 

4. Training

You can earn a good living as a trainer for the staff or members of businesses, associations, nonprofits, churches or government agencies. Training is usually done with a smaller group than you would speak for at a conference, which allows you go more in-depth with a 90-minute, half-day or full-day session on a specific learning goal. As a trainer, I’ve worked with staff to get them up to speed on social media, show them how to manage millennial employees and build their leadership skills in the workplace.

5. Coaching

You can help people all over the world through coaching in person, on the phone or via Skype. The five most popular areas are life, career, business, health and relationship coaching. Most coaches either charge by the hour or create packages of sessions to help clients reach their goals over a period of one month up to a year. As a life, career and business coach, I’ve helped clients change jobs, improve their lifestyle, switch careers and build businesses doing what they love.

6. Online classes, courses & programs

You can earn income by teaching what you know via teleseminars, webinars, homestudy programs and audio/video trainings. I’ve been teaching online classes since 2010 when I was still an adjunct professor in DC. What I found was that I could make a lot more money with my own courses than I ever would teaching part-time at a university! Once you establish yourself as an expert online, you can begin to offer opportunities for your tribe to learn from you. Setting up a blog and writing useful articles on a weekly basis would be a great way to start building your audience!

7. Physical products

You can add physical products to your business to earn additional income. Items like t-shirts, jewelry, mugs, purses, CDs and DVDs are becoming easier and easier to sell due to advanced online technology. You can post your items on Etsy or Ebay, then ship them out when you receive orders. I’ve sold branded Happy Black Woman t-shirts and mugs through Zazzle over the past year – people love giving them as gifts!

8. Books and ebooks

You can create another income stream by adding books to your business, in either paperback, PDF or Kindle format. I have self-published both a paperback and an ebook on PDF and Kindle. The process is relatively simple and the revenue potential is huge if you can build a following and a brand related to your book(s). The paperback book that I co-wrote back in 2010 is still producing passive income with sales on Amazon.com!

9. Blogging

You can earn money with your blog by participating in affiliate marketing or placing advertising on your site. I’ve been blogging since 2007 and I’ve seen several hundreds of dollars of advertising income come in on my best traffic months! The downside to this income opportunity is that you do have to post often and be getting a decent amount of traffic to your blog to really see some profit. So it’s not the best option for those just starting out, but the potential is huge for adding another income stream through your blog.

10. Live events

You can bring in additional income through hosting your own workshops, conferences and retreats. They can be local or national in scope from a three-hour workshop to a week-long retreat! I held my first paid event back in 2011 as a weekend career training intensive that brought 11 attendees from all over the country. If you have valuable knowledge, resources and tools to share, people will be  excited to come learn from you in person.

Last year, I brought in 30% more revenue than I did the year before, all because I had multiple streams of income coming into my business. I highly recommend that you implement at least one of these additional income streams so that you can grow your business and enjoy the freedom that comes along with being a successful entrepreneur!

About the Author:

Rosetta Thurman is a nationally-recognized author, speaker, mentor and coach dedicated to empowering women through personal development, leadership and entrepreneurship. She is the founder of Happy Black Woman, a supportive community that helps women create lives of happiness, success and freedom.

Rosetta teaches women, step-by-step, how to find their purpose, take action on their goals and build businesses doing what they love, all while becoming happier and more fulfilled. Rosetta’s clients and students value her “tough love” approach to helping them achieve powerful breakthroughs in their lives.

Rosetta is an avid traveler and currently resides in beautiful Honolulu, Hawaii. When she’s not writing or teaching, Rosetta enjoys good food, good music and a good mai tai. Preferably all at the same time!

Connect with Rosetta at the Unlimited You Weekend April 10-12, 2015. www.unlimited15.com

The Major Mistake You’re Making with Personal and Business Money

If you have a business or a side hustle you want to turn into a business, then let’s talk about a major money mistake that happens often and how to avoid it. Revenue from a business is a great way to rake in more income or the path to living life on your own terms. Perhaps you’re selling a product or offering services. It’s been hard work, many sleepless nights, and skipped outing with friends, but now you’re bringing in revenue. Great! Here is where many start to make this major yet common mistake with their money.

Whether you started the business to supplement income from your primary job or you’re full-time working your business, you may be using some money from your personal account to purchase things for the business and using business funds to handle personal expenses. You’re likely using personal money or income to fund the business anyway right, especially as a new entrepreneur. You’re the first investor. I know I was my first investor. I started my business with personal savings, but I avoided a major mistake when doing this and I want you to avoid it too or correct it if you’re already doing it.The major mistake is mixing your personal money with your business money. Here is why this is a big mistake and can cost you money later.

1) You can’t show positive cash flow. If you’re consistently mixing your personal funds with your business income to make business and personal purchases, it’s hard to show positive cash flow into your business. You won’t be able to properly assess the health of your business and adjust your strategy to ensure continuous revenue and growth. This looks very sloppy and high risk to investors, so they’ll want no part of it. You have to be able to see exactly how much revenue is coming in and the amount of expenses the business has. You should know the exact dollar amount of how much it takes to run your business every month. Are you making that? What’s your profit margin? Will you have enough floater money for your slow months?

2) You’ll pay more in taxes. The IRS will think you have a hobby not a business that means money lost as they deny legitimate deductions. They will only allow deductions if you can clearly show that the expenses were for business. You don’t want the nightmare at tax time of sorting through old receipts and combing through bank statements trying to determine if something was a real business or a personal expense. Definitely not.

How to AVOID this:
1) Have separate bank accounts. You should have separate savings and checking accounts for your business. Only use the business account for business expenses and only use your personal account for personal expenses. It looks more professional, you will look like a real business owner if the business name is on the check or debit card. The money can be clearly tracked and the IRS is less likely to audit you or deny deductions. One of the first things I did after officially filing my paperwork was to go to a bank and start a business checking account. I felt so official once I got the debit card. I kept looking at my business name on it and smiling.

2) Pay yourself a salary. If you’re thinking but the whole reason I started this business is to supplement my income, no worries. You will be cutting yourself a check like an employee. You own the business so simply write yourself a check or transfer the money from your business checking account to your personal checking account. Start off with however much you need $25, $300, $3,000. Just be sure not to go overboard. Leave funds in the business to cover operating costs at minimum.

3) Create separate budgets.  Design a personal budget that is completely separate from your business budget. Of course include your salary line item and if you give funds to your business every month include a business line item as well. Also, account for the salary and income in your business budget. Budgets will help you see what your operating costs are for the business and operating costs for your household. You can then make sure those aforementioned line items make sense.

4) Use separate tracking software. You know I’m a big proponent of tracking your money. Track your personal and business income and spending, just don’t use the same account or system. You can use something like Excel and have separate files and folders for the business vs. personal funds. Or use accounting software such as Mint or Quicken for personal and Quickbooks or Xero for business funds. I like Mint for personal and Quickbooks for business.

About Dr. Maria James
Dr. James, The Money Scientist, has expertise with designing income management, debt management, and wealth strategies to help you live your best life. She is the founder of Pocket of Money, LLC and the creator of The Wealth Protocol™. Dr. James has also been a guest financial expert on ESSENCE, WEAA, Madame Noire and more. Connect with Dr. James in Baltimore, MD at the Unlimited You Weekend, April 10-12, 2015. Visit www.unlimitedactions.com for more details.

10 Actions Needed for Financial Freedom

The terms financial freedom and financial independence generally refer to the same concept or ideal. However, individuals consider them to mean different things. For some they mean debt free, having the ability to live without working to earn income, or being financially secure and not stressing about money. Whatever your definition of financial freedom, there are some key actions that you should take to get you on the right path to achieving it. 

1) Calculate your net worth
Your net worth is a snapshot of your financial health at a specific point in time, your wealth status if you will. Understanding where you currently stand financially will help you in defining realistic goals. Use the formula net worth = assets - liabilities. You need a baseline to work from as you move toward financial freedom. Calculating your net worth at the start will provide that for you.

2) Define and write down your goals
You need to know the goal in order to achieve it. In other words you can't hit the target if you don't know where it is. Take some time to reflect on where you are currently with money and where you would like to go. Define your goals so you can accurately determine the steps needed to reach them. Some common goals are saving an emergency fund, saving for retirement, saving for a yearly vacation, adding to an investment portfolio.

3) Design a money strategy
A money strategy is a comprehensive plan to detail what you plan to do with your money. This is the action plan to achieve your goals. For each goal detail the steps needed to achieve it, resources you'll use and how much money is involved in each step.

4) Create a monthly and annual spending plan
You need to create a spending plan to determine where your money is going. You should have a clear view of how much you will spend in what categories and how much you will save. This allows you to see where you can cut costs and free up money aka keeping more money in your pocket. Creating an annual spending plan will allow you to also see big picture and determine how much of your money is truly going to certain items. You may decide to skip that Starbucks latte or forgo certain subscriptions after all. The money you free up and save can then be put towards a few luxuries and income generating assets!

5) Create a specific debt reduction strategy
If you still have debt, you need to pay it off to be able to use the full potential of your income. You can't reach financial freedom if you have debt holding you back. Work on paying your debt down, "good" and "bad" debt must go. Debt is debt and you'll save yourself thousands of dollars by getting rid of it. Make a specific plan of what order you'll target the debt accounts. Aggressively pay down one at a time to make the most impact and not spread the money too thin.

6) Freeze your credit cards
Now that you have a plan to eliminate your debt, dont rack up anymore. Put the credit cards away and make them very difficult to use. Literally putting the cards in the freezer is a great way. Take the cards out of your wallet and leave them at home. Spending within your means is a must for financial freedom.

7) Open a separate savings account
You need one savings account for your emergency fund. As indicated by the name you don't touch this money unless it's a true emergency. Did you know you should also have another savings account? This is a small account to house money for non-emergency expenses that are in your spending plan, but may not be used every month. If you leave the money in your checking account it's likely to be spent.

8) Cut costs not quality
When you create your spending plan, you'll see places where you can cut back. However, cutting back to lower expenses doesn't mean sacrificing quality. Think of ways to get equivalent products or services for less e.g. shift providers, eliminate things you don't use, find coupons and deals etc. You don't want to feel deprived, but you want to plug money leaks and free up as much money as possible that can be used for saving and investing.

9) Create side income as needed
You've streamlined your expenses, but may still need a little more money. Whether you just want more money to invest or enjoy luxuries or you need more money to make ends meet, having side income is beneficial. This is income outside of your main income source. Some examples are part-time jobs, freelance work, etc. (check out 23 Ways to Make Money).

10) Open a 401(k) and traditional IRA
We know saving is only part of the journey to wealth. Putting your money to work for you is also necessary to reach your goals. At bare minimum open these two accounts. If you work for an employer, make sure to speak with HR (human services) about reanalyzing or starting a retirement account. In most cases this will be a 401(k) or 403(b). If you started one a while ago make sure you check how much money is going towards it and how you can increase the amount. You should also open a second retirement account, an IRA. You can only add so much to your 401(k) so when you hit that maximum you want to still be able to save. The IRA will allow you to do so.

About the author: Maria James has a compassion for people that makes her involvement in Heal a Woman to Heal a Nation a sure fit. She is a biomedical scientist who is public health conscience and has always worked for the betterment of others. Maria is the founder of Pocket of Money, LLC which provides tools and tips to help you take control of your money and live your best life. Dr. James is our resident Money Scientist.