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    And The Money Will Follow: 29 Ways in 29 Days to Change Your Finances Forever
    And The Money Will Follow: 29 Ways in 29 Days to Change Your Finances Forever
    And The Money Will Follow: 29 Ways in 29 Days to Change Your Finances Forever
    Ebook127 pages1 hour

    And The Money Will Follow: 29 Ways in 29 Days to Change Your Finances Forever

    By Tama Borriello

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    About this ebook

    While there are a multitude of books available to women, there are not many that are written in easy to understand terms, with a special understanding of the multi-faceted and busy lives of mothers and professionals....And The Money Will Follow is based on Tama’s personal life story and experiences and seeks to create an easy to use approach to help women better understand their finances.

    LanguageEnglish
    PublisherTama Borriello
    Release dateNov 1, 2010
    ISBN9781452368221
    And The Money Will Follow: 29 Ways in 29 Days to Change Your Finances Forever
    Author

    Tama Borriello

    Tama Borriello’s experience as an entrepreneur and a principal in two successful start-up companies laid the groundwork for her to put her practical experience in investment planning and wealth management to work as a CERTIFIED FINANCIAL PLANNERTM and Financial Advisor for 10 years with a major national brokerage firm. Her focus is to help her clients shape their own vision for themselves and their families and help them achieve their vision. Tama is one of the founding members of a wealth management group comprised of a team of investment and financial planning professionals that offer services and strategies for families, trusts and companies throughout the Pacific Northwest. Tama also serves on the board of the East King County Estate and Trust Planning Council. She graduated from the University of Washington with a Bachelor of Arts and is a board certified CFP®.

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      Book preview

      And The Money Will Follow - Tama Borriello

      Contents

      Introduction

      Getting Started

      Financial Planning 101

      Retirement Planning 101

      Investing 101

      Introduction

      "We must be willing to get rid of the life we've planned,

      so as to have the life that is waiting for us."

      ~ Joseph Campbell

      In the early 1990’s a young woman was on the precipice of graduating from the University of Washington. She was focused on one goal; to launch and build a new business and had a small fortune of $25,000 to do so! Surprising everyone in her life, it was one of the one percent of start-up businesses that survived.

      Fast-forward to a decade later and successful business co-ownership with her then husband, marriage and mothering. In her focus on the big picture of management and success, she never expected all that had been built to not be there forever. As many of us have experienced, or will experience, life can hand us the unexpected sometimes. That woman was me, and when my life took a detour, I found myself as a single mother who was exceptional at building and running her own business as well as exceptionally remiss at balancing the long-term financial and social realities that women face.

      I have written this book, and work as a Certified Financial Planner and Financial Advisor, because I am committed to helping women and men find the tools they need to make wise and balanced personal and financial decisions, whether, in the words of Joseph Campbell, we have the life that we planned, or the life that is waiting for us.

      Over the past few years I have often revisited the success and balance that characterized what I did before I knew what I was doing. I was singular in my desire to launch my own business and have the ability to call the shots in my future career. I kept decisions simple. If something didn’t work, I found the fix, did it and moved on. Once an interviewer asked me what my biggest mistake had been. I was stymied for an answer because I couldn’t think of a mistake, instead I honestly answered, Well, lots of things don’t work out, so you just try something else. I had a zest for life and people who made me look forward to each day.

      Over the past few years, I’ve also revisited some of the catalysts that encouraged me to start wondering why smart, hard-working, educated people like me, as well as my friends, employees and colleagues, were so unaware of the details of living balanced lives. I had weathered divorce, forensic audits, and single parenthood, even buying a failing business and turning it around. At the time of my life detour, I felt that although I had experienced some years of imbalance I was now back on track. I had no concept of how off track I had veered.

      Have you ever found yourself off track, or feeling out of kilter? It can either promote change or disaster! The final year of owning my last business included memories of my disappointed daughter at a school tea party I missed because I couldn’t tear myself away from my business, frustration at not being able to do a good job in managing the details of my personal investments and a general feeling of drudgery. As my kids (and Austin Powers) would say - I had lost my mojo, my zest for life.

      After all my hard work, I felt like I had merely bought myself a job and had no quality of life to show for it. I was exhausted, stressed, and unpleasant. In focusing on the grand goal of building my own business, I had neglected everything that was truly important to me. The irony of simultaneous financial success and a complete inability to enjoy it was not lost on me! To this day, I still encounter financially successful women who are utterly unable to enjoy their lives. I noticed that several of the women I respected and cared about also juggled family, social and business obligations haphazardly.

      At that serendipitous time, a business broker in a three-piece suit walked into my company carrying a cash offer from an executive who wanted to buy my small business concept. It was the kick in the seat of the pants that I needed to understand my mission in the life. I sold the company and took a year off. I began to research all the issues that had coalesced into such a personal interest.

      During that period of my life, I found that when you spend a major portion of your time reading about and talking to women from all walks of life about how to live a balanced life, you start hearing the similar themes. What I heard made me realize that I was not the only one who had experienced difficulty. Many women are trying to figure out how in the world they achieve their best destinies, and live satisfying, balanced lives when they are faced with the primary responsibilities of care giving to children and extended families, coupled with the desire to create successful careers and legacies and manage their financial lives.

      I discovered that some of what I had already experienced and more of what awaited me down the road - the pull between work and life- inevitably leads to shortchanging one or the other. The reality check for women is that they often have some unique variables that directly impact their ability to save enough for retirement. In fact, now more than ever, it is essential for women to take charge of their financial lives.

      Would you like to venture a guess on what percentage of women experience conflict among the major roles they fill of caregiver, mother, wife, and employee? According to the 2003 Caregiver Resource survey, it was 96 percent. Aside from the 11.5 years they statistically take off to raise children, women also represent 75 percent of the caregivers to elderly family members. The average age of widowhood is 56. Nearly 50 percent of women will go through a divorce. On average, women earn about 81 percent of what men earn, and they work at jobs for shorter periods of time (which affects pension and retirement savings eligibility). If women divorce, nearly half of them experience significant reductions in their standards of living. Women not only need to save up for an extra 10 to 15 years of outliving their spouses, but many are passionately committed to social goals, education and financial stability for children, families and parents. All of these statistics add up not only to a woman whose financial life changes far more than a man’s, but if she lets it, fear-based decision making and ultimately, a life out of balance.

      I assert that the time is now for women, at any stage of their lives, to get their financial houses in order. Let’s contemplate turning the tides to balance. We can only fulfill our personal, social and financial goals if we come from a position of confidence and strength. I have found, from countless women, a lack of confidence in making the decisions necessary to manage the many-faceted areas of their lives. This lack of confidence can lead to short-term and fear-based choices, or living a life that is merely a facade.

      In a joint study in 2005, Heinz Family Philanthropies and WISER Women (Women’s Institute for a Secure Retirement) found that women in the U.S. between the ages of 30 and 55 were not adequately prepared for retirement. This lack of preparation stems from pay inequities, occupational segregation, care giving responsibilities, longer life expectancies and women’s work patterns. These issues result in reduced pension earnings, public benefits and personal savings.

      Did anyone ever give you the book, Do What You Love and the Money Will Follow? That’s a great book, but guess what: doing what you love does not give peace and balance to a mom trying to pay her household bills, save for college, and pile money into a 401k plan!

      When you are under the gun, you make survival-based decisions for the here and now. The psychologist Maslow wrote in his hierarchy of behavior, that unless you have satisfied survival and safety issues of yourselves and the ones you love, you can never go on to the higher levels of self esteem, self knowledge and self actualization. There are ladies we each know and care about, and—surprise! -- some of the most successful on paper businesswomen, who need to figure out how to balance

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