Empowered Bookkeeping - Blog

The joy of being a business mentor

2011-11-23T13:32:00.001-08:00

I recently had the privilege of being invited to speak on a panel hosted by Women's Economic Ventures, a Southern California based non-profit organization which I've been involved with in various capacities for the past couple of years and whom I'm very proud to support. The audience was comprised of women who are in "pre-entrepreneurship" mode, meaning they're currently assessing their business ideas, skills, and resources in order to determine whether entrepreneurship is the right path for them to pursue as a next step in life.

During the course of the evening my co-panelists and I pulled from direct real-world examples from our respective entrepreneurial journeys and shared these insights with the audience members based on our individual area of expertise. After the direct Q&A from the panel moderator, the floor was opened up to general Q&A from the audience. Not surprisingly, the audience members were extremely astute and it was really a pleasure to respond to their very well thought out questions.

The evening ended and I, along with the other panelists, said our good-byes and left. Given that these types of events are highly enjoyable for me, I drove home feeling very fulfilled by virtue of the opportunity to be of service to future entrepreneurs in such a meaningful way.

The good feelings didn't end there...in the past week since I participated in the panel discussion several of the audience members have sent me emails thanking me for my time and sharing their impressions regarding some of my insights/tips/ideas, etc. which have resonated with them. Then the other day at my office as I was going through my mail, I received a thank you note which was signed by several of the audience members along with personal notes expressing their gratitude under their signatures. Of course, this note was the best piece of snail mail which I had received all month and it totally made my day!

So why am I writing about this and why should you care? Well, there are actually many reasons, but here are the top three in my opinion:

If you're an established entrepreneur or business owner, you might want to explore the possibility of carving out some time in your busy schedule to mentor other existing or would-be entrepreneurs. There are well-publicized statistics indicating the tremendous increase in entrepreneurship in the US in the past 2+ years since the recession. There are ample opportunities for established and seasoned business owners to share their expertise with those who are just starting to go down that path. Your advice and insights will be highly valued and it will be one of, if not the most rewarding experience of your life - I highly recommend it.
On the flip side, if you're a budding (female) entrepreneur, I wholeheartedly encourage you to seek out mentors for your business. Ideally they would be in the same industry as you're seeking to establish yourself but they don't necessarily have to be. Get out there and don't be afraid to ask for help. You never know until you try but make it a point of your business strategy to surround yourself with strong advisers and mentors who can either be of direct assistance to you or who may have someone in their network who can. Give it a try - be kind and respectful but go for it.
As the numbers of entrepreneurs increase in our society, we need to have more organizations such as Women's Economic Ventures. The work that they to do educate, inspire and in many cases, help (women) entrepreneurs seek funding is priceless, both for the entrepreneurs as well as for those of us who benefit from the goods and services produced by those entrepreneurs. They are the vital link between the new entrepreneur just starting out and the experienced and seasoned entrepreneur who has a wealth of wisdom, experience and advice to share.

My own personal experience with mentorship of other entrepreneurs/business owners has been an incredibly positive and fulfilling one. We each face challenges in our daily lives and once you commit to becoming an entrepreneur, you essentially sign up for embracing challenge on a daily, if not hourly basis. If you've been down that road and have been lucky enough to make it, then there is nothing more rewarding than to know that you're making a difference in the life of another person by extending a helping hand to continue that chain of positive influence past yourself.

After all, none of us got to be where we are without the help of others and so in my humble opinion, it is a duty and a privilege to do the same for others.

An Afternoon of Inspiration at Green Festival LA

2011-10-30T15:32:00.000-07:00

Los Angeles Convention Center, photo credit: Lili Rahmati

After spending a few hours at Green Festival LA yesterday, I left feeling very inspired by the number of interesting people, entrepreneurial ventures, and educational opportunities represented there (event location was the LA Convention Center) which shared a common focus centered around values such as social responsibility and justice, sustainability, taking care of our planet, of ourselves, and of one another.

My primary reason for attending was to listen to a speech at the Social Media Hub which was being given by Mallika Chopra. In addition to being an incredibly warm and gentle soul, Mallika is also a successful entrepreneur (as well as mom, wife, author and much more), with her chief role being the Founder and CEO of Intent.com, a dynamic community where members can share their dreams and aspirations, and receive support from others. During her talk, Mallika shared some of her own personal and professional stories about the power of social media to transcend borders and bring about positive change which can ultimately change the world.

As I walked the floor of Green Festival LA, I was amazed by the number of diverse exhibitors present including artists, businesses and non-profits. The afternoon was really a rich learning experience which resulted in great inspiration for me so I thought it would be fun to share some of the highlights.

There were many great talks and panels all throughout the afternoon. The panel in the photograph above was of a talk given by Sarah Sikich (Heal the Bay) and Anna Cummins (5 Gyres) which addressed the devastating impact that plastic consumption is having on our planet, specifically our oceans and related ecosystems which are suffering greatly as a result.They highlighted many ways in which this is a serious problem which requires conscious collective action by all citizens of the world.

For those who came to the Festival to shop, they weren't disappointed. From books to candles to handmade goods, there was literally something for everyone. Pictured in the right hand side of the photo collage above are just some of the beautiful hand-crafted purses available at the Rksa Soul booth, a non-profit which supports artisans in small villages in India through fair trade practices ensuring that artisans receive a fair share of the trade so that they may live a "sustainable, dignified and fulfilled life."

For those who came to the festival hungry, there were numerous ways to satisfy that hunger (or thirst). Well-established companies such as Clif Bar had their booth full of new and exciting flavors of their nutrition and energy bars for the passers-by to sample and purchase. There were also a great number of new food companies offering samples of their yummy treats such as "The Good On Ya" bar, an all-natural and organic energy/nutrition bar which comes in various flavors (I tried the Breakfast Bar which is full of flavor as well as lots of good-for-you nutrients, not to mention tons of fiber). Pictured on the lower left of the photo collage above is the giant orange Sungevity food truck with solar panels on top which also sells ice pops. Sungevity is in the business of selling residential solar roof panels but has come up with a fun and attention-grabbing way to reach new customers. Another innovative company, Simply Straws (based in Newport Beach, CA) presented their BPA-free durable reusable glass straws.

Whether your interest lies in the arts or in business, there was a little bit of something for everyone. Artwork by two talented brothers, Mario and Calixto Sibaja (top right of photo collage above), exemplified their rich Hispanic heritage through their colorful paintings, sculptures and other artworks. Several booths away I learned about the work of an incredibly talented fine art photographer, Lisa Kristine, whose book "Slavery" and accompanying photographic series highlights the disturbing reality of the 27 million people who are living in slavery in the present day.

On the business side, I chatted with the team at Trilogy Financial Services (lower right, photo collage above) about the services they offer to the public related to financial planning, estate planning and tax planning. Trilogy clients can work with their advisors to structure their investment portfolios to include only those companies whose ethical and social mission are aligned with their own values. For example, if you are anti-gun, you can work with your advisor to make sure that none of your stock or mutual fund holdings support companies that are in the gun industry, and so on. I also had a chat with several alumni and administrators of Meridian University about the MBA in Creative Enterprise - this is perfect for heart-centered entrepreneurs who want to strengthen their business skill set in a way which is mindful and purposeful.

Speaking of entrepreneurs and cool business settings, I had a chance to chat with some of the folks from HubLA, a super cool social entrepreneurship, shared office, and event space "where people take collaborative action for a better world." They have different membership structures depending on what's right for you and it's a great way to network, meet and be inspired by like-minded people who want to make the world a better place. I can't wait to check it out myself!

Probably one of the most interesting booths which had items for sale was that of Ten Thousand Villages. Virtually all of their products were made from recycled materials, most often by hand by artisans around the world who were paid a living wage according to sustainable and environmentally sound principles. In the photo collage above, the top left picture depicts vases and mirrors made entirely from recycled magazines; recycled tires were used to make colorful and durable floor mats (top left); bike chains were cleaned and re-purposed to find new life as a chic and stylish clock (bottom right).

The whole festival was full of fun, interesting, dynamic and purpose-driven individuals so it's hard to pick a favorite...that said, perhaps the coolest business that I discovered at the Festival was Conscious Box. The founders, Jesse, Jameson, and Bjorn have formed this amazing business which provides a valuable service, both to the small businesses whose products are featured in the Conscious Box, as well as to the lucky customers who look forward to receiving their box of goodies each month. The way it works is that businesses which are fully vetted and determined to meet the Conscious Box team's criteria of being ethical, sustainable, and purpose-driven, etc., get to have their product featured inside the box, which is then sent to Conscious Box subscribers. The cost to the businesses who have their products featured in the box is zero - completely free. Conscious Box customers pay $19/month (which they can cancel at any time) to receive a box of between 5 to 10 new products each month. With a focus on ethics, sustainability, being purpose-driven, planet-friendly, and so many other important values, I really don't see how small businesses (who meet the ethical criteria) can afford NOT to participate OR how customers can resist the very reasonable subscription cost of being introduced to cool new globe-friendly products each month. This one is a total no-brainer and a win-win in my book. I'm looking forward to getting my own Conscious Box subscription and possibly some gift subscriptions for clients and friends!

One of the most colorful displays at the Festival was done by a wonderful non-profit organization, Mujeres de la Tierra (Women of the Earth). Initially it was the colorful and intricate Day of the Dead display which attracted me but once I found out about their mission, I felt even more drawn to the cause as well as its President/CEO, Irma Munoz. Given that women are the central focus of my business and its social mission, I felt a sense of synchronicity upon meeting Irma and learning about the work that Mujeres de la Tierra is doing to 'build grassroots community leadership amongst traditionally marginalized communities, in particular low-income, immigrant and people of color'. There are many non-profits whose mission is focused on enhancing communities in various parts of the world, but I think it's just as vital, if not more, for local US communities to benefit from the work that organizations like Mujeres are doing to improve the quality of life for our domestic cities, etc. I look forward to following the work that Mujeres de la Tierra are doing and look forward to supporting their cause.

If you missed the Green Festival in LA, don't worry as there will be a Green Festival in San Francisco next month and one in NYC in April of 2012. Hopefully you were able to get a taste of all of the wonderful opportunities for learning about and connecting with others through my post so make sure to mark your calendars and attend next year!

Knowledge is Power: 5 Steps You Can Take to Raise Your Credit Score

2011-07-12T09:12:00.000-07:00

Let's face it - we live and participate in a society which makes judgments about us based on our creditworthiness and by that I'm referring specifically to the FICO score (developed by the Fair Isaac Corporation), the most widely used scoring model which ranks consumers by how likely they are to repay debt. The FICO score (ranging from 300-850) is used to assess risk in numerous capacities, such as when we are looking to borrow money, get insurance, apply for a job, and so on.
Clearly our credit score can have a great impact on our lives (in a financial sense) therefore it is essential that we actively manage it to make sure that it is as high as possible. The good news is that each one of us has the power to positively impact our respective credit score. Once we have a better grasp on the factors which comprise our credit score, we can be better equipped to take the necessary steps to improve it.

Pay bills on time - The single biggest component of your score (35%) and the most important thing you can do, period. Invest the time to get organized and make sure you know the payment due dates for each of your bills, especially credit cards. Develop a system that works for you and check in with it often so that you're always ahead of the curve when it comes to upcoming payment deadlines.
Control your balances - This is also known as your utilization rate and comprises 30% of your score. The lower your utilization rate, the better off your score will be. The rule of thumb is to try and keep your balances below 25% of your available credit.
Length of credit history - This component makes up roughly 15% of your score. It may seem counter-intuitive to keep open old accounts which are still open yet idle but they can actually help your score. The older accounts show that you're a stable and seasoned consumer who knows how to manage debt and keep it for the long-term.
Keep new credit requests to a minimum - This component accounts for 10% of your score. Each time you apply for new credit (insurance, loan, credit card, etc.), a copy of your credit score is requested or "pulled" from the credit reporting agencies. This is known as a "hard pull" and each inquiry brings your credit score down by a few points. Usually hard pulls require you to give your permission for access to your credit so anytime you fill out a form on paper or online, expect a hard pull. By contrast, a soft pull refers to instances when you access your own credit file/score and these DO NOT impact your score. Other examples of soft pulls are those done by potential employers, apartments, and pre-approved offers from banks, credit card companies, etc.
Keep different types of installment & revolving debt - The type of credit used makes up about 10% of your score. Generally revolving credit (such as credit cards) carries more weight than how you handle installment debt (car loans and mortgages).

I firmly believe that knowledge is power so now that you have the knowledge as far as those things which impact your credit score, you can prepare a plan of action to maximize it.

A few more tips to help you go forth in the most efficient manner possible:

You can access a free copy of your credit report from each of the three main credit reporting agencies (Experian, Equifax, TransUnion) once every 12 months via ANNUALCREDITREPORT.COM - this is the only resource authorized for the free credit report by law and it is yours to use. There are numerous impostor sites out there each with some permutation of the word free, credit report, etc. but don't be fooled as they will charge you for a resource to which you're legally entitled at no charge.
Even though you can access your credit report for free, you will likely have to pay for your score. There are numerous resources available which allow you to get all three scores at once, usually referred to as "3-in-1 credit report and score".
A good rule of thumb is to use the free credit report once in the allotted 12 month period just to make sure that everything on your credit report is accurate both from the perspective of any mistakes which may have been made as well as for the purpose of making sure you have not been a victim of identity theft. Then about 6 months later go ahead and pay for the 3-in-1 report and score. The benefit of doing this is for you to be able to compare the information on your credit report from that which appeared 6 months earlier with the added benefit of seeing your score across each of the 3 credit reporting agencies.

5 Criteria to Consider When Shopping Around for a Balance Transfer Credit Card

2011-07-10T14:44:00.000-07:00

If you're thinking about consolidating your outstanding credit card debt by transferring your high rate balances to a low rate credit card, make sure you take into account the following criteria in your selection process:

Promotional Rate: Whether it's 0%, 1.99%, the rate is only one of many factors to consider when choosing a balance transfer credit card.
Promotional Period: On the short end, it can be 6 months and on the long end as much as 21 months or more. Make sure you know when the promotional period expires down to the exact day. If a promotional offer says "Through April 2012" it means that the promotional rate is valid until the close of your billing cycle in the month of April 2012. Make sure you know when your billing cycles begin and end each month.
Balance Transfer Fee: Even if a card is offering you a 0% promotional rate, it will cost you money to transfer your high rate balance. On average the balance transfer fee is 3%-4% though there are cards with lower and higher rates. Make sure you know the answer to this question (it should be in the promotional literature but you can call the credit card company to ask directly). If you're looking to transfer $10,000 to a card which charges a 3% transfer fee, then you will be charged $300 just for making the transfer.
Annual Fee: Some cards charge an annual fee and some don't. Just make sure you know which group the credit card you happen to have your eye on fits into. If they do charge an annual fee, make sure you know the amount of the annual fee.
What happens after the promotional period expires? Your rate is going to change from a promotional rate to a standard rate. Make sure you know the standard rate. Also, make sure you know whether that rate is a fixed or variable rate. Usually in the case of a variable rate, the literature will provide specific information as to how the rate is calculated (prime rate plus some percentage). If you can't readily find the information, call the credit card company directly and make sure you know the answer.

There are numerous resources available on the internet so I encourage you to do your homework to find the option which is best suited to your needs. One resource which I find useful and which I recommend to my clients is Bankrate.com since you can further refine your search based on card type, credit score and issuer.

Some final thoughts about balance transfer credit cards:
1) As you would with any other credit card, make sure you pay your balance transfer credit card bills on time.
2) Be vigilant about your credit card usage as a whole while you're taking advantage of the balance transfer option. You want to pay as much as you can to the lowest rate card so that you can eliminate that debt the fastest. Keep a close eye on things to make sure that you don't drive up your other credit card balances. Once you pay off one credit card, keep up that same disciplined behavior with respect to your other credit cards until you've paid them all off successfully.

5 Steps for Using an Egg Timer to Improve your Financial Health

2011-07-08T14:41:00.000-07:00

If you find yourself feeling totally overwhelmed when it comes to the thought of organizing your personal finances, then fear no more because this post is being written just for you.

Let's start with a given: if you're focused on taking control of your personal finances in order to be able to actually assess and improve your financial health, there is really no way for you to start analyzing what you have until you know exactly what you're working with. Regardless of whether your intention is to build a personal budget or to create a plan for increasing savings, etc., the very first step is to get organized.

I encounter individuals all the time who are extremely well-intentioned about re-engineering their financial lives and recognize the need to get organized. More often than not these same individuals quit before they can even get started because the very thought of trying to figure out where to begin creates so much fear that it results in a great deal of anxiety and eventually paralysis...so much so that they never end up taking the much-needed first step.

If this sounds familiar to you, I'm going to share a tip with you that has proven incredibly useful with my firm's financial literacy coaching and bookkeeping clients: get yourself an egg-timer. I know, you probably think that was a typo but it wasn't. In fact an egg timer can be the simplest, most readily available, most economical and powerful tool available as you set out on your journey, first toward organization and ultimately toward financial empowerment.

Pick an increment of time that you can easily commit to spending on organizing your finances on a consistent basis: There is no cookie cutter approach here since everyone has a different threshold as to what is tolerable for them. I usually recommend 30 minutes but if that is still too overwhelming, start with 15 minutes, 10 minutes (at least 5 minutes).
Schedule the increment of time on your calendar and block it out as a commitment toward getting organized: Block the time out on your calendar and stick to it as you would any other commitment. When creating the appointment in your calendar, use positive terms that will motivate you to keep the commitment such as "empowerment", "financial health", etc. It's important to create positive associations with the appointment since this will further ensure that you stick to the scheduled task.
Set the egg timer for the unit of time (committed to in step 1) and do as much as you can in the time allotted: If you've set aside 15 minutes for your appointment, then set the egg timer for 15 minutes and be as productive (and positive) as possible during that time period. The main focus here is to break a seemingly insurmountable task into bite-sized pieces and tackle it little by little.
Once the egg timer goes off, assess how you feel-can you keep going or not? Have you managed to be pretty productive during the last 15 minutes? Do you think you have it in you to continue for another 15 minutes? If so, set the egg timer for a new 15 minute period and keep working. If, however, you feel like 15 minutes that day was pretty much all you could handle, that's fine too. You have to know what your limits are so it's okay to stop. Before you call it quits for the day, make another appointment with yourself and start fresh again soon.
Consistency is key: This is true with anything - It's not so important at first how much time you spend on the activity per se as it is to commit to doing it with consistency. If you've allowed yourself to neglect your own finances for a long period of time (weeks, months, perhaps years), it's not plausible that you'll get a handle on things in just 15 minutes. But if you give yourself 15 minutes (or more) every day (or as often as you can handle) and you do so regularly, then you will quickly notice that you'll be able to set the egg timer for incrementally greater units of time. Perhaps at one point you will no longer even need the egg timer!

Getting organized is just the first step in the journey towards improving your financial health. Much like any other positive and healthy habit, you must make a commitment, follow through on that commitment, and do so with consistency.

As you embark upon your journey toward organizing your finances, I'll leave you with some inspiration from one of my favorite quotes: "The journey of a thousand miles begins with a single step."

In the Spotlight: 10x10, The Girls Education Project

2010-10-04T15:52:00.000-07:00

The premise is simple: Educate girls, Change the World. This is a rallying cry that is repeated often by numerous non-profit organizations, NGO's, and is supported by research studies which have measured the global economic and social impact resulting from the education of women & girls.

Everyone can make a difference and everyone benefits from the outcome. Watch this video and become inspired!

To learn more about 10x10 visit their website.

Get involved or make a donation to this worthwhile cause so that they can continue to promote their important message!

10x10 Messaging Video from The Documentary Group on Vimeo.

Cheat Sheet: Quickly Calculate How Long it Takes to Double Your Money

2010-05-04T11:10:00.000-07:00

The process of getting a firm grasp on one's finances can be overwhelming, for sure, but there are numerous convenient tools that can be used to make quick calculations and one such tool is the Rule of 72.

The Rule of 72 is a mathematical shortcut which you can use to quickly calculate roughly how long it will take for your money to double (not taking into account inflation or taxes) assuming you start with a fixed amount of principal at a fixed annual interest rate and don't add a penny to it.

Here's how it works:

Say you have $500 in an account which is earning 3% and you want to know how long it would take for it to double. You'd divide 72 by the interest rate to get an approximation as to how many years it would take at your fixed annual interest rate before $500 became $1,000.

72 divided by 3 = 24 therefore it would take 24 years for $500 to become $1,000 (assuming no further additions to principal and a fixed annual interest rate of 3%).

You can also use the formula the other way around. Say you have a specific amount that you'd like to invest and want to calculate the annual interest rate required to double your money by a certain time horizon.

In this example if you're starting out with $10,000 and want it to double in 4 years., you'd divide 72 by the number of years to derive the interest rate.

72 divided by 4 = 18 so your principal investment of $10,000 would double in 4 years assuming you earned an 18% annual interest rate.

The Rule of 72 is a powerful tool for estimating the effect of any growth rate, not just those that are financially related. It can be a great addition to anyone's mathematical arsenal given its utility and ease of use, two characteristics which also can help to make the subject of math as well as financially related concepts in general a bit less intimidating and more approachable.

Cheat Sheet: How to Quickly Calculate Savings on Tax-Deferred Investments

2010-04-30T16:24:00.000-07:00

Say you have a tax-deferred investment such as an IRA and you want to know how much you save (in taxes) as a result of your investment. The math is very simple: Multiply the amount of the investment by your tax bracket.

For round number purposes we'll assume your IRA investment is $5,000 and your tax bracket is 25%. Given that 5,000 x .25= 1,250, applying this to the earlier scenario means that you will save $1,250 in taxes.

Another way to look at this is by saying that you really spent $3,750 on a $5,000 investment which will keep on growing.

News You Might Have Missed This Week Concerning Women & Girls

2010-04-29T17:22:00.000-07:00

(Photo Credit: AP)

Given the media attention on Goldman Sachs, Arizona's immigration law and other high-profile headlines this past week, you may have missed the news about some very significant developments pertaining to women and girls which emerged from the Presidential Entrepreneurship Summit.

Why is this significant? Most of the world's economies are struggling to recover from the financial crisis. By taking the lead to highlight the importance of the political, social and economic empowerment of women and girls, the United States is taking its rightful leadership role in the world. This acknowledgment by the US sends a strong message to the nations of the world that the future of our global society depends upon the inclusion of the portion of the population which currently does not enjoy the same access to capital and resources. The message that is being sent is that the status quo must and will change. This is an important first step in the achievement of gender equality which is still lacking in the West, not to mention in undeveloped nations.

Speaking to an audience of women from around the world at a breakfast meeting during the summit, Secretary of State Hillary Clinton announced several new initiatives aimed at empowering women (and girls):

Secretary's International Fund for Women and Girls: a public-private partnership in which the State Department will commit funds to help NGO's (non-governmental organizations) with the important work they're doing related to women and girls throughout the world. The fund will target its investment to find solutions to "combat violence, improve health and education, promote climate change solutions, and create economic and political opportunities for women and girls."
Secretary's Innovation Award for Women's and Girls' Empowermen t: The Innovation Award (two awards of $500,000 each) which is funded by the Rockefeller Foundation seeks to 'bring to scale the most pioneering approaches to the political, economic and social empowerment of women and girls around the globe.' Those who are interested in submitting a concept paper must do so by June 1, 2010 after which point the final round of participants will be selected to submit full proposals. The two awardees will be announced by the end of 2010.
TechWomen Program: A direct fulfillment of promises made by President Obama in his Cairo speech in 2009, this peer mentoring program will connect women from US technology companies with women who are in the technology field in the 'Muslim world' (e.g., Algeria, Egypt, Jordan, Lebanon, Morocco, the West Bank and Gaza). The selected participants will spend roughly 4-6 weeks working in US technology companies (Silicon Valley and other tech heavy areas) with "mid-level female employees". After the mentorships are completed the US counterparts will travel to the homelands of the participants to provide networking workshops, etc.

These developments come at a time when the world is receptive to the message as well in dire need of the outcome of the application of these practices. Study after study has been published to show that nations can only stand to benefit when their economic, political and social systems make it possible for women and girls to make their rightful contributions. Empowerment of women and girls is not only about benefiting women and girls - men are a vital component of bringing about the needed change and they are beneficiaries of the rewards of doing so. We all stand to benefit from the social, political and economic empowerment of women and girls and there is no better time than the present.

Stay Ahead of the Curve when it Comes to New Overdraft Protection Rules

2010-04-07T22:27:00.000-07:00

Imagine you're out with your friends at a coffee shop and you order a $4 latte using your debit card. You have a general idea of how much your bank balance is but not to the extent that you know the precise balance down to the last penny. In all actuality it turns out that a number of items have posted to your bank account throughout the day so your available balance is in the neighborhood of approximately $2. When you swipe your debit card at the coffee shop, the transaction goes through causing your bank balance to dip into negative territory. Depending on the financial institution, you will be charged on average $20-$40 each time the bank has to cover you as part of its overdraft protection. Many consumers are finding it especially difficult to stomach these hefty overdraft charges since they occur per charge...so if in addition to the $4 latte, you swipe your debit card for another $25 at the supermarket on your way home, you will pay an overdraft charge for that item too. Let's say for round-number purposes that the bank charges you $30 for each overdraft item it has to cover - in the earlier scenario, two swipes of the debit card totaling a net $29 have cost you an extra $60 in overdraft charges. Another way to look at it is that $30 in expenses has ballooned to almost $90 - 3 times as much - Ouch!

It's easy to see how these charges are painful for the consumer but it turns out that they are huge profit centers for the banks. According to research published by the Center for Responsible Lending

50Million Americans overdrew their checking account at least once in a 12 month period with 27 Million account-holders incurring 5 or more overdraft/NSF fees.
Banks & credit unions collected nearly $24 Billion in overdraft fees in 2008
Between 2006 to 2008 overdraft fee income for banks and credit unions rose 35%

The figures for 2009 are even more disturbing: overdraft income for banks and credit unions rose to approximately $38.5 Billion. The other alarming component of this statistic is that roughly 10% of the consumer base ends up paying almost 90% of the fee total.

So what's a consumer to do? In all honesty, as predatory as the overdraft fee structure is, ultimately it's the responsibility of the consumer to be vigilant and manage their accounts. These days you have to be your own best friend in particular when it comes to money matters. It may be difficult to imagine how you will ever manage to carve out that extra 15-30 minutes that are necessary to stay on top of your banking and finances, but the effort is well worth it considering the alternative which is far more painful with significantly more downside.

Beyond that, there are new laws that will go into effect as of July 1st for new banking customers and as of August 15th for existing customers. You can read about all of the components of the new laws by clicking on this link which will take you to the appropriate section dealing with this matter on the Federal Reserve website: CLICK HERE FOR INFO

The main things you need to know are:

that you will have to opt in to accept your bank's overdraft policies. This means that if you swipe your debit card but you don't actually have the money in the account, your bank will still charge you, but they have your explicit permission to do so. If you don't opt in, then you won't be charged because any items in excess of your balance will be declined by the bank.
the new rules apply to every day debit and ATM card transactions. They DO NOT apply to checks or automatic bill payments. In these cases the bank may automatically enroll you in their standard overdraft policy - your best bet is to talk to your bank to get the answers that apply to you/your account.

With all of the new reforms these days, it can be hard to keep track of everything but the only way you can really be protected is to do your due diligence as a consumer, and if you don't understand something, don't give up - ask reliable sources until you get an explanation that is satisfactory to you and is one that makes sense.

We're Sponsoring a Giveaway on TheOfficeStylist.com: "Bookkeeping & Bling"

2010-03-12T08:56:00.000-08:00

The month of March is Women's History Month, a time for us to take a moment to recognize not only the achievements of the remarkable women who have come before us, but an opportunity to acknowledge and say "Thank You" to present-day women.

We also find ourselves inching that much closer to the April 15th tax filing deadline which, for most taxpayers, often involves a last-minute sprint to sort through receipts, statements, and other documents in the hope of maximizing deductions.

As an homage to women everywhere in celebration of Women's History Month AND in an effort to lend a helping hand to those who need it trying to get organized for the tax season, we've teamed up with the L.A.-based "Office Stylist" to sponsor this month's giveaway: "Bookkeeping & Bling."

Click here to go to the Office Stylist's blog page to learn more about how you can enter a chance to win. Good Luck!

Donate to Haiti before March 1st 2010-Get a Deduction on 2009 Taxes

2010-01-22T12:19:00.000-08:00

Following a similar move by the U.S. House of Representatives, earlier today the U.S. Senate unanimously passed legislation which allows American taxpayers to claim deductions on their 2009 tax returns for charitable contributions made (before March 1st 2010) for the benefit of Haiti's earthquake victims.

Given the large-scale devastation caused by the earthquake to a nation which was already ravaged by extremely high poverty, the flow of aid and invariably the rebuilding effort will likely have to continue into the foreseeable future. Therefore, any incentive which will encourage people to donate to the victims of the earthquake will be beneficial for all parties involved.

Please pass this information on to your family members, friends and colleagues, etc., in order to encourage the continuous flow of donations to the people of Haiti.

Maximize Your Fun While Maximizing Deductions This Tax Season!

2010-01-21T13:10:00.000-08:00

(Staple Remover, Sortingwithstyle.com)

It's hard to believe that the month of January is quickly drawing to a close and before you know it, the tax filing deadline will soon be upon us. For many individuals and small businesses, the mere thought of taxes and the organization effort involved in preparing for meetings with bookkeeping and accounting professionals can be very overwhelming. Especially during this time of year, our individual and small business clients rely upon us to help them organize their paper and electronic records in time for the tax filing season.

For those who plan to go it alone this tax filing season, we'd like to provide some helpful suggestions to take some of the stress and drudgery out of the document organization aspect of the process. After all, the outcome of your tax filing to a large degree depends upon how well-organized you are. Instead of dreading the whole process related to taxes, we suggest that you ease into it by injecting a bit of flair into getting your documents organized. I know...flair and fun are words rarely seen associated with tax season!

One of our favorite resources is Sorting with Style, a really fun site founded by serial entrepreneur, Sayeh Pezeshki. Here you can find so many fun tools for dressing up and enhancing your workspace by bringing out more of your personality through your choice of everyday items and office supplies.

For example, instead of using plain old boring manila folders for organizing your W-2's &1099's try some of these super cute file folders - a set of six folders for $9.95 adds a lot of visual punch:

Keeping all of your receipts categorized and stored in one place is easier with this very stylish file tote-use the interior pockets to separate receipts into broad categories such as home improvement expenses, medical expenses, automobile expenses, tuition expenses, etc. - retail price $21.95:

If you're a few months behind on your credit card and bank statement reconciliation and you happen to notice a charge that you don't immediately recognize, flag it with a notation, research it and come back to it later with these adorable sticky notes - 4 pads with 25 sheets each for $9.95:

These paper clips not only serve a practical purpose, but they can also be an expression of your love for your pooch - a pack of 24 clips for $7.95:

Tax time can be and often is an incredibly stressful experience. Although you may not be able to control every single aspect of the outcome to the degree you would like, it's important to realize that you are in full control of your attitude and outlook in terms of how you prepare for it. By using some of the suggested tools in this post and others like them, you are at least guaranteed to have a bit more fun and hopefully as a result, you will find yourself feeling less stressed.

TOP 5 PERSONAL FINANCE TIPS EVERY BUSY WOMAN SHOULD KNOW…

2009-11-20T16:03:00.000-08:00

This week I participated in a local area holiday trade show where I exhibited a table for my bookkeeping business, Empowered Bookkeeping. The event was held on the campus of a local school, designed mainly to attract the busy moms with children enrolled in the pre-school as well as a daycare program.

Amongst the various offerings and holiday goodies available at my table, I had prepared a handout for those ladies who stopped to chat, providing them with a list of the top 5 personal finance tips that I believe every busy woman ought to know. I pulled the list from a great website which I found to be a great resource for women in search of helpful information in the realm of personal finance. Feel free to check it out for yourself. The top 5 list is included for your convenience below:

1. Know that Credit Scores Affect More Than Interest Rates. If your score is less than 620, not only will you pay significantly more money for mortgages and other types of loans, but also more for your insurances. Your car, life and auto policy premiums will all reflect your credit. An adverse score may also keep you from leasing an apartment, or getting your dream job.

2. Don’t Skimp on Healthcare. Of all the ways to save money on monthly expenses, cutting your healthcare is the worst idea. Saving a few hundred dollars a year is hardly worth having to pay $50,000 in medical bills a few years down the road.

3. There’s a Big Difference between Saving and Investing. While saving money is something that should be done regardless (rainy day savings, retirement, etc.), investing should be done when you are relatively debt-free, especially when it comes to credit card debt. The average 18% annual interest paid by you on credit card balances will be hardly made up for in any investment opportunity.

4. Buy Life Insurance with the Hopes of Never Using it Life insurance should be purchased to help care for your dependants in the unfortunate event of your untimely passing- and that’s all. This way, mortgage payments, grocery expenditures and college fund contributions can continue without interruption.

5. Always Try to Pay More than the Minimum Mortgage Payment. By paying one additional principle and interest payment (mortgage payment minus any escrow payments) onto your mortgage balance each year, you will knock 7 years off the life of your note. It all adds up- to a lot!

Spotlight on Tricia Paul - Owner & Creator of The Tote All Bag

2009-11-17T09:04:00.000-08:00

On a recent sunny Los Angeles afternoon, I had the pleasure of sitting down with Tricia Paul, owner and creator of The Tote All Bag, an ingenious and fun product that enables the user to stylishly transport daily essentials from purse to gym bag to backpack, etc. A busy wife, mom, and entrepreneur, Tricia talks about how she became inspired to launch her business and how she took the next step which was to translate her vision into reality. For any budding entrepreneur, I think her story is an interesting and inspirational one. In particular, her story may serve as that much-needed inspiration to women who may have similar aspirations and who just need a little push of encouragement. For your convenience, I've included a company snapshot below followed by the actual interview. Enjoy!

Company Snapshot:

Tricia Paul, Owner – The Tote All Bag (Email: tricia@thetoteallbag.com)
Website: http://thetoteallbag.com/
Business has been in operation for approximately 1.5 yrs
Product description: Purse organizer/Bag organizer made of funky, fun, hip fabrics; helps to keep daily essentials organized from bag to bag.
Price point range: $10 to $40
Customer Profile: Busy people – any busy person who carries essential items: students, moms, women, children. Target customer consists of every age group from teens all the way to adults
Interview:

Q: As the creator/owner of The Tote All Bag ©, what inspired you to come up with the idea for the product? What problem does your product specifically address?

TP: I had the initial idea about 10 years ago. I remember thinking about how convenient it would be to transport everyday items from bag to bag in a way which allowed me to be stylish at the same time. About 1.5 yrs ago, the same thought occurred to me again, only this time as a Mom. I wanted a solution to the problem of how to carry all of my daily essentials while transitioning back and forth from a diaper bag to a purse. I tried to solve the problem of how to keep essential items together. The purpose of The Tote All Bag © is to fill it with essentials, drop it in your bag and carry it around that day. It enables you to easily keep your important items together when changing bags. It satisfies the need for vanity at the same time as it is utilitarian: stylish & functional at the same time.

As far as the inspiration is concerned, a few years ago while watching “The Big Idea” hosted by Donny Deutsch, I was struck by something he said which stuck with me. He said that if you produce something that makes your life a little easier there is a very good chance it will help someone else too. I was struck by the concept of just trying out an idea – to do it for myself and hope that others like it. I kept this in mind and from the earliest product prototypes to the present styles, I try to make the items as pretty and as useful as possible.

Q: Do you have prior entrepreneurial experience? What motivated/inspired you to believe in your ability to launch this product/business idea?

TP: The Tote All Bag © is my first entrepreneurial venture. My motivation to launch the business came while I was a stay-at-home mom outside of the corporate world. I found myself gradually having the desire to be busy and wanting to do something which would fill my time. I wanted to some kind of “work” without it necessarily having to be a job in the conventional sense. It was also about doing something to carve out my own identity so that for the sake of my own self-perception I didn’t see myself as being just a slave to my children. I wanted to be productive and creative and I wanted to contribute to my family in some “real” financial sense.

Q: As a busy mom, wife and entrepreneur, what advice do you have for other busy women with similar responsibilities/roles who also wish to start a business but who need some encouragement in helping them get over the (decision) hump? How do you go from coming up with the initial product idea/thought to deciding you’re finally going to go for it?

TP: The most important thing is to just believe in yourself and your abilities, to commit to your idea, and just go for it. For me it was staying up late at night researching manufacturing ideas, finding the right methods and people, taking my kids fabric shopping with me, using every opportunity to think about and further my idea. My advice for others is to go ahead and take the leap – believe in your product and try to make it simple and cost efficient to produce.

Q: Describe your business financing – is it self-funded or did you have outside financing?

TP: The Tote All Bag © is completely self-funded. I’ve reinvested my income from sales back into the business. I started out slowly, experimented with designs, made some units, sold them and used the proceeds from sales to keep the cycle going. Along the way I continued to research suppliers and I was gradually able to find new supply opportunities to help make the product better, etc.

Q: In your journey thus far with your launch of The Tote All Bag©, what’s been the best or most pleasant aspect of the experience?

TP: The best part of the experience for me has been getting to see people using and enjoying the products or selecting my products for gift-giving. I’m also constantly inspired by my customers as they often come to me with questions or ideas which lead to new product ideas so there’s a constant creative loop between me and my customer base. I enjoy seeing the versatility of the products as they are used and I also enjoy the creative side of the business.

Q: What has been the biggest challenge and how did you overcome it?

TP: My biggest challenge has been finding dedicated “ME” time to spend on thinking about the business in terms of strategy and planning in the midst of everything else going on in my schedule. I’m trying to take a disciplined approach of using the time that the kids are in school to focus on addressing the other sides of the business that are just as important but are the things that I can’t always make the time to work on.

Q: As a mother of boys as well as a girl, what are the lessons/messages that you hope your children will learn from observing their mom in her role as an entrepreneur/business owner?

TP: I try to teach all of my kids to believe in themselves, to have a good work ethic in life and to be confident in themselves as well as in their ideas. It’s important for them to realize that you have to work for what you have and to be passionate about something – it’s not so important what it is but I want them to be passionate and excited.

Q: It takes a certain level of self-confidence and courage to start a business. Who are the members of your inner circle/support system network who provide you with encouragement when things are good, as well as in those challenging moments when you need some extra support/motivation? How has your role as an entrepreneur changed your own perception of yourself? Has it enhanced your own self-confidence?

TP: My husband is there to encourage me when things are going well and he’s also there to support me in those moments when I have some self-doubt. My parents also give me constant encouragement. They reassure me that they won’t be disappointed if one day I decided to walk away from the business or if the business didn’t do well. For me personally, the role of business owner has given me a little bit of myself that I may have felt that I had lost after becoming a wife and a mom. It’s added to my self-confidence because the business is 100% my own domain where I’m ultimately the one who makes all of the decisions. I’m enjoying being “the boss” and I also enjoy being able to focus on creating a product and building a business.

Q: The current economic climate poses challenges in particular for small business owners and entrepreneurs. What have been some unanticipated advantages and disadvantages of launching/promoting a business in the current climate?

TP: Right now there are lots of special deals on supplies and fabrics. Vendors and suppliers are willing to make deals in order to get the business. On the customer side, even though people don’t want to indulge on extravagances, they still want something a little bit special. The price point of my products allows people to still afford the little luxuries which aren’t expensive so it’s not considered a hardship for my customers to buy my products. As far as disadvantages, I’ve noticed that there are a lot fewer people out shopping –there’s less foot traffic in terms of shoppers. Then again the people who do come out actually seem to be buying for the most part. There’s generally a lot less traffic in boutiques, etc.

Q: How have your friends been inspired by your role as a business owner? What are your observations and/or what are some of the reactions that they’ve shared with you?

TP: In general everyone has been very supportive and positive. I’ve got a network of close female friends and each of us has our own business so we’re constantly on the lookout for good deals that can come in handy for each other. This network of fellow women entrepreneurs has also grown into a great support system.

Q: Name one or more women (past or present) who inspire you or who, in your opinion, represent the empowerment of women and a brief description about the reason behind your selection(s).

TP: I’d have to say Oprah is definitely one of my inspirations because she is a completely self-made woman…she educated herself and built a huge empire through hard work and dedication. Katie Couric, too, because even though she lost her husband, she’s been able to go on to reach new heights, changing to a more high profile job, all in front of the public eye. She’s also a mom who puts family first while balancing the demands of a powerful position/career.

Q: How do you define the empowerment of women and why is it important for women in our society (including young women) to feel empowered?

TP: It’s important to be passionate about something or else you’ll lose yourself. Believe in yourself, believe that you’re equal, find something that you love, focus on it and especially in those difficult life moments, dig deep and go to that place.

Q: What are your plans for the future of the Tote All Bag©?

TP: In the next year I’d love to expand and develop new product lines such as key chains. Ultimately I’d love to get my product into stores, especially L.A. area boutiques. I’m also planning on expanding my website capability so that I can do more commerce through the site. In general I plan on promoting my business a lot more.

Q: How can customers purchase The Tote All Bag©?

TP: Customers can visit my site, http://thetoteallbag.com/

Announcing Our New Blog Feature: Empowered Women in the Spotlight

2009-11-17T08:23:00.000-08:00

I'm extremely excited to announce the addition of a new feature of the Empowered Bookkeeping blog, "Empowered Women in the Spotlight", which officially kicks off today.

The purpose of this feature is to give everyday women a moment to shine and to be recognized for their efforts and achievements which uniquely define empowerment. Whether they are wives, moms, entrepreneurs, philanthropists, small business owners, C-level officers, venture capitalists, professionals, artists, etc., or a combination of any of these roles, each woman has a story that makes her both exceptionally interesting and relevant. We'll bring these stories to you regularly via sit-down interviews with each extraordinary lady and we have assembled quite an amazing line-up of interviewees so please check back often!

Empowered Bookkeeping (the business) was founded upon a vision to help uplift and empower women financially as well as to promote the notion of the community of women supporting one another. By launching this blog feature, we have a very exciting and profound opportunity to highlight the achievements of women, not only to the public at large, but especially amongst other women, and in particular the young generation of women. Our goal is to inspire, encourage, promote and support women, no matter if they are our clients, our interviewees, or our readers, so as to be a force of change and help women recognize that there are no limitations as far as what they can achieve - with the right amount of encouragement and support, literally anything is possible.

We hope you enjoy this feature and of course, a big "Thank You" to our generous interviewees for setting aside time in their busy lives to enable us to bring you each story of empowerment.

Micro-Loans + Guidance/Direction = Fulfillment of Women's Entrepreneurial Dreams

2009-09-21T22:47:00.000-07:00

Earlier today I came across an excellent article discussing the practices of a successful Israeli organization which provides microloans to women who wish to start their own entrepreneurial ventures IN ADDITION to providing these same women with needed business skills, knowledge and know-how.

I found this to be such a powerful and uplifting concept since one without the other simply is not enough - the two elements together, capital and mentorship/guidance are what so many women entrepreneurs need regardless of the specific part of the world in which they wish to launch their dreams. In the article, the CEO of the organization (Lena Gurary, CEO of Supportive Community) points out: A loan is worthless if a person is not given any direction and being given direction is worthless if you don't have the capital to start a serious small business," Lena says. "So first we prepare women and give them all the tools necessary to start or expand a business. Then we give them a small loan and see how it goes."

The program appears to be a success: according to the article, in six years of operation, the organization has grown exponentially, having been able to provide services to over 3,000 women with a full-time staff consisting of only seven members. Not only is the organization successful from a social perspective, financially it has proven to be extremely competitive with a default rate of only 3.4% of the total money loaned by the program.

So far as I'm aware a program of this specific kind doesn't exist in the United States. Yes, there are numerous women's business organizations, professional and social, et cetera, in addition to microfinance organizations and numerous non-profits dedicated to the cause of making a difference as it pertains to the status of women in poverty throughout the world. That said, the powerful one-two punch provided by Supportive Community seems to be a unique concept and is one that really should be applauded and should certainly be replicated. Women need not be in poverty to reap the benefits of such an amazing organization since the need for mentorship and the need for capital are key to any individual who seeks to pursue an entrepreneurial undertaking. Becoming an entrepreneur is difficult enough especially in today's business climate however efforts such as the kind being put forth by wonderful organizations such as Supportive Community help to reduce doubt and anxiety while increasing hope and confidence in the heart of the entrepreneur and that right there is more than half of the battle.

Below are some noteworthy organizations in need of our support, which provide some aspect of the microfinance, social awareness or mentorship efforts, each of which is a key element related to the struggle faced by small business owners regardless of where on this Earth they may choose to call home:

KIVA (http://www.kiva.org/) - World's first person-to-person microlending site

SCORE (www.score.org/) - Leveraging the knowledge and experience of retired business leaders to provide mentorship, counseling and training to new business owners/entrepreneurs

Women for Women International (http://www.womenforwomen.org/) - Help women in war-torn regions of the world by providing financial and emotional support, job skills training, rights awareness, and small business assistance

Supportive Community - English translation of website (http://www.svivatomehet.org.il)

We all stand to gain from the achievement of gender equality

2009-08-27T15:41:00.000-07:00

August 26th 2009 marked 89 years since women were first granted the constitutional right to vote in the United States (19th amendment was certified on Aug 26th 1920). Some 72 years prior, the first women's rights convention was held in the United States in Seneca Falls, New York (July 19-20, 1848).

For those of us who are lucky enough to call the United States our home, it seems hard to believe that just 161 years ago the rights of women were so limited in this great nation. Since the first women's rights convention took place, a great deal of progress has been made but there is still much work to be done until true economic and social parity is achieved between the sexes. Often times important issues which affect human beings end up being politicized and in so doing the true meaning and significance of the issue can be diminished because people get in the way and corrupt the process. It's important to realize that the issue of women's rights is not just an American issue, nor is it merely a political issue, rather it is an issue of fundamental human rights which transcends all borders, races, nationalities, etc.

The matter of women's rights is not just important to women, but it is also important to men as evidenced by economic research reports which have been published by industry giants such as Goldman Sachs, Ernst and Young, and McKinsey & Company. The dialogue which must take place in our modern industrialized societies needs to be one that is inclusive so that men are made to recognize the important and vital role that they play in the process since they also stand to gain from the outcome. All across the board, from the individual to the family unit to the community and to the national level, everyone has to be informed about the benefits that await a world that believes in and works to promote the equality between the sexes.

Below is a collection of links to resources which, in my opinion, highlight the importance of the issue of women's rights specifically in an economic context and which help to illustrate why both sexes in every nation of the world should be vigilant in the effort to attain true gender equality.

Presidential Proclamation by President Barack Obama - Women's Equality Day 2009

Goldman Sachs Global Economics Paper: Women Hold Up Half the Sky

Ernst & Young: Groundbreakers - Using the strength of women to rebuild the world economy

McKinsey & Company - Women Matter: Gender diversity, a corporate performance driver

NY Times Magazine - Saving the World's Women:How changing the lives of women and girls in the developing world can change everything

Declaration of Sentiments (Elizabeth Cady Stanton & Lucretia Mott, Seneca Falls Convention 1848)

If just the thought of organizing your receipts raises your blood pressure, here's a great solution...

2009-08-18T00:33:00.001-07:00

As much as I like to rely upon logic and my reasoning skills to think analytically about various situations in business as well as in everyday life, I have to admit that there is also a place for things that we just can't explain...things that are not easily understood by the analytical brain but just feel right somewhere deep in the solar plexus, or in other words, in our gut.

One of the lessons I've learned in life is that if the same idea comes to you independently from various trusted sources, it's worth a closer look and even if nothing comes out of it, doing some due diligence is never a bad thing.

In the past few weeks, through some colleagues and friends of mine, all of whom I hold in the highest regard and whose judgment/advice I value and trust, I've been introduced to a company by the name of Shoeboxed.com. Effectively what this company has done is to turn a nasty little chore (i.e., the organizing of receipts and business cards too) into a seemingly thriving business. The North Carolina-based company has various pricing models (free to $49.95/month) catering to individuals and small business alike. You just send them your receipts without the need to take them out of the shoebox :) They scan them, categorize them and then they shred the originals (after backing them up and all of this is done in a secure technological environment according to their website).

Especially as we approach the extension tax filing deadline (September for California corps and October for individuals) not to mention the year-end tax strategy preparations, a service such as this seems to make perfect sense for all of the busy individuals and small business owners who have already have so much to do that the mere thought of organizing their receipts can give them the hives, raise their blood pressure, etc.

I haven't used the service, so I can't vouch for it personally however it has come highly recommended by several trusted individuals who are very close to me and based on that endorsement alone, I think it would be worth a try. Also, it seems to be the brainchild of a few scrappy, young entrepreneurs out of the NC area and I'm a firm believer in innovative young minds coming up with ways to make all of our lives better....if you try it and have some feedback, please feel free to share.

Keeping Track of Where Your Money Goes Each Month...

2009-08-09T00:08:00.000-07:00

A common dilemma shared by many of my clients is their frustration in keeping track of their monthly personal spending. No matter how many excel spreadsheets or Quickbooks/Quicken reports they run, it seems that there is always a mystery to solve between what their budgeted expenses are as compared with their actual spending.

Often times, I find that after doing an analysis of their habits and spending methods, the most likely culprit behind the confusion is the debit card. Although convenient, the debit card can be counterproductive when it comes to managing already tight spending budgets.
With each swipe of the debit card, it's hard to actually keep track of the precise amount of money spent - in many cases, clients are surprised at how much they end up spending when all of the debit card swipes are added up and calculated.

One suggestion I make to my clients which many find extremely useful and enlightening is to substitute the debit card with actual cash, at least for a trial period, for example one week.

At the beginning of the week, go to the ATM (or bank) and withdraw $100 (for round number purposes). Place the cash in your wallet and use it INSTEAD OF THE DEBIT CARD. Keep all of your receipts. Of course, depending on the individual case, some will exhaust the $100 faster than others but the tactile experience of handling cash is significantly different than a swipe of a debit card. Also, once you've spent $100 in cash, you know exactly how much you've spent...compare this with how many swipes in an average spending week can quickly add up to or exceed $100. Since the latter is not a tactile experience, it is easy to forget or to lose track of how much money is spent.

Try to spend $100 cash increments at a time and for each $100 spent, go through your receipts to get an idea of what you're spending your money on...often times the discrepancies come from the multitude of smaller expenses that normally go unnoticed instead of coming from larger expenditures.

Give this method a try if you find yourself trying to figure out where your money actually goes each month. Good luck and great success!

Women's Financial Literacy Survey Results

2009-07-19T22:32:00.001-07:00

I recently asked a diverse group of 65 women to participate in a survey conducted by my business, Empowered Bookkeeping LLC, which was designed to understand the attitudes, desires and behaviors of women with respect to the topic of financial literacy.

I'm excited to share the results of the survey with you in the hopes that the data will prove useful to you regardless of whether you are an individual woman or a woman business owner, etc.

As a thank-you to the survey participants, my business, Empowered Bookkeeping LLC, will be making a donation to a carefully selected charitable organization, Women Thrive Worldwide, in recognition of the important work that they are doing to help to shape US policies to enable women worldwide to lift themselves and their families out of poverty. The donation is being made as we commemorate 161 years since the first women's rights convention was held in the United States in Seneca Falls, New York on July 19-20 1848.

I hope that you will find the survey results interesting and if you have any feedback or questions, please feel free to contact me directly via email: empoweredbookkeeping@gmail.com

Empowered Bookkeeping LLC

View more presentations from Dani Morgan.

Woman=Man: A Plea for Equality of the Sexes - An Important Message not just for Iran but for the World

2009-06-18T15:22:00.001-07:00

(photograph by Abedin Taherkenareh/EPA - appeared in Guardian UK online)

Every day I review multiple international news sources, one of which is the Guardian UK website. Recently I found myself browsing their site as I often do and after a few clicks, I stumbled upon a photograph depicting an Iranian woman with an inscription on the palms of her hands which in Farsi reads "Woman = Man".

This image struck me on numerous levels: It appealed to the photographer in me given its technical strength in terms of the elements of lighting, aperture, sharpness and depth of field, as well as a result of its powerful photojournalistic impact which is delivered so beautifully and effectively. Since I am Iranian by birth, I naturally feel connected to the story behind the photograph since Iran and Iranian people are, and will always continue to be, in my heart, as well as an important part of my life. My family fled Iran just months before the 1979 revolution and I effectively grew up in the West (Europe and the United States) but the rich and diverse Iranian (Persian) culture is an essential and inextricable part of my heritage as well as my personal identity. Of course, as a woman, I am even further drawn to this photograph because of the power and importance of the words themselves, “Woman equals Man”, given their direct implication in my life as well as in the lives of all women the world over.

For the woman in the photograph to have felt compelled to proclaim her message and allow it to be documented speaks volumes especially when you consider the political and general societal circumstances in present-day Iran. The Islamic fundamentalist theocracy which has been in place for over 30 years has choked the rights of women and in so doing has effectively eliminated women from participating as a part of the societal calculus in any meaningful way, the exception often being the ultra-conservative traditional roles normally reserved for women, and even in those cases women’s rights are severely limited or restricted.

What makes the action taken by the woman in this photograph even more remarkable is that it is an overt act of defiance given that travel-bans, detentions, and summons are frequently the most benign of consequences imposed by the Islamic government upon women activists. Many of them go on to be abducted, imprisoned, or if their actions are found to be egregious enough, stoned to death. The issue of women’s rights and the attainment thereof is compelling enough that Iranian women are increasingly prepared to go to extreme lengths to proclaim its importance and to strive to achieve it despite the potential punishments that may be endured as a result.

The recent case of Roxana Saberi which gained international attention helped to shed only a glimmer of light upon a dire situation which everyday citizens, especially women, are forced to endure. If anything, despite the fact that she was made to unjustly suffer, overall, Roxana Saberi was treated much more kindly and humanely than the average Iranian woman would have been treated. In fact, in interviews immediately following her release, Roxana spoke about the women with whom she was incarcerated who helped to give her sustenance during her ordeal in the infamous and deadly Evin prison. The sad reality is that many of Roxana’s female cellmates will likely end up with a similar fate as the countless nameless and faceless victims who are routinely eliminated by the Islamic government of Iran and whose memory endures only with their immediate families and loved ones.

I am extremely moved when I think of these matters because they are deeply personal, not just because I am a woman of Iranian descent but because I am a human being and I find it important to equate women’s rights with human rights. I think about my own circumstance and that of my family so many years ago, realizing how lucky I was to be able to get out of Iran during that time of intense upheaval, not just with my individual life having been spared but with my entire immediate family intact. What would my life be like had I been forced to remain in Iran, as a small child and later as a young woman? What would have happened to my family? Would I have made it to adulthood? If so, would I still be alive today? If not, by what means would I have met my demise and for what reason? Thankfully I don’t have to engage this line of thinking very often but many people, especially in the months immediately before and after the revolution, did not survive as they were eliminated for being of the wrong political affiliation, the wrong religion, or the wrong ethnicity and if any of these were coupled with the wrong gender, then their fate would have certainly been doomed. For the sake of those who no longer have a voice, it is important to speak up, ask questions, and encourage a dialogue so that there can be an end to the senseless suffering of humans at the hand of other humans due to perceived "differences".

It is poignant to note, that even in the United States, which is the nation most revered in the world for its ideals of freedom and human rights, the issue of women’s rights has only existed for the past 161 years - it was in July of 1848 that the first Women’s Rights Convention was held in Seneca Falls, New York. Granted, the United States is a young nation but even in this land of lofty ideals and revolutionary achievements, it still took over two centuries after it was first colonized for the plight of women to gain importance and eventual prominence. There are still numerous milestones which must be achieved in order for the United States to claim its rightful leadership role amongst the nations of the world in terms of its full recognition of women’s rights but out of all of the members of the world community, the eventual achievement and implementation of full equal women's rights by the United States will have the most significance. Beyond the tremendous symbolism that such an accomplishment will signify, the act itself will be the realization of the words of the Founding Fathers made famous in the Declaration of Independence.

However you define it, gender inequality continues to be a global reality in developed and developing countries alike, and there is still plenty of room for improvement everywhere – some nations have more work to do than others but no nation is exempt. This is not to say that progress is not being made in the world but equality of the sexes is still viewed as a vague ideal and in order for it to become a reality, there has to be a fundamental and universal acceptance by individuals as well as by governments to recognize it as a societal imperative of the highest priority, the achievement and promulgation of which is surely attainable. Gender equality is important not only because it is an issue of women's rights - it is truly a matter of human rights.

To the woman in the photograph, it’s my sincere hope that we can all strive to see the day when the following formula is realized: WOMAN = MAN = HUMAN.

Girls Can Excel at Math at the Genius Level if Shown Encouragement & Opportunity

2009-06-02T12:29:00.000-07:00

I'm bursting with excitement to share the news that recently published research findings show that girls can excel at math, in particular at the genius level, if they are encouraged to do so and if they are given the opportunity to do so.

This is particularly exciting for me because it is something I wholeheartedly believe is true and this concept is effectively related to a message I seek to promote with my clients (individual women and woman-owned small businesses). I encounter numerous women who are strong, smart, dynamic multi-tasking superstars in every aspect of their lives yet when it comes to matters having to do with money, math, finance, etc., they have resigned themselves to the notion that somehow these concepts are simply out of their reach, unattainable, for someone else but not for them....and so they opt out of the learning process altogether.

What is so exciting about important research such as the kind that Janet Hyde and Janet Mertz have published is that girls (who later go on to become women) can perform at above-average as well as genius level math. If there is any difference in the statistics between male and female scores or the perception thereof, it is "largely an artifact of changeable sociocultural factors, not immutable, innate biological differences between the sexes".

We have the power to impact the rate and quantity of girls excelling at math by creating a social and cultural atmosphere that cultivates this kind of performance - this is an incredibly powerful and empowering statement.

It boils down to this: if you are a girl, or a woman, for that matter, you just need to believe in yourself and you can do it. Sometimes it's hard to just dig down and find that belief in yourself so that is when a helping hand and encouragement come into the fold. The combination of encouragement, a helping hand, belief in one's abilities, opportunity and learning can result in above-average as well as genius level performance - you just need to give yourself an opportunity to get started.

The ramifications of an increased number of members of the female population going on to pursue and excel in math/science and quantitative fields/pursuits translates into a much richer societal fabric, not to mention a more innovative economic climate that has far-reaching consequences for not just this nation, but for the entire world.

As a small-business owner who focuses on working with women, I am even more excited and motivated by this news than I was before and I hope that you will be too!

For more details about the findings please refer to: Article published on Yahoo!

Inspirational Quote from a Great American Female Entrepreneur....

2009-05-28T06:36:00.000-07:00

"Aerodynamically the bumblebee shouldn't be able to fly but the bumblebee doesn't know that so it goes on flying anyway".

This quote applies to each of us who strive to reach our goals whether we are entrepreneurs or not. In the case of those who are entrepreneurs, however, it has a special meaning since it effectively reminds us to stay out of our own way and not to over-think things. Thinking is great but sometimes it is necessary to just act.

Sometimes thinking too much can just get in the way and it can stifle action...sometimes you just need to let yourself fly.

The message conveyed by the quote is hugely inspirational for me and I wanted to share it with you.

The quote is attributed to Mary Kay Ash, founder of Mary Kay Cosmetics, a trailblazer and pioneer, and one of the greatest American female entrepreneurs of all time.

Passionate Pursuit of the Empowerment of Women

2009-05-23T09:23:00.000-07:00

I am the President and CEO (Chief Empowerment Officer) of a new business, Empowered Bookkeeping LLC. http://www.empoweredbookkeeping.com/

I was inspired to start this business based on a strong personal desire to make a difference in the world by helping others given my skills and abilities in the financial realm. The focus of my business is to work with individual women and/or woman-owned small businesses to provide the tools, resources, and skills that are necessary for my clients to gain mastery of their finances so that they can go on to lead empowered lives.

The financial empowerment of women is a concept very near and dear to my heart and something which I will work tirelessly and passionately to promote.

The concept of empowerment of women will serve as the focal point of this blog. Through this powerful medium I hope to inspire, inform, elevate and educate all readers about the importance and far-reaching impact of a society filled with financially empowered women.

I invite you to help me make this vision into a reality...