Inside Your Wealth - April 2022

IYW newsletter

A Note from Marilyn and Ora 

Thrive in Chaos 

In a world becoming more interconnected and technologically focused, we all feel like our lives are speeding up, not slowing down. With a million things pulling us in opposite directions, it’s easy to be distracted and let once-prominent goals slip right between our fingers. It’s easy to lose the path you once set out or have other issues become prevalent for a time; however, doing so for so long uncovers two simple truths: 

Losing sight or giving up on your goals helps no one.

Maintaining your focus on what’s important and continuing to work toward your dreams give you the passion and inspiration to create a positive impact and help make the world a better place. We want you to be able to reach for the things you’re passionate about, so we’ve included some tips in this issue, on how to stay positive and motivated. This will help you make steady progress toward your goals, even when the world around you seems to be filled with chaos. 

Always remember that life is beautiful.

No matter what’s happening in the world or how bad things may look, it’s important to remember that the beauty and goodness in the universe far outweighs the negative. If you’ve been feeling anxious about the state of the world, we encourage you to step away from the screen and do something that helps you remember how wonderful life really is. Go hang out with good friends and family, enjoy a relaxing night to yourself, spend more time with your spiritual community, or go for long walks in nature. Never forget to take a moment to pause to marvel at the beauty and interconnectedness of life all around you, don’t take a moment for granted. Whatever you choose to do, just remember that only YOU have the power to bring more joy and positivity in your own life. When you activate that power, your entire experience will change for the better. 

Strive for happiness and fulfillment every day, in everything that you do. 

Best wishes, Marilyn and Ora

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I have a had a lot of time to think about my lifestyle and my Financial House these past 22+ months. While I am grateful to be healthy and thriving despite this pandemic, I want to be as sure that I am taking my key steps that support my ideal lifestyle now and in the future. You can call these 2022 New Year’s resolutions. Ready, set go… and stay tuned for more next month.  

1. Increase Your Emergency Savings Rate 

You always want to ensure that your emergency savings have you covered for at least 3-to 6 months. While the pandemic has helped some to save, others have had to use their savings to take care of monthly expenses. Saving for a rainy day when curveballs come your way is a wise move to make as you are assessing and reviewing your income and expenses for 2021 and 2022. 

Any contribution will help to grow your rainy-day fund, even if it’s just an additional $25 or $50 per paycheck that you can put away into savings.  If you start now, the amount in your account will grow over time. Perhaps this means cutting out a monthly subscription that you really don’t need or going out for dinner one less time a month. Whatever your tactic is, try and send at least a little bit of    money to your savings account instead. If an emergency arises where you need cash immediately, you will be glad to have been building an account saved just for that rainy day. 

 2. Find Some Bigger Inspirations 

It’s easy to say “write bigger goals” that may inspire you this year. Big goals are great and aspirational, but it’s oftentimes challenging if not impossible to continue journaling the same goals year after year without being able to check them off. Start by breaking your goals down into smaller and more actionable steps that you can check off and accomplish as time passes.  

We have a saying that “Taking control of your Work, your Wealth and your Worth is an integrated process for Savvy Women”. This is a goal that we break down year by year into actionable steps.    Perhaps one year you focus on building your financial health by learning new skills and working toward a promotion, and another year, building your physical health by taking more walks or joining a gym. Whatever it is, small steps allow us to reach our overarching goals and aren’t overwhelming in the way that bigger goals are.  

Keep in mind that working for goals is not always an uphill battle. In some years, you may be on top of the world in one area but feel like a failure in another. Your life and goals are part of your journey and sometimes not all our life components will be equally as successful. It’s the passion, the perseverance, and the ability to see it through the difficult times that make the difference.

Women To Women: How to Close The Leadership Gap

Forbes Contributor— Melanie Fine 

The first National Women’s Day was observed in the United States in 1909, in accordance with a declaration by the Socialist Party of America. 

The following year, over 100 women from 17 different countries gathered in Copenhagen, Denmark, just ahead of the general meeting of the Second International Socialist Conference. It was there that Clara Zetkin proposed that a special day be declared to promote the interests and rights of women everywhere, including but not limited to women’s suffrage. That day was first observed the following year in tandem with the commemoration of the revolution of 1848 and the “Commune de Paris” on March 19, 1911. Since then, the day has been moved to March 9 to commemorate a 1917 strike by Russian women demanding peace, bread, and the right to vote.   International Women’s Day, March 8, was officially recognized by the United Nations in 1975. The theme of this year’s International Women’s Day is #BreakTheBias, acknowledging the dearth of representation in many areas of society. One such area in which bias still prevails is the C-suite of Fortune 500 companies. According to Fortune Magazine, only 8.2% percent of CEOs are women. 

This is unfortunate, as women leaders often bring different skills to the table that arguably make them better leaders.

Here are 10 words of advice from women to women on how to close the leadership gap. 

1. Confidence is key

“A true leader possesses multiple character traits in which women are stronger than men. Confidence is the only area that  women tend to not shine as brightly as they should,” says Francie Baldwin, CEO of Mega Success. “Women need to start walking into the room with complete confidence in what they bring to the table. You have patience, empathy, communication, integrity, work ethic, vision, active listening, and balance, so be confident in all of that and start leading from the front. No one will look at you and say what an awesome female leader you are… they will just say, wow what a phenomenal leader. That is the ultimate goal.” 

2. Overcome unconscious bias by bringing everyone to the table

“I was one of only two women at a business workshop recently, and surprisingly we were both skipped when it came time for group questions. At my company, we go out of our way to listen to everyone's feedback - no matter who they are or what their position is,” says Hazel Ortega, founder of High Tide Global. “I have found that the best ideas come from the most unexpected places. The next time you're looking for answers, seek out those you normally would not ask and gain their insights. Don't be afraid to ask. That is when you will grow and improve you and your business.” 

3. Asking for help shows social intelligence

"Growing up in Germany it was often talked about how women drivers would ask for directions while men would rather roam aimlessly, reluctant to ask for help. While men and women today seem far more nuanced than decades ago, I still think women generally view asking for help as a strength, not a weakness. As a lifelong entrepreneur and team leader I always ask for input and yes, help,” says Nadja Atwal CEO of Nadja Atwal PR.

“Questions like ‘Can you help me understand this?’ or statements like ‘I would so welcome your help here!’ come easily to me. And I’ve found them not to convey deficiencies at all but to show high EQ - also known as social intelligence - by both strengthening the team spirit and getting things done right faster. It makes an assistant’s day when he or she can give valuable input that the boss appreciates and runs with. Most people love the feeling of being needed." 

4. Take advantage of your uniqueness

Many women leaders tend to adopt more traditionally masculine traits such as competitiveness, ambition, and accumulation of wealth in order to compete with their male counterparts. But it’s what makes women different that allows them to truly shine as leaders. “What truly defines a BossLady is her captivating ambiance. She sets her own tone, cements the rules; a true testament to the staying power of femininity,” says Porscia Yeganeh, founder/designer and CEO of Porscia Yeganeh. “The power of a BossLady is being authentically you; a bright example of independence, self-expression, and class without anyone's permission.” 

5. Women are uniquely suited to build a strong brand by fostering genuine connection, integrity, and passion, and creating a legacy of global impact

“When I first started my business, I was homeless and consumed with thoughts of what can I do to make money to feed my  children and hoped that one day I would achieve my dreams. When I became successful, I realized there are so many people in the same situation and wanting better for their children,” says Yassin Hall, CEO of B.O.S.S. Class LLC and Journey Untold LLC. “I designed a program to share my success and vision with them. This allowed me to help countless women and men earn the life of their dreams. Cultivating my own online university has been my life’s mission. “From my experience, when we improve our finances, we can then afford to take care of our mental health, and end the stigma surrounding it. My purpose combined with my advocacy for mental wellness is helping so many women around the globe.” 

6. Community matters more than anything

“Women are natural community-builders. We are the ones that rally the troops, so to speak, and make people feel seen and heard. And that’s not to say men don’t do that, it’s just a natural gift for women,” says Martha Krejci, CEO of Martha K Media Group. “While other corporations are hemorrhaging employees, companies that create tight communities that feed people’s need for  significance, contribution, and connection will continue to keep the upward trajectory. “Instead of buying into the old hierarchy standard, companies that move toward a narrative of ‘everyone pushes the needle here, everyone matters, and everyone is part of the win’ are going to be the ones that not only retain their talent but will be beacons for more talent to come their way.” 

7. Listen first to understand

“God gave us two ears and one mouth for a reason. Anyone in a leadership position has to be an effective listener and learn to ask the right questions. I think that women tend to be better listeners and process information more deeply before reacting, while men tend to be more reactionary,” says Toni Vanschoyck Founder of Effing Simple. “But regardless of gender, leadership really comes down to having compassion and understanding for where the other person is coming from. Listening is not something that someone is born with though; it's a skill set that needs to be developed. At the end of the day, learn to ask the right questions and really listen to your people.” 

8. Follow Justice Ruth Bader Ginsburg’s lead

“Active listening, aka listening to understand instead of responding, makes short work of solving a problem by encouraging        collaboration,” says Jeanette M. Braun, Esq. founder of Braun IP Law, LLC. “This way of working keeps the lines of communication open, even when there is disagreement. It allows for intelligent debate and/or discussion without raising voices or becoming hostile. “Justice Ginsburg’s legacy teaches how to maintain integrity, peace, and poise while being the underdog fighting, and winning, very difficult battles. Without ever raising her voice or becoming hostile, Justice Ginsburg moved quite a few mountains that were in the way of balancing the scales of justice. “Her ability to listen actively and acknowledge her own lack of knowledge showed that she was confident in her abilities as a leader. She was also willing to change her plans when she learned new information, which showed that she was flexible and open-minded. These traits are essential for any leader, male or female. Men can learn a lot from Justice Ginsburg's example and apply her techniques to their own leadership style.”

9. Collaboration is strength

Isaac Newton wrote to his rival Robert Hooke, “If I have seen further it is by standing on the shoulders of Giants.” “It takes a village to create exceptional success,” says Torund Bryhn, publisher at St. John's Press. “Rarely is success accomplished by one person alone. There is always a team working hard and relentlessly. My best advice is to invite people to be a part of your ride, acknowledge everyone, and reach your destination together.” 

10. Be your best regardless of the obstacles placed in front of you 

“My best advice is to be humble, be empathic and be a great listener,” says Donna Rennemo, CEO of WindSim Power. “All my life I have had opportunities come to me that have led me all over the world and allowed me to work with amazing people. I find working in a male-dominated culture to be normal. 

“As women, we will always experience obstacles because of our gender, but I’ve tackled them by believing in myself, working hard, and showing respect to everyone I meet. What differentiates between good and great is how you approach work and how you face your obstacles.” Whether it’s bringing more empathy, compassion, teamwork, community-building, or active listening skills to the table, women are uniquely suited to lead. Let this International Women’s Day not only celebrate women leaders but open the doors for more women to take their proper and equal place.

_________

Your Emergency Fund:  How Much Is Enough? 

Have you ever had one of those months? The water heater stops heating, the dishwasher stops washing, and your family ends up on a first-name basis with the nurse at urgent care. Then, as you're driving to work, you see smoke coming from under your hood. Bad things happen to the best of us, and sometimes it seems like they come in waves. That's when an emergency cash fund can come in handy. One survey found that nearly 25% of Americans have no emergency savings. Another survey found that 40% of Americans said they wouldn't be able to comfortably handle an unexpected $1,000 expense.^1,2 

How Much Money?

How large should an emergency fund be? There is no “one-size-fits-all” answer. The ideal amount may depend on your financial situation and lifestyle. For example, if you own a home or have dependents, you may be more likely to face financial emergencies. And if a job loss affects your income, you may need emergency funds for months. 

Coming Up with Cash

If saving several months of income seems unreasonable, don't despair. Start with a more modest goal, such as saving $1,000, and build your savings a bit at a time. Consider setting up automatic monthly transfers into the fund. Once your savings begin to build, you may be tempted to use the money in the account for something other than an        emergency. Try to avoid that. Instead, budget and prepare separately for bigger expenses you know are coming. 

Where Do I Put It?

Many people open traditional savings accounts to hold emergency funds. They typically offer modest rates of return. The Federal Deposit Insurance Corporation (FDIC) insures bank accounts for up to $250,000 per depositor, per institution, in principal and interest.³ Others turn to money market accounts or money market funds in emergencies. While money market accounts are   savings accounts, money market funds are considered low-risk securities. Money market funds are not backed by any government institution, which means they can lose money. Depending on your particular goals and the amount you have saved, some combination of lower-risk investments may be your best choice. 

Money held in money market funds is not insured or guaranteed by the FDIC or any other government agency. Money market funds seek to preserve the value of your  investment at $1.00 a share. However, it is possible to lose money by investing in a money market fund.⁴ 

Money market mutual funds are sold by prospectus. Please consider the charges, risks, expenses, and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. Read it carefully before you invest or send money. 

The only thing you can know about unexpected expenses is that they're coming. Having an emergency fund may help to alleviate stress and worry that can come with them. If you lack emergency savings now, consider taking steps to create a cushion for the future.  1-05254636  

Sources: 1. MarketWatch.com, 2020 | 2. Bankrate.com, 2021
3. FDIC.gov, 2022 | 4. Investopedia.com, 2021

ASPARAGUS, RADISH AND NEW POTATO SALAD
by Nigella 

INTRODUCTION
Springtime fleshy green asparagus, as fresh as you can; sweet new season’s baby potatoes; juicy, pepper-hot radishes: this simple but sensational salad is made just by steaming the potatoes, roasting the asparagus, halving the radishes, tossing everything together gently with some tarragon, before dressing them lightly but fragrantly in a herb-thick buttermilk vinaigrette.

For US cup measures, use the toggle at the top of the ingredients list. 

INGREDIENTS
Serves: 4

METRICCUPS
FOR THE SALAD
1 unwaxed lemon - pared zest of half
1 small bunch fresh mint
450 grams baby new potatoes
450 grams fresh green asparagus
½ teaspoon sea salt flakes or ¼ teaspoon fine sea salt
3 x 15ml tablespoons olive oil
2 teaspoons chopped fresh tarragon
150 grams halved radishes (with stalk and tail removed)
approx 50 grams pea shoots or other salad leaf

FOR THE DRESSING
4 x 15ml tablespoons buttermilk
2 teaspoons dijon mustard
1 x 15ml tablespoon lemon juice (from the pared lemon)
1 x 15ml tablespoon chopped fresh mint from the bunch
2 x 15ml tablespoons chopped fresh chives
¼ teaspoon sea salt flakes (or a pinch of fine sea salt)
a grinding of black pepper (plus more to taste)

DIRECTIONS
Heat the oven to 220°C/200°C Fan.
Steam the potatoes, along with the pared zest from half the lemon and 2 sprigs of mint from the bunch, for about 20 minutes or until tender.
You can either wait until the potatoes are cooked, and keep them warm, having removed the water from the bottom of the steamer, so that they can sit and dry out in the heat, without a lid on, or proceed directly to the asparagus while they steam. Cut the asparagus into approximately 5cm lengths discarding the woody ends, and put into a large shallow roasting sheet with the half teaspoon of sea salt flakes and the 3 tablespoons oil. Roast the asparagus for 10 -15 minutes or until tender and just cooked through. If they are skinny, they might need no more than 6-8 minutes. Once the potatoes are cooked, discard the mint; I lazily let the lemon peel stay in the salad, though by all means discard if you prefer. And once the asparagus is cooked, remove the tray from the oven, and tumble in the potatoes. Add the halved radishes and the chopped tarragon, mixing everything together well. Leave to one side to cool down a little while you make the dressing. In a bowl or measuring jug, whisk together the buttermilk, Dijon mustard, lemon juice from the pared lemon, chopped mint and 1 tablespoonful of chives, along with the ¼ teaspoon of sea salt flakes and grind of pepper. Add the dressing to the warm roasting tin and toss well to mix, combining it with the fragrant oil in the tin. Check to see if you want any more salt or pepper.
Arrange the pea shoots on a large plate or shallow bowl, and then add the dressed asparagus, potatoes and radishes.