There are nearly 128 million workers in the United States.  Only 10% manage their money well. 

To me, the importance of financial education is quite clear.  When I saw the statistics published by the National Institute of Personal Finance Employee Education – the importance of financial education is even clearer.

• 90% of our nation’s workers have difficulty managing their money and not surprisingly – aren’t saving for retirement. 
• More than half admit spending 21 hours every month while at work – dealing with personal money matters. 
• Two thirds say they have trouble paying their bills on time and worry about money.

The real challenge when it comes to financial education is trying to get and keep everyone’s attention.  It takes time and a commitment to learn about banking and credit and savings and investing.  Sometimes learning about money just doesn’t hold the entertainment factor that’s needed to hold someone’s attention – regardless how badly they might need the information.

That’s why I do whatever I can to make learning about money – fun and mental.  Games help.  They provide a non-threatening, playful, competitive atmosphere with a mutual focus. The learning comes from the playing and talking and problem solving everyone must think through and do.

Games require critical thinking.  They make the abstract concrete.  Simple games that require counting or board games like Monopoly that show you the money and bring out the capitalist spirit in each player – are what help make learning about money – fun and mental.  It’s your money so take it personally ™. 

Here’s to your health and wealth.

This past Sunday I went to a going away party for my fitness trainer and her new husband, Jack.  I’m not much of a party girl to begin with, but this was painful!  When we arrived I immediately introduced myself to Jack and asked him how he was enjoying married life.  “It’s good,” he said.  Then silence.  So, I added that I was certain everyone was telling him he married a great woman.  “Oh, yeah,” he smiled.  Then silence. 

I’m either at the age or the stage in life where if two bites at the apple don’t yield the desired results, I’m done.  It’s not my responsibility to carry an entire conversation on my own.  So I walked outside to the patio to take in the view of the hills of South Pasadena and there I found John, also enjoying the view.  I introduced myself to him and commented on what a beautiful day it was and what a great view it was. “When there’s no smog, yeah,” John said somewhat dourly.  Oy.  Another bore.

We were then joined by John’s wife and introductions let us know that we both are clients of the new bride. Finally, someone I have something in common with, I thought.  Well, she began talking about her workout sessions, how she bicycles 40 miles each week-end, what she’s going to do when the trainer leaves, and on and on and on.  I’m a good listener, but after a while, if someone doesn’t ask me one question or even take a breath so I can say something, I’m done. 

The entire time I spent at the party went pretty much the same.  Either people didn’t know how to string together a complete sentence or didn’t know when to shut up and listen.  After 90 minutes I was completely done and left, thinking that there wasn’t one person I would care to get to know better.  Social skills are a critical ingredient to success in any endeavor.  Whether you’re at a party, a business meeting, or anywhere in between, people will judge you by your ability to interact appropriately in social situations.

Let me do you a party favor and give you some tips for how to work a room in a way that makes you interesting and memorable in the most positive way:

1. Be upbeat and positive.  Even on your worst day, you can find something positive to say or respond positively to what others say.  When John commented on the smog when I had just remarked what a lovely day it was it told me all I wanted to know about him.  No one likes a cynic. 
2. Be prepared to talk about current events.  This means read magazines and newspapers regularly so that you’re on top of what’s happening in the world and speak to something other than you and your own personal experiences.
3. Create a mental list of questions to ask others.  Without being intrusive, you can ask what someone does for a living, how they’ve been enjoying the summer (or any other season), if they’ve seen a movie that’s just come out, etc.  Having these questions at hand prepares you to engage in conversation even if you’re the shy type.
4. Find areas of common interest and engage in dialogue, not monologue.  It’s fine to talk about an exciting trip you’ve just taken, but ask others about any trips they’ve taken recently as well.  Or, if you know someone has children the same age as yours ask how they’re doing.  If the other person isn’t speaking about the same amount of time as you are, something is wrong.  Although it’s not your responsibility to get them to talk, it is your responsibility to allow them to do so.
5. Engage in active listening.  This means ask people about what they’re saying to get a deeper understanding of the topic.  For example, if someone talks about their work, ask what made them get into that particular field. 
6. Open the kimono a little.  Let people know who you are.  Share something of a personal nature that is memorable without being too revealing.  Perhaps you’re excited about a book you just finished reading or a new job your about to start.  It gives others more than just a face and name to remember. 
7. Graciously exit boring conversations.  You can always say, “It’s been nice speaking with you.  Will you excuse me?  I see someone I haven’t spoken with in a while and would like to say hello before he leaves.” 

TAGS: Conversation Starters, Emotional intelligence, Party Conversation, Social Skills, Women and Emotional Intelligence

Lots of people are buzzing about the recent New York Times Magazine cover story, “What is it About 20-Somethings?” The article focuses on the fact that today’s 20-somethings are “delaying adulthood” by moving back in with their parents, marrying later and hopping from career to career.

The article speculates about whether these shifts are happening because of the current economy, a fundamental change in the definition of adulthood or — as many of the article’s more negative commenters believe — the “entitled” nature of the Generation Y.

Personally, I believe that 20-somethings are simply reflecting the reality of our current times. But I have seen evidence that many Millennials aren’t aware of the way they are perceived, particularly in the workplace. I frequently hear recruiters and employers complain that today’s young people have a sense of entitlement — a belief that they deserve jobs, high salaries and advanced responsibilities even when they don’t have much experience.

Whether you personally feel this way or not, it’s important to understand that this perception of 20-somethings is out there. In many companies, the older generations are still in charge, so when you’re looking for a job or wanting to advance in your career, you’ll have a better chance of success if you avoid the “entitled” label. Here are some tips for overcoming the “e” word…

Read these tips on my “College to Career” blog at MyPath.com…

TAGS: emerging adulthood, Generation Y, Millennials, New York Times Magazine

This week, Lois and I will send the Nice Girls Don’t Win at Life: 99 Ways to Get the Respect You Deserve, the Success You’ve Earned and the Things You Want manuscript back to our editor at Crown Publishing. Yes, we’re excited!

Our work is almost done — we submitted the manuscript at the beginning of June, received and reviewed our editor’s excellent suggestions in July and, last week got the well copy-edited version, which we are now returning for proofing and other production related tasks.

As far as I’m concerned, this book has been a joy to write and I attribute a great deal of my enthusiasm about it to the quality of the collaborative experience I’ve shared with Lois. Not only did working together make the book better but we had a lot of fun along the way.

What made our collaboration work? I’m sharing my perspective in the hope it’ll be useful to you when you next have the opportunity to collaborate with someone. Your chance may present itself when you work with a colleague on a project, with another volunteer to further a worthy cause or in any one of a number of different situations. The recipe for success:

• Agree on a process and a timeline. We decided to build the book’s outline together and then divide the work evenly. We also agreed to exchange and edit each other’s work at certain intervals.It’s useful to work out a process early on so that everyone’s clear about how things will get accomplished. In addition, we set a timeline, working backward from when the manuscript was due.

• Communicate early and often — and not just by email! Although Lois is on the west coast and I am on the east coast, we set aside time to work together in person as we began to write the book. It was time well invested — benefits included a surge of creative energy and a strong start to the book’s outline. After that, we talked via telephone regularly and emailed one another often.Consider a face-to-face meeting to kickoff your project; if it is at all feasible, the effort will probably provide a big pay-off. And mix it up — although email may be easier, it’s good to talk with your collaborator at least once in a while!

• Respect one other. Lois and I chose to join forces because we knew we’d bring different strengths to the project and admired each others’ work. The fact that we like one another as much as we do, although wonderful, isn’t required for a successful collaboration. Even if you had no choice regarding the person with whom you are working, take the time to identify the knowledge, skills and personal attributes that he or she bring to the party.Respect also means you have to stick to the schedule unless there’s a true emergency. Not only does a delay pose a risk that you won’t be able to deliver the project on time, it also sends a message to the person with whom you’re working that you don’t value his/her time as much as you value your own.

Readers, what other suggestions do you have for successful collaboration?

TAGS: Collaboration, LinkedIn, Nice Girls Don't Win at Life

The color of money is green but being in the black should be your state of mind.

When it comes to the financial well-being of my fellow African-Americans, I have one message consistently: Black is beautiful, but being in the black is better and necessary. That’s why personal money management must begin with a revolution of thinking in living rooms and dining rooms and kitchen tables all across the country. As President Obama told the National Urban League: “We still have work to do.”

African-American unemployment is up; incomes were already and remain lower; there’s not much of a cushion. And though the country’s economy is growing once again, black communities must be of the rebuilding mindset that is not just for the immediate short term but rather for the long term future.

President Obama said – and I agree – that education is the economic condition of our time because 8 in 10 new jobs will require higher education by the end of this decade.  Education is a prerequisite for prosperity.  Financial education/financial literacy must be a component of our children’s learning.  Since it’s not being taught in all the nation’s schools – a commitment to teaching children about the importance of responsibly using money – depends on each of us who has access to and can influence children. 

Black families must act with a sense of urgency to become financially informed.  Hanging on to old bad habits about money and how to make it, save it, invest it and spend it – must be rethought.  As my grandmother used to tell me when I was holding on to misinformation or was unwilling to see the benefit of eliminating negative thoughts:  “Are you going to let bad things live rent free in your head?” Somehow that always made me see the light.

Yes, being Black is beautiful but being in the black – financially aware and smart – is better.  It’s your money so take it personally ™.

Here’s to your health and wealth.

Everyone Communicates, Few Connect: What the Most Effective People Do Differently,  John C. Maxwell’s latest book, caught my attention.  As the title suggests,  it isn’t just talent that enables some people to sail effortlessly through their careers, but rather the ability to connect on a meaningful level with others.   He offers the following as signs that you’ve connected:

• People go the extra mile for you.
• They say positive things about you.
• They show that they trust you — often through more open communications.
• They accept you without reservation.

I’ve met people who are great communicators but not great connectors — and vice versa.  I know when I haven’t connected with someone (or someone hasn’t connected with me) because I leave the encounter feeling empty instead of fulfilled or satisfied.  Your goal should be to do both well.  Taking the time to really connect with others is well worth the effort because it pays off in the form of gaining cooperation, the ability to influence, access to information or contacts, and a sense of emotional well-being.  Practice these three simple coaching tips and you’ll be well on your way to connecting:

1. Make your communications all about the other person.  Dale Carnegie once said that you make more friends by listening than by talking . Listening, and hearing what others say and don’t say, is an art you can acquire through practice.  Have two or three stock questions with follow-ups that you ask of anyone you encounter such as,  ”What part of town do you live in?”  “How long have you lived there?”  “What made you choose this neighborhood?”  “Is it compatible with your business and outside interests?”   
2. Go to every meeting, visit, or encounter with something modest to give to the other person.  It can be an article that you read that you think the other person will find interesting or even an idea you heard on the radio that you want to gain input into from the other person’s unique perspective.  When you’ve finished reading a book, give it to someone you know will appreciate it.  Even on a small scale such as this, giving enables you to connect. 
3. Follow-up encounters with a short e-mail about what you took away or thought about.  It allows others to know that they were really heard and understood.  And if you promised to do something, be certain to do it.  Dropping the ball conveys the message that the other person’s needs aren’t really all that important to you. 

TAGS: Building workplace relationships, Communication Skills, John C. Maxwell

Dear Lindsey,

How important is getting your MBA from a top graduate school verses a middle of the road or maybe online school make? What difference does it make regarding future pay and opportunities?

Thanks,
Marie

Dear Marie,

Educational decisions are personal and the right answers are different for everyone. What I can do is provide you with the right questions to ask to make the right move for you.

Here are three questions to help you make the best decision for you:

1. Why are you getting an MBA?
Education is a wonderful, valuable endeavor and a worthy goal in itself, but in my opinion, you should always have an end goal in mind. That desired result can help you make the decision about the best school for you. For instance, if you are getting an MBA to help you make a career change, your top priority should be finding an institution that is known for guiding people into careers in the new field you want to join. If your goal is to increase your technical knowledge of accounting, financial management, etc. (for instance, to gain a higher position or salary bracket in your current organization), then the school name may not be as important as simply gaining the knowledge you need. If your number one goal is high-level networking, then a “brand name” school might be the choice for you. If post-grad school salary is the key factor for you, then ask schools for the average starting salaries of their graduates.

Read the rest of my response to Marie’s question on Excelle.com…

TAGS: business school, Career transition, Education, MBA, Women and Careers

Last week, I visited with my sister and brother-in-law, both university professors. Over dinner, they recounted stories about students who don’t attend class, do very poorly on exams and, when the final test and grade is imminent, show up at office hours pleading for a passing grade (or, in the case of one particularly memorable student, a B, which he needed to pull up his overall average so that he could graduate). Hmmm…Of course, whether these students graduate or not, chances are they’ll enter the work force with the same sense of entitlement.

Jean M. Twenge, an associate professor of psychology at San Diego State University and W. Keith Campbell, an associate professor of psychology at the University of Georgia have joined forces to call attention to what they describe as a national epidemic – narcissism. Their excellent book, The Narcissism Epidemic, is grounded in research that may shock you regarding just how widespread the problem is. And it is growing —Twenge and Campbell report that in 2006, two-thirds of college students scored higher on the Narcissistic Personality Disorder Inventory than college students had twenty years earlier. And they add:

“The upswing in narcissism appears to be accelerating: the increase between 2000 and 2006 was especially steep. The changes were especially large for women; men still score higher on narcissism than women, but young women are closing the gap.”

The book makes the point that not only does the narcissism epidemic affect the narcissists themselves, it impacts the workplace and society more broadly. Who among us hasn’t been frustrated by people whose inflated sense of self means that we have to wait in a line while they blithely go directly to the front, listen to their stories while keeping our own to ourselves or do more work (or less interesting work) while they grab the glory?

What steps can you take to combat the problem? Given the prevalence of narcissism in the workplace, chances are you won’t be able to “just say no” to working with those affected with the disorder. So, consider offering the gift of feedback. If you are in a position of power, you have a responsibility to use your authority for good. Offer specific and timely feedback regarding how the narcissist’s behavior has affected the team’s efforts and the department’s results. Even if you’re not the boss, think about ways you might be able to deliver a message.

• Role model the behavior you wish to see. In some cases, the narcissist has no idea of alternatives to his or her typical behavior. You can show them other ways of working.
• When the narcissist claims credit for the department’s success, remind him or her about the contributions of other team members.
• If the narcissist interrupts others while they are speaking, tell them to hold the thought until it is their turn to have the floor.
• Reward the narcissist when he or she behaves more appropriately. Let them know you noticed.

And, If you are a parent, do your part at home too. don’t confuse helping your children to build healthy self-esteem with raising them to think the world revolves around them.

And I encourage all readers to read Twenge’s blog at Psychology Today.

TAGS: co-workers, colleagues, Generational issues, LinkedIn, narcissism

It’s back to school across the nation and I want to give credit where credit is due.  Well intended parents are sending their kids off to college usually with a credit card.  I want to help you be sure they steer clear of some common credit card mistakes.

The average consumer has nine credit cards.  Don’t let your student get caught in the crosshairs of potential debt.  Collecting too many credit cards is absolutely not a good thing.  Even if the cards have zero balances, multiple open accounts mean the account holder is ripe for the potential temptation to max out on all the plastic.  So school them well before they get to school and are confronted with all those offers of free giveaways if they just sign up for yet another piece of plastic.

The credit card introductory rate isn’t forever.  But how many young consumers remember that?  If they do their homework, they’ll know that once that (usually) six month teaser, introductory rate is over it’s not unusual for the rate to jump to 18 or 20%.  That is an ugly and unexpected surprise for the uninformed.

A big lesson to be learned about credit cards is the importance of reading the fine print.  That’s where the (devil and) details of the offer are printed in tiny but all inclusive explanations.  Most credit cards have limitations about balance transfer fees, amounts and new purchases.  Your student should be well-schooled about the importance of knowing those tiny details.

Be sure to choose a credit card for the right reasons.  By this I mean, don’t let your student choose a card just because it has other attractions such as a rebate or rewards program or is offered by a well known icon or celebrity.  Remind your student that credit card granters aren’t their friend.  It is a business that wants to earn as much money as it can.  So make it your student’s business to shop for the card that has the best interest rate rather than the most interesting look.

Regardless the credit card that’s chosen as being the right one for your student – make sure they understand that even with the right credit card comes ongoing responsibilities:

• Credit card bills should be paid off at the end of every month.  Making a minimum payment only will get them in trouble for a very long time.  For example, if your student has a $1000 balance with a 17% APR and pays the minimum $25 monthly amount, it will take them 57 months to pay off that debt and cost $452 in interest charges. 
• Always pay on time, every month.  Be sure your student knows to check their account statement for the due date and pay at least 3-5 business days ahead of time

It’s vital that your student assume responsibility for their own money management.  Yes, it is time for them to understand it’s their financial thumbprint from now on.  It gives new understanding for them when they’re told:  It’s your money so take it personally ™ .

I recently received a letter from a woman asking for advice about how to handle this situation: 

“I am a CPA with tax experience. I worked in public accounting for a while, but I want to make the transition into private industry. However, I have not seen a lot of opportunities, especially in private industry, so I took a temp job in the tax department at a large company.  I was supposed to work for 6 weeks, but they extended my contract for 4 more weeks and then more.  When I started at this company, I wanted to get to know people, but I felt like they did not want to. In fact, all the guys who hold high positions like the managers and director delegate any tasks for me to the one female accountant in the department and then she delegates to me. I understand that I am only a temp, but I am a professional and I do not understand their behaviors. I am not invited to any of their gatherings like birthday cakes, happy hours or their lunches. When they introduce new employees, I am skipped.  It feels very awkward some times when all people are celebrating and socializing while I am working in my cubicle and hearing everything. I know is all business and I try not to take it personally. But, it is hard. I am still looking for a job in the hope that I will be able to leave this company.”

Here’s my response:

Personally, I think it’s disgraceful how your co-workers are treating you.  Although it would be easy to blame it on being a temp, I think it’s more a function of the corporate culture.  When temps are on board as long as you’ve been working with this group, they’re typically treated like one of the gang.  And before any lawyers out there comment about the need to make certain temps do not get the same treatment as regular full-time staff for legal reasons, I don’t think including a temp in a birthday celebration or introducing her to new employees could be construed as crossing the line. 

I did a little research on your company [which the writer asked to remain anonymous] and it turns out there’s plenty on the internet that indicates employees are unhappy, demoralized, feel there are unaddressed racial issues, and that management is focused exclusively on the bottom-line.  Given the nature of the work, I can only imagine it’s a pretty macho environment on top of that.  Once again, your treatment probably has less to do with the fact that you’re a temp than you’re a woman. 

So… what do I recommend?  It’s time to vote with your feet, my dear.  Even if they did offer you full-time employment I think you’d be crazy to take it.  No one deserves to be treated like a second-class citizen and if that’s what’s happening, you’ve got to leave before your dignity is totally demolished.  With that said, it is a tough job market, so don’t quit before you’ve secured alternative employment.  Here are a few suggestions to consider:

1. Go back to the agency that placed you and ask for another placement.  Don’t gripe about your treatment where you are,  simply suggest your skills are being underutilized and you want to remain current in your field.
2. If you don’t already belong to a professional association for CPAs/accountants, join and attend meetings.  It’s through networking that you find the hidden job market — those jobs that are never advertised because word-of-mouth brings in good candidates.
3. Identify 10 companies that you’d like to work for, start researching them, and find people you know who work at them.  It’s always easier to get your resume noticed if someone on the inside brings it to the attention of management.  Smart companies even give bonuses to employees who refer candidates who are ultimately hired.  Take into consideration the corporate culture vis-a-vis the work environment in which you would best perform.  If I found the negative comments from employees on the internet about your current company, you can do the same.  Of course you have to take them with a grain of salt — there will always be people who are disgruntled no matter how good the management and culture.
4. Remember that finding a new job (a) is a job and (b) is a numbers game.  You have to approach it with the same systemmatic logic you apply to your work as a CPA, be persistent, and get your resume into the hands of the hiring sources.  In a good market there’s something called the “Rule of 21″ – for every 21 resumes you sent out you’ll get one response.  In this market it’s exponentially more. 
5. Be laser clear about what you want: salary, benefits, location, job duties, etc.  The clearer you are, the more likely you are to get it. 

Good luck!

TAGS: job change, taking charge of your career, temping, visioning your future