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Week of May 29 |
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Friday, June 2, 2006
June Brides & Berry Pies
June is the most
popular month for weddings. I should know why, since I was a June
bride. I suppose it often seems a natural progression—the next
grown-up step to take after graduation in May. My advice If you’re
contemplating a June wedding right after college: Give yourself a
little space, some time to be yourself, to find yourself. And, if
you’re still hearing wedding bells, think about getting a pre-nup.
The process of discussing money matters with your fiancé may test
the ties that bind the two of you. But it’s the most romantic thing
a couple can do; it will increase your chances of forming a strong
union. (Paul McCartney reportedly made the romantic gesture of
refusing Heather Mills’ offer to sign one, so they didn’t, and their
romance still faded.)
A
friend of mine is worried about a friend of hers who married a
celebrity last year; he was an avowed womanizer and, because he is
rolling in the chips, he insisted that she sign a pre-nup, so she
did. But it isn’t always the man who brings the most assets into a
marriage, and, often, these days, even ordinary folks with no money
to brag about are getting pre-nups, setting in writing financial
goals and plans. How much will the couple set aside for the wife’s
financial security if she decides to become a stay-at-home mom, for
instance? Pre-nups don’t just formalize what will happen if a
marriage is dissolved. They can be used to draw up a financial
roadmap for a successful marriage. The process is very affordable
(starting at only $119) at
www.legalzoom.com. If your situation is complicated by previous
marriages or a family business, it’s best to consult an attorney who
specializes in marital issues.
In
the meantime, just to get your money conversation started, why not
take our Marriage & Money Quiz with your fiancé. It was
prepared for Making Bread
by Allison Acken, Ph.D, who specializes in counseling couples on
money matters. Visit her at
www.womentalkmoney.com.
HE SAID, SHE SAID:
How Compatible Are You on Matters That Count?
What do you think of the following statements?
Rate your agreement from 1 (strongly disagree) to 5 (strongly
agree). Next ask your partner to take the quiz. Then compare answers
and discuss the differences.
1 STRONGLY DISAGREE …………… 5 STRONGLY AGREE
1. Sharing your financial issues (even previously held secrets) in
open dialogue with your spouse is necessary for a financially
healthy relationship._____
2. No matter who earns the most money, each partner should have an
equal say in financial decisions. _____
3. Saving at least 10 percent of income is absolutely necessary.
_____
4. Marriage is a partnership in earnings, too. It is important for
both spouses to generate income. _____
5. A full-time, stay-at-home parent is contributing as much to the
family’s income as the parent who brings in the paycheck. _____
6. If you and your spouse make a financial agreement (for instance,
about spending, saving or budgeting), it’s like a promise made, and
both of you need to stick to it. _____
What’s Your Score?
The higher your score on these items, the more ready you are for a
financially divorce-proof marriage. If you have a preponderance of
3’s, you probably haven’t thought about these issues much. It’s a
good time to talk about them and form your opinion.
What’s His Score?
Ask your fiancé or husband to take
the quiz. Compare your overall scores and your ratings for each
individual item. Talk about where you agree and disagree and why you
feel the way you do.
How Divorce-Proof Is Your Marriage?
You will probably not be in perfect agreement (all 5’s or all 2’s),
and that’s okay. If your scores are vastly different, you have a lot
of talking to do. You can bet you’ll get to know each other a lot
better in the process. Some financial issues are easily ironed out
before marriage, and some issues you will continue to work on
throughout your marriage. There is a chance that one of these issues
might be so crucial as to be a deal-breaker. If you run up against
one of these big differences, it’s time to seek professional help to
see if you can work through it together before you set the wedding
day.
If you’re
looking for something delicious to serve at a wedding shower or
reception, you won’t go wrong with any of the yummy recipes featured
on
www.betterbaking.com this month. I’m salivating just reading
Marcy Goldman’s description of Strawberry Shortcake Biscotti.
Champagne, anyone?
Prosper & enjoy,
Gail Harlow |
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Thursday, June 1, 2006
How Many Miles Do You Get?
Given the rising
cost of gas, anyone thinking about purchasing a new car this year
should zip on over to
www.greencar.com to fuel
up on info about the advantages of hybrid cars. Find out why Mario
Andretti and others named the 2006 Mercury Mariner Hybrid 2006’s
“Green Car of the Year.” Getting an EPA-estimated 33 mpg in the
city and 29 mpg on the highway, the Mariner Hybrid “presents an
excellent example of how automakers can create vehicles that are
sophisticated, functional, and appealing on many levels ... while
keeping an eye on enhanced environmental performance. It is a
fitting winner of Green Car Journal’s inaugural Green Car of
the Year award,” say the site’s editors. Visit forums on the site to
discuss the pros and cons of hybrids with hybrid owners, and pick up
a “How many miles do you get?” MPG Bumper Sticker while you’re
there.
One
undeniable advantage of purchasing a hybrid is the substantial
Federal income tax credit that you’ll get next April. Go to
www.fueleconomy.gov to find out how large your credit will be,
depending on the model you buy.
For
a “Complete Fuel Economy Guide,” including gas-saving tips and a
list of the most fuel-efficient cars, hybrid or not, tool down the
Internet highway to
www.consumerreports.org.
GOOD
DeaL? Last week GM
announced its “GM Fuel Price Protection Program” to “cap what
consumers in Florida and California pay for gas at $1.99 a gallon
when they purchase [or lease] select 2006 and 2007 GM full-size
utilities and mid-size cars.” Qualified car purchasers in those
states will be issued a pre-paid card credited monthly with the
difference between the average price per gallon of premium fuel in
their state and the $1.99 price protection cap. “A
California resident who purchases a 2007 Chevrolet Tahoe and drives
it 1,000 miles a month would realize an estimated $103.75 monthly
credit, based on the current average premium fuel price of
$3.65/gallon (as of May 15),” according to the GM press release
announcing the program.
Go to
www.fuelprotection.com to calculate your potential savings based
on your vehicle selection. Unfortunately, many of the cars eligible
for this program are gas-guzzling SUV’s, and the credit is only good
for one year. So you better think twice before letting this deal
take you for a ride.
Prosper & enjoy,
Gail Harlow |
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Wednesday. May 31, 2006
Skincare for Skinflints
It’s estimated that Americans spend more than a billion
dollars a year on beauty products. If your beauty budget needs a
little microdermabrasion, here are a few money-saving strategies.
For starters, shop smart: I’ve tried many expensive
potions and lotions from upscale beauty retailers, such as Chanel
and La Mer, and I’ve found that drugstore varieties do the trick
sufficiently well. You may not feel like you’re pampering yourself,
but you’re pampering your bank account when you spend $20 instead of
$120 for skincare. Two relatively new low-end products that I like
are Neutrogena’s Visibly Firm Face Lotion ($18.49) and, for hair
care, John Frieda Luminous Color Glaze ($9.99), both available at
www.drugstore.com. They really keep their marketing promises.
For even more cost-cutting, I’ve found I can save
several dollars on each product I buy when I make my basic beauty
purchases (shampoos, moisturizers, etc.) at Wal-Mart, instead of at
the supermarket or drugstore.
For other budget beauty suggestions, download Self
Magazine’s free 2006 Healthy Beauty Shopping List, at
www.self.com. There you’ll find the magazine’s choice for Best
All-Around Shampoo, White Rain Water Blossom Shampoo, for just a
dollar (who knew?) and Best Cream Blush, Rimmel\s Soft Cream Blush,
priced at only $3, plus many more affordable products worth trying.
In the Did-You-Know Department: Once every year, French
women with medically diagnosed skin conditions can get 65 percent of
the cost of a special thermal-cure spa treatment paid for by the
government. Now that’s a country that has its priorities straight!
Prosper & enjoy,
Gail Harlow |
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Tuesday, May 30, 2006
Home Sweet Home Equity
Help!
This career woman is turning into a “Domestic Goddess.” What a scary
thought that is! After years of focusing obsessively on getting
ahead in my career, now, in a lull between jobs, I’ve been forced to
stop and take a breath and look around at my home surroundings.
Getting ready for a home appraisal so that I can refinance my
mortgage, I’ve come to realize what a gold mine I’m living in, and I
wish I’d taken a little better care of it. Now I have a list as long
as a yardstick full of projects I want to do to feather my nest and
increase its value, as well as my enjoyment living in it. This woman
who never set foot inside a hardware store is now trolling the
aisles of Home Depot, open-mouthed, amazed at the things available
for sale there. No wonder the DIY trend is taking off big time. I
think I’ll buy some stock in Home Depot.
That
would be a gamble, given the vagaries of the stock market. But one
thing I’m certain of is that owning your own home is the best
investment any woman can make. I know that every dime I put into my
home will pay healthy dividends in the long run. It’s already
allowed me to fund a business, as home equity has helped many other
women (who find it more difficult than men to raise investor
capital) to become business owners. My business failed, but at least
I had the luxury of trying.
Happily, more and more women are buying homes before marriage.
According to a Century 21 national survey,
young, single women bought 21 percent of the homes sold in the U.S.
last year. Young, single men, by comparison, purchased only nine
percent of the homes sold last year.
If you aren’t already a homeowner, think about joining them.
For
the best guide I know to owning the roof you live under, read David
Bach’s latest book, “The
Automatic Millionaire Home Owner.”
Prosper & enjoy,
Gail Harlow |
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If you like the blog, you’ll love the book.
For more savvy
finance advice, buy
“Making Bread: The
Ultimate Financial Guide for Women Who Need Dough,”
by Gail Harlow and Elizabeth Lewin, available on
Amazon.com and at your local bookstore |
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