Archive for the ‘Quality of Life’ Category

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New Marriage/New Financial Plan:The Millionaire Nurse Way!

Monday, March 1st, 2010

You married the love of your life.  Everything is colored by the “rose colored glasses” of bliss in your new post-honeymoon phase.  Getting to really know a new person.

A few months later, many couples find crumbs in their bed…

What do I mean?   Well, the credit card bills start to come in, and they are way more than one spouse is expecting.

How bout this scenario:   “What is this bill to John’s Sporting Goods?”

“Oh, they had a new 300 magnum with walnut stock, been looking for that rifle for several years for my collection.”  “Let  me show it to you, it’s a beaut ain’t it…”

“But is was 500 bucks, and we hadn’t talked about a new gun, you already have 25 stuffed  in various closets-I don’t hardly have room for all my shoes!!!!”  Or you can tell the story the other way around, substituting shoes for the gun….

So what do most couples do when they get married, when it comes to money?  Nothing.

So how do you keep from making these mistakes?  Mistakes  that over time, become resentments, that keep the divorce lawyers in gravy.

First-and sometimes most difficult, is having discussion about finances going into the marriage.  Financial counseling should be  a big part of pre-marital counseling.

What do you talk about?

  • amount of debt being brought into the marriage, if you have an old uncollected debt that will catch up to you when you are trying to buy your first home-get it all out on the table.
  • your money habits-do you normally pay your bills on time, how organized are you, how often do you pay over-draft or late fees?
  • Do you have life insurance, health insurance, what benefits are available in your company vs the new spouses?
  • Do you have hobbies that require ongoing investments-and how flexible are you about changing if that hobby doesn’t match the budget.
  • If you have an ex, have all the financial ties been settled.  Does your ex still have access to any of you accounts-is your name still on any of her cards, or vice versa…..
  • Make sure you talk about common goals, and how you will reach them-such as buying a home, saving for college, amount of savings for retirement.

The secret here for financial compatibility, is to get on the same page if possible-or at least in the same chapter.  If one of you is reading a financial fantasy novel, and the other a non-fiction spreadsheet-then trouble looms ahead, unless you talk it out.

Being married can provide you with money savings, tax benefits-so make sure you check on things like changing your car insurance, health insurance, beneficiaries on life, health and disability policies.

I think most couples need to jointly participate in planning their monthly spending-take an hour each month to decide what is coming in, and where its going.  I think joint accounts are better-so there is less chance for surprises when it comes to money problems.

So don’t let money mess with your marriage.  Talk about it, plan about it, make your money work for you.

And if you need help-that is what we are here for.  Get started on your financial marital counseling service today-by signing up for our newsletter-”The Millionaire Nurse Money Letter” . You will get a free e-Book on “Emergency Money Resuscitation” and a mini-course on financial management.

And if you have any marital money stories you can share, let us hear from you.  We all need to keep learning.

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Moving Forward, The Millionaire Nurse Way!

Saturday, February 20th, 2010

The Muse RN’s post in Change of Shift, hosted at INQRI got my attention today.  It is a post about “squatters”.  Now, being a OB-GYN, squatters had a particular meaning to me.  But it was no surprise,  The Muse’s definition was different than mine.

She  basically had a rant going about nurses who get to a certain position in their career, and then begin to coast.  They also clog up the system, become middle managers who just go to work everyday with no passion for their job.

I would say that the same thing occurs to most of us.  After a while, we get decent at what we do.  It doesn’t require a lot of thought, or challenge.  When we are not excited about what we are doing, it is human nature to just “mail it in” as they say.

So how do we keep from doing that?

  • Just knowing that it occurs, and watching for it, will help.
  • Always be on the lookout for a new challenge.  Whether that is a job change, promotion, transfer, or a new field completely.
  • Go to conferences-I always learn something at a conference-if you can’t go, because of money, then save for it.  In the meantime, connect with others over the net-that share your passion-(no not porn!).
  • Become a mentor to others, as the Muse suggests.  Take new grads under your wing.  Show them that not all the folks who have been around awhile are shriveled up, snarky,……….’s
  • Get Excited….
  • Work on being HAPPY!  Yes, there are always going to be things that could be better.  Richer, healthier, more good looking, more attentive spouse, children that could behave/appreciate you….. I could go on, and on, and on, and on!  But you are alive, you have a brain-or you wouldn’t be reading.  So smile a little, it won’t hurt-much!

So thanks Muse, for a thoughtful post.

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Getting Things Done: The Millionaire Nurse Way!

Friday, February 19th, 2010

I have been in the business of health care since I started medical school in 1977-yes before many of you were born.  I am old.  It is funny to think about, but my first two years of practice, I had several patients, say-”you can’t be my doctor, you are too young!”   Welllll, that hasn’t happened in a while.   No one, has so far, said to my face, “you are too old to be my doctor, but some probably think that….

After spending tens of thousands of hours trying to motivate people to lose weight, quit smoking, exercise more, eat less, I have now added-”pay attention to your finances” to my to-do list.

Now, I don’t do financial counseling/coaching at my medical practice-but on this site, and in my speaking engagements, my job is to motivate nures to take their finances seriously, and make changes to become more successful managing their money.

And it is funny, the response I get in the office dealing with healthcare issues is the same, when dealing with financial issues.

“I DON’T HAVE TIME!”

TIME-by John Morgan

Of course, I have heard that before.  Those who don’t have time to exercise, focus on their diet, or work on their finances, have plenty of time to watch television.  Or read the latest romance, go to the 3-D Avatar experience, hang out with their friends, go shopping at the mall, play video games, facebook-”farmville- can I get help with my barn???”

I am all for a little down time.  We all need to get away from our responsibilities occasionally, especially in a stressful profession like nursing.  But, sometimes you have to set aside time for what is most important.  You have to act like a GROWN-UP!

How many times have you seen that smoker in the ER with pneumonia, or COPD complications, that you didn’t think, “Why has he not quit?”  “Doesn’t he want to be around to see his grand kids grow up?”  Or the alcoholic, or the diabetic, who can’t seem to quit drinking or eating sweets excessively.

So, turn that around.  Are you spending quality time thinking about how to improve your finances, get out of debt, maximize your retirement, automate your savings account, make sure your will, insurance, and college savings are all set up?????

What are you waiting for?  Catastrophe, bankruptcy.  You know you need to.  Don’t put it off.  Get into the habit of spending an hour or two a week, planning and thinking about your future.  It will be a great investment-then go build your barn!

And if you want to join our team, at “The Millionaire Nurse” please sign up for our newsletter-by hitting the beautiful E-B00k on the left side “Emergency Money Resuscitation”.  We will send you the free E-Book and sign you up for our mini-course on personal finance.  We also will deliver out monthly newsletter-full of money saving tips and suggestions.

Make Time!

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Posted in Quality of Life, personal finance | 2 Comments »

Uninformed, Clueless, or Frightened-The Three States Preventing You-From Being the Millionaire Nurse!

Monday, February 8th, 2010

Seth Godin, the internet marketing guru’s blog post today, is asking, “Are you uninformed, clueless, or frightened?”  And, bang, I thought, that is what many of my readers are.

Uninformed-you know you need to learn how to manage your money better, but just aren’t sure how to get started.  The first step, is just- Take the first step.  Read my blog, read the other personal finance blogs listed on the right, download the free e-book, Emergency Money Resuscitation.   Read my book, The Millionaire Nurse. Out soon I promise!  Go to the library, an investment in learning about your finances is a bargain!

Clueless: This is not judgmental.  This just means there are many folks, who need help with money management, that just haven’t realized it yet.  They have been living paycheck to paycheck for so long they think it is normal.  They have always had a car payment- so what?  They don’t understand the freedom it can bring to your life to have a financial cushion called savings and the Super-Duper Emergency Fund. All their friends are broke, so why should they be different.

Frightened- These are the people desperate for help, but are frozen.  The recently divorced single mom, trying to keep the lights on and food on the table.  The couple who just got their first collection call ever-”I have never been late paying my bills, but my husband just got laid off!”  Or, ” I don’t know why I bought that, I didn’t need it, but I have been working so hard-I deserved it!” Then you get home, and wonder, “Why in the hell did I do THAT?????

So where are you?  Let us know how we can help.  Let us know what your questions, fears, concerns, and needs are.

And thanks Seth!  And by the way, Linchpin-great read!

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Journey To Money Success-Has To Start Somewhere!

Monday, February 1st, 2010

A journey-the word has different meaning to each of us.  It can be a trip to see Grandma, it can  mean an adventure to a foreign land, or it can be a change in direction of your life.

Grabbing control of your money-when you have never really paid it any attention, is a most difficult journey for many.

You may have many reasons for your disdain for money:

  • You think money is evil.
  • Money management is for your husband/wife to handle.
  • You don’t think you are worthy of financial success.

The last one is most common.  Nobody else in your family or peer group has money, why should you.  Or, “Buying this little pretty, will make me feel much better, after my hard day at work!” so further in debt you go….

So, you are faced with a choice.  Continue to struggle with your money.  Or, begin to make changes-start your journey, by crossing the bridge above at sunrise.

  • From the dark into the light.
  • From debt into wealth.
  • From ignorance about your money, to enlightenment.
  • From a constant struggle to get by, to peace and contentment.
  • From wishing you could give more, to real giving  that can make a difference.

But the journey has to start with the first step.  That one has to occur in your brain.  You have to make up your mind to change, and that, my friends, is scary.  We always fear the unknown.  “If I have money, will I be changed?”  “Will I be a different person?”  “Do I deserve that?” ” What if I fail?”

I am here to help-Go for it!!!

Get started today, by joining The Millionaire Nurse.  Members will get:

  • my  FREE e-book,  Emergency Money Resuscitation, that is filled with tips on saving money.
  • A mini-course on personal finance.  Emailed over 6 weeks will be tips on credit card management and banking.
  • My new Millionaire Nurse Money Newsletter, which we are bringing out soon, just in time for Valentine’s Day.

All free, because my goal is to get you started on your journey to financial freedom.  Start today!

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Saving Money-While Losing Weight and Getting Fit-Win/Win/Win!

Tuesday, January 19th, 2010

“How can you save money, get fit, and lose weight all at the same time, Dr Dean?”

“Well, I am glad you asked.”  Here are my rules, for “Millionaire Nurses”, who know the value of saving money,  good health and fitness.

  • Burn more calories:  Bike to work, walk to work, even if it is only once a week.  Same for shopping, park the car and walk to several of your destinations if possible.  If you have to drive, park as far away from your work as possible-(won’t save money, but will burn calories.)
  • Stop fast food-take healthy food for lunch.
  • Switch shopping time to exercise time.
  • Take advantage of health insurance/workplace incentives to lose weight and exercise-Some companies drop premiums, or even give cash bonuses if you meet certain measures of losing weight, stopping smoking, or exercising.
  • Cook at home-make it fun-turn the tv off, put on your apron with nothing underneath(keep it safe), turn up the music, use healthy ingredients, have your family help(with clothes underneath the apron if you have kids, please!)
  • Instead of date night out at the movies, or on the weekend-make it play time out-take a walk at a park, bike, build a snowman, cross-country ski.
  • Smaller food portions at meal times translates to lower grocery bills.
  • Skip desserts at home and when eating out.
  • Take showers together with your spouse-(if you don’t know how this can lead to burning extra calories, then we need to talk.)
  • Stop buying pre-packaged, high sodium/preservative sandwich meat.  Buy a chicken breast/bake or grill/cut on the diagonal for sandwich size portions-you can do the same with pork-loin, or inexpensive roasts.   If you have too much to use in a couple of days, freeze them, labeled with date and identity, in sandwich size freezer bags.
  • When buying exercise equipment, buy used on Craig’s list or E-bay.
  • When joining a gym, watch for special rates, ask for friend referral coupons, and make sure you have a way to cancel your membership without penalty!
  • Switch to whole grain cereals or oatmeal-buy in bulk/add low-fat milk, fruit instead of cereal bars, or skipping breakfast.

What are your favorite ways to save money while losing weight and getting fit?  Let us know your tips.

And to get you started, here is a link to a 2 bucks off for Soy milk by 8th Continental-I love the stuff! And it’s healthy too.

And if you need “Emergency Money Resuscitation” then go pick up my free E-book, filled with money-saving tips-did I say free.  You will then receive my e-mail mini-course on personal finance, and newsletter- all free.

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Millionaire Nurses and Disaster Response/Giving-Now Is The Time To Step Up!

Thursday, January 14th, 2010

One of the most important tenets or “Millionaire Nurse Mindsets” as I call them involve giving.  This means giving on a routine basis to your church, and or other worthwhile charities.

However, there are times when you just have to go above and beyond your planned giving.  This is the reason I recommend planning your spending, so you have a margin for needs/gifts that come out of the blue.  This may be a neighborhood child selling something to raise money for school, or a loss of a home to a fire or flood in town.

This disaster in Haiti qualifies on all fronts as a huge need that we all need to respond.  I will be giving to the Salvation Army on-line, and I challenge all Millionaire Nurses and wannabe’s to do something similar.

Regardless of the political situation in Haiti, these are women, children, elderly who need the basics just to survive.

Doctors without borders is another great way to help.

For actual volunteer opportunities for nurses, check out this site at The American Nursing Association for more links to volunteer organizations.

So take a few minutes to say a  prayer for these people, and give to the organization of your choice.

That’s what “Millionaire Nurses” do!

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Doing Nothing/With Total Focus:The Millionaire Nurse Way

Sunday, January 10th, 2010

Doing Nothing /with total focus.  Does that sound like an oxymoron to you?  How can you focus on nothing?

But,  maybe it is not as contradictory as it seems.

I think all of us, with a job, family, financial stress, and time constraints need a break.  Now that doesn’t mean we go to Disney World on a credit card because: “We need a break!”  No, the type of break I am talking about, is just shutting out the world for just a few minutes- every few hours during the day.  Say a quick prayer, meditate, stretch with a few Pilates or yoga poses.  Walk around your desk, go up and down a few floors worth of stairs, stroll around the block.  Just do something to take your mind off your troubles/job/money problems…..

I can promise you, your productivity will increase.

Another interpretation of the above statement, would be:  take a few minutes every day (or several times per day), to shut out the outside world and just concentrate, or think about what is most on your mind or your most important problem or issue.  We are often so distracted by the “noise” of our day, we don’t allow ourselves to really focus, or concentrate on what is most pressing.

If  you have a problem with a patient, a co-worker, boss or child for that matter, go to a quiet place, take a few minutes, and think about your options, and make plans/steps to deal with it.  Make a decision, so you can then move on to other things you need to do without the constant worry or distraction or “brain drain” that recurring concerns or  automatic negative thoughts (as described by Daniel Amen MD) represent.

If you are working on an important project, this focused quiet time, can allow you to make breakthroughs when you are frustrated.  Make sure you have pen and paper, or a Dictaphone to make notes about your decisions.

So make sure you take time to- do nothing/with total focus-every day.  Clear your brain of cobwebs, and focus it like a laser beam.    Your mind and body will appreciate it.

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Saving Money: How to Teach Your Kids to be Millionaire Nurses!

Wednesday, January 6th, 2010

The savings rate in our country became positive in 2009 for the first time in years.  This means we actually spent less than we earned as a society.  It only took the worst recession since the great depression of the 30’s, and double-digit unemployment as our slap to the back of our head. (You NCIS fans know about slaps to the back of the head).

So now folks are scrambling to learn how to live on less than they make, and save for a rainy day.

So how do we keep this trend going, especially after the pain of this recession fades from our collective memory.

One way is to teach our kids the benefits of saving, and learning about the benefits of compound interest.  One Website that is designed to help is  “Three Jars”.  The theory here is that money given to kids, such as allowance or money for chores is submitted electronically to the Three Jars site.  The money is then divided into savings-50%, spending-40%, and giving-10%.

The spending money is available for the kids to use either with cash or card.  There is an option for the savings part of the account to earn interest.  The site is kid friendly, allowing them to check balances and to learn about money.  Now there is a charge of 30 bucks per family for the service.

The money in the giving jar is available to send to the charity of your choice or one of several national charities that are accessible through the site.

Now for you thrifty folks, can you do the same with a little effort, without going online, and paying thirty bucks?   Of course, but whether you spend the amount of time it takes to teach the kids about money, will be up to you.  And thirty bucks a year seems reasonable for the lessons learned.  And we all know kids are more motivated by a computer screen than a piggy bank….

So what are your thoughts?  Did you get an allowance?  If so, were you encouraged to save part?  Were you encouraged to give to charity?  And if you have used, or know someone who has used Three Jars, let us here from you.

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Posted in Quality of Life, Uncategorized, personal finance | 4 Comments »

Old Friends

Saturday, January 2nd, 2010

We visited old friends to bring in the New Year.  Our kids grew up together, we vacationed together, for several years.  Then a job transfer moved them away.  But we have stayed in touch, getting together every year or so for a visit.

We enjoyed catching up on family changes.  The economic downturn of the last several years has affected all of us, either directly or indirectly.  It is so important during these times of turmoil to not forget what is most important.

Hold your friends close, for they will help keep you grounded.  Hold your family closer, for they will keep you emotionally alive.  Make sure all your decisions about your money, are well thought out, and will not put you, family or friends at financial risk.

And remember, a good friend should tell you when you are about to screw up, so develop them, nurture them- so they will be there when you need them.  And most importantly, if they tell you- ” You are going in the wrong direction!” or “You are making a big mistake!”,-then respect their judgment.  You may still be right, and they wrong-but at least listen, and  thank them for caring enough to speak up.

So take the time this year to re-connect with old friends.  And make sure new friendships are nurtured and allowed to blossom.  They will bring joy and satisfaction to your life, you can’t get any other way.

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