A Website a Diva Likes....

Hello Divas!

I'm back! And bringing you all things money honey! So today in this edition of A website a diva likes, I want to tell you about a site that will help you save for that shopping trip to rome or or the trip to your downtown mall! Let's keep it real ladies, some of us will be shopping in rome - at home! But no matter what you are saving for -- vacation, a home, a wedding...-- this website will help you accomplish your money saving goal.

http://smartypig.com

The piggy bank has gone virtual and its FREE!!! It has a competitive interest rate, is fdic insured and has a social networking component. It also gives twitter updates and has a facebook page! So check it out ladies! Also click here for a New York Times article about this site and others like it.

Sometimes you have to save to be fabulous!

What’s a Diva to do in a financial crisis?

Hello Divas!

I know you are worried about your 401k money. I am worried too. With the collapse of Lehman Brothers, Merrill Lynch, and AIG, the market is going crazy and everyone is losing money.

Well diva’s, I have one word for you — relax!!!

You are not investing your 401k money for a short period of time. Some of us have 10, 20 or 30 years before we can kiss our 9 to 5 goodbye. So we do not need to panic when the market goes down.

I have said this before, think of investing in the market like dating ladies! Every relationship has its up and downs. Sometimes it’s great. Sometimes it sucks. But at least with the stock market, history has shown that the market will recover!

Diva’s, we must be patient.

I know it is painful to look at your 401k and see less money today than you did yesterday or a year ago. But there is no need to be a diva in distress. Understand your investment strategy, and make sure your 401k money is spread across different mutual funds. Diversification is essential. Most financial advisers are suggesting clients like us stay the course. The U.S. News and World Report spoke to 3 advisers about 401k investing, check out what they had to say here.

Here’s to your financial fabulousness!

The 411 on your 401k

Hello Divas!

I’m here to give you the 411 on your 401k money. Listen up!

Now when a diva leaves the house, she always looks good. Friday night I went on a blind date. I spent 3 hours in the beauty salon and forked over $130 getting my hairdo done. I spent another 2 hours and $25 getting my nails and toes done and that’s a deal in New YorkCity. Then I had to decide what to wear. Since this was a first date, I went all out and took a photo of myself in 2 different dresses and emailed it to friends to help decide which dress was best for the date. As every diva knows, it is important to take the time to pull your look together and soliciting feedback from friends helps a lot.

Ladies, the same holds true for your 401k money.

Count it up, I spent at least 6 hours getting ready for one date. However, a successful 401k diva knows its not only about looking good, but knowing your stuff! And the stuff I am talking about is quite possibly the largest investment many of you have — your 401k money.

So here get to it! Here is what I need you to do….

Get to know your 401k statement. Read it, understand it and embrace it divas, it’s not a bill. It’s your future and it’s your money.

Go pull out your most recent statement and see if any of this applies…

• Is most of your money invested in one fund?
• Do you have a significant amount of money invested in your company’s stock?
• Are all the mutual funds you own located in the United States?

If you answered YES to any of these questions then listen closely…

Unless your 401k money is invested in a something called a target retirement fund, then having all or even most of your money in one fund is NOT a good idea. Think about it, what happens if the fund doesn’t do well? Think of it like dating ladies! Until you find Mr. Right, chances are you are going to date several men. When one is not available or acting up, then you call the next guy on your dating list. It’s the same thing with funds. It’s a good idea to have several so if one is underperforming, you have others you can count on!! You have to spread the money to different funds in order to minimize your financial risk.

For those of you investing a significant portion of your money in company stock, I have one word for you Enron– enough said!

And finally, we all love America ladies. But when it comes to your money, you need to go where the action is and there is plenty of action and money to be made in overseas markets. Now do me a favor and take a look at the label on the back of your shirt, skirt and shoes. Check your make up products, the label on your handbag and the manufacturer of the car you drive. We live in a global sociey. Just las large U.S. companies are investing more resources overseas, so should you. Investing in international funds allows you to potentially make money when your u.s. funds are underperforming.

So take a look at your statement right now and see how you are doing. Your future is at stake and the 401k diva is here to help!

And oh about that blind date on Friday, the 6 hours paid off. We had a fabulous time!