Miss New Money in Full Effect

The site is currently under construction AKA I’m working on bringing my Misses better material. In the meantime you can get your dose of me, The Original Miss New Money at Twitter. Follow me @MissNewMoney for a mix of fashion and finance you wont find anywhere else! Let me know what you want to read about! Follow my fashion boards (and witness my Beyonce obsession) on Pinterest @MissNewMoney. Send me a message for an invite!

Stay tuned!


Finance Friday: True Cost of ‘Healthy’

I have been very sick the past few weeks. While I fortunately have not had to be hospitalized or anything like that I have had to miss a lot of work (due to illness or doctors appointments) and yesterday I had to have a minor outpatient procedure. Unfortunately, the diagnosis remains unknown.

However, I almost suffered a major heart attack when I got word of my insurance deductible: $500!!! I was literally brought to tears. They couldn’t proceed with my scheduled procedure until my heart stopped racing so fast. They were so concerned about my heartbeat that they had to perform a few unplanned tests before they could even proceed with what I was there for. The only consolation was that I didn’t have to pay the full amount then, I could be billed for the remaining balance.

Was this suppose to ease my anxiety? I’m already in the process of paying down my credit card debt, repaying student loans, and maintaining a roof over my head. Now this.

How many times have you heard people say that they cannot afford to get sick.

But it isn’t your wallets that should be at the forefront of your concern. Your health should always come first. Right?

Now I have an account for just about everything but health related expenses. And my job does not offer anything like a Health Savings Account, where I would be able to set aside money for just this purpose. I’m seriously considering whether it would be beneficial for me to open some sort of savings account OR to roll healthcare into my emergency fund.

Does this situation constitute dipping into savings?

Congratulations to Miss Gaga! Her new album, Born this Way, is projected to sell 1 million copies in its first week. So money!

AND, do not forget to honor this Memorial Day Weekend for its original purpose: Thank You to all of those that have served and continue to serve our country.

FLOTUS: Made in America

Kate Middleton who?!@!

First Lady Michelle Obama shut it down at the State Dinner hosted by the Queen herself in the almighty Buckingham Palace. Wearing a floor length Tom Ford original, Mrs Obama flawlessly showed the Brits how we do it in America.

First Lady in Tom Ford

Pairing the dress with simple accessories (chandelier earrings, silver clutch and opera gloves to match) the First lady continued to impress her gracious hosts.

FLOTUS in Barbara Tfank Resort 2011

Earlier in the week she once again proved that style can be achieved at every comfort level and age! Never one to shy away from some color (though it may be a little ‘Easter’ – Shut Your Mouth!) she packed one of her favorite designers,   Barbara Tfank. And decided to leave the pearls at home this time.

Don’t we just love her? Whether styling a chignon,  full bottom dress, kitten heels or studded belts she always looks effortlessly pulled together, chic and never cheap, regal yet oh so American.

Finance Friday: Gifts for Graduates

I remember it well. June 13th, my graduation day from college. Having spent five years being taught how to think and then learning to think for yourself graduating from college is like your Dad taking the training wheels off your two speed overnight.

You were used to dime diving – ya know searching through the couch cushions in the student lounge to collect coins for your laundry. While you didn’t make much you made due. You always found enough money to go shopping, go dancing, and oh yea, go out eating.

But unfortunately, that “Real World” you kept hearing them refer to is rampant with due dates (past due dates), minimum payments and balances, fees and grace periods that expire after six months. Instead of buying flowers for the graduate in your life consider preparing them for the financial world they cannot hide from – no matter how many times they hit the proverbial snooze button.

I’ve stated before that I knew absolutely NOTHING about personal finance when I entered college. Not only did I graduate with a Roth IRA, a funded emergency fund and savings account, and a debt free week long stay in Panama, but was also able to purchase my first home at age 23. I attribute my enlightenment to one book: Rich Dad, Poor Dad by the Godfather of passive income, Robert Kiyosaki.

If you can get your graduate to do nothing else, I highly recommend you force this upon them – then let them make their own decision about how to proceed. The Godfather very simply talks about his upbringing and the influences that helped shaped his vision from his friends dad (Rich Dad) and his biological father (Poor Dad).  He introduced me to the concept of “passive income” and “making your money work for you”. I can say without a doubt, this book changed my life!!!!!

My other recommendation demonstrates a practical viewpoint of implementation. A semi-recent graduate himself, Ramit Sethi discusses in his book and blog by the same name, I Will Teach You To Be Rich, how young professionals can earn more, invest more, and do it all rather easily. He hates most financial advice and I hate some of his advice, but I give credit where credit is due: 90% of his material is absolutely valuable.

While he feeds off some stereotypes (especially in his Indian culture) he offers concrete advice as it relates to the psychology of individuals and why most people behave they way they do. The one thing that I took away from Ramit was the simplicity of automation, as I discuss here. Master this and you never have to worry about managing your finances again!

These weren’t books that anyone in my family suggested to me – or even could suggest to me. It was pure fate that brought me to these two gems. The goal isn’t to get your graduate to implement every single piece of information but rather to get them to be aware and start to think about these things. Have start early, so they don’t finish late!

Editorial note: And no I don’t think I’m slick I realize I’m posting Finance Friday on a Saturday…my bad!

Finance Friday: ‘I Do’, but…

The Duke and Duchess of Cambridge

I started this post during the royal wedding craze and was inspired by the ceremony and spiritual meaning behind the joining of two lives – but more so by the extravagant arrangements and jaw dropping costs. Reports estimate the royal wedding costs anywhere from $30 million to $70 million, with Brits footing the bill for security.  With an average US wedding costing close to $30,000 – peanuts to The Duke and Duchess I’m sure – most couples spend their honeymoon phase paying for that one special day.

Tia Mowry and Cory Hardrict

Ramit Sethi of I Will Teach You To Be Rich  suggests a foreign concept in his book by the same name (see Chapter 9: A Rich Life). Start to save for your wedding as soon as possible. Whether you are single or engaged, on the hunt or playing the field, if marriage is something you eventually see for yourself, why not start saving for the day now. I am willing to put in the upfront  leg work to have the wedding my future husband and I want. OK– I tried to include him but let’s be real, the wedding I want.

New Parents: Mariah Carey and Nick Cannon

This isn’t Project Husband, where you plan a wedding without a partner. But the concept and application of saving for your wedding as oppose to daydreaming about it will allow you the freedom to have the wedding your budget can afford. Heck! Saving now will allow you to have the wedding you might not otherwise be able to afford!

Say at eighteen you started putting away $50/month in a measly saving account earning you 2%. By twenty you’ve saved  $1,275.56. Wedding cake? Check!

Now say you continue to save another five years while you meet and fall for the guy of your most dreamiest dream. You’re earning  more so you increase your monthly saving amount to $100.

Final Savings Balance: $7,718.53

Ummm, looks like you have options when it comes to your wedding dress. Maybe even go to Kleinfelds for a private fitting. At twenty-five you have personally saved a significant amount for your big day. But because hubby-to-be is THE one he is on board with the luxe savings plan and decides to contribute too. You two are saving $300 month at a higher interest rate. By thirty, you would have saved:

Final Savings Balance: $29,386.29

LaLa Vasquez & Carmelo Anthony

LaLa Vasquez & Carmelo Anthony

Some of you may find this strange, unrealistic, time-consuming, blah, blah, blah. But you will be one of those people who overspends, overcharges or has to make those seemingly tough cuts to control costs. If you think you cannot afford to save now, how will you afford to spend later?

As a married couple your lives will be filled with many special days. Hopefully each one doesn’t cost you a fortune. But if you begin to really plan (and by plan, I mean save) for you big day, the result will be “a wedding where, the day after, you’re debt-free and can start your lives together“.

Shania Twain and Frédéric Thiébaud

For a simple savings calculator, click here.

P.S. It is really tough to find celeb wedding photos were the couple is still together…

Am I Wildin’?

Take a look at these babies:

Not her perfect pout but the pieces of 80’s old school adorning her ears.  Worn by the flawless beauty (on the outside at least), Miss Cassie, these Swarovski Bamboo Earrings are pure ecstasy.

These were designed by Persian/LA designer Melody Ehsani. Her designs are fun, outspoken (see POW! ring), and for the girl who is confident in her style and free to be she.

Swarovski Bamboo Earrings, $200

So, am I wildin’ for wanting these earrings?

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