DailyWorth's Amanda Steinberg Offers Wealth-Building Tips

Amanda Steinberg

Amanda Steinberg has always been good at making money ? she was making upward of $200,000 annually as a web developer while in her 20s ? but she also managed to spend all of it. Aware that she needed to learn about wealth building, she assumed other women also needed to understand money management and build net worth.

The result was DailyWorth, a daily e-mail newsletter and virtual community with advice for women on personal finance. Today, DailyWorth has more than half a million subscribers, and Steinberg is known as an expert on the topic of finance.

We asked Steinberg to offer a few pieces of advice on managing wealth:

What?s the biggest pitfall (or couple of pitfalls) women face when it comes to finance ? and how do we overcome the obstacle(s)?

Our biggest obstacle is seeing ourselves as financial stewards of our own destiny and engaging in our finances in general. Too often we get so overwhelmed by ?expert advice? ? save for retirement! Save six months into an emergency fund!? ? and, due to overwhelm, we run away.? Instead, spend regular time with your money and have patience with yourself. Money management is less about praying for a giant windfall (though that would be nice), and more about setting up systems and habits that distribute your money across savings, debt and spending.

Editor?s note: If you?re looking for a community to support you in setting up these systems and forming new habits, check out Money Clarity. The e-learning program launches on Feb. 4.

We hear over and over again that women undervalue their worth. How can we combat that tendency?

If you?re a woman, there?s a chance you don?t understand what your skills can really generate in the marketplace. Begin understanding your worth by TALKING about money with colleagues. Start a regular power breakfast or power lunch with other women who do what you do. Ask them how much they charge and how they negotiate those fees, and the terms on their contracts. Learn from friends and associates.

We can learn a lot when we talk about money and our businesses ? something too few of us do regularly.

Before you started DailyWorth, you made a good salary, but you spent it instead of saving it. What do you recommend women do to keep their money in hand and have it available for the future, when they?ll need it?

To keep money, the most important thing you can do is move money regularly and automatically out of your checking account into three types of accounts:

• Curveball fund: Set up a separate savings account for any ?oops? ? like, oops, I broke my iPhone. Savings for short-term unexpected items can go a long way.
• Emergency fund: Move what you can into it ? and DON?T TOUCH IT! There?s nothing like having a pile o? cash there when you need it.
• Retirement fund: Don?t want to eat cat food when you?re 80? Neither do we.

FOUNDER NOTE: Like Amanda, we know first hand how easy it is to overspend ? we are trying to pay down a chunk of debt too. But like Amanda advises here ? and my friend Carlo told me 25+ years ago, even if it?s 5 bucks a week, save something religiously. Because no matter how small, your nest egg will grow. And better spending and savings habits will mean you?ll be able to deal with life?s little emergencies AND have a happier retired life too!

Want to share some of your savings tips or how-you-got-out-of-debt stories ? please do, we?d love to hear ?em!

Source: http://www.womencentric.net/dailyworths-amanda-steinberg-offers-wealth-building-tips/

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