This is an interview with the Wall Street Journal bestselling author, Marianna Olszewski… super inspiring money expert, life coach, and author of the newly released book Live It, Love It, Earn It.  Marianna is the embodiment of the American Dream. From a modest start (living over a butcher shop with her parents and four siblings) she climbed her way to the upper echelons of Wall Street as the founder and CEO of Madison Financial Management LLC, a broker-dealer and hedge fund marketing company. Here’s what Marianna has to say on the subject of achieving financial prosperity.

1. Why do you focus on women in both this book and your speaking/ coaching work? Do you think women need different advice or more advice?

Women just think differently about money than men. They make it more emotional than men. Over the past few years, woman after woman has come to me filled with anxiety and fear. Some of these women were in such high debt that they couldn’t sleep at night. I really wanted to share with them the ability to recreate their lives – I was there once, too. I was that same person, and I changed my life. Also, women need to look at their lives and examine why they feel they have a struggle around money – wanting it, making it, and having it. I’m here to tell them is ok, it’s good.

2. If a person could read only 1 chapter of your book, which should it be?

Chapter Six, “Claim Your Power.” This chapter talks about taking your power back around money, people, places and things. I believe it starts with a strong belief in yourself and owning your power. It’s about saying I’m not the victim any more. I’m going to live the life of my dreams. I love all the chapters in the book, but this one gives you the tools to identifying what’s draining you. It also teaches how to release the power that worry has over you.

3. As you’ve marketed this book & spoken to women about money what’s the most common personal finance question you’ve been getting over the past 6 months?

How to get out of debt. Across my coaching classes and seminars, 8 out of 10 women ask about how to get out of debt. Mostly it is credit card debt. Some of it is foreclosure related. And a lot of it is IOUs to everyone from the hairdresser t to the person who helped build their website. I tell them the first step to getting out of debt is that you have to stop taking on new debt. The biggest tool for that is understanding why you are taking on the debt in the first place. A lot of women deal with their emotions through shopping. The second thing I tell them, which is so big, is that you have to make peace with debt, you have to be grateful for what it brought into your life. Once you shift from anger to acceptance and gratitude, then you can move on. It’s just like with an ex – if you are still angry about the past, there is not space for someone new to come into your life.

4. Do you think the increased interest we’re seeing in savings right now will continue when the economy turns?

Women say they are all saving but they still have tons of debt, often that they are only paying the minimum on. We have to get through all this personal debt. Until we get over that debt we can’t really save.

5. If a woman is getting started learning about personal finance, after reading Live It, Love It, Earn It, what else do you recommend she do to self-educate?

Get a couple of friends that also want wealth and prosperity and create an abundance group. You can start with as few as 2-3 people. Go over the exercises in Live It, Love It, Earn It. Say what you are grateful for. State your 3 biggest financial desires. When you share those thoughts with another woman you open up to the universe. Say, “I want to make XX amount this year, I want to go on a vacation,” etc. Some women can’t even voice that. But it’s so powerful when you do.

6. As you’ve built out your business, what 2 or 3 habits have helped you the most in balancing it all?

A strong belief in myself – if you don’t believe in yourself, no one else will. It’s simple but true

Persistence - I’m very persistent, if someone says no I keep trying. If I fail I try again.Persistence is so key.

Action – You can never take too much action. Take as much as you can. Many women are afraid to ask for what they want and go for what they want. It’s nicer in society if we don’t ask for what we want. The most important thing in life is to ask for what you want.

7. You talk about flow in your book – how to you personally get in the state of flow?

Follow my passion, if you do something that you really enjoy doing and do it well you get in flow. When I was 13 years old I never played house, I played office. My flow is money, business, finance. It’s my passion. When I deal with my finances or hedge funds, I am in my flow, I’m connected, and I just love it. Once you follow your passion, creative things come out of that.

8. What advice do you have to women starting a business and looking for a mentor?

I tell anyone starting a business to find 1-3 people who have gone through it 10 to 15 years ahead of them, that have the time to give back, and to slowly befriend them and learn about their experiences. Let the relationship build gradually, and if you aren’t getting a response, move on.

9. You say “NO is a complete sentence” – why is that word so darn hard for so many of us women to use?

Women are very generous and giving. We are always saying yes to everyone. We want to help everyone. We’ll stay late to help the boss, to help anyone. We want to be of help and of service. It’s hard to say no because we don’t want to hurt anyone. 10. Five years from now, where do you see yourself professionally? And how can women keep track of what you are up to? I see myself writing a few more books – one on couples & money and one on mommies & money. I also see myself lecturing and helping women, and maybe creating a foundation to help mentor women. Right now I’m working with Dress for Success, a wonderful organization. They will be using Live It, Love It, Earn It in a financial education program they are launching in cities across 13 different states. My vision is to help women through more charitable and mentoring type programs. To keep track of what I’m doing, visit www.LiveItLoveItLearnIt.com, it’s updated regularly with my upcoming events.

(You can also follow Marianna on Twitter at @LiveLoveEarn)

This is the second of two guest posts from the National Endowment for Financial Education (NEFE), a non-profit dedicated to improving the financial literacy of all Americans.  I frequently get asked for unbiased web-resources for financial literacy, and am thrilled to be able to bring this great organization to your attention. NEFE operates the site Smart About Money and have developed a selection of Economic Survival Tips, worksheets and articles focused on financial education related to Housing, Spending, Credit and Job Change. Join me in following NEFE on Twitter at @nefe_org

(1) I missed a credit card payment

Contact your lender as soon as you realize you have missed a payment. Ask them to waive the late fee or any additional charges that may have been applied to your account. This works best if you have a good credit history, but it is still possible to negotiate. Tip: Before you call, figure out how much you can pay and when you can pay it. A spending worksheet can help you get a handle on your expenses.

(2) I can’t pay my credit card bill

Before debt collectors start calling, contact your lender.  You may be able to negotiate a reduced payment plan, and remember, making a small payment is better than making no payment at all. Tip: Consult this Debt Payoff Worksheet to develop a plan to move out of debt.

(3) I’m worried about my credit score

Restoring your financial health requires a committed strategy and a proactive approach to improving your credit score. First, review your credit reports and make sure everything looks correct. Second, begin to pay your bills on time every month. This is the best way to begin to rebuild your credit history. Tip: For more steps to building good credit, read Build a Strong Credit Report.

What other problems have you encountered with credit cards?

Are you looking to get on top of your finances in 2010? Do you wish you had a simple go-to resource for unbiased financial information as you work to better manage your money?  If so, you are not alone… and the National Endowment for Financial Education (NEFE) can help.

This is the first of two guest posts from the great folks at NEFE, a non-profit dedicated to improving the financial literacy of all Americans. NEFE operates the site Smart About Money and have developed a series of articles filled with tips to help you make 2010 the year of financial freedom.  You can also find Economic Survival Tips, worksheets and articles focused on financial education related to housing, spending, credit and job change. Join me in following NEFE on Twitter at @nefe_org.

1. Control spending: If you spend less you’ll have more money available to pay down debt and save for the future. Write down your expenses for a month to see where your money is going. You might be surprised by how easy it is to find places to scale back.
2. Create a debt repayment plan: If you carry credit card debt, write down everything you owe and make a plan to pay it off. Start with small items you can act on right away–it will make tackling the bigger debt easier. Also, try buying with cash only. It’s a sure-fire way to prevent increases in your credit card debt.
3. Set up auto-savings plans: Arrange with your bank or another financial institution to have a set amount deducted from your checking account to a savings account each pay period. Of the Americans who have been able to contribute to emergency savings funds, automatic withdrawal is the most popular method, according to the Consumer Federation of America.
4. Boost retirement savings: If your employer offers a 401(k) plan, increase your contributions. If you don’t have an employer plan, open an Individual Retirement Account (IRA) and arrange for contributions to be made automatically from your checking or savings account.
5. Create a long-term plan: Write a list of your long-term goals, such as buying a home or saving for college or retirement. Visit the Life Events section of Smart About Money for concrete tips on accomplishing those goals.
6. Protect yourself: Be prepared for the unexpected by making sure you, your family, your assets and investments are insured and fully covered. If you do not have a will, make 2010 the year you establish a life plan.
7. Find a financial buddy: Share your financial resolutions with a friend, colleague, or family member, and you’ll be more likely to keep them. Find someone else who wants to turn around their debt or cut their spending, and establish a mutual support system.


What other financial resolutions are you making for 2010? Post them in the comments section, I’d love to hear & cheer you on…

This is a guest post by Francine Jay, author of “Frugillionaire: 500 Fabulous Ways to Live Richly and Save a Fortune.” Francine also offers money-saving tips and advice on her thought-provoking blog, www.Frugillionaire.com.

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In my book “FRUGILLIONAIRE,” I offer 500 tips on living a frugal, yet fabulous, life. Tip #485 is “Lower your expectations.”

It may seem odd advice in our “shoot for the stars,” “fake it ‘til you make it” society. But expectations are a powerful psychological influence over our spending; and they can, indeed, spell the difference between financial security and crushing debt.

Expectations play a particularly important role in the milestones we share with our significant other: like becoming engaged, getting married, and buying our first house. High expectations surrounding these events can be a recipe for frustration, debt, and divorce. Temper them, however, and you’ll experience the same amount of happiness–at significantly less expense.

Let’s start with the engagement. You’ve met Mr. Right, and you’re starry-eyed and love-struck. Any day now, he could drop to one knee and pop the question. The problem occurs when you have certain expectations of the rock he’ll put on your finger. Pressure to produce a 1-carat stone, or spend two months’ salary, may very well result in a fiancé with depleted savings–or worse yet, massive credit card debt. Not the best way to start off your financial relationship together! If, on the other hand, you remove the burden of expectation–by making it clear, for example, that the size of the diamond means little to you–you’ll be rewarded with a significantly richer partner.

Fast forward to the wedding. Your expectations for this day have been building since you were a little girl–they may involve a country club venue, elegant ice sculptures, and a guest list in the hundreds. But is it really worth being princess for a day, if it means taking on debt of royal proportions? Consider instead if all you expected was a simple ceremony with friends and family. You and your groom would instantly “save” tens of thousands of dollars, and start your lives on solid financial footing.

Finally, let’s consider the biggest financial transaction of your life: buying a house. Expectations here can make or break you financially. If you envision yourself throwing dinner parties in a 4000-square-foot McMansion, anything less may feel like a disappointment–leading you, perhaps, to take on risky loans and live paycheck-to-paycheck. But if you want nothing more than a roof over your head, you’d be equally delighted with a modest bungalow. In the latter case, you’d not only have a warm place to sleep; you’d sleep much easier, knowing you can comfortably make your payments, and put money in the bank.

There’s nothing wrong with dreaming big–just channel those lofty aspirations towards personal, civic, or spiritual development. When it comes to consumer-driven life events–particularly the major ones you share with your partner–lowering your expectations can put you on the path to marital, and financial, bliss.

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Note from Manisha:  Francine & I first connected when I read her WONDERFUL post, 10 Signs You Are Not As Rich As You Could Be.  Since then I’ve been following both her blog and her tweets & highly recommend you do as well!

Tough economic times have tested the vast majority of Americans – and that includes celebrities.  Lately there have been several high profile individuals from the worlds of sports, entertainment, and the arts who have seen their financial woes hit the front pages. A money meltdown is right up there with death and divorce as one of life’s most stressful experiences. So let me say straight up that my intent in highlighting these experiences is not to poke fun or make light of their situations.  Rather it is to help others by highlighting common financial pitfall that all of us (myself included) can learn from.

• NBA Star Antoine Walker – Broke & In Big Trouble: During a successful career spanning 12 years, Antoine earned over $110 million. Now it’s gone. At age 33, Antoine has creditors chasing after him and is facing felony check fraud charges.  Much has been made of his bling (the cars, watches, entourage).  However, he was also by many accounts extremely generous with friends, family and those in need.  Antoine’s problem was that he spent as if his peak earnings years would repeat every year. He’s not alone. Many people with variable incomes (commission-based sales people, entrepreneurs, etc.) fall into this trap. What we all can learn is if you have a volatile income stream, you should spend based on your average, or even trough, earnings to avoid a cash crunch when leaner times appear.

• Bestselling Mystery Novelist Patricia Cornwell – Looking for $40 Million: This prolific, smart, and highly popular writer has suffered losses estimated in the range of $40 million.  She’s suing the money management firm that handled her money, arguing they didn’t heed her instructions to “invest conservatively” and even cut checks for gifts given to people she didn’t know. Patricia’s problem was that she handed over complete control of her finances to her advisors.  As it frequently takes single-minded devotion to one’s craft to excel, the need for some delegation is understandable.  What we all can learn is when it comes to your money, your motto (to quote President Regan) should be “Trust, but verify.”  Remember, no one will ever care about your money as much as you do. So you must stay involved, even if you have an advisor

• Uber-talented photographer Annie Leibovitz – Fighting to Keep Her Home: This American icon has taken some of the most famous photos… ever.  From John Lennon & Yoko Ono (hours before he was shot) to a very pregnant (and very bare) Demi Moore, that was Annie’s work.  In the go-go years Annie’s day rate was rumored to be $250,000. Today she is $24 million in debt and is a single mom of three young children fighting to keep her home. Annie’s problem was spending liberally and borrowing aggressively against the equity in her home to make up the difference. When the credit markets seized up, she found herself in a cash flow crunch, and resorted to putting up her homes and copyrights to her lifetime work up as collateral for a loan.  Now, that collateral may be called in. What we all can learn is that debt really is a four-letter word.  Borrow at your own risk and understand that there will be consequences if you can’t pay it back.

• Famed actor Nicholas Cage – Owes Over $6 Million in Back Taxes: This super talented actor owes the IRS.  Big time.  Uncle Sam wants over $6 million in back taxes from Nicholas Cage. The vast majority stems from the $12 million-ish in income he earned in 2007 that apparently he did not pay taxes on.  Nicholas’s problem is that he appears to be cash strapped when it comes to paying those takes. What we all can learn is that if you are self-employed, as so many more of us are these days, it’s vital to set aside money for taxes at the time you earn that income.