Tag Archives: Personal Finance

Spotlight on…Smart Mom, Rich Mom

Jacket image, Smart Mom Rich Mom by Kimberly PalmerWe’re shining our spotlight on SMART MOM, RICH MOM: How to Build Wealth While Raising a Family, by Kimberly Palmer, which has received media attention and acclaim for its focus on personal finance for women and families–and for Palmer’s true media savvy! We’re happy to share a few of the many great reviews and media appearances that have spread the word about this valuable book.

The book’s journey to media success began with a starred review from Publishers Weekly:

Excellent book…This invaluable resource does much more than fill a niche; it bridges a huge gap.

Palmer and her book appeared twice in The New York Times. In an initial review, her overall points and tone won praise:

Her general points — for example, that the spending and saving habits we develop in our 20s have a significant impact on our financial future — are solid. And she is occasionally very witty.

…and in a “Your Money” column by Ron Lieber, the focus shifted to one of Palmer’s best-loved ideas: the money letter.

Kimberly Palmer still has the money letter her mother wrote her and her two younger sisters 13 years ago, and in her new book, “Smart Mom, Rich Mom: How to Build Wealth While Raising a Family,” she offers a template that parents or grandparents can use to pass on similar wisdom.

Plus, Smart Mom, Rich Mom sparked conversation on the New York Times Well blog when Ron Lieber asked: Should Moms Manage the Money?

“Daddy has to work! You have to come pick us up!”

When Kimberly Palmer heard those words come out of the mouth of her 5-year-old daughter, she was dumbfounded. Both she and her husband have full-time jobs, so where had the little girl gotten the idea that Daddy’s work mattered more?

Nationally syndicated columnist Terri Schlichenmeyer gave Smart Mom, Rich Mom a valuable positive review in her Back to School Books column:

No doubt about it: there’s a lot to take away from reading Smart Mom, Rich Mom…packed with useable, reliable information and good advice.

Meanwhile, Palmer broadened her reach on respected radio shows and podcasts like The Motley Fool, on which she spoke more about the great Money Letter. They liked her so much, they had her back to speak about The Economy of You!

motley-fool-answers

Palmer spoke about Smart Mom, Rich Mom on CNBC’s On the Moneygo, Kimberly!

A story of Palmer’s and a mention of the book led a Cosmopolitan article on women and investing:

When Kimberly Palmer started investing a small amount of money in her 20s, she went to her parents’ financial adviser, an older man at a big bank. Then the dot-com bubble burst, and Palmer called him in a panic, saying she wanted to sell off all her tech stocks. “I didn’t realize the concept of don’t sell low. I didn’t understand much about investing,” recalls Palmer, now 36 and the author of the forthcoming book Smart Mom, Rich Mom.

Palmer wrote for The Washington Post about being a money role model for children, for USA Today about how having children early in life can benefit women’s careers, and Business Insider about that evergreen Money Letter. A widely syndicated review of the book from the Chicago Tribune spread her message further (“New book aims to reduce financial costs of motherhood“), as did an equally widely syndicated Q&A from USA Today (“Advice from ‘smart moms’ on family finances“). Further coverage online from CNBC, The Economist, and Forbes hit home Palmer’s important economic message.

We can’t possibly cover all the coverage here–Palmer’s message is so important and well-delivered, there are many more corners of the media world who clamored for her insights. Congratulations, SMART MOM, RICH MOM and Kimberly Palmer!

Kimberly Palmer, author of Smart Mom Rich Mom

KIMBERLY PALMER author of THE ECONOMY OF YOU: Discover Your Inner Entrepreneur and Recession-Proof Your Life, was the senior money editor at US News & World Report for nine years. She is an adjunct professor at American University, where she teaches a course on mastering social media. She lives with her family, including two children, in the Washington, D.C., area..

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Kimberly Palmer on Talking to Your Kids About Money

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It’s important to talk with your kids about money: as studies show, kids learn about money and how to manage it, wisely or not, from watching and listening to their parents.
Kimberly Palmer, author of SMART MOM, RICH MOM: How to Build Wealth While Raising a Family (AMACOM June 2016) and a mom of two, offers the following ideas for conversations that will help kids navigate our complicated financial world:

1) Mistakes You’ve Made with Money. Kids love to hear about their parents’ mistakes, and not just to smirk. It lets them know that it’s okay to be less than perfect. Potential examples to share include waiting to start a 401(k) account, getting into credit card debt, or wasting money on a splurge you regretted.

2) How You Earn Money and Use It. Thanks to direct-deposit, online shopping, and plastic, the exchange of goods and services for cash is almost invisible. Talking about how mom and dad work hard to earn a paycheck so we can turn around and use it to pay for our food, home, clothes, and car can make the virtual world of commerce a little more real.

3) How to Be a Media Critic. Kids are exposed to advertising everywhere: smartphone apps, websites, product placement within TV shows. As kids get older, point out differences between an ad and a show. Teach them to be skeptical of all the promises that advertising makes to get them (or their mom) to spend money.

4) Planning for Big Goals. When your kids start asking for expensive things, as kids tend to do, encourage them to draw a picture of what they want and consider ways the family could save to make that goal possible. Explain how you are making sacrifices to put money toward their future college education.

5) How to Use Credit Cards and Bank Accounts. To kids (and some adults), it’s not at all obvious that you should really try to pay off the full credit card balance each month as opposed to paying the required minimum. Explain why and let kids look over your shoulder as you manage your accounts and pay your bills.

6) Being Assertive (to Companies and Bosses). Let your kids overhear you calling a company to ask for a refund or to demand better service. Help your kids practice asking for more money, perhaps for their allowance or babysitting services, so they can learn the right words to use and get comfortable with the concept of negotiation before they get their first salary offer.

Cover of Smart Mom Rich Mom by Kimberly Palmer

Adapted from Smart Mom, Rich Mom: How to Build Wealth While Raising a Family by Kimberly Palmer (AMACOM June 2016).

KIMBERLY PALMER, author of The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life, was the senior money editor at US News & World Report for nine years. She is an adjunct professor at American University, where she teaches a course on mastering social media. She lives with her family, including two children, in the Washington, D.C., area.

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Kimberly Palmer on Balancing Family and Work

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How Smart Moms Balance Family and Work: Strategies for Thriving Off the Traditional, Linear Career Track       

A traditional, steadily uphill career path isn’t for everyone, and many moms reject it. Fortunately, opting out of a full-time professional job for more flexibility and time with your kids doesn’t have to mean sacrificing work satisfaction or financial rewards. Some moms find well-paying part-time work and some carve out a comfortable niche as a freelancer or consultant. Some wind up owning and running a booming new business.

Kimberly Palmer has talked with myriad moms who’ve chosen a more winding career path. In her new book, SMART MOM, RICH MOM: How to Build Wealth While Raising a Family (AMACOM; June 9, 2016), she shares these mompreneur-tested tips and strategies for success:

  • Stay in the professional game. “Keep working in some capacity,” Palmer urges, “even during the most challenging years when you are sleep deprived, juggling multiple children under age five, and stressed to your limits.” Take on short-term assignments. Blog, coach, and mentor.
  • Build your personal brand online. Highlight your skills on LinkedIn and Twitter. Keep up with and connected to your professional contacts and networks.
  • Create your own space. If you aim to work from home, then you need a dedicated space for working. “Setting some boundaries about where and when you’re working can make it easier for the other members of your family to help you be productive,” Palmer assures.
  • Get ultra-organized with paperwork. Freelancing, consulting, contract work, as well as launching a business, means saying goodbye to a steady paycheck from one employer. You’ll have income coming in from a variety of sources. “Create a tracking system that keeps you from getting overwhelmed,” advises Palmer, “and makes it easy to file taxes, with or without the help of a tax accountant.”
  • Keep saving. Take advantage of tax benefits for working parents, such as pretax spending accounts that can help reduce the cost of child care. Even when earning outside of a job with a 401(k), find a way to save for retirement through Roth IRAs or traditional IRAs. Make investing a regular practice.
  • Be open to reinventing yourself and your career. “Smart moms know that the workforce, and their families, are constantly changing, which means the amount and type of work they want to do is changing, too,” notes Palmer. Tap into your gifts, passions, and values. Stay open to possibilities. Say yes to the right opportunities. Be willing and always ready to make adjustments.

Cover of Smart Mom Rich Mom by Kimberly Palmer

Adapted from Smart Mom, Rich Mom: How to Build Wealth While Raising a Family by Kimberly Palmer (AMACOM June 2016).

KIMBERLY PALMER, author of The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life, was the senior money editor at US News & World Report for nine years. She is an adjunct professor at American University, where she teaches a course on mastering social media. She lives with her family, including two children, in the Washington, D.C., area.

Random Quotes from New Books This June

75 Ways for Managers to Hire, Develop, and Keep Great Employees by Paul Falcone

Jacket cover of 75 Ways for Managers to Hire Develop and Keep Great Employees by Paul Falcone

“Another crucial aspect of effective communication lies in knowing what not to say. Too many leaders have inadvertently stepped on land mines without realizing it because they either said too much or otherwise made promises or guarantees that they simply couldn’t keep. Knowing what not to say, therefore, is an important part of communication. One common area where such land mines exist has to do with over-promising confidentiality.

If an employee asks to speak with you off the record, train yourself right now to respond like this:

“‘Maybe. It all depends on what you have to say. If it has to do with one of three things, Laura, then I can’t promise confidentiality because I’ll have an affirmative obligation to disclose it to senior leadership: The three things are harassment or discrimination, potential violence in the workplace, or an inherent conflict of interest with the company’s business practices’” (page 101).

Smart Mom, Rich Mom: How to Build Wealth While Raising a Family by Kimberly Palmer

Jacket cover of Smart Mom Rich Mom by Kimberly Palmer

“The biggest takeaway for me from my talks with other moms was that as parents, we can’t be passive about our kids’ financial educations, and especially when it comes to our daughters. As with lessons about healthy eating or safe sex, parents have to take charge of the conversation or kids will start to pick up all sorts of false and even harmful ideas. Between advertising on television and the seemingly magical powers of Amazon Prime, my kids could easily lose a sense of limits and frugality. … I knew that some of my conversations were sinking into my five-year-old’s head, because she started bringing up the topic herself. … When I sat down to pay bills one weekend morning, she asked if she could help me. She sat beside me and watched as I tried to figure out why our water bill had gone up so much from the previous period, and then explained to her dad that we had to look for ways to waste less water(page 162).

 

june 2016 new releases

Want to sample other AMACOM books? Check out our Random Quotes from New Books series.

Sample Chapters of 10 LAWS OF TRUST and SMART MOM, RICH MOM

We’ve made sample chapters available for two of our most anticipated books this season–Kimberly Palmer’s Smart Mom, Rich Mom and Joel Peterson’s The 10 Laws of Trust.

Smart Mom, Rich Mom: How to Build Wealth While Raising a Family by Kimberly Palmer
Jacket cover of Smart Mom Rich Mom by Kimberly Palmer

Become your family’s Chief Financial Officer with the practical, smart advice from this book (with plenty of levity–the New York Times describes Palmer as “witty“). Kimberly Palmer, formerly the senior money editor of US News & World Report, helps every mom make choices that lead to financial security and a richer life. “It’s time for us moms to have as much targeted guidance on building wealth as we receive on dropping that so-called baby weight, reducing wrinkles, or saving $10 on our next bulk order of laundry detergent,” Palmer declares. Click here or on the cover image for your free sample chapter.

 

The 10 Laws of Trust: Building the Bonds that Make a Business Great by Joel Peterson with David A. KaplanJacket cover of The 10 Laws of Trust by Joel Peterson, AMACOM May 2016

Trust isn’t just a pleasant thing for an organization to have–it’s absolutely essential. “The cost of lacking trust: ever-present suspicion, double-riveted legal agreements, caution and caginess in interpersonal dealings—the touchstones of mistrust—can slow things down, drive away the most trustworthy people, and inhibit innovation,” explains Joel Peterson, chairman of JetBlue. Don’t let your organization go without it! Click here or on the cover image for your free sample chapter.