Martinsville Bulletin, Inc.
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204 Broad Street
Martinsville, Virginia 24115
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Dress up your way of life with good money management
Sunday, August 19, 2007
By HOLLY KOZELSKY - Bulletin Accent Editor
Financial life is kind of like a dress. To have one that looks good on the outside, it must be fabulously constructed from within.
A woman shines in a truly marvelous dress. It could be elaborately designed with frills and full coverage or it can be barely there, but it makes her a queen.
The secret of a fabulous dress, though, is its solid construction. You know the difference you feel between a fine dress from a reputable shop and some polyester piece of junk knock-off from the Clothing Barn.
Beneath the curve-fitting swoops of delicate fabric is an intricate plan designed to cover and reveal, to flatter and to disguise, and to keep everything in its place (both those types of the body’s secrets that make you proud and those that could embarrass). The tools to make the fit include fabric cut carefully and sewn together just so; double seams; precise lining; darts and stitches in just the right places; and a supportive network of wires, plastic, bone or foam.
A solid financial plan is like that. To have the things we want money to provide for us, we need to build it up really well from the inside first.
The rewards of financial planning — things like trips, a nice vehicle, a beautiful home and, yes, awesome dresses, are just that — rewards. They are just the gravy that comes later; the meat that comes first is solid, substantial, healthy. It’s owning your own home, keeping out of debt and having a solid retirement plan and the right forms of insurance, among other smart moves.
Expendable income, what people see, is just on the outside, created from careful saving, investing and scrimping and other sacrificing that other people probably don’t realize you go through.
Think of a woman who makes sacrifices to be able to get into her fabulous dress. She diets, passing up on delicious treats she would love to have; and she exercises, going through tough, tiring routines to maintain a good physique.
Financial planning is that way. To be able to have the rewards we want, we do have to diet (pass up material temptations) and exercise (put money to work by making investments).
If you use up all your money to get the things you want first, the money will run out — just as the things will wear out.
Think of a credit card: Do you carry a balance on a credit card, still making payments on earlier shopping that included dresses that don’t fit or aren’t in style any more?
Financial planning is not about being lucky, being born rich or winning the lottery. It is about being smart with the money you already have. It’s about putting it in the right places and avoiding mistakes.
Starting today, the Martinsville Bulletin will publish occasional articles on financial matters by Alicia Solomon, the coordinator for United Way’s HOPE (Helping Others Progress Economically) Initiative.
She will explain the factors that make a big difference in doing well financially. See the box inside her article above for more information on her program. She can be reached at 732-3642.
The mechanics of a dress are wonderfully interactive and exacting to make it look like there’s nothing to it. The observers who compliment the wearer never would guess the trouble that went into creating it.
That’s the way money management should be: well crafted — and quickly fixed when messed up (a stitch in time saves nine).
Learning to manage money well makes it possible to have the things you want, even on a budget, including those fabulous dresses (bought on sale, of course!).
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