Personal Finance Interview with Erin and Kimber of No Limits Ladies

Mint’s Note: What is No Limits Ladies, you ask? From their blog: No Limits Ladies is a blogging community for women of all ages, shapes and sizes (etc.) who want resources to increase their financial education and have fun at the same time!

Name:
Kimber
Erin (E) aka Prlinkbiz

Age:
Kimber: 36
Erin 30 in Sept.

Net-worth Range:
Kimber: Our passive income exceeds our expenses.
Erin: Same

Profession:
Kimber: New Business Development/Investor/Writer
Erin: Entrepreneur/Mom

Websites:
clientK.com
FreePhotoOfTheDay.com
NoLimitsLadies.com
AZ Super Bowl Blog

Kimber: Semi-retire at 34. Wow! Question: How did you do it?

The goal was to have passive income equal or exceed expenses, so I approached it from both sides of the equation, reducing expenses and increasing passive income. I am extremely fortunate as my hubby was willing to walk this road with me. We are both frugal but he is a more cautious investor (having invested for fewer years than I have). That ensures that I have a solid grasp of new investments before I pitch them to him.

Kimber: Did you ever have a goal to retire at such a young age? Or did it just sort of “happen.”

Growing up dirt poor, I told my hard working Mom that I’d be a millionaire someday. That’s been my goal since primary school. I was also told by a university professor that full time jobs would be difficult to keep past the age of 40 so Freedom 40 was bumped up in priority.

Kimber: Do you feel that people don’t push themselves as hard as they could to achieve and reach their goals faster? If so, what are some ways a person can change their mentality?

I think that if people truly want to achieve something, they will. The hard facts are that most people don’t truly want to be wealthy. Not enough to change their habits, buck peer pressure and take action.

How did No Limits Ladies got started?

Erin: Kimber and I met through the Rich Dad forums. We had been “friends” there for a while, always supporting each other in our crazy new ventures! When I had the idea for No Limits Ladies, I emailed Kimber, knowing she was a not only an amazing writer but had lots of real life experience to contribute. She said yes, we got it going last year!

Question for both: Do you think there are specific, unique financial problems women may face that men don’t?

Kimber: I think the biggie is society’s expectations. Men don’t feel guilt when they make more than their spouses. Men don’t feel like they’re questioning their wives’ competence when they ask questions or take the lead in financial discussions. Men aren’t normally shy about asking for salary increases and promotions. Women have to deal with all that AND take care of their finances.

Erin: I completely agree with Kimber, not only with society’s expectations of women, but of the expectations many women have for themselves. Whether we are brought up that way or we learn it, many women expect to be taken care of on some level. First by a father and then by a husband or the government. I think the most dangerous part is that many women never learn how to provide for themselves and manage their own money, so when they find themselves without a man, they are literally handicapped from years of being taken care of.

Erin: Two boys must be quite a handful, were there any big changes in your finances after the boys came along?

There were lots of changes. I never expected to be a stay at home mom, having been raised by a single working mom, but due to circumstances, that’s what happened. When the boys were 3 months and eighteen months old, I ran across a book called Rich Dad Poor Dad- and for me it was a “when the student is ready the teacher will appear” moment! We already had our own paint business, but I started my own online business at home with my kids and that’s how I was able to “keep in the game” but still be with my kids.

Erin: Do you have an idea on how you’ll education your boys on financial matters? If yes, what are they? If not, why not?

They are 4 and 5, and I already teach them, just but talking about different things with them. They know how to buy and sell things, because they have watched me. They are starting to learn the value of money, since I make them figure out how to earn it themselves. I think it is best to set a good example and guide them- but not aid with things allowance (unless it is over and beyond normal duties). Kids are creative and they pick up on things quick. I want to encourage the little entrepreneur in them!

Erin: As a parent, do you believe financial education is the responsibility of the parents, school, or a little bit of both?

I fully expect to teach my kids most everything they will need to know about money and investing. Money is not taught in school and what is touched on is horribly outdated. School has its place, but my kids will learn finance from me.

Erin: You worked with Kim Kiyosaki in developing RichWoman.com, was there a particular reason why you decided to contribute?

Rich Dad Poor Dad started it for me, and I have been a long time member on the forums. But I didn’t meet Kim until Rich Woman had just finished printing and she was getting ready to launch it. I am passionate about women, especially, becoming financially independent- so I offered to help with whatever I could. Since then, I have helped with Rich Woman.com.

Current Financial Strategy:

Kimber: The hubby and I employ a financial advisor for the bulk of our wealth. He is there for advice, to serve as an extra check, and to implement our decisions.

Erin: Bookkeeper keeps me in check; I work on creating income via online ventures, roll excess money into income producing investments, rinse and repeat until I reach my financial goals.

Best Financial Tip:

Kimber:
Look to synergies to both increase income and reduce expenses.
Shop constantly? Think about becoming a secret shopper.
Read 100’s of books? Set up a book review site with advertising.
Walk your dog every morning? Offer to walk another for cash.
Pass the grocery store on the way home from work? Pick up your groceries then and save the gas money.

Erin: Don’t spend first fruits. So you make some money from your investments? Great! Don’t spend it; don’t even save it… tie that money back up in more income producing assets. (Hard learned recent life lesson)

Worst Financial Move Ever:

Kimber: I’m a take action kind of gal, so often I’ll move too quickly on investments. I’ve put the financial advisor in place as a check. If I can’t convince him that it’s a good buy, I likely don’t know enough about the investment.

Erin:
Worst move #1: Quitting job to start business without business producing any income.
Worst move #2: Getting comfortable, start spending, and stop growing money.

Financially, I need help with:

Kimber: As we progress up the wealth levels, different investments are available. We recently changed financial advisors to one specializing in high wealth.

Erin: Agree with Kimber – finance is a an ongoing area of growth- there is always something new to learn.

What personal finance tools do you currently use to track and manage your money?

Kimber: I’m an excel girl. I love playing with the numbers. ‘Course I have stock trackers, etc.

Erin: Tried to use MoneyPants.com, terrible with doing it myself, so hired a bookkeeper.

What are the problems in your personal finance tools?

Kimber: Nothing. Excel is flexible.

Erin: Problem was me!

How would your ideal personal finance tool work?

Kimber: I like flexibility and being able to tweak it myself.

Erin: Ideal personal finance tool would be someone doing it for me! (but me keeping an eye on things)

How much do you think you currently spend on eating out?

Kimber: The hubby and I get weekly cash allowance for items such as eating out. As a result, we don’t track it. However, I usually eat out about twice a month (unless you consider eating at Mom-In-Law’s eating out, then that would be twice a week).

Erin: Eating out varies depending on whats going on and how tight I am financially. When I’m in bootstrap mode, like now, I eat out maybe once a week…maybe…

How often do you want to know about your personal finance?

Kimber: I report to the hubby on a monthly basis for the bulk of our portfolio and on a quarterly basis for the entire portfolio. I reconcile the bank weekly. A credit check at least annually.

Erin: I check my bank accounts everyday, and I pull my credit once a month.

What is in your wallet?

Kimber:
3 Personal credit cards (Mastercard, Visa, American Express).
1 Business credit card.
2 Club cards (one for Costco, one for Sam’s Club).
2 bank cards (one personal, one business).
A photo of the hubby. Driver’s License, Library Card, Birth Certificate, Health Card, Donor Card
Currencies from 3 Different Countries.

Erin:
1 Debit card, 1 credit card, 4 store club cards (including Costco)
Drivers License, business cards (other people’s), and two bucks!

Mint’s Note: No Limits Ladies is a regularly updated, can’t-miss-blog that should be in everyone’s feed (regardless if you’re male or female). Awesome posts can be found within categories such as More Money Mondays; Mom and Money; and Starting and Building a Biz. We encourage you to check the No Limits Ladies out!