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Welcome to G.R.O.W.

Dear Valued Members of Our Community,

Welcome to this week's edition of G.R.O.W. (Guidance Redefines Our Way), brought to you by Podpitch. To our new readers, we're delighted to have you join our growing family of friends, mentors, and mentees dedicated to personal and professional growth. To our loyal readers, thank you for your continued engagement and support in strengthening our community each week.

As we navigate the festive season, we recognize that the joy of giving often comes with financial pressures. This week's newsletter focuses on building financial resilience during the holidays – a topic that touches everyone, regardless of our circumstances. We'll explore practical strategies, share community wisdom, and highlight inspiring stories of financial empowerment.

Let's check out this week's insights...

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GROWTH GATEWAY

Mastering Your Holiday Money Mindset

Can you celebrate while spending mindfully?

The holiday season often creates a unique paradox: we want to express our love and appreciation through giving, yet we must maintain financial stability. According to the National Retail Federation's 2023 survey, the average American planned to spend $875 on holiday gifts and celebrations. However, the actual cost of the season often exceeds our expectations.

Understanding Emotional Spending The first step in building holiday financial resilience is acknowledging the emotional aspects of seasonal spending. Dr. Sarah Thompson, a financial psychologist at the Financial Wellness Institute, explains: "Holiday spending decisions are often driven by emotions – nostalgia, guilt, and the desire to create perfect memories. Understanding these triggers helps us make more conscious choices."

Key emotional spending triggers during holidays include:

• Pressure to meet others' expectations

• Childhood memories and traditions

• Social media influence and comparison

• Fear of disappointing loved ones

Creating a Realistic Holiday Budget Financial advisor Marcus Chen recommends the 50-30-20 holiday adaptation:

• 50% for essential holiday expenses (principal gifts, travel)

• 30% for seasonal experiences and traditions

• 20% saved for post-holiday expenses and emergency fund

Strategic Shopping and Saving Techniques:

1. Start Early: Begin holiday shopping in advance to spread costs

2. Use Cash-Back Apps: Maximize returns on necessary purchases

3. Create Price Alerts: Monitor prices for specific items

4. Consider Homemade Gifts: Add a personal touch while controlling costs

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INSIGHT EXCHANGE

Learning from Experience - Community Financial Wisdom

How do successful families maintain financial harmony during the holidays?

This section combines practical insights from financial experts who have guided countless families through holiday budgeting challenges. Their professional experience offers valuable lessons for creating joyful celebrations without financial strain.

Expert Corner: Interview with Jean Chatzky Financial editor of NBC's TODAY show and bestselling author Jean Chatzky shares her top insights for holiday financial planning:

"The biggest mistake people make is treating the holidays like a surprise," Chatzky explains. "These expenses come yearly, yet many fail to plan for them. The solution is to treat holiday spending like any other annual bill."

Chatzky recommends setting up a dedicated "Holiday Fund" in January:

• Calculate your total holiday spending from the previous year

• Divide that number by 12

• Set up automatic monthly transfers to a separate savings account

• Use only this fund for holiday expenses

Financial Planning Insights from Dave Ramsey Bestselling author and financial expert Dave Ramsey emphasizes the importance of cash-based holiday spending through two key methods: zero-based budgeting and the envelope system.

Understanding Zero-Based Budgeting: A zero-based budget means every dollar has a specific job. Here's how it works for holiday spending:

1. Calculate your total monthly income

2. List all monthly expenses (housing, utilities, food, etc.)

3. Allocate specific amounts for holiday categories:

   • Gifts: $300

   • Decorations: $50

   • Holiday meals: $150

   • Travel: $200

   • Charitable giving: $100

4. Continue until your income minus all expenses equals zero

The Envelope System Explained: This practical method helps control spending by using physical envelopes:

1. Label separate envelopes for each holiday spending category

2. Place the budgeted cash amount in each envelope

3. Only spend what's in the envelope for that category

4. When an envelope is empty, that category's spending is done

5. No borrowing from other envelopes

Creative Gift-Giving Ideas One meaningful way to give gifts without overspending is by creating a "Time and Talents" gift book. Here's how:

1. Design a small booklet (can be handmade or digital)

2. Include 12 "coupons" for services you can provide throughout the year:

   • "One month of weekly meal prep"

   • "A day of garden maintenance"

   • "Three hours of tech support"

   • "Babysitting for a date night" is a personal, valuable gift that requires only time and effort.

Common Holiday Financial Pitfalls and Solutions

1. Last-Minute Shopping

   • Pitfall: Panic buying leads to overspending

   • Solution: Create a detailed gift list in October and shop during early sales

2. Credit Card Dependency

   • Pitfall: Accumulating high-interest debt

   • Solution: Use cash or debit cards; if using credit, ensure you can pay the full balance

3. Forgotten Expenses

   • Pitfall: Overlooking costs like wrapping paper, shipping, and holiday meals

   • Solution: Review last year's credit card statements to identify all holiday-related expenses

4. Emotional Overspending

   • Pitfall: Buying out of guilt or competition

   • Solution: Create meaningful traditions that don't center around expensive gifts

Professional Financial Planning Tips According to certified financial planner Suze Orman, successful holiday budgeting requires:

• Setting clear spending limits before the season begins

• Making a detailed list of all anticipated expenses

• Building in a buffer for unexpected costs

• Focusing on the joy of giving rather than the price tag

• Starting holiday shopping early to take advantage of sales

• Keeping track of all holiday spending in real-time

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BRIDGE BUILDERS

Spotlight Interview - Breaking Barriers in Finance

A Conversation with Riya Goel from Barnard College, Columbia University's Women's College

Investment clubs serve as collaborative learning environments where members pool their resources, knowledge, and expertise to make investment decisions while gaining practical experience in financial markets. These groups typically meet regularly to discuss investment strategies, analyze market trends, and make collective decisions about their portfolio.

I recently had the privilege of speaking with Riya Goel, founder and president of the Barnard Investment Group, at Barnard College, Columbia University's prestigious women's college in New York City. Through her innovative approach to financial education and networking, Riya is breaking barriers in finance and creating new pathways for women in investment banking.

Michael Morgan: Riya, what inspired you to establish the Barnard Investment Group?

Riya Goel: My recruiting process really highlighted the lack of resources and community. I wanted to make sure that future generations of Barnard students could find a little bit more community within the finance stream. Columbia students and those with connections in the finance world typically fared better due to a lack of a strong Barnard network.

Michael Morgan: Can you tell us about some of the challenges Barnard students face in finance?

Riya Goel: One significant challenge is the academic gap. We don't really have a major in financial economics or finance-based at Barnard. The closest you can get to that is economics or econ-math. Additionally, because Handshake accounts for Barnard and Columbia students are separate, Barnard students sometimes miss out on career opportunities across the street. For example, if Goldman Sachs comes to Columbia, you can only find out about it if a club email comes out to a Barnard student.

Michael Morgan: How does your investment group differ from others on campus?

Riya Goel: We're focused on more than investment banking or asset management, like the more traditional fields. We're very open, and we've covered venture capital, M&A law, startups, and various other areas. We also have a diversity of initiatives. This semester, we'll be rolling out an education program with students in Harlem, which I have yet to see any other investment club do.

Michael Morgan: I understand you've had some success stories already. Can you share one?

Riya Goel: One of our members, Vienna Sparks, secured an internship at Bank of America through connections within our group. It's precisely the kind of networking and mentorship system we aimed to create.

Michael Morgan: What's on the horizon for the Barnard Investment Group?

Riya Goel: According to our executive board member Taylor Marie Ellis, we're working on raising money to start our own investment fund. Columbia has their own investment fund, but Barnard does not, so this would be a significant achievement for us.

Michael Morgan: Finally, what would you say to young women interested in finance but feeling intimidated by the industry?

Riya Goel: Our mission is to empower and educate young women on the importance and benefits of investing. We welcome all members of the Columbia community to our general body meetings and events, and we're committed to creating an inclusive environment where everyone can learn and grow together.

Want to learn more about investment clubs or start one in your community? Visit BetterInvesting.com, formerly the National Association of Investors Corporation (NAIC), for resources, educational materials, and information about local chapters. For over 70 years, BetterInvesting has helped millions of individuals learn about investing through its investment club network.

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Good News

Spreading Holiday Financial Cheer

Anonymous Donor Pays Off $178,000 in Layaway Balances, Helping 150 Families

"Whoever is generous to the poor lends to the Lord, and he will repay him for his deed." - Proverbs 19:17

Good News: Spreading Holiday Financial Cheer

As President and Founder of A Few Good MENtors, Inc., I am constantly searching for stories demonstrating the extraordinary impact of generosity and community spirit. In an era where individualism often overshadows collective caring, I came across an exceptional story showcasing the transformative power of giving back and its ripple effect in our communities.

On November 30, 2023, an anonymous donor made headlines by paying off all remaining layaway balances at the Burlington Coat Factory store in Seekonk, Massachusetts. Totaling approximately $178,000, the generosity helped 150 families receive winter coats and holiday gifts that would have otherwise remained out of reach.

Boston 25 News (WFXT-TV) reported that the store's management received a call from someone wanting to pay off all remaining layaway balances. "One hundred and fifty customers had their layaway paid off by a guardian angel," said Stephanie White, the Burlington store manager, in an interview with Boston 25 News.

The donation timing was particularly meaningful, as many families faced difficult choices between holiday gifts and essential expenses. Most of the items on layaway were winter coats and children's holiday presents.

"Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver." - 2 Corinthians 9:7

The Ripple Effect

The anonymous donor's generosity inspired a wave of community giving:

• Local businesses initiated their own giving programs

• Families who benefited from the donation started planning ways to help others

• The store reported an increase in small donations from community members wanting to continue the chain of giving

Store employee Tom Chen told Boston 25 News, "The impact goes far beyond the monetary value. It's showing people that their community cares about them, and we've seen that inspire even more giving."

Words of Wisdom: "No one has ever become poor by giving." - Anne Frank

Call to Action Dear readers, as we reflect on this inspiring story, consider how you might create your own ripple effect of generosity this holiday season. Whether through financial gifts, acts of service, or simply sharing your time and talents, every act of giving makes a difference. Have you witnessed or experienced a similar act of kindness? Share your story with us at [email protected].

This story is verified by Boston 25 News (WFXT-TV) coverage from December 1, 2023.

WRAPPING UP and LOOKING AHEAD

Exciting Updates for the New Year!

National Mentoring Month - January 2025 We're kicking off 2025 with a celebration of mentorship! January is National Mentoring Month, and A Few Good MENtors is ready to make 2025 the most impactful year yet. Stay tuned for special events, resources, and opportunities to find and become a mentor.

Upcoming Leadership Course: Mark your calendars for a transformative virtual course:

"Leading Teams by Understanding Personalities"

• Date: January 18, 2025

• Focus: DISC Assessment insights for enhanced leadership

• Benefits:

  • Develop stronger mentor relationships

  • Build high-performing teams

  • Improve communication strategies

  • Enhance leadership capabilities

Free Information Session: Get a preview of what's to come:

• Date: December 18, 2024

• Time: 6:00 PM EST

• Cost: FREE

• Please register at: Email us at [email protected]

Show Your Support - Get Rewarded! Love G.R.O.W.? Please share it with others! For each friend or family member you refer who subscribes to our newsletter, you'll earn points toward exclusive AFGM gear. It's our way of saying thank you for helping our community grow.

Coming Up in Our Next Issue - December 17

The Only Dating Advice You'll Ever in 2025

Don't miss our next issue featuring exclusive insights from behavioral scientist and dating expert Logan Ury, host of Netflix's "The Later Daters." If dating apps have left you hopeless, this special edition will provide science-backed strategies and practical advice for finding meaningful connections in the modern dating landscape. Logan will share her expert perspective on:

• Understanding your dating blind spots

• Making better relationship decisions

• Navigating online dating with confidence

• Building authentic connections

Whether you're re-entering the dating scene or looking to refresh your approach, our next issue promises valuable insights for your dating journey in 2025.

Stay Connected. Remember, guidance truly does redefine our way. Thank you for being part of our journey.

Please forward this newsletter to a friend and help them start their G.R.O.W. journey today!

With gratitude,

Michael Morgan President/Founder, A Few Good MENtors, Inc. Editor, G.R.O.W. Newsletter

"Guidance Redefines Our Way"