DailyWorth is a free, daily email about personal finance and business for women. I was able to ask Amanda Steinberg, founder of Daily Worth, some questions via email. They say:
Our tips cover saving, spending, earning, investing, taxes, business, entrepreneurship, professional development, financial feminism and lots of other things.
Sounds good to me!
Why did you start Daily Worth?
I’m an entrepreneur, not a finance guru. By the time I was in my late twenties, I was making upwards of 100K. When I turned 30, I realized that I had nothing to show for it. I hit a breaking point: I was deep into 60-hour work weeks, and I still wasn’t making ends-meet. To make matters worse, I’ve fought off debt and overspending my entire adult life. While I make a respectable income running my own business, I have been blissfully unaware when it comes to money. I was living life under the assumption that, if I made more money, I’d have more money. And so I started DailyWorth.com. The more I spoke about this to my girlfriends, the more I realized that it wasn’t just me. That this was a problem for most women.
Where did the idea for the name “DailyWorth” come from?
I believe that money issues are rooted in our psychology — our self-worth. Few women I know can calculate their net worth. So, as you can see, I am fascinated by this notion of “worth.” And as for the word “daily,” I believe we need daily nudges. Studies show that people are able lose more weight when they weigh themselves daily. Why should wealth-building be any different? So, there you have it — daily reminders about your self worth and net worth: DailyWorth.
What area of personal finance interests you the most (frugality, budgeting, investing…)
(What about “earning?!”) Personally, I think budgeting most interests me because I am horrible at it! The process overwhelms me. I love new clothes. My eyes are too big for my stomach. It’s a problem. I toy with budgets but never actually implement them.
Do you consider yourself to be good with money?
- I pay my bills on time 90% of the time.
- I’m saving small amounts in my 401k every month.
- I am FINALLY paying off my credit card balance every month.
- I hired an amazing bookkeeper for my small business.
- I hired a very frugal assistant to help me run my companies.
- In starting DailyWorth I am learning so much about money and how to handle it.
And I have a way to go. I have a tiny net worth and spend far too much at Target. My goal in the next five years is to improve my net worth by a factor of 10. I still feel as if I’m at the foot of a mountain with a very steep climb ahead.
What is your favorite daily worth email tip? (and from the other contributors?)
When I was in my 20s, I struggled with my weight. My three-year tryst with Weight Watchers and weight loss proved to be a life-transforming event. In “My Weight Watchers Inspired Money Diet,” I wrote about how what I learned from Weight Watchers could also be applied to saving money. For example, on Weight Watchers you have to plan your meals daily. Before making your breakfast, you are encouraged to visualize each meal so you don’t break for a cheese steak out of convenience. Similarly I realized that with money, if I planned my spending every morning, I’d have fewer instances of going over budget.
I’ve cataloged other favorites here: 6 Sample DailyWorth Emails.
The contributors have a wide variety of backgrounds- how much do you believe that financial advice should be holistic and/or multi-faceted?
Yes, holistic in the sense that I don’t think we can separate our finances from our psychology. To that end, our experts are finance experts, psychologists, and journalists great at story telling.
Why a daily email, and not a blog?
Most women don’t want to think about money. We have to think about money. If I’m going to a blog, it’s TMZ, not Kiplingers. You can’t escape an inbox.
Kelly says: I love the idea of receiving a free daily email, with tidbits of money advice to make you think. I think it’s the financial equivelent of receiving the Real Simple quotes of the day!
If you had to give somebody one financial or frugal tip, what would it be?