Refi what?

Exactly.  Let me back up for the newbies.  Refinancing is when you pay back your current mortgage with a new mortgage with better terms.  You only do this when you can get a better deal – i.e. a lower interest rate which means you pay less money to the bank in interest each year (Hoooray!).  But wait, refinancing isn’t free.  There are costs involved similar to the costs you incurred when you originally took out your mortgage including broker fees, lawyer fees, etc.   So one always needs to do a little math (or find a good refinancing calculator) before determining whether net, net it is a good idea.  Don’t worry, we found a great one for you below!

Generally speaking, refinancing is a good idea if …

You have a fixed rate mortgage and rates drop below your currently locked in rate.

You have a floating rate mortgage and you believe rates are going to be higher in the future you can lock in at a fixed low rate now.   Trust me, floating rates are great when rates are low but inevitably rates are going to go back up again from today’s historic lows.  If you plan to stay in your house for a while and can qualify for a 30-year fixed mortgage at today’s low rates – jump on it!

Here’s an example:

I currently have a 30-year fixed at 5.0%.  My mortgage broker tells me that rates are now in the 4.5% range.  I did the math and that can save me almost $2K a month!  The catch is that in order to refi I will have to pay approximately $6,500 in fees.  Based on this I know that I will be able to recoup the money I spend on fees in about 3.5 years so if I plan on staying in my house longer than that (which I do!) then refinancing looks like a great option!

Use the calculator below to see if refinancing is a good option for you!

If after doing the math you think it is a good idea to refi shop around using this handy worksheet to find the best best deal.

Since today is officially Halloween, I figured I would send you all a little treat.

While you’ve been out trick or treating, I’ve been slaving away on our new website (launching soon!). Today I pulled together a mix tape of super-hype, positive and inspirational songs for the site.  I was rocking out to the tracks and figured there was no reason that I had to wait until the site launched to share this gift with you. So here it is!

Take a listen and let me know what you think! Also, be sure to leave a comment with other tracks you think we should add to the mix. The only requirement is that they make you feel empowered, strong and ready to conquer the world!

So its Halloween and you waited until the last minute to pick out your costume.  You need something cute but you don’t want to break the bank, right?

We’ve got you!  Below is our list of Cute, Sexy & Cheap Halloween Costumes that you can pull together for under $10:

1. Dress Up Like Your Favorite Pop Star or TV Show Character: If you’re a real fan your personal style likely already reflects the pop icon of your choice.  Recreate the style they rocked in their latest video or TV episode by “shopping” and swapping clothes with your girls. Love Lady Gaga? Grab your fishnets, your stilettos and some clear balloons and recreate the style to the right.

2. Sarah Palin: Whether you love her or hate her this one is easy to pull off. Pull out that conservative suit from the back of your closet and put your up in a bun. Don’t forget to wear glasses and to speak in that infamous Alaska accent.  You can even pass out Tea Party or Palin 2012 election flyers…Get creative with it!

3. 1920′s Flapper: This is an oldie but goodie that never goes out of style.  All you need is an all black dress and some accessories like a long pearl necklace and a sparkly headband with a feather.  Have one of your girls do your make-up so it is totally glam! Don’t forget to top it off with some fabulous heels.  This look is perfect if you want to be sexy without going overboard.

4. A 80′s Dancer / Aerobics Instructor: Another cute option that never goes out of style is an 80′s dancer.  All you need to do is put your hair up in a side ponytail and throw on a leotard, some cute tights and leg warmers and viola! Your back in the 80′s ready to rock the party!

5. A Cute Equestrian: Leggings have been all the rage this past season so why not put them to good use one more time?  Pair your tights (tan if you have them) with some black knee-high boots and a white button down shirt. Then put on a blue or black blazer.  Grab a riding cap (or something similar) and your set!

Need more ideas? Check out these articles.  Happy Halloween!

• Easy To Make, Cheap Costumes (www.learnvest.com)
• Five Halloween costumes for less than $10 (walletpop.com)

Already have your costume? Tell us about it!

My best girlfriends always tell me what I need to hear, regardless of whether I like it or not.  That’s what girlfriends are for, right?  It’s our responsibility to one another.  It’s how we keep each other safe.  It’s love.  What have you been meaning to tell your girlfriend?  What’s holding you back?

In the spirit of being a good girlfriend myself let me say one thing.  If you are with someone who is holding you back in life, who is dishonoring your spirit, or who is manipulating your kindness and love and never giving any back in return.  Be bold and let them go today.

Love yourself first and others will follow your lead.

Ladies, I had the absolute pleasure of interviewing Rebecca Kousky, CEO & Founder of Nest.

Nest was founded just four years ago and provides interest-free, micro-finance loans to women artisans in developing countries.  Nest also provides comprehensive financial and business training and secure access to western markets by opening retail channels by selling the products through its website www.buildanest.org.

Now you see why we think Nest’s ROCKS!

Read on as Rebecca shares her story on how she got the whole thing started:

What motivated you to start the business?

Nest was born of my desire to combine my passions: social activism, entrepreneurship and the female artistic tradition.  I’ve always had an artistic sensibility and a love of fashion and design, but during development work in rural Mexico and India, I became interested in the lives of the women there.  Upon returning, I received my Master’s Degree in Social Work, where I concentrated on women’s issues, international social work and the use of microcredit to encourage female entrepreneurship.

I have had extensive experience working with women both internationally and in the U.S.  Through these experiences and others, I was able to see firsthand the plight of women in developing countries who face hardships complicated by lower levels of education, lower social status and talents and abilities that do not always translate into productive employment.  I observed that when women are given the opportunity to create their own businesses and earn a steady income, families are strengthened and communities are stabilized.  Returning from my travels, I made my entrée into social enterprise.

Social enterprise is a deliberate blurring of lines between business and social work, conservative and liberal ideals, self-sufficiency and meaningful altruism.  But, in particular, Nest has found an unoccupied niche, comfortably at the intersection of what were once considered competing approaches. 

Nest gives people a hand up, so that they can stand up.

Then these same loan monies are recycled to others, creating a revolving loan fund and a way to continue improving the lives of women.  This blending is what makes Nest unique.  It takes three powerful ideas—entrepreneurship, social activism and microfinance—and combines them into a business model that is both sustainable and philanthropic.

What is the first thing you did to get started? What resources did you find most useful?

I won a social enterprise business plan competition from Washington University in St. Louis (where I received my Masters) to begin Nest. There are a wealth of resources for social entrepreneurs and women entrepreneurs including Ladies Who Launch, the SBA, etc.  I also truly value all of the supporters and advisers that have given time, energy and ideas to Nest.  After that initial round of funding, Nest has sustained a mix of donor support and sales. Last year, it was about 50 / 50. This year, we are looking at 60% sales, 40% donations and hopefully next year, we will be to 70 / 30!

How does providing loans to women to finance their own business impact their lives?

Nest is about helping women jumpstart their dreams by giving them the capital they need to become self-sufficient business owners.  The best way to tell you about our impact is through our stories.  You can check out videos of the women we work with here.

What is your favorite Nest product right now??

Chantal’s clutches.

What words of wisdom would you give to other women out there looking to start their own social enterprise?

Two things:

1. Don’t spend too much time looking at the distant mountains; you have to look directly in front of you as well. I tend to get caught up in the big picture; for example, where I want to be in ten years, but what is most important is the first step you take toward getting there.  Details and baby steps.

2. Pay attention to serendipity. In ways too numerous to delineate, Nest has been defined and refined by a series of remarkable coincidences that seem anything but: chance meetings that turn into valuable business relationships, hidden talents and interests of friends and acquaintances that turn out to be a perfect fit for Nest, e-mails on one topic that reveal other contacts and networks.  I’m convinced that what seems to be accidental, coincidental or unplanned, really isn’t.

For you ladies in the DC area who would like to meet Rebecca in person or support Nest directly don’t miss out on their NESTINATION 2010: Midnight in Marrakesh event taking place on October 7 from 6-9.  More details here.

BDG I am SO psyched to feature one of my best friends and kicka$$ entrepreneurs, Dana Evans! For those of you who have had the pleasure of meeting Dana you know there is no one quite like her.  Dana is the Owner of the fabulous baby boutique Daisy Baby & Kids which focuses on nursery design and baby gifts.  They are having their grand re-opening this Sunday from 12-2 and ALL readers get 15% off for visiting the store so if you are in the the Metro DC area be sure to check it out!  More details here.

Below Dana shares with us how she got the courage to start her own business and what she is most passionate about these days:

What was your biggest fear when you started your business?

“I think my biggest fear was failure.  I didn’t want to be one of 50% of new business that fail in the first years. I also didn’t want to be one of those owners who worked their butts off and hardly ever get rewarded, either financially or holistically. I really wanted to be different. I didn’t just want to own my business for the sake of saying I don’t have to work for anyone else. I wanted to deliver a superior product & service, but also be able to pay my mortgage and build wealth.”

How did you get over your fear?

“I just took the leap one day. I wanted to follow all the amazing entrepreneurs who are extremely successful. Both small and large.  I thought of every big name we know today: Hilton, Disney, Julia Childs. These were just people who started out and accomplished unbelievable goals.  Everyday is still a learning experience.  There are local businesses right in my backyard that I would love to model myself after: Blue Mercury, Sweet Greens & Georgetown cupcakes. I am inspired by all of them!”

What books/resources on money management do you use or would you share with others?

“I read lots of books that speak to how to become a successful small business. Michael Gerber of the E-Myth, Dave Ramsey of Financial Peace, Gary Vaynerchuk of Crush it. These audio books are always on my iPhone. I use them for reference and inspiration. It’s still challenging to follow all the principles but each book helps me set goals that I aim to implement so I can be apart of the other 50% who excel.”

Only 20% of Americans look forward to going to work everyday – I think you are one of those very few – tell us WHY you love your job and what words of wisdom you have for others looking to find meaning in work?

“I am very grateful to be among the few who look forward to work everyday. I love what I do! Where else can you go to work in flip-flops, a tank top, and a  jean mini skirt? I get to sit down with new parents in the most wonderful time of their lives. They are always so excited and happy.  The nursery is a special room that holds all their hopes and aspirations for their newborn – and I have the honor of being a part of that.

In these little spaces I get to be very creative and design amazing rooms. We get to reach outside of the norm of Winnie the Poo & find something more sophisticated & elegant for the little ones.  Then once I finish with clients I get to dig myself out from a sea of fabrics and jump into business mode. I get to work on my business, focusing mostly on marketing and financial planning. This allows me to have a wonderful balance between the creative side and the business side. If it was just one or the other, I wouldn’t be a happy camper.

Don’t forget to check out Daisy Baby online at http://www.shopdaisybaby.com or to stop by the store in person to say hi to Dana or for any of your baby needs!

I got on the tube yesterday and was taken a back by this very attractive woman.  What struck me was that she had these fake eyelashes on that were literally like a foot long.  I couldn’t help but stare…and stare I did.  She proceeded to put on more foundation, blush, eye shadow, mascara, lip liner, lip gloss, etc. during the train ride.  Underneath it all, I could see that she had natural beauty and I found myself wondering why she felt the need to cover it all up with so much makeup.

Then it got me thinking about how in many ways this woman was just a caricature of all of us girls really.  Maybe our situations aren’t that extreme but being girls we are always up against this gnawing self-inflicted standard of perfection which leads us to be self-critical of ourselves and others.  This past year, living abroad I have been more free and more secure in myself than I have been in a long time.

I’d like to say that this is because I was born with this steely self-confidence and I know my worth.  But if I am honest,  I know that a lot of that has to do with my FI.  He is the first to tell me that I look beautiful when I feel the least attractive – like in the morning when I still have sleep in my eyes and my hair is all crazy (LOL!).  He has allowed me to be secure enough to get naked (figuratively speaking).  To feel more secure in myself.  To trust myself more and to have more confidence.  Some people get this extra boost from their families or their work.  Before I found that extra boost of confidence in my Jimmy Choo pumps (how can a girl not feel more confident in 4.5 inch heels??), my ivy league degrees and my perfectly manicured nails.

In those days, it took me over an hour to get dressed every morning because I needed my image to be perfectly orchestrated, the shoes, the dress, everything.  Don’t get me wrong, I still need a good 45 min and I still take care to look dashing every time I step out the door, but I am more forgiving of myself now.  If I don’t have time to get my hair done, I just work it out and throw on a cute hat or funky scarf and it doesn’t ruin my day.  I just turn up the glow from the inside out.

The point here is that that girl on the train likely didn’t have someone or something in her life that told her that she was beautiful the way she was.  Something that made her feel good naked.  That got me thinking about how many of us have people in our lives who play this role and how many of us have friends who do the exact opposite.  Instead of building up our self confidence, they tear it down.

So I thought of this challenge: “The Get Naked Challenge”

1.  Challenge yourself to go a day without looking “perfect.” Whatever that means to you.  If you normally spend an hour getting dressed, take 30 minutes.  If you normally take 30 to do your hair, take 10.  The goal here is not to make you look a mess but for you to just take one day where you strip yourself of all the external and “extra” stuff that is part of your normal routine. Then assess how you feel.  Do you feel good about yourself? Do you feel just as strong, confident, sexy, fierce? The answer for some will probably be no, and that’s fine but just take note of what in particular you are missing or what in particular you wish you had done.  The only goal here is to get you thinking about how comfortable you feel in your own skin…with your naked self.  Just take a snapshot of that feeling and let it sit with you.

2. Take note of who comments on your appearance. Who says good things? Who goes out of their way to say bad things?  Are these the same people in your life who also encourage you to spend money you don’t have on things you don’t need? Are these the same people who are negative to others, or about life in general?

Let me know how it goes for you. I would really be interested to hear your story.

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• See Jessica Simpson Sans Makeup in New Photo Shoot (stylenews.peoplestylewatch.com)

(FYI…I wrote this in June and for some reason never posted it.  )

Do you like your job?

Unfortunately, only 20% of workers can respond with an enthusiastic “YES!” when asked that question.  That means the majority of us are still searching for work that is meaningful and fulfilling. In fact, according to a recent Gallup study, more than two-thirds of workers around the world are disengaged at work and are literally waiting for the bell to ring at the end of the day so they can get on with life.

Isn’t it about time that  you started doing work that allows you to use your innate strengths, interests and passions daily?

Easier said then done, I know.  Here’s a start.  Check out ReadyMade’s “How Did You Get That F%$(*!@ Awesome Job” series for some good old fashion inspiration.

If after reading a few of the profiles, you feel moved to actually take some tangible steps towards transitioning to more meaningful and rewarding work, I recommend you check out the following:

• Finding Your North Star by Martha Beck.  It is a funny, practical and meaty guide to finding your life’s work and sorting out all the personal issues preventing you from living the life you desire.  It’s like having a psychologist in your back pocket and its worth every penny.

• For all of you wannabe Internet rock stars who dream about starting your own online empire, I recommend Tim Ferris’ Four Hour Work Week. It is a treasure trove of knowledge and the official work manual for Gen Y’s looking to decouple how much money they make from how many hours they work.

• Working Moms out there looking for tangible strategies for building flexibility into their careers should check out Womenomics. This book makes the case for why more women should stop opting-out and start demanding work on their own terms.  As most of us girls already know, the way “work” is structured today is just not working for most – both men and women.  This book offers a blueprint for writing your own rules.

This is a guest post from our fabulous BDG intern Monique Johnson (http://www.moniqueojohnson.com/).

I recently celebrated my birthday and planned a fabulous trip to Jamaica where I stayed for nine days! I even had the benefit of having my friends meet me for a long weekend while I was down there and we had a blast! Since I celebrated my 25th, I wanted to share with you 25 pointers I used to prepare for the trip in addition to money-saving tips while I was there:

1. Establish a Mint Account- Mint.com is personal finance software that is completely free! Mint has one feature that I took advantage of for my trip and that is “Goals”. This software will help you allot “payments” (amount of cash to put away each month) over a certain period of time in order to meet your financial goals, such as for a trip.

2. Establish a ING Direct Saving Account- ING Direct is a online savings/checking account with much higher interest rates than the average interest you would receive at a commercial bank.

3. Create a Budget- I used Microsoft Excel to create my budget. My particular budget included my general expenses and income but it doesn’t take long to set up one I promise! Check out Budgets are Sexy for pointers on setting up a budget for general purposes and for certain financial goals.

4. Use Credit Cards – I researched my credit cards rewards benefits prior to travel to see which offered the best deals for my upcoming travel and which one offered me the best in terms of international exchange rates, fees, etc. This is important to know as some cards charge you a fee on each transaction you make in a different country.  Getting smart on which card is best for you to use prior to and during travel can save you a pretty penny on both ends.
5. Research Travel Websites- I wanted to do it big, so I organized an “all girls” trip with four of my closest friends—only two made it. But the silver lining in all of this was the additional travel sites I stumbled upon. Aside from the common sites: Priceline, Expedia, Hotwire, etc. I ventured towards the underdogs: Whichbudget, Budgetflight, Seatguru, Tripeedo and SkyScanner. Tripeedo was the prevailing winner for this trip.

6. Research Hotels- In order to avoid the hotel disaster from my birthday in Miami last year (bad case of bed bugs ) I decided to conduct an extensive research on several hotels without succumbing to a 5 star resort.  I decided on a 3 star resort called LEGENDS. It was twice the experience yet half the price.  I found Expedia.com to have the most comprehensive hotel reviews.

7. Create a Group Budget- Prior to the trip, my friends and I, who are all frugal in our own idiosyncratic ways, decided to devise a budget that would be conducive to our financial needs. In order to accomplish this, I created a separate budget for the weekend my friends were coming down. After intense negotiations we came to a sizable agreement (with our friendships still in tact ).

8. Book Tourist Events Locally- a lot of times it is cheaper to wait until when you get to your location instead of booking events/tours online because the prices tend to be inflated. Most of the time you can negotiate and we took advantage of our savvy skills.

9. Hang with the locals- interacting outside of tourist boundaries allows you to not only make new friends, but you will get the inside scoop of the places to go for night life and it is cheaper to eat at local spots and let’s not forget the scrumptious tastes.

10. Skip the Resort and Stay with Friends and Family for part of the stay (if possible)- Being that my family originates from Jamaica I did not want to go the typical vacation route of being locked into a secluded resort and I wanted to give my friends the total experience of being in another country. The fact that we didn’t have the “all-inclusive” luxuries not only saved us money but also forced us to convene with the locals and devour the various foods that Jamaica had to offer.

11. Create a Payment plan for the trip- Along with Mint, I figured out a payment plan for the expenses incurred on my credit card.

12. Limit souvenirs- Although there was temptation to splurge on souvenirs and gifts I disciplined myself to keep my spending to a bare minimum. I escaped with only a few items for my significant other back home and of course some things for yours truly.

13. Save on Cell Phone Charges- Knowing the exaggerated international fees cell phones companies charge to people traveling internationally and the fact that I don’t own a blackberry phone with BBM, I decided to purchase a local phone instead.

14. Save on Lodging Arrangements- Half of the trip I made arrangements to stay outside of a hotel- As stated earlier, I arrived a week before my friends got there. I stayed with family which was very cost effective.

15. Limit Taxi Rides- After being charged 30 US dollars to go a mile!!! We decided we would be better off walking to other locations. Although, we did befriend a local cabbie who gave us fair rates. We rewarded him with gracious tips.

16. Seek out places to go that are free- After a couple of days, our frugality started to rear its ugly head and we began to look for the free stuff around town. Therefore, we sought out places that were either free or very cheap.

17. Negotiate Group Discounts- the larger the amount of people you arrange to go, the less the contribution per person. I made sure to invite a good amount of people to help reduce the per person contribution and also to make up for last minute cancellations.

18. Prepare to say “no thank you” and have discipline- it is very tempting to spend over your budget especially when you are bombarded with vendors with very unique crafts.

19. Ditch the laptop- Knowing how addictive my new Mac laptop can be, I decided to leave it home so I wouldn’t be tempted to pay for Wi-Fi and stalk people on Facebook and provide updates religiously on Twitter.

20. Take advantage of the duty free items at the airport- items such as alcohol tend to be cheaper in the airport because it is duty-free (without tax).

21. Determine when to pay US dollars versus local currency- Depending on the situation we realized when to use the American dollar versus the Jamaican dollar. Ideally, the American dollar was more conducive to our meals and cab rides.

22. Always keep an Extra amount of cash on you- Of course, emergency cash was needed just in case I got stranded. Thankfully it was only a precaution.

23. Tip Well –Its good karma and it can help you go a long way especially with taxi drivers.

24.  If you are a lady take advantage of Ladies Night Discounts! - I must admit the advantages to being a woman are far greater than being a man sometimes. For instance, guys would happily splurge their cash on us with drinks just to be in our presence. I’d say it was a fair exchange being that we kept our cash and integrity as respectable women.

25. Let it be known that you are celebrating a special occasion!
Last but certainly not least it was my BIRTHDAY and I milked this fact to the bone! Free drinks, food, you name it. It was all at my disposal when I uttered the words “It’s my birthday!”

In a nutshell this was a great trip and a wonderful experience! I hope you learned a great deal on how to prepare for a your next trip and these tips can be of good use.

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• Mint.com Can Help You Budget for Next Vacation (abcnews.go.com)
• How to Save Money While Traveling (getrichslowly.org)

Call me gullible.  Call me naive. But when I first saw Chris Brown‘s performance at the BET Awards I didn’t question the authenticity of his tears.  My initial reaction wasn’t, “What a punk!”  I just took the moment in for what I perceived it to be – raw, unscripted, emotion.

In the ensuing hours, every celebrity tabloid on the planet was ripping him apart with “expert” analysis of the situation and instant replays of the tears. “Was this a desperate marketing ploy to save his music career? Were the tears real?”

Everyone was all too quick to assume negative intent and so eager to exert negative energy getting worked up about something we will never know for sure.  It’s entirely possible that he faked his breakdown and that it was all a brilliantly choreographed publicity stunt.

But what if it wasn’t?

Think for a moment what would happen if we assumed positive intent.  Assuming negative intent drains us.  It saps us of our positive energy and makes us angry, frustrated, and just plain negative.  Sure it is easy to dismiss Chris Brown as a immature, woman beating, egomaniac that should rot in hell.  All those things may be true but how do you and I benefit by tearing him (or anyone else for that matter) down?  The answer is we don’t.  In fact, we never do.  All we do do by thinking negative thoughts and giving them life through our words is successfully attract negativity and hate into our lives.

What if we decided to take a different approach and assumed positive intent by default.  What if we stopped judging and contemplated the possibility that what we saw in Chris Brown was genuine emotion, a glimpse of raw humanity.   Think of how inspiring the thought of someone actually looking in the mirror and consciously making a change can be.  What if we allowed ourselves to believe in people again and their ability to change?  Thinking about this possibility alone lifts my spirits, lightens my heart and encourages me to have faith in others.

Admittedly, we are a manipulated society.  Polished politicians and slick talking, PR prepped celebs make it hard for us to know what to believe, who to believe or how to believe anymore.  But the fact remains, you and I will never know what is in Chris Brown’s heart.

All that we have control over is our own hearts and minds and I hope that when given the option, you choose to fill them both with positivity and light verses negativity and darkness.