Take the Challenge 2017-02-19T21:17:07+00:00

Nicole Lapin Presents: 21-Day Rich Bitch Challenge

And now, it’s your turn to put Nicole’s 12 steps into action…and meet your inner Rich Bitch!

Armed with your new little budget diary (the only LBD that never goes out of style), take what you’re learning from Nicole and apply her 12 step plan for getting your financial life together…finally to your everyday life. We challenge you to develop a savvy money strategy that works for you! Whether it means getting the debt monkey off your back, setting up a retirement account, or starting your own business, the Rich Bitch Challenge is simple: set your goals and fully commit yourself to them to achieve the life you want.

And don’t forget to document every step of your own personal Rich Bitch experience via your blog and social media channels (Facebook, Twitter, Instagram, Pinterest, etc.). Use @nicolelapin #richbitchbook so we can see your progress, and feature you throughout your journey on www.NicoleLapin.com!

Getting a grip on your financial future is both a marathon and a sprint but don’t worry about a time limit on your goal; we encourage you to go at your own pace and be realistic about your objectives. You’ll get there before you know it.

We’ll announce our Challenge Winners once per quarter (like in finance, that’s four times per year). Winners will receive a $100 gift card to RueLaLa and a signed copy of Rich Bitch.

Good luck getting it together — and getting it all!

So, you wanna be a Rich Bitch? Take the Rich Bitch Challenge!

As you go, I’d love to see your progress! Post your photos and videos on Twitter and Instagram, featuring what you’re doing and learning for possible inclusion on the site. Remember to share your journey on social media, too, with the hashtag #richbitchbook so I can be there to help and guide you every step of the way. Get it, girl!

We’ve all been there (I was once in $5000 of credit card debt!) but before you can expect to make major changes you need to admit there are things about your life and spending behavior that need changing. So, repeat after me: ADMIT YOU HAVE A PROBLEM.

Write down your 1-year goals for the Three F’s (Finance, Fun, and Family). Goals are important, but they come with price tags and we need to make sure you have enough money (or a plan to make enough money) to make those dreams a reality. Are your goals in sync with your bank account?

Write down your 3-year goals for the Three F’s (Finance, Fun, and Family). We’re now into more speculative territory but don’t worry—you reserve the right to adjust your goals time and again as your career, relationship, and of course financial situation change. Want a raise or a steady relationship? Jot that down here.

Write down your 5-year goals for the Three F’s (Finance, Fun, and Family). Do you want to get married someday? Have children? Those life decisions can have a major impact on your finances and career so you want to start factoring them in now. After all, money is about so much more than math and numbers; it impacts our lives and our relationships, too, and your goals should reflect that.

Write down your 7-year goals for the Three F’s (Finance, Fun, and Family). Do you want to start your own business? Make a career move or go back to school? We need to make sure you have at least 6-9 month’s worth of savings squirreled away before you take this career leap.

Write down your 10-year goals for the Three F’s (Finance, Fun, and Family). Whether you want to become the head of your company or put a downpayment on a house, jot down these major moves so you can align your day-to-day finances in that direction. This is more than a wish list; think of it as an actionable to do list for the future You!

Treat yourself to your morning latte. It will get you into work on time, if not early, and make for a more productive day—which might just lead to a bonus at the end of the year! Week one is over and you did it. Get it, girl!

Gather the receipts from the bottom of your purse and the shoebox on your desk. Uncrinkle them. Gather or print out your most recent bank and credit card account statements and lay them out next to the receipts.

Organize your receipts into categories: Essentials (Housing, Food, Gas, Transportation—70% of your budget should be going to this); Extras (the fun stuff like your mani/pedi or yoga class—15% of your overall monthly budget); and Endgame (savings—15% of your monthly budget). Think of it as a Spending Plan to care for present and future You, and allow you to live a “rich” life in every sense of the word.

Create your LBD—Little Budget Diary. Assets on the left, liabilities on the right. We need to get an accurate picture of everything you’re spending so we can see where you can cut back (and, hopefully, where you have a little wiggle room for FUN!).

Order your credit report and check your credit score at www.annualcreditreport.com. 720 and higher = A+! Keep up the good work. Any lower than that and we should spend a little time on rehab. Your credit report is like your financial report card, and you need a pretty solid one to apply for a loan or take out a mortgage.

Switch one monthly bill, like cable or utilities, to your credit card and set it to autopay each month to rehab your credit score. This will show creditors that you are consistent and reliable with paying your bills on time, and increase your score.

Revisit your LBD to calculate your net income. You need to know your worth so we can grow your worth. Simply calculate assets – liabilities = net worth. Voila!

Treat yourself to a yoga class or mani/pedi. A financial diet is like a regular diet: you need to allow for these small indulgences to keep yourself (and your budget) on track. Plus, you crushed week two! Well done!

Call your main service providers (cable, cell phone, credit cards) to negotiate a better rate. Make sure you are using the services you’re paying for (goodbye, bundle programs!) and threaten to leave for a competitor. Most providers will throw you a bone versus losing you as a customer.

Call and negotiate any outstanding medical bills. You shouldn’t pay sticker price for anything, not even your health. Inspect bills closely to ensure that you’re not paying for any services or medications you didn’t receive, and so some research into what treatments in your area typically cost (Healthcare Bluebook is a good resource to get started).

Look at your monthly payments like gym membership, Netflix membership, and magazine subscriptions. Cancel any you’re not using or look for cheaper alternatives, like a 10-pack of gym passes so you’re only paying for the days you actually go to the gym.

Check in with your LBD, minus the extra spending we’ve eliminated. See where you can reallocate some funds. For example, if you’re saving on gas by taking public transportation, can you move some of that money over to make a dent in your rent, or put it toward your Endgame?

Identify one creative way to make money on the side (like selling your stuff on eBay or joining a site like Elance for small freelance jobs. After all, the more you make, the less you have to save (hello, Captain Obvious!).

Revisit your 1, 3, 5, 7, and 10 year goals for the Three F’s (Finance, Fun, and Family). How’s everything looking? Are your goals and finances more aligned than they were three weeks ago? Make any necessary adjustments now that you are back in control.

21 days—you’re finished! Invest in yourself as a reward for kicking week three’s butt. Subscribe to a trade magazine or sign up for a class in order to get ahead at work and expand your horizons. It’s a small investment in yourself that will pay dividends down the road.

Great Job, Ladies!

We challenged two readers to take the Rich Bitch challenge and tackle the 12-steps outlined in my book to get their finances together once and for all. Laide and Lana—you’re killing it! Love watching your progress as you take control of your financial destinies.

Laide
Lana
Lana

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