Get rich in five hours

Well, sort of...

Keen to learn the secret to big-time savings, Cosmo’s Lucy Cheek makes her first 'vision board.'

My bank balance is the Victoria Beckham of bank accounts. Kinda slim.
I’m not sure where my money goes – I’m not frivolous, yet, inevitably, just before payday, finding gold coins in the bottom of my bag makes me feel filthy rich.
                 
So, when I hear about a seminar called Rich Chick (www.richchicks.com.au), I feel hopeful. Run by Sydney finance guru Catherine Lezer, a mortgage broker with a wealth (pun intended) of experience in property and financing advising, Rich Chicks is a five hour session where you learn to “think yourself rich”. Basically, a bunch of girlfriends (between six and 10, who pay $198 each) get together for a few hours of champers and tips to turbo-charge your finances. Although she lives in Sydney, Lezer will fly to all capital cities around the country to hold the seminar.

After handing out goodies bags on arrival, Lezer delivers our first wake up call: winning Lotto is not a feasible finance goal. We women must be in control of our own money and scrap the idea that Mr Right will sweep us off our impoverished feet and clear our five-grand credit card debts. Oh, and designer shoes are not an investment (damn, there goes my financial plan).
                 
According to Lezer, women earn only 84 cents for every dollar a man earns. She emphasises that one of the factors stopping women from financial success is thinking that we need to make money. She advises us to live below our means, spend only with our savings or a debit card, and to create an emergency savings account (that you transfer 10 per cent of your pay into each payday). Other handy tips include always asking for discounts (that includes electrical, whitegoods, cars and even clothes – especially when buying in large amounts); selling your old stuff on eBay (CDs, clothes); turning a hobby into a business idea (like jewellery-making); and claiming all the legal tax deductions you can (meaning if you’re self-employed, you can claim part of your electricity, water, etc. Uniforms, parking, tolls, training or course fees, work-related books or magazines also fall under this claim category – but check with an accountant if you’re unsure).
                
Halfway through the seminar, we’re told to create our own “vision boards” by flicking through mags and cutting out the things we covet, from fancy homes to Chloe bags. I feel a bit like I’m back in Year Four, but after plastering my boards with pictures of Europe, I can see where I’d like my cash to go. Lezer says seeing our dreams each day (updated as they progress) will inspire us to save to make them reality.
                 
A large part of the seminar is devoted to property; Lezer tells us we can earn $1 million in 10 years if we invest in property and renovate for profit. I find it interesting, but not very relevant to a bunch of twentysomethings who struggle to pay their electricity bills each month, let alone a mortgage.
                 
Lezer concludes the seminar by guiding us through our “action plan” for the next 10 weeks.  We’re given a task to perform each week, from writing a list of the 200 benefits of being rich, to keeping a record of every cent we spend. She also tells us to freeze our credit cards – literally - so if we feel like spending, get the urge to spend, we’ll have to wait for the ice to melt. Sounds weirdly effective!
               
With my vision board in hand, I leave feeling empowered (and slightly giddy- not sure if it’s from the champers or the information overload).