10 Reasons You Need a Financial Coach - Part 2

Here are 3 more reasons why you may need a financial coach (If you missed Part 1, be sure to check it out by clicking HERE) 3.      You’ve taken Financial Peace University and you still don’t have a budget or debt reduction plan.

Financial Peace University is a phenomenal class.  I’ve personally facilitated more than 12 classes and I believe in the content.  I have also seen many people never do anything with the information and their financial lives remain unchanged.  We don’t want this to simply be good information.  It must transform your entire life!  That will only happen if you actually do what Dave Ramsey says.  A good financial coach will show you exactly how to apply the principles to where you are right now and see results immediately.

4.      You aren’t consistently working a plan.

Life gets busy.  We have careers, families, events, and more.  Finding the time to create a good budget, track your spending, and ultimately reach your goals can be challenging.  When you schedule time to meet with someone you take your finances way more seriously.  You have basically said this is so important that I am willing to do whatever it takes to see change.  Your financial coaching appointment will become as important as your visit to the doctor or your kid’s soccer practice simply because you made a commitment.  This consistency builds in a routine and plans can then succeed. 5.      You don’t even know where to begin with budgeting.

I always say that budgeting is not rocket science, but sticking to one can be.  If you don’t work the plan you create with good accountability then you won’t be able to see the results you desire.  You need to see your income and outgo for what it truly is.  You need to have a cash flow plan that tells you when everything is due.  You need to monitor your spending to stay on track.  You also need to be flexible when life happens and adjustments are necessary.  Then there are times you have irregular expenses.  A good budget will help you with all of these situations and more.

 

Client Wins

We love to celebrate the successes that our clients experience as they work through their financial coaching plan. Here are some recent client wins! Sandy F.: A client needed more stable income. Reviewing her budget needs and getting a handle on her finances boosted her confidence and highlighted her value. Armed with the belief that she was worth more and ready to show the world, she went out and got a higher paying job!

Sue and Robert J.: Recently, a client faced sudden major unexpected medical expenses. Since they had an emergency fund in place, they didn’t stress about it and were able to take care of the emergency quickly.

Kristine: Learning how to be conscious and aware of what she was spending and how to stay within the budget, our client could focus on her revenue goals. This new awareness allowed her to know exactly what was in her account and when there was money left over, she was able to make healthy financial decisions.

Client Wins

We love to celebrate the successes that our clients experience as they work through their financial coaching plan. Here are some recent client wins! Power of a Budget: Prior to working with us, Casey was unsure of what she was capable of financially. She was scared to even do a budget. She had something near and dear to her heart that she wanted to do but was afraid that she wouldn't be able to do it. Because she had made a budget and we had a plan to work from, all she had to do was make a small shift to make it happen! Amazing things happen when you show up and have the courage to say "I'm scared that I'm not going to be able to do it but I'm going to look it in the eye and face it."

The Monster Car Lease: Buried in a car lease, the Robert's definitely wanted to see how they could get out from under the lease and into a car with no payments. By making some adjustments in their witholding and modifications in their budget, they'll be debt free in two years (except for their mortgage) which means that they will have had a $40K shift from where they started! Great outcome for a newly married couple!

The Importance of Starting: Jane and Bryan were overwhelmed by their debt but by learning that you have to start somewhere they are making progress. They have learned exactly what to break down into smaller pieces so that they can tackle the small debts to reduce their overall debt continuously over time. Giving them a shorter time frame to focus on helped them to reduce their feeling of overwhelm.

*names have been changed to secure client identity

Have you forgotten already?

Happy New Year!

Our family sat down and discussed goals together this year.  We had so much snow and cold weather that family time has been at a premium! : )  We discussed what we wanted to see happen this year and asked each other questions, dug deeper, and got excited about what could be accomplished.  Then we each wrote our personal goals down.  My 10-year old, Olivia, typed her goals out, printed them, and then posted them on her bulletin board in her room.  Here is the funny thing.  I see those goals every time I kiss her goodnight and it reminds me of ways I can help her achieve her goals or get involved with her success.  Today I realized that my goals weren’t even printed out.  Yikes!  That made me wonder how many of us create plans and never even look at them.

Many people set goals, make resolutions, or decide that “this year will be different.”  I know.  We all do it.  We create grandiose plans while trying to sound super intelligent to colleagues, co-workers, and family.  Yes we are going to make it happen!  We are going to change our world and we have a whole new 365 days to do it.  Well just 2 weeks ago we started this brand new year.  What have you actually done to get started?  Have you acted on these personal promises in any way? Or have you forgotten them already?written goals

 

I want you to succeed and win in 2014!  I believe you can do it too.  But this will not happen if you don’t have a vision for what you want and make plans to see it through to the finish line.  Right now I want you to write out your goals if you haven’t done so already.  Print them out.  Then share them.  Share your goals and desires with someone who can help you get it done.  Share them with someone who will be inspired (like your kids).  Share your goals so that they have a voice, get you excited, and move you to action!

If your goal is financial, I want to hear from you!  Let me know what you intend to do in 2014 and I will check in periodically to make sure you are on track.  Accountability partners help you get further faster.

“Write the vision; make it plain on tablets, so he may run who reads it.” – Habakkuk 2:2

Let’s run!

 

Back in the Saddle

Yes I am back in the saddle. My family and I have successfully transitioned to life in Indianapolis (until winter comes) and life is getting back to a new “normal.” Here’s how I’m back to business now that the boxes are finally unpacked:

1. Growing my network by meeting with the local business and professional people so they know who I am and what I do (you can do the same for any friends and family you know in the Indianapolis area). 2. Working with current clients virtually (by phone or video chat) so their tomorrow continues to look brighter than today. 3. Developing and executing my strategy for workshops, seminars, and individual coaching in small businesses (let me know if you have any business contacts here as well).

I have shaken up my entire world by moving clear across the country. There is no doubt that where I am today looks nothing like where I was 1 year ago. My home, neighbors, schedule, environment, weather report, scenery, workload, outlook, etc have all taken a dramatic shift. But, I also believe it is divinely ordered and it is positioning me to go to my next level. Can you say the same? Now maybe you haven’t moved across the country, but are you still in the same place financially you were 1 year ago? Has anything in your financial life changed so dramatically that you have to stop and take notice? Or, is the picture I described exactly what those closest to you would have seen last August? Recently, I have heard from clients, friends, and families who confess that they are in the same place that they were a year ago. Don’t you want to go from level to level each year? Don’t you want to get better with money, save more, or begin to see you retirement future clearly? Maybe it is time to shake things up! Check out my new webinar below.

It’s Back to School Nite!

Our kids are going back to school why not you too? You need it! Admit it. Are there some areas in your financial life in which you need a tutor, cheerleader, teacher or coach? So what are you waiting for?

Sign up today for my 1 hour webinar where we will discuss:

1. The easiest thing you can change to keep more money in your pocket 2. How to never pay retail again 3. Why it is important to budget and how to get started 4. The #1 strategy to demolish financial complacency forever!

Every year our kids grow, improve, and learn and we love to see them excel at many different subject matters. Now it is your turn to allow yourself to grow, improve, and learn how to effectively manage your money so you can truly be an example to them.

This one-time webinar is Thursday September 6th 8-9pm EST, 5-6pm PST. The cost is $19/per attendee. The 1st 5 participants to sign up will receive my ebook “Budget: It is NOT a Dirty Word!” for FREE. Once payment is made at http://www.tailormadebudgets.com/payment.html your call in details will be sent to you. You must have access to a computer to participate.

Don’t allow another school year to pass you by and only your kids have learned something new!

I look forward to continuing to serve you, my newsletter readers far into the future. If there is ever something I can do to improve the content of this newsletter or if you have specific topics you’d like to see covered just let me know.

Are You Ready?

The New Year is quickly approaching. Are you ready for what is ahead? Have you prepared for what is coming next? Do you have a plan for what you want to see happen in the next 12 months? Are you ready for your next level? Is your expectation for greatness set on BLAST??? I am here to tell you that without a plan your New Year can turn out exactly as it did last year. Repeat… is that what you want? A plateau or consistent and predictable path is BORING!! Shake your life, expectation, and results up with a goals plan that works! If you are ready for something great in 2012 you have read the right email! First of all, you need to decide what it is you want to see in the New Year. Sit down, relax, and reflect. What went well in 2011 that you want to see accelerate in 2012? What would you never want to happen again? What is something new you would like to explore?

    1. Write down all of your observations of 2011 and what you anticipate in 2012. 2. Prioritize your goals and write down the top 3 goals you’d like to achieve in 2012. What are the 3 things you couldn’t live without achieving by 12/31/12? 3. Make your goals SMART.

S – specific What area of your finances needs the most improvement (credit score, check register, budgeting, communications with spouse, etc)?

M – measurable How many times will you check your credit score this year to see the improvements? How often will you hold budget meetings with your spouse?

A – action-oriented Use action words to describe what you will DO. You can’t achieve a goal without movement.

R – realistic Have you created a goal that can truly be accomplished given your resources, talent, time, etc?

T – time-bound A goal is only a dream without a date associated with it. Make sure to give yourself a deadline for your goal.

SMART Goal Example: Create a household budget by the 28th of the each month for all of 2012.

This goal is specific because it refers only to creating a budget and nothing else. There will be 12 budgets created for the year so you can track the number of budgets created by 12/31/12. ‘Create’ is the action word used to describe what will be done. It is realistic because it doesn’t say the budgets all need to be created by 1/1/12. You aren’t pushing yourself too hard right away. It is time-bound because each of the budgets must be created by the 28th of each month.

Goals help you accomplish exactly what you want in the time you need it done. What are you waiting for? Set a SMART goal today and get moving!

Put Your Credit on ICE!

  • Are you looking to get out and stay out of debt?
  • Have you been a victim of identity theft?
  • Have you paid off most of your debt and are not looking to need credit much anymore?
  • You may be in a good position to put the freeze on. Make your credit report ice cold!
    Freezing your credit report prevents nearly everyone from using your name to take out a loan or sign up for credit including yourself. This is an extreme measure that can now be taken by residents of all 50 states. All you need to do is send a letter to each of the three credit reporting agencies to request a freeze on your report. Fees vary by state and can range from $0 to $10 per agency to place and lift the freeze. If you have proof (a police report) that you’ve been a victim of identity theft typically the freeze is free. Although freezes don’t stop someone from stealing your credit card information and using it, this action can help protect you from those who wish to use your name and identity for fraudulent purposes. We all know that identity theft is on the rise. The credit freeze is something you can do immediately to protect yourself.
    Just remember that nowadays you may need to suspend the freeze to get a new insurance policy, cell phone or utility service, rent an apartment or gain employment.
    Get more information at www.financialprivacynow.org.

    Enabling or Empowering?

    Myth: If I loan money to a friend or relative I will be helping them out. Truth: The relationship will be strained and changed forever if you either loan money or are the recipient of such a transaction.

    We love our family don’t we? And of course our family loves us. But to what extent do we take that love when it comes to money matters? There can be a lot of temptation to ask relatives for money or loan it when an emergency arises. Typically these loans are interest free and can be accessed without a run of your credit. But what are you truly doing when money is exchanged between you and someone you love?

    Here are some reasons why it is never a good idea to loan money to or from relatives and friends:

    1. You are creating a slave/master relationship between the parties involved. A slave is owned by the master until his/her debt is paid. We want to call our father “Dad” not “Master”.

    2. Each time you see the person who lent you money you will think about the debt owed and that causes anxiety amongst everyone. Thanksgiving dinner doesn’t taste the same when money matters are on the table.

    3. It is easier to miss payments because you believe that your relatives or friends won’t hound you like credit card companies. At least you will make it a priority to pay the credit card companies back. Typically when money is loaned to relatives it is not considered as important.

    4. The benefactors of the loan will think they now have a right to ask questions about your spending habits. They believe the right to that information has been bought with your loaned money. And… if you have nosey relatives and friends your financial business could spread throughout the family tree.

    5. When you loan someone money you enable the overspending. If the behaviors that got them into this situation are not dealt with then more debt will still be incurred. This does not help the borrower, but it can hurt them tremendously.

    The best way to handle difficult financial situations is to handle them yourself. This breeds responsibility, self-confidence, strength and character. When you’ve successfully gone through a tough time, but managed to do it all on your own you feel like you can take on the world.

    When my husband and I climbed out of the mountain of debt we had, we did it without the financial help of anyone. As a result, we knew that we could tackle any financial setback that came our way including job loss, career changes, family emergencies, etc without leaning on anyone. Our relationship grew stronger and we felt empowered! Don’t you want the same feeling?

    Let’s not enable our loved ones or allow ourselves to be enabled. If you truly want to help someone financially just give them the money with no strings attached. A gift is better than debt any day. Let’s tackled the real problem systematically and change the behaviors that caused us to need extra money in the first place. That is true empowerment!

    Have Fun while you Cook and Eat!

    How many of you dread the inevitable dinner time planning? I do! It seems that 6pm rolls around so fast and nothing is available to eat right away. We must cook, eat, and then clean up. I am an advocate for meat, potatoes, and a vegetable, but a good meal takes hours to prepare right? Well not exactly and certainly not all the time. But, this is the reason so many of us run to take out, fast food, and other unhealthy options that take more of our money. So what are we to do? What will make it worth it to stay in the house and prepare a meal for your family that everyone will enjoy and won’t destroy the kitchen? The following are some ideas for keeping the family around your dinner table and assist you in making that time an exciting memory for years to come. Meal preparation isn’t easy, but these suggestions below might help to make it worth it.

    • Reserve talking about your day to the special time you have together while eating. Talk about your day, your dreams, and disappointments. This allows your spouse and kids to open up in a comfortable setting while you break bread.
    • Make game night around the table. Choose a game everyone can play as the meal is being prepared. Or, give the kids an incentive to complete their meal in a timely fashion by playing a game when they are done.
    • Have the kids become responsible for portions of the meal preparation or table setting. Getting everyone involved will bring more excitement and participation.
    • Create a supper club. You and some friends can get together on a weekend and prepare a few meals that everyone can take home and eat during the upcoming week. Try new recipes and experiment! A friend and I started a cooking club in 2011.  Now I am inspired to cook again!
    • Allow everyone in the house to choose the menu on a regular basis. If you have all members of the family buy in on the menu they are bound to eat it up.
    • Turn off the TV. You can pretty much find anything to do once the tube is removed.
    • Make crafts. Place settings bring color and energy to your table. It is inviting and warm. The idea is to make everyone want to stay.
    • Share the meal preparation and clean up duties. It may even be necessary to pick certain days that are reserved for certain family members. This way the burden of meal preparation is not all on one person.
    • Prepare the night before or first thing in the morning. Who says we must start cooking when we get home from a busy day? Do the preparation when you are at your best and not low on energy. You will probably do a better job then anyway.
    • Learn to love your left-overs. Meal preparation is always best when there is little to do. Pulling out something from the night before cuts down on the clean up and gives all chefs in the house a break.

    Please send me your stories of any changes you make that positively affect this important part of your day.

    Who are these people anyway?

    Take a look down your street. What do you see? Do you see expensive cars, recreational vehicles, swimming pools, lavishly furnished homes, neighbors wearing designer clothing, etc? Or are you the one living in the lap of luxury? We have all heard of the Joneses, but who are these people anyway? Think about this question and be honest with yourself. Are you the Joneses or are you trying to be like them? Both positions could be equally damaging to your financial future depending on the way you look at it. The Joneses in America today are the people who appear to have everything. They have the look, the house, and all the STUFF that goes with it. But is it worth the price they paid? 70% of Americans live paycheck to paycheck. This means that if they missed one paycheck they would be in a world of hurt. The Joneses haven’t saved any money for a rainy day. In addition to limited savings the average American has $38,000 in consumer debt! That includes credit cards, vehicle loans, and bank loans. They are so strapped with debt and payments that they can’t get ahead financially in order to save any money. Is that who you envy? Is that who you want to be like? I’m sure your answer is NO.

    On the flip side are the people who desire to have what they see the Joneses have. It’s not enough to just keep up with the Joneses. Nowadays everyone wants to be the Joneses. Of course it looks tempting, fun, and stress-free but the reality is that normal in America is full of hassles that none of us want to deal with. Why waste your life desiring what your neighbor has? Measuring yourself against what someone else has is a sorry gage of your own potential. God has so much in store for us that we cannot even imagine it all.

    This has nothing to do with money!

    Life shouldn't revolve around money.  Sometimes life reminds you of this in the most unexpected ways.  My uncle passed away recently.  Our family was getting together to mourn, celebrate, and spend time together.  During that time, I reflected on the things I learned from a man who never lectured any of these values to me.  His actions told the entire story. 1. Know Jesus as your personal Lord and Savior!  Death is separation and it is hard.  But, if you know Jesus and your loved one does too then surely you will see them again in heaven!  My uncle knew Jesus and I am assured he is smiling in heaven right now.

    2. Never care what others think of you and always be yourself!  My uncle frequently wore the brightest colored suits a man could find.  Pink, orange, purple, you name it!  As long as he liked it, that is all that mattered.

    3. Be comfortable in your own skin.  Big, small, tall, short: you should always be ok with who you are.  If your feet stink (like my uncle's did on occasion) be ok with taking your shoes off in my house anyway!  Know that your family will still love you!

    4. Dare to be unforgettable.  Sometime you meet people in your life that say something you will never forget.  My uncle had his corny jokes!  Sometimes they will do something you will never forget.  My uncle would show up in places you least expect.  He was unforgettable!

    What message are you leaving for those you encounter in life?

    5 Obstacles to Financial Success

    So you want to get out of debt for real this time. You know what you need to do to cut back on lifestyle and pay down debt. So why aren't you living life financially free yet?

    There are many reasons that make getting out of debt so challenging.  These reasons can go deeper than simply budgeting; although I hate to admit it! 

    I'm talking about the life issues that get in the way of your success.

    1. You don't want to be bothered.

    It's in your DNA to avoid pain and seek out pleasure. Unfortunately this works against you when trying to get out of debt. In your mind, it's painful (or at least uncomfortable) to deny yourself that shopping trip or vacation.

    There's a simple way to work around this obstacle: Find something painful about being in debt to motivate yourself towards budgeting. Focus on the negative impact your current debt has on your financial future and lifestyle. Convince yourself that the pain of being in debt is much greater than the discomfort of cutting expenses.

    2. You don't want to wait for the good stuff.

    Just as you wish to avoid pain, you are also an expert in seeking out pleasure - namely cars, vacations, houses, etc right now! This serves the ‘real’ Housewives well, but we regular people really do need to live within our means.

    Delaying pleasure is a lost art nowadays.  The reason our nation is in such a financial mess is because none of us wanted to wait for the things we couldn’t pay for with cash. 

    Being patient to wait for the “good life” helps us appreciate our blessings, keeps us content with what we have, and proves that money is not our god.

    3. You are crazy busy.

    Let's face it, you work too much, commit yourself to too much and don't even get enough sleep most of the time. The fast-paced way you live leaves you exhausted, stressed and the last thing you want to do is a budget.

    It's time to reprioritize. Let go of your perfectionist standards and remove a few commitments from your schedule so that you are able to create a budget and debt reduction plan AND balance your check register. Remind yourself that taking care of your finances is a necessity.

    4. You don't deserve it.

    I don't agree with it, but you act like you don't deserve to live the good life. Take a moment to think back on all the times you have self-sabotaged your financial goals. If you don't believe deep down that you are worthy then you'll never give yourself a chance to win at money.

    You deserve to live financially free - and I urge you to dig deep down to uncover why you feel you don't deserve it. Once you conquer your feelings of unworthiness, getting on a debt reduction plan will be much easier.

    Take the time to take care of your financial life. You DO deserve it.

    5. You are afraid.

    You're afraid to start because you just might fail, and wouldn't that be embarrassing? You're also afraid to start because you just might succeed, and change makes you uncomfortable – even if it's change in the right direction.

    When you decide to get control of your finances you will need to go through a bushel of changes like cutting up credit cards, using cash, and saying “NO” sometimes.

    Focus on all of the ways that getting rid of debt will make your life better. Envision that better life everyday so that it goes from being new and scary to familiar and comfortable.

    I want to personally help you overcome every obstacle standing between you and your financial freedom. Call or email today to get started on a program that will change your life forever...in a good way :)

    Do What The Wealthy Do

    Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. have done a fantastic job of researching, analyzing, and presenting the habits of today’s American millionaires in their book “The Millionaire Next Door.”  One of the questions they ask the reader is: “Do you know how much your family spends each year for food, clothing, and shelter?” 

    According to their research, about two-thirds of the millionaires surveyed could answer yes to this question.  Some may wonder why anyone with that kind of money would care about how much they spent in any given category.  I believe it is because they understood and controlled their spending before they became millionaires. 

    Tabulating, or adding up all expenses, helps control consumption.  Often you will see areas of improvement instantly when it is laid out in front of you.  You will make better spending decisions because you know where all your income goes.  You will be able to easily see if your financial goals are being met. 

    If you haven't begun to add up your expenses or need a simple way to start your improved money management skills in 2011 this is the way to go.  Right now go get your most recent bank statement and add up all of your grocery visits.  Is the number what you thought it would be?  Is it too much?  Now that you know you can do better.  Coupons can greatly reduced your monthly grocery bill.  Join me on the coupon savings journey.  Post your thoughts, comments, and experiences on my facebook fan page.  Each time you do you will be entered to win a gift card to  your favority grocery store. 

    Let's have some fun with savings!

    Finally!

    I am finally blogging!  Yes, I know, it has taken me a long time to get here but nontheless I am here!  I want to share my heart with my readers.  It is important that you understand what is happening in the financial marketplace with real people.  This is a way for you to understand how to apply different situations to your own life.  Thanks for taking the time to read, comment, and share my blog.  Let's enjoy the journey together!