When is a Bargain, A Bargain? Think Twice

One would think with a stable like a petroleum jelly product, buying in bulk is a great idea. I caution you to think twice and learn from my two-dollar investment.

This jar is large, takes up space and is more than one person really needs. Though its nifty jar offers many ways to use it, I think using it to remove make-up is a mistake. That may be the cause of some eye issues I have had, but that is another story.

Look at the store I bought it from: Caldor. From a business perspective, Caldor is a great story. A family-owned store that grew from the Fifties to employ 22,000 people. Despite their success, the Caldor company is out of business. They closed their last store in 1999.

Now in 2022, I have the just about empty jar. I hate to throw it away especially if it is antique by now. If anyone has a use for this, let me know. Apparently I am attached to it after all these years. I believe I have only furniture and photos that long.

By the way, according to one site, the Malden store closed in the early Nineties. That means I have taken my bargain through at least a half dozen moves. No wonder I am attached!

Lesson from me….Be care when you think buying in bulk is a bargain.

Happy International Women's Day

Today is Women’s Day. Just a time to remember those special and powerful women who raised us in life and love and career journeys. They may be Mom’s, mentors, aunts or friends who support us and our passions. We can thank them or acknowledge them quietly. And then we do something to bring up the women who need our support. That is the greatest step of the journey of support.

What Did You Learn Today?

The question resonated around our dinner table.  My Dad asked whether during the school year or not. He told us, it was important to learn something new.  A great principle to live by.

I still take this approach into my daily life.  And I believe I learn as much from my clients as they do from me because there is so much to learn in life. Yes, facts and figures, but also cooking, travelling and shopping tips.  And then there are the emotional and personal strengths that get shared by example. 

One major insight I received was due to a class I was teaching.  I had just started my business in the Boston area when the Muscular Therapy Institute asked if I would teach a business class for them.  I already had experience teaching skiing at Bolton Valley in Vermont and academic classes at Newbury Junior College in Boston.  My MBA was in Entrepreneurship and many of these students would be starting their own businesses, so it was a natural fit.  I was grateful to have a consistent, albeit small, check arriving to offset my fledging business. 

Early in the first semester, I was offered to take a class that the students were required to take upon enrolling.  No, I was not asked to take a massage class, but a learning class.  Always willing to learn something new every day – I jumped at the opportunity to take the one day seminar.  My supervisor thought it would help my teaching, instead it changed my life. 

What was this magical class?  An education class that introduced the student to the different ways of learning: Kinesthetic , Visual and Auditory.  Then, we were taught a process to evaluate which of the three was our predominate learning style.  Though briefly mentioned in my CFP training, this exposed me in a self-evaluating and more profound way. 

The point was that once I knew my style versus the students, I would be a better teacher.  True enough.  But I also became a better learner.  I knew myself better after the class.  I knew movement gave me answers to questions that were somewhere in my brain.  I just did not understand why until that day.  I was Kinesthetic.  The more I moved the more I learned. 

We are all a combination of learning styles.  One approach is just more prominent which means we learn easiest that way.  Stop struggling around finances by knowing how you learn best.  Take that approach and your financial literacy and consciousness will improve.  Below are some suggestions on options to try.  Use all three approaches and see which fits your style best.

Did I pass the learning style class?  There was no grade.  However, the administration accomplished what they wanted.  I learned that the students were mostly visual learners.  My learning and teaching style was different.  So I adapted to the visual learners and started to ask the learning style question during classes.  However, I was the one who benefited with a life-long knowledge.  

Here’s why I tell you this – You can learn about personal finance in the style that works best for you.  Here are three sample suggestions for you to learn more about money and behavior according to your learning style:

Kinesthetic?                                                     

Download this podcast

http://www.moneypeace.com/audio-clips/        

And go for a run or do some                                                                       

house or yard chores                                     

Then write one thing down to do

Visual?                 Spend Five Minutes watching this video                

                                                                                http://www.wcax.com/story/25245210/financial-literacy-month?autoStart=true&topVideoCatNo=default&clipId=10052223

Post a reminder of what you learned somewhere so you will see it.

Auditory?

Listen to a short 15 minute clip or a whole radio show where I discuss finances.

http://www.moneypeace.com/audio-clips/        

Listen to money tips regularly via podcast. 

The Why Matters

When we understand why people do things, we have the capacity to change life for the better at its very roots.

This weekend I was read and came across the above quote in Joan Chittister’s book. Made me realize that so much of what I have been doing for decades is to work to have people understand why they handle money the way they do.

The why demonstrates the how to make positive changes. Everyone’s financial changes are different. Some need better organization. Some need to spend less. Some need to spend more.

Change comes when they began to understand their behavior better.

So start asking yourself the “Why” of what you are doing around money.

Join me and learn more about yourself through Financial Wellness and Therapy by signing up for the MoneyPeace monthly newsletter at: https://www.moneypeace.com/email-newsletter-archive

Live Life Fully!!!

A Powerful Reminder from A Dear Writing Friend of Mine. Enjoy and Practice Louder!

Thinking of Going Green: An Environmental, Social and Governance Checklist

Environmental, Social and Governance (ESG) investing is not new. This proactive investing has been around for decades. Often going by the name of Social Responsible Investing (SRI) has evolved and matured. WIth its maturity has come a host of press and headlines. This has also led to much confusion. Many mutual funds and investment companies announcing ESG investing, though they may leave much to desire in practice.

What is one to do?

Here is a quick list to consider when you are looking for an ESG investment:

1.       Understand your own investing priorities.  What issues matter most to you?  What do you absolutely not want to invest in? Don’t invest until you are clear on these personal choices.

2.       Take the time to ask questions and dig deeper before you place your money with a mutual fund or an investment manager.  You can learn the depth of their commitment beyond the gloss of the latest ESG terms and investment returns.  Taking the time to learn more will align your investments with your goals.

3.     Seek out tried and true investment companies with a mission in place.  The companies that have been in the SRI space for the past twenty years have weathered the market swings, the negative press and kept at their ESG mission.  They have the knowledge, expertise and understanding of personal preferences to hold your money to a higher standard, whether you are investing your first thousand in a mutual fund or a million a purely ESG firm. 

Fisherman's Friends: Watch Something Fun!

My great discovery this month was a recent movie on Netflix: Fishermans Friends.

The based on true story is full of music and small town life.

Now I am inspired to watch fun, inspiring and uplifting movies. Find yours and share it!

May just change your day or your life a bit during the pandemic.

Health Is the Most Important Wealth

After struggling through the pandemic for a year, who would disagree that health is more important than wealth? And who would not feel compelled to say that those two are intricately related? However, no matter how much money you have or how much time, there are simple steps to improve your health that are free. Caring about your health is a first step in improving it.

So where to start focusing on building a healthy life? First, consider your whole person when it comes to health – not just your physical health. There are apps to help you learn to mediate, spiritual readings and groups, and mental health resources we all have access to for free. Sitting for five minutes a day in meditation or gratitude is one way to support your whole being. I certainly agree that it is not easy to pick up this habit, simple as it sounds. The first time I sat to just to meditate, I lasted two minutes. The inner quiet and solitude was difficult to experience for the first time.

Second, consider a habit you do today that could change for the better just by switching something out. They can range from using one teaspoon of sugar instead of two in your coffee, switching to a seltzer after one alcoholic drink or drinking water instead of soda. Each of those save you calories and are better for your long-term health. Being in the sunshine, going for a walk or talking to a friend are also healthy tasks. So, starting something new need not be overwhelming or expensive.

Too often we think we need to jump on board the health wagon and change everything at once. Typically, people stick to behavior changes by doing one thing at a time. Small steps matter. I know you have heard that before as I write on that about finances as well.

If you begin to think about changing a health step as a way to contribute to your overall wealth, it may be easier to accept change. Building toward our wealth and health starts with caring and moves into taking a step – literally and figuratively – today. Just one choice can make a big difference. Once you feel better about yourself, future steps are easier to build on.

Be Wealthy with your Health – Build some today!

Trust a Trust? Understand Your Trust

Like a will, a trust needs to be updated when a life situation changes.  A recent problem came across my desk. Tom, a client,  was left a trust after his parents died.  They had drawn up the trust in the 1950’s, when he was a child. The trust stipulated that the trustees could decide if the child, who is a beneficiary, could take out more than the income it was creating each year.  This was to preserve the trust and protect a young person from having too much money on his own.

The parents died twenty years ago and the money had remained in this trust.  He was grateful to have the added annual income the trust provided and never asked the trustees for more. He thought that is the way it had to be always. He came to me as he was getting ready to retire and wanted to create a plan.  He also wanted to help his children buy houses and pay off his home.  He is still tied to the trustees’ decision-making process. This provision is silly for a grown man or woman who has managed their own money all their life.

So think about a simple life change: update your legal documents. Whether your children have grown up, the needs for a trust have changed, you have remarried, or the laws have changed, these critical documents need to be reviewed every five years if not sooner.  Be sure and spend the time, energy and money to update the documents as appropriate. 

And for those adult children out there: talk to your loved ones.  Your parents may have had good intentions when you were a child.  Now, you may want to remind them to update their own estate planning documents - after you update your own.  This will be for their peace of mind and your ability to use the intended money for what you see fit.

With coaching from me, Tom wrote a letter to the trustees making a request for the money to pay off his mortgage.  With the mortgage paid off and a better understanding of the trustee role, he requested the balance of $35,000 to be paid to him so he could help his children with housing.  He was a happy retiree and grateful he sought out advice.  The end of the trust meant all the money intended for him was in his hands and he trusted himself with money more than a large institution that did not know him.

Slow Cooked Food is Extra Special

Food is good.  Basic healthy food.  Nothing fancy.  Nothing expensive.

With all the trends and foodies around, we can get lost in expensive ingredients and complicated recipes.

The goodness is in the way you cook and how you prepare your food.  My grandmother was a fabulous cook.  With Nanie, the main ingredient was always her loving care.  And the slow simmering of what was a poor cut or end of meat transformed into a melt in your mouth delicacy by dinner time.  And leftovers were her specialty.  Only at her home did I relish having leftovers as she turned her hand to create a special meal when turning it over in her magic fry pan.

Time and thoughtfulness can transform food.  Think about the using the basic ingredients and creating something that tastes good because you took time and focus to shop, chop and show love.  That flavor makes a huge difference. 

Apply this to money.  Because slowly acquiring, saving and investing is really the secret to success when it comes to money taking care of us.  Slow money is the equal to savory slow cooking. 

Try this approach sometime when your goals seem out of reach.  Start saving change.  Stop spending a dollar a day.  Or pick up the generic product.  See over time what that does to your pocketbook.   And then your savings.

You certainly can take the approach on both financial savings and an extra special meal:  Buy the lower quality cut of meat but let it simmer all day. 

Enjoy!

My Favorite Prayer And it is so Key to Today!

A Little Bit of Time off Can go a Long Way. Try Taking a Pause

Small business owners think they need to work more and harder to make their business successful. Knowing their craft, understanding the management of a business and handling money effectively are valuable tools in operating a successful business. So too is taking time off.

Sounds counterintuitive: Take time off to make a business operate more efficiently. The time off makes the business owner operate more efficiently. With time away from the business, you rest and think differently – whether about planning a trip or planning dinner.

The mind is refreshed. The heart is clear, and the body is rested. These are all critical to operating a small business smoothly and successfully.

If you operate your own business, try some time away. Something simple. Start with one day or a weekend escape. The point is not to be attentive to your business consciously. This is your respite.

When your mind goes to your business focus it on something else…go back to the hike, the national monument or fabulous museum. Our minds are amazing and when we gather info from somewhere else our creativity and abilities are enhanced.

What is Financial Therapy?

Recently, two different people come into my office. Even when they have similar questions and assets, their answers may be different because finances are personalized. Money decisions must match our understanding and emotions, as well as solid financial principles. There is never only one standard answer.

One just got a job offer.  Marie is delighted that the new company wants her.  She has felt underappreciated in her current company despite having been there for years. The company has been having many financial problems as of late and she has survived many layoffs.

She has the education to figure out the financial details. She cannot make this decision alone. Her anxiety about leaving and making change even for a better salary is preventing her from thinking clearly. She knows it so asks for help.

The second person just got an inheritance. One hundred thousand dollars is the most that he has seen in his life. Yet, as soon as the topic of money comes up – his stress level rises, and his voice is almost shouting:  “How do I know what to do?”

So far, he has been talking about the extreme approach:  put nothing in the stock market and buy insurance. He needs a financial education to understand the implication of each possible decision.

What is the common denominator in these stories? Fear.  Fear of doing the wrong thing.   Fear of making a mistake and regretting it. What appears as indecision is a lack of confidence and information because they think there is only one right answer.

Taking the time to talk through decisions financially and emotionally, along with laying out multiple options is helpful to everyone. When the fear diminishes, the financial decision making can begin.

Financial Therapy cannot solve all the problems of the financial world, but it does make for happier and informed clients. With more understanding of themselves,  they make better decisions and are prepared to consider all the options. They understand their past behavior with money and how to address their fears.

This process takes a little bit longer and the questions have to be different. Yet, for those willing to look at all sides of money behavior, they become more contented savers, investors, and spenders. The goal of financial therapy is to

Do You Know Where Your Money Is?

In casual conversation, someone told me that they were great with their investments because they had someone they trust at a big firm taking care of all that. I said terrific, how is it invested?  The look they gave me was the look most people do, confusion, misunderstanding and discomfort.  If I already knew what big company it was at, doesn’t that mean I know where and how it is invested? 

If someone I loved was in Mercy Hospital, that would tell you one thing. But if you wanted to know more because you were close to your loved one, you would ask who the doctor is and what they were doing to them and what the diagnosis was.  Yet, an established financial firm seems to be the cover for many financial questions. 

There is so much more.  You want to keep your money close to you and understand where it is invested or saved. You are the only one responsible, no matter who is managing the money for you. You have given them the power to manage it, but still your job is to be sure they are doing what you want. You want to communicate your needs and goals. Then, be sure they educate you and communicate with on how they are working towards your wants: where the money is invested, how risky it is and how much they are charging you to make all this happen.

Then, you will truly know and can state that your investments are doing well. The details demonstrate the truth of your money, the investment company name does not speak to your individual situation.

Your Money is Not Your Life, Your Choices are. Choose Wisely

Your money is not you. However your money represents you.  How you treat yourselves, how you take care of yourself.

Money in itself is not a value for most people. It is however a tool about how we take care of our lives. Watch any good craftsman from carpenter to visual artist. Their tools of their trade are cleaned and put away for their next use. A carpenter knows with the right tools at the ready they can construct anything. What they conceive they can build. The tools are not their life or livelihood, but they are an access point to creating what they want. Likewise, for you a strong money system is caring for yourself so money can take a back seat but build the life you envision.

Your money leaves clues. Clues are everywhere.  Here are a few to get you started looking for yours, but this is only a limited list:

Your wallet and the material and contents say a lot about you. No, it does not mean go buy an expensive designer wallet.  Rather, look deeper.  Beyond Capital One’s catchy commercial with “what’s in your wallet?” is the inside information you need to understand more about your money habits.

A shabby leather one or a lovely vegan leather overstuffed with credit cards, or no wallet, just a phone with an id on the slot in the back.  These all say a lot about who you are and how you treat your money.

What does your checking account say about you?  Always running on empty?  Or is it stuffed to the gills with money you do not know what to do with?  Are you balancing it- reconciling what the bank has and you have? Or checking it on the fly, trusting whatever the bank says at the moment?  This second approach is oblivious to the scheduled transactions coming or the withdraws not yet hit the account.

Or you may have everything on auto pay so you are not thinking about your checking account at all? But do you ever really know how much you have?

What about your savings account? How does that work?  Do you have one? Do you contribute regularly withdraw often?  Or rarely?  That reveals a bit about you.  Don’t have a savings account? That is a statement revealing your money habits too.

Where are your retirement funds? Don’t have any? Don’t know how your 401k or IRA is invested? Then, you may be ill prepared for what lies ahead. Your future matters.

Your money matters to your life. How you treat it today has implications throughout your life.   

Without a doubt, health and family count.  We have all learned that this year with the pandemic.   Your money is essential to maintain your critical parts of living.

Too many people say they will wait until they make more money or win the lottery to learn more or organize their money. Like sharpening their saw, this money is a tool and a key element to improving your situation. The spiritual truth is key here:  Take care of what you have to get more. Start with your current money and build to a financial resources – get organized, get a system, understand what you have and where it is. 

Start simple by cleaning your wallet today. 

Remember What You Can Change....

In these times of uncertainty….

The remarkable thing is we have a choice everyday regarding the attitude we will embrace for that day. We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude. –

Charles Swindoll

Don’t be Complacent! Act Today

Signs Your Thinking & Acting Complacent:

        My vote does not count.

        The stock market always goes up.

         Nothing I can do helps improve the world.

Those are the comments of the complacent.  So now we hear so much about voting.  Get out to vote – And your vote matters.  You have heard all about voting by now.  But have you been complacent in other areas? 

Think specifically about your engagement in your finances.  Taking care of your money and knowing what you have is a key ingredient to financial success.  On the investment side,  believing they always increase is an uninformed statement. By nature, the stock market goes up and down. Position your investments for the long-run, rather than following the latest trends is an important strategy.  You may not have control over the market, but you do over your finances. 

Every day we have opportunities to make a difference in someone’s life.  You do not have to do anything major to improve someone’s life, nor does it have to cost money.  This may be with a phone call, a smile or a kind word.  These things can make a difference for a moment or a day.  Never underestimate your power.

Engagement in our world matters.  Complacency is the problem.  Whether it is your vote, your finances or your community.  You can make a difference. Improve your world intentionally today.

Times of Change

This morning I noticed the leaves are tinged with just the lightest of color. Fall is coming. Change is around us. As so much is happening in the world from wildfires to shutdowns to health issues, I find it most important to take a moment and see how change has affected us.

The past seven months have been overwhelming to say the least. Weathering such shifts is when the true change happens. And for each of us, this happens internally as much as externally. Our values, our choices, and our priorities change. What once seemed important in our life is no longer a necessity.

We can claim this as the “silver lining” in a pandemic but that is too simple. I think noticing change and recognizing it in us is a way of maturing and growing. The recent months just put miracle grow on what would have happened eventually. All this change is exhausting. Like the trees, we need to shed some of the old and have time to regroup. May we also be like the trees, holding on to our solid base of values as we move through the coming months. Taking care of ourselves is how we will each weather the whatever is ahead: financially, emotionally, and physically. Embrace the beauty of change.

June is Meant for Brides: What About the Weddings?

So many weddings have been postponed, cancelled or changed. But LOVE is not postponed.

What is to happen to the joy of celebration? Will our ideas about getting married change as a result of this pandemic? That is yet to be seen. However, there is a lot less money being spent on this event. The wedding business may suffer as so many are.

Time will tell. Just remember, love and commitment have not gone out of style.

Money is Energy - And Use that Energy Well

What you do with your money, your money does to you.

Money is a manifestation of your dreams, your energy and yourself.  People who have money are not “better off.”  That is an expression that we humans developed to attach to our envy stages.  People with more money are not necessarily happier or healthier or clearer with their life purpose. They just have more money.

The important things to address are how you view money. The language you use will give you clues on these views.

To help you contemplate deeper on Money and Happiness and Your Attitude, spend five minutes with this video. Then, reflect, write in a journal or talk to a friend about what Money Energy is doing in your world and your mind.

https://www.bbc.com/reel/video/p07vts5j/the-surprising-psychology-behind-being-rich