Archive for March, 2008
Monday, March 31st, 2008
The idea for MoneyMinding started when one of my high net worth clients became one of my highest need clients. With millions of dollars invested with me, a number of houses etc. etc. he wouldn’t let his wife buy new boots.
Despite his millions, this man was never taught about money, so he had little confidence in his ability to maintain and grow his wealth, let alone start thinking about philanthropy.
The point is, no matter how much money you have, the philanthropic aspect of personal finance needs to start at whatever level of financial success you currently have. Does it get any easier to give from a spirit of abundance when you are in a higher income bracket? Not necessarily.
That’s why MoneyMinding puts “giving” into your financial picture right in the initial steps of building a complete lifestyle financial plan. It’s part of the overall strategy to strengthen your wealth muscle, and live according to your values, whatever your income bracket. MoneyMinding’s fundamental principle of giving means more than merely giving money away when you have more than enough. Giving is the bigger reason for building wealth in the first place and it’s a missing component to reducing the fear people have around losing money.
We offer ongoing free resources about this and other key principles of financial success through articles, our blog and our Ezine, The MoneyMinding Messenger. You can subscribe at www.moneyminding.com.
Posted in Tracy's Thoughts | No Comments »
Monday, March 31st, 2008
The external circumstances surrounding financial peril are different for just about everyone who experiences it, but the internal decisions leading up to the situation are quite commonplace. How you cope with the crisis will determine whether or not you will get through this situation - it’s also a predictor of whether you’re likely to end up in a “different but equally difficult” situation down the road. I know, because I’ve experienced financial peril myself.
My external situation that created the crisis was a tax re-assessment. Others have experienced divorce, job loss, starting a business without financial projections, and investment losses.
What are the “internal factors” that create a financial crisis? Usually it’s our own impatience and need to have it all right now. Most people headed for a crisis also avoid the details that need to be attended to on a daily basis.
The remedy is actually quite simple – but not easy because it involves facing reality and slowing down.
- Start where you are – this means dealing with guilt or judgment about the past and recognizing that ‘wishing’ for the future won’t make it happen any sooner;
- Get very clear on what’s important to you – personal, written goals, with dollar amounts beside them are essential; and
- This is the critical and most important step regardless of where you are today – with money or without: document your current situation – what bills are due and when, what amount of debt do you carry, what assets, income and other money is available to you. Without this it’s all in your head and you won’t know who you need to talk to or what specific amount of money is needed at what point. Without this you won’t even be able to properly ask for help.
Using these three steps, I once balanced my checkbook to within $3 after paying all the bills and putting food in the cupboards even though I was sure in my head that we were doomed to lose our home because there wasn’t going to be enough money to pay the rent.
Posted in Tracy's Thoughts | No Comments »
Friday, March 28th, 2008
Zig Hancyk, MoneyMinding’s new Chief Operating Officer had these words to say to MoneyMinding advisors and members gathered at our “international headquarters” Wednesday.
I wanted to be here today to tell you why I have invested in MoneyMinding and why I chose to be Tracy’s business partner. I certainly do not know as much as Tracy does in the area of financial planning but I do know a good business opportunity when I see one. I have been involved in growing successful companies over the last 25 or 30 years and I can say that this one really excites me.
I believe that MoneyMinding has positioned itself well in a market niche that is not well served at the moment. The unique approach of tying personal values and goal setting to sound financial planning techniques is the basis behind MoneyMinding’s Success Principles. MM’s various programs are used by financial planning experts as well as individuals who want to accelerate their wealth and reach their goals. I like to call this “purposeful wealth”.
I chose to be Tracy’s business partner because I trust and believe in her…..which are the most important criteria in my choice. The other is that we have complementary skills that are needed to make MoneyMinding and its stakeholders, shareholders and investors successful.
Posted in MoneyMinding Milestones, Uncategorized | No Comments »
Thursday, March 27th, 2008
The other day, through a great service I subscribe to called PR Leads, a question came in about spring shopping. Has the economic downturn affected our shopping habits, the freelancer wanted to know. Are we investing in value, holding off on buying, making “trendy” purchases because they are less expensive? Here is my reply:
I have already done some guilt free spring shopping this year and bought some terrific clothing and accessories to add to my wardrobe. My secret is to plan ahead with my shopping and my spending plan, then take cash and look for high value at a big discount. This time of year, stores frequently pull out last year’s spring inventory from storage and put it on the clearance racks. In my neighborhood, which has some upscale boutiques, those racks can feature beautiful “investment” pieces for up to 90% off. These are pieces which don’t lose their value because they are classic, not trendy. And, if money is tight and the financial spending plan is new, I have also learned how to add pizzazz and versatility to a wardrobe with accessories like necklaces, scarves, belts and funky shoes bought in the clearance department without a big investment so you can take advantage of the trends. These are techniques that work in both good times and bad – a recession-proof way to maximize your shopping power!
Posted in Tracy's Thoughts, Uncategorized | No Comments »
Tuesday, March 25th, 2008
Today I (Catherine - PR and Marketing) spent the better part of the morning at Amazon.com, where we sell 3 of our most important books: The Enlightened Wealth Journal, the Enlightened Wealth Manual, and The 12 Simple Steps of MoneyMinding.
Amazon has evolved so much over the last 10 years - now not only can your post your books for sale, you can let potential buyers search inside them; you can communicate with your customers directly through blogs such as this (and Amazon transmits the feed to people who buy the book); you can encourage reviews of your book and review other people’s books; you can even submit video reviews, start and join in discussions… the list goes on and on.
And naturally, every bell and whistle that we activate helps us to market materials, which adds up to a bigger, better presence and more people who know about MoneyMinding.
So I’m putting it out to our friends, members and advisors who have seen the benefits of the MoneyMinding system in their lives to look up the MoneyMinding books on Amazon, and take a moment to write a review! All you have to do is click on the button where you are invited to submit a review, and give your opinion from the heart.
Just like with MoneyMinding, little steps such as these add up to big success down the road.
Posted in Modus Operandi | No Comments »
Monday, March 17th, 2008
Victoria BC — Tracy Piercy, CEO and Founder of MoneyMinding Inc. is pleased to announce that Dr. Zig Hancyk has become a significant investor and will assume the role of President and Chief Operating Officer (COO) at MoneyMinding.
MoneyMinding® is an inspirational financial education system that goes beyond traditional savings and investment advice to encourage possibilities without “cutting back”. It provides education and success training for both clients who find themselves unsure of where to get the results they need for the lifestyle they desire, and for the financial advisors and other money professionals who work with them. MoneyMinding empowers people to ask better questions to get the answers they need.
Zig brings to MoneyMinding Inc. many years of executive experience and in particular a track record of successful company growth in both the consulting and high technology sectors in Canada, the US and globally. Due to the growth of MoneyMinding, Zig will take over the operational duties so Tracy Piercy, a Certified Financial Planner by profession, can focus on business and product development with clients and advisors.
In 2006 Zig was named CEO of the year by the Vancouver Island Advanced Technology Centre, and in addition to his executive roles, has taught MBA courses in management consulting, strategic management, international business, marketing, and entrepreneurship at the University of Ottawa, the University of Victoria, and Royal Roads University. He specializes in strategic planning, leadership, training and development, and change management strategies for companies and governments thereby bringing a unique blend of business and educational experience to the financial industry and the clients that MoneyMinding serves.
Zig holds a PhD in Business Administration with a specialization in Strategic Planning and Leadership from Capella University in Minneapolis and a Master of Business Administration degree from the John Molson School of Business at Concordia University in Montreal. He is also a Certified Management Consultant (CMC), and a Certified General Accountant (CGA). He is a graduate of Coach U and Corporate Coach U and will be developing a MoneyMinding Coach program for Certified MoneyMinding Advisors to extend the value and distribution of the MoneyMinding lifestyle financial training.
Zig is an active member of various professional communities. He was a member of the Board of Governors at Ryerson University in Toronto, the Vice Chair of the Co-operative Education Program Advisory Council at the University of Victoria and was on the Academic Planning Board of the Technical University of British Columbia (now part of Simon Fraser University). Zig was the Chair of the Vancouver Island Chapter of the Canadian Association of Management Consultants. He also sits on the Employment Assistance Appeal Tribunal for the Province of British Columbia all of which will add additional value to the financial literacy message and the work of MoneyMinding Inc. and the non-profit MoneyMinding Foundation supporting financial literacy and empowerment.
For more information:www.moneyminding.com/media
Catherine Novak, Media Relations 250-592-0457 or toll free 877-764-6444 media@moneyminding.com
Posted in MoneyMinding Milestones | 1 Comment »
Monday, March 17th, 2008
A question from a freelancer looking for comments from money experts generated this response from Tracy:
One of the main reasons people struggle with money is that they have lost sight of the fact that they are responsible for earning their own income. When you limit the way you earn income to a job where an employer determines your income you could have recession issues with your income if your employer has you on a fixed wage, while expenses around you are increasing. Many people who teach about money talk about the advantages of “multiple streams of income”; and many people who buy into this teaching will think that to protect their income they need to add a second job, or start a ‘small part-time business’, or start to invest in real estate or the stock market. While these things are all good ideas for additional sources of money, especially if you depend on wages from employment where job security is beyond your control – it’s critical to first have a plan for how much income you need to live the life you want to live. Having “multiple streams of income” can turn into “multiple streams of lack of focus”, if you don’t first know what you want and how much it’s going to cost on a monthly basis. For example, if you know that your ideal monthly budget is $4000 a month, then you strategically implement income plans to meet that goal. You might have a job that pays $3000, and rent a room in your home for $500 and teach piano lessons on the weekend for $500. The way you recession proof your income is to learn how to earn income from your own efforts. And the reason this is an issue is because learning how to earn income has become a lost art, that is now predominately all focused on how to get more from your job. As an employer myself, I prefer to know that my employees have goals and incentives that allow them to reach their goals as opposed to struggling with money and the added stress that negatively affects their performance. You do not have to become an investment expert or business person – you need to figure out what you enjoy, what assets you have besides just the dollars and cents on your net worth statement and you start asking HOW you can earn income from all that. Hey, Colonel Sanders was in his late 60’s when he took his chicken recipe to restaurants which eventually become Kentucky Fried Chicken. Anyone can do that – sadly, very few will. However, it all starts with a personal goal that has a dollar figure attached to it.
Posted in Tracy's Thoughts | No Comments »
Friday, March 14th, 2008
My role today in the financial services industry is education of both advisors and clients so I hear this situation from several angles. Here are a couple thoughts I’d like to share with you and your readers: 1) The advisor needs to ask themselves, “Have I given my client the tools and the system he or she needs to make a financial decision that supports their lifestyle choices – today and in the future?”
2) The financial services industry is to help people reach their goals by using all available resources efficiently. Therefore if the client wants to do something that is in conflict with their original goals, then perhaps they weren’t committed in the first place. That means the advisor needs to have more tools to work with the client on the psychology of money over and above just the management of dollars and cents.
3) If the client is more wrapped up in the emotion of a short sighted decision or lure of a get rich quick plan, that seems to be in conflict with their financial goals, then either the goals weren’t really the true goals, and more help is necessary, OR the advisor is best to terminate the relationship rather than get dragged into the drama or potential consequences. Advisors need to understand their clients’ values and underlying psychology, as well as their own so they can guide the overall process. If the relationship needs to be terminated they need to do so without judging so the door will always be open for future transactions and the client feels encouraged and supported, not judged and criticized. ‘Irresistible opportunities’ and emotional situations with money will always come up, and when an advisor has a system in place to help their clients make business decisions that are based on what’s truly important to them they avoid the potential crisis both for themselves and their clients.
Posted in MoneyMinding Advisor Wisdom & Tips | No Comments »
Monday, March 10th, 2008
How does one get past the fear of leaving a steady income to pursue other dreams?
First the reason to move forward towards the dream must be stronger than the fear of giving up the steady income.
Second, there is an interesting question that needs to be answered about the steady income: where does that steady income come from? Is it from a job or is it from an investiment you have mede in establishing an ongoing stream of income that will give you financial independence? If the steady income is from a job that someone else pays you to do, then the think you are holding on to is not really financial security as you might think it is. The ultimate goal is financial independence where you receive your income from sources that do not require you to work for them. This is also financial security.
Too many people believe they have security in their job, which is really dependent on them showing up for work and the employer continuing to provide regular pay. This is very different than learning how to creat your own income in whatever situation you find yourself in.
Each person who asks your question could get a different answer, depending on their personal situation today, their goals, and the resources they have available to provide the necessary income to live their life. And if the dreams you refer to are of income-producing activities, then a business plan including a cash flow that provides an income for you will also help.
These are all activities and exercises that the MoneyMinding Makeover presents in sequence. You start at Step One which identifies your priorities and non-financial resources as well as your attitude toward making a change. Then in Step Two you analyze the goal both from a financial and emotional perspective. In Step Three, you organize your current finances so you can make decisions and get professional expertise on what change you might make and how you would approach it. Step Four is about system to move you forward; Step Five is reinforcing wealthy habits; Step Six is about creating the income you need to reach your goals; Step Seven is finding and working with professional advisors; Eight is identifying and minimizing risk; Nine is effective use of credit; then Ten, Eleven and Twelve are building wealth.
The entire program is delivered in sequence to minimize the overwhelm and to allow you to implement strategies at whatever speed is appropriate for you. As a member you can ask questions (anonymously if you like) on our live teleconferences regarding your unique personal situation, and get answers from MoneyMinding advisors. You hear how others approach similar situations and you get access to teaching on specific strategies, resource and opportunities to accelerate wealth-building habits, which move you towards your dream easier and more efficiently.
This is a long answer, but MoneyMinding puts you on a life-long journey!
Posted in Questions for MoneyMinding | No Comments »
Thursday, March 6th, 2008
With the debt crisis getting a great deal of attention in the United States, we often get sent publicity leads that ask for some expert financial help on credit and debt issues. Here is one that came from a website geared to newlyweds - I’m posting our answer below.
I’m looking for a prominent financial expert to guide young newlyweds on choosing the best credit cards (what to look for, rewards, interest rates, etc.).
Choosing a credit card should require the same research and planning as does choosing an investment or making a mortgage decision. The problem people have with credit is largely because it isn’t part of a strategic plan.
Credit card debt isn’t bad – it is an excellent tool to recognizing lifestyle choices, and access to credit is a fabulous tool to create wealth or to reach personal goals. For example, if you are choosing your first card as a newlywed couple, now is the time to take a look at your goals - what are you working toward? Is it travel? There are cards that collect travel rewards. If your goal is a new car, you can get a card that will reward you with a cash rebate when you make your purchase. If you are building or renovating, you can even get affinity cards for hardware stores. The choices seem limitless. So pick your goal first, and then go shopping for your cards. Once you have your cards, then develop a strategy to maximize the benefits you receive while creating a spending system that fits your lifestyle. As for interest rates, they matter less when you carry a low balance or none at all, and they are just part of the equation when factoring the return on investment you receive from purchasing on credit. If you use your credit card for business purchases, what is the income that is being created as a result of that purchase? And, if you are making a lifestyle purchase, the same applies: what is the benefit you will receive as a result of the purchase? Finally, one way to stay in control of your credit use is to ask yourself first how and when you will pay the bill. How many hours, days or weeks of work will it take to make the money for your purchase? And of course plan ahead so your credit cards become a strategic part of an overall financial plan.
Posted in MoneyMinding Makeover Magic, Uncategorized | 1 Comment »