Personal Development
How to Overcome Guilt and Shame
We all make mistakes with money. Understanding the difference between guilt and shame has made me change my approach to money decisions.
Understanding Where You Are I covered the First Rule in this blog post: The #1 Fundamental Of Money. Never make a money decision that you don’t understand the basics of how and why. Understanding your current situation in terms of numbers is my #2 Fundamental of Money. This may take some time to figure out […]
Understanding Where You Are
I covered the First Rule in this blog post: The #1 Fundamental Of Money. Never make a money decision that you don’t understand the basics of how and why.
Understanding your current situation in terms of numbers is my #2 Fundamental of Money. This may take some time to figure out and compile the information. This is much like an office with a doctor for an annual exam. Weight, blood work, urinalysis, and many other tests will give you and your health care professional a snapshot of your current health markers. This needs to be done yearly for your whole money picture. I also recommend compiling this information and keeping up to date more often if this is new or you are just starting to gain control of your financial situation (personal or business). Anne and I often met bi-weekly and monthly to go over our current situation when we first started. Anne is paid bi-weekly, and my cleaning clients are billed monthly. Once we got into the habit of understanding where we were and became more effective at communication, these meetings became monthly unless there was a unique circumstance.
Improves communication with your “team”
Spoiler alert! My 3rd fundamental is to build a team of professionals to help guide you to better money decisions: Money Coach, Financial Advisor, Insurance Agent, CPA, etc. These professionals need your current information to be able to advise you better. This also helps with tax preparation time, especially for small business owners to handle home and business finances well.
Dr. Steven Covey’s #1 Habit
I am a big fan of The 7 Habits of Highly Effective People by Dr. Steven Covey. It has helped guide me through some tough decisions. The #1 habit is proactivity. Dr. Covey found in his extensive research that people who make things happen with focus and organization are most successful in life. The act of keeping accurate and timely records is a proactive process. As I build this coaching practice, I hear from many people that they have no idea how much they make, spend, save, or owe in debt. It’s impossible to make sound financial decisions without having a firm grasp of the reality of your situation.
While I may use the 80/20 rule as a general term, I understand the importance of dealing with each situation on its own merits. This is why the bread and butter of FiscalDad Coaching is person-to-person individual coaching. Click on the “Book Now” button to schedule a free, 30-minute no obligation meeting to decide if we can connect on a personal level.
