Cheering Others on to Success

Have you ever considered messages, like this one from Henry Ford, as gifts?  Words of encouragement create a spark to ignite the fire within us.  Any worthwhile goal can be a struggle.  “Desire” mixed with “perseverance” is the ideal mix to achieve any goal. You strive. You stretch. You give your “best” every day. This is true with any goal you set throughout your lifetime.

This past weekend, my friends ran in Regina’s Queen City Marathon.  They didn’t decide to partake in the event on the spur of the moment.  On the contrary, a “burning desire” was planted months in advance to undertake this endeavor.  Then they trained. One step at time built their endurance for the incredible run. When they showed up prepared, they were already on fire.  Equally amazing was the energy in the air. This added touch – this energizing fuel -- created an even greater flame within and set the tone for their success.   

 

Karla Sauve shared on her Facebook page, “WHAT AN EXPERIENCE!!!  From the dead quiet and only hearing the sound of hundreds of shoes at the start, to the insane cheering, high fives and hilarious signs from strangers the whole way.  People playing bagpipes, native drumming, random music, guitars and some pretty great scenery.”

 

Keith Diduch wrote, “There are several times I could of given up and just like in our personal lives there is times we want to give up.  I chose to focus less on who was passing me and how far I had to go and more on enjoying the moment, the people spurring us on and the beautiful scenery God created.” 

My favorite part, next to my friends’ great achievements, was hearing about the people cheering and spurring them to keep on keeping on. This fueled their desire to run for the goal. People cheering gives you an exhilarating feeling when reaching the finish line. Everyone shares in your success.    

A couple who had an amazing success story to share didn’t quite garner the same resounding cheers.  Instead their success story brought about on-line hatred.  

When Bryce Leung and Kristy Shen were interviewed by CBC, the headlines on August 15^th read, How a 30-something couple got rich and retired by not joining home ownership 'cult'.  Three days later they’re in the news again, except this time the headlines read, Wealthy 30-somethings doling out financial advice breed online hate.  They admitted they were expecting negative comments but some comments were nasty.  Bryce and Kristy (a.k.a. The Wanderer and FIREcracker) chose to invest their money into a stock portfolio rather than invest their money in a home.  Their success story is built on wise strategies which worked for them.

I have to be honest. Years ago, I suffered pains of jealousy over my friends’ financial achievements, a newly-renovated basement and a new vehicle. This doesn’t sound like big stuff; it was just stuff.  But the truth be told, I was naïve about working towards a goal to save money for the “stuff” I could have.  I suffered what I recently heard diagnosed as Stinkin’ Thinkin’.  I didn’t believe I could save.  I didn’t know a strategy could help me save. After reading Bryce and Kristy’s encouraging story, I wished they were my mentors. They were running towards a goal, retirement in their thirties.  

Something needs to be said about “running towards a goal”.  Make the goal tangible! Cement it in your mind!  Above all, make the goal desirable. You want it. You see it.  You can achieve it if you are willing to put in the sweat equity.

Napoleon Hill put together a six-step formula in his book, Think and Grow Rich, which clearly defines the method by which DESIRE for riches can be achieved.

First.  Fix in your mind the exact amount of money you desire.  It is not sufficient merely to say, “I want plenty of money.”   Be definite as to the amount.  (There is a psychological reason for definiteness which will be described in a subsequent chapter.)

Second.  Determine exactly what you intend to give in return for the money you desire.  (There is no such reality as “something for nothing”.)

Third. Establish a definite date when you intend to possess the money you desire.

Fourth.  Create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action.

Fifth.  Write out a clear, concise statement of the amount of money you intend to acquire, name the time limit for its acquisition, state what you intend to give in return for the money, and describe clearly the plan through which you intend to accumulate it.

Sixth.  Read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning.  AS YOU READ—SEE AND FEEL AND BELIEVE YOURSELF ALREADY IN POSSESSION OF THE MONEY.
   

Here’s the sincere truth.  A strategy by itself won’t bring about resounding success.  But a strategy along with words of encouragement will.  Words build people up.  When you read quotes from people like Henry Ford, study encouraging strategies from a book like Think and Grow Rich, or hear the cheering from the crowds along the sidelines of a marathon, you are spurred to keep going.  Encouraging words build you up.  Crushing words tear you down and banish hope.  The everlasting intent is to focus on bringing out the best in yourself to achieve amazing results in all your lifetime goals.

Severance Planning – When You Lose Your Job

 

“When one door closes, another opens but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”  ~ Alexander Graham Bell.

Here’s a situation where these words of wisdom carry tremendous value.  You’ve been given the fatal news that your job is terminated.  Waves of emotions begin to take control when the news makes contact with your brain. Your mind churns the facts, asking the most logical question, “Now what?”

The questions following the shocking news are first centered around money issues.  But eventually, the money issues make way for others. You may feel a sense of grief, anger, or even euphoria. Every person will experience a range of different emotions on any given day.

 

Darryl Robinson, a Certified Financial Planner, delivered a presentation on Severance Planning: The Good, The Bad, and The Ugly at the Canadian Institute of Financial Planners 14^th Annual National Conference.  Darryl, who once worked as a registered social worker, now specializes in offering financial, severance and retirement planning services.  He willingly shared his expertise on this important topic.  

One enormous take-away from Darryl’s presentation was that when people are seeking help with the usual requests,  “What should I do with my severance package and pension?” or “Help me pay less or no tax”, their underlying need is to know “Am I going to be okay?”  Darryl’s advice to the group was before you discussed any money issues, the first conversation should center on the client’s well-being.  Reach out and ask, “That’s rough.  How are you dealing with this?”  

Sharing your emotions is as important as dealing with the money issues.  You may be coping with a drastic change in your life as well as your lifestyle. Airing your feelings and concerns openly with a professional can help you deal with your frustrations.  

Available Resources and Provisions 

Retiring Allowance Provision

If you receive a retirement allowance, you may find some temporary tax refuge with the Retiring Allowance. Canada Revenue Agency described a retiring allowance (also called a severance pay) as an amount paid to officers or employees when or after they retire from an office or employment, in recognition of long service or for the loss of office or employment.  This link to the Canada Revenue Agency’s site discloses which specific payments qualify as a retiring allowance.

The lump sum payment (or allowance) is a taxable benefit and will be added to your annual taxable income.  Depending on your current year-to-date employment income, this added bonus may push your taxable income into a higher tax bracket unless you are able to take advantage of the Retiring Allowance.

The maximum limits determine the eligible amount based on the timing and duration of your years of service with the same employer. Consideration should be given to even temporary summer employment to increase the total years. 

 

·       $2,000 for each year or partial year of service before 1996

PLUS

·       An additional $1,500 for each year or partial year of service prior to 1989 in which you didn’t earn any vested pension or DPSP (Deferred Profit Sharing Plan) benefits  

 

The most significant aspect of the Retiring Allowance is its ability to rollover your taxable allowance directly to an RRSP (Registered Retirement Savings Plan) without any immediate tax consequences, giving the flexibility and control to withdraw the funds when needed.  This extra “room”, per se, is in addition to your existing RRSP contribution room shown on your Notice of Assessment.  Utilizing both, the Retiring Allowance and RRSP contribution room, will maximize your tax savings if your annual taxable income is exceedingly high.  

This advantageous provision is often overlooked and doesn’t receive the necessary attention. Because the Retiring Allowance is available for years of services prior to 1996, some advisors and Human Resources employees are unaware of it.   Many dedicated and loyal Baby Boomers today, who have been committed to one employer, certainly may benefit from this if they are offered a payment.

A sample calculation is provided Jim Yeh, a blogger for Retire Happy, in his blog post, Dealing with Your Severance Allowance.

FCAC’s Checklist: Things to do if you lose your job

A valuable checklist is available from the Financial Consumer Agency of Canada (FCAC).  By clicking here you will see a number of actions if you lose your job. The list is fairly detailed and may appear overwhelming.  One important item on the list may help alleviate feelings of being overwhelmed: “Consult an independent financial professional, such as a financial advisor or financial planner, to find out how to best handle your severance package, if you receive one.”

Employment Insurance

Another consideration is to apply for Employment Insurance. Most would not consider this option if their positions have been terminated and they received a severance package. Employment Insurance is available to those who lose their job through no fault of their own.  Applying for benefits while you transition to the next phrase of employment will provide the necessary financial help.  Specific details on How to Apply for Employment Insurance benefits are available here.

What’s Next

The better question may not only be “Now what?” but “What’s next?” 

When you received the news, you may have been on the verge of retirement.  You are not greatly affected. But if you weren’t ready for retirement, you have been presented with a new employment opportunity. I believe the important part is to hunt for the opened door.  I know first-hand the feelings of being delivered the fatal blow that your job is being terminated.  Grief certainly is part of the transition process to the “What’s Next” stage.  Recognize your feelings and acknowledge that they will pass when you develop new passions and desires.  Success will come to those who look for it.  Please share any challenges and experiences you encountered which may benefit others. 

The Power of Influence

My usual morning walk was somewhat unusual.  Someone else opted to occupy my sacred space.  Any attempt to negotiate who had the right-of-way was off the table.  The one-sided dialogue did nothing to change this critter’s mind.

 

As I clapped my hands to scare the skunk, I politely asked, “Are you going to get off my road?”

As he ran in my direction, I had my answer. 

I’m a quick learner. Nothing I said; nothing I did; nothing I could do would influence him.  He held all the power.  If I didn’t get out of his way, I soon would be sprayed with his influential power.

Undeniably, we all have influencers in our lives. Whether we are influenced by people, things, circumstances and most importantly, our thoughts, we can examine whether the influences are working in our favor or causing harm. Obviously, this is a broad topic which affects numerous areas in our lives but in the context of money matters, the influences can be shortlisted.  

Generally, our thinking causes the most problems in our lives.  Our minds are the Number #1 hazard if we allow them to wander until we can rein them in.  This is especially true with money. Steve Siebold wrote the book, How Rich People Think, to offer insight how the average person versus the elite thinks about money.  As he shares in the introduction, “the differences are as extreme as they are numerous.”  In 100 different ways, he proves this theory. We need to learn to be extremely conscious of our thinking habits and refine them to model “rich thoughts.”

Pay attention to the conversations that roll around in our minds.

“I don’t make enough money.”

“I need to buy that new car.”

“I wish I could afford to do that.”

“Fear of Missing Out” (a.k.a. FOMO) was discussed in the previous blog post, Create the Ultimate Vision. When we jump on opportunities that require borrowing money, we should assess whether we can afford these luxury purchases (or the additional payments). 

But there’s another hazardous area that is sly and goes innocently undetected. It’s our addictions.  We rationalize our behavior by seeing these “purchases” as necessities. Addictions come in different “shapes and forms”.  Addictions to cigarettes, alcohol, drugs, shoes, and even, books, steal our money away from things on our dream list.  We justify the need to support our habits or offer compromises in exchange. It’s common to hear, “Because I don’t smoke or drink, I can afford to splurge on this.”  This isn’t a finger-pointing exercise about who is doing what but rather a self-examination exercise to catch the things which influence you.

Occasionally, our circles of friends and family influence us to do things we would rather not or cannot afford.  We are pulled in a direction we shouldn’t go because financially we will pay dearly both in terms of robbing our piggy bank today as well as future goals and dreams.

Does this sound familiar?

“We’re all going camping this weekend.”

“We’re all going to the concert.”

“We’re all going to the football game.”

"No” is often the hardest word to say out loud.  Saying “No” causes disappointment for both others and ourselves.   Although it’s fun to go places, here’s an example of choices:  How often can we afford to go? Where can we have fun with our family and friends which may not be costly?

Another hazardous area of influence is the business world. A marketer’s purpose is to influence us to buy something we didn’t even realize we needed or wanted. Once we’re hooked all we can think about is that “thing” that will make our life so wonderful.  The must-have, got-to-have, need-to-have influences create the burning desire to spend money freely on things we may regret.   If you don’t believe you’re being influenced, you will change your perspective when you read the book, The Power of Habits.  Marketing is “big business” to entice customers to spend their money. In some cases, we buy into something we can’t live without...BUT sometimes we buy into things that have negative consequences. One example is “gambling”.  Awareness to whether you are being influenced positively or negatively is crucial.   

We also can be influenced by our present circumstances.   Our present job (or lack of one) or the amount of debt we presently are carrying, are conditions which overwhelm us.  Life crises, such as a divorce, sudden illness, or disability, uninvited and unwelcomed, require their own unique handling.  These influence both our physical and financial well-being. Seeking professional help in these areas is advisable.  Some journeys cannot be treaded alone.   

So to be blunt, you have to determine what “stinks” in your life.  If you have to run in the opposite direction, do so.  Run.  Run fast before you are caught in the cross-fire between doing the right thing and the regretful thing.  Run to professionals if you need help.  There are hundreds of influences in your financial life that weren’t discussed here but I am certain you know the ones relevant to you.  If you aren’t entirely sure, track where you spend your money. The “culprit” will show up. When you give power of influence to your true goals, dreams and aspirations you will be rewarded with a rich outcome.  

Please feel free to share any negative influences you overcame which may positively help others.  

Create the Ultimate Vision

We’ve all heard it.  The all-too-common phrase, “A picture is worth a thousand words.” When you look at a picture, clarity and meaning without words are there for all to see. Whether the picture is a gleaming child, a peaceful sunset, or a dream home, these images have a way of springing emotions to life.  We feel it. So if this is true, then is it possible that a picture can propel our goals, dreams, and aspirations into reality? People who have created vision boards for themselves say, “Yes!”     

Chase and Create

A vision board is a collection of pictures depicting the things which you long to achieve or acquire. It’s a collection of your goals, dreams and aspirations, the very things I have been encouraging you to “chase” and “create.”  In place of a list written only in black ink, creating a poster board covered with images and inspirational messages, will inject colour and meaning into your dreams.  At a quick glance, you’ll see your life’s plans on display as a daily reminder.  With mustard-seed faith, your dreams will magically transform into reality when you believe they are possible. 

To support this theory, the book, The Secret, explains the powerful process of visualization in this way.

“The reason visualization is so powerful is because as you create pictures in your mind of seeing yourself with what it is you want, you are generating thoughts and feelings of having it now. Visualization is simply powerfully focused thought in pictures, and it causes equally powerful feelings. When you are visualizing, you are emitting that powerful frequency out into the Universe.  The law of attraction will take hold of that powerful signal and return those pictures back to you, just as you saw them in your mind.”  

The Vision Board as a Remedy

Creating a vision board for your goals and dreams might go one step further.  I sense this process as a remedy to cure specific ailments.

1.     Overcome the FOMO epidemic.

Until recently, I had never heard of FOMO. Perhaps I had but didn’t realize the epidemic had a different name than the one that I knew.   FOMO, “the Fear of Missing Out”, is equal to what I’ve always known as “keeping up with the Joneses”. Marissa Sollows, Senior Education Coordinator, with Financial and Consumer Services Commission of New Brunswick, wrote an excellent article, Conquer Your Fears of Missing Out to Get on Top of your Finances. 

Marissa explains that FOMO, the Fear of Missing Out, is the physical and emotional reaction we have when we feel that we are missing out on an opportunity. FOMO can provoke strong emotions ranging from sadness to full blown anxiety. It can also make us feel unsatisfied with the experiences we have had and things we own.   Marissa goes on to explain that these strong emotions are heightened with the posts viewed on social media of our friends’ dazzling lives. 

The cure for FOMO would be to determine what you want and then create your vision board.  Here’s the underlying truth. “You can have ANYTHING you want. You just can’t have EVERYTHING you want.”  You have to figure it out.  A vision board will provide focus and clarity.  You will no longer be chasing someone else’s dream.  You will chase your own dream.

2.     A Change in Direction.  

Life has a way of steering us in the opposite direction we ever intended to travel. A painful relationship, an unsuccessful business venture, and a sudden illness can send us spinning.   We aren’t given any clear explanations how this happens but when it does, we feel totally helpless and frustrated, leading us to believe that we may never be happy.  It’s at this junction that we have a choice.  Don’t you love choices?  We can choose to believe the worst that we were destined to live unhappily ever after, or we can choose to believe that the best is coming our way.  We can choose to believe that it’s our turn to have the very things our family, friends, and neighbors have.   And it all starts with believing and creating the ultimate vision both in our minds and on a vision board. 

Permission to Play and Create

Now that you have permission to play with glue, scissors, and paper, capturing and creating images of your life with pictures, you may feel lost. Don’t fear. Click here for a quick four-step guide to help create your vision board.   Don’t stop here. This is one opportunity you don’t want to miss out on.  A Google search will lead you to plenty of information on vision boards and its benefits.  I would love to hear the results of your creation. I invite you to share your thoughts, successes, and yes, even your frustrations with your vision board masterpiece.

Rebuilding Life One Step at a Time

 



No amount of financial planning can prepare you for the tragedies life can dole out.  Whether it’s the death of a loved one, an end to a relationship or marriage, your status can unexpectedly change from “We” to “I”. 

Friends of mine recently experienced a tragedy with the unexpected death of Paulette’s husband, Dick.   The day of his heart attack, the couple was preparing to celebrate their 50^th wedding anniversary and Paulette’s 70^th birthday with family and friends. A joyous celebration changed in a moment’s notice to grief.  The least expected happened suddenly without any warning.  In mere seconds, grief shattered plans and dreams of a life together.

I am not a grief counsellor so I can only speak from experience that you need time to mourn before you can move on. Time will be a friend allowing faith to heal the pain and rebuild a life with new dreams.

Ruth, a dear friend who lost her husband on the threshold of her 51st birthday, shared this quote.  “Grief never ends but it changes.  It’s not a place to stay. The sense of loss must give way if we’re to value the life that was lived.” {~~Lois Wyse}  Eventually, on your own terms, you will find new ground to map your path. You need to go on living because there’s still so much good you can do. 

In the interim, you have to be careful not to make sudden changes. Some changes can result in everlasting regrets, both financially and emotionally. A client remarried within a year of his spouse’s death only to realize that he wasn’t ready to build a new life with another person.

During times of grief, your vision may be clouded so be extremely cautious of well-intended advice. A client entrusted her deceased spouse’s insurance money to an advisor. The investment was inappropriate, resulting in a financial loss.  She felt devastated by both losses, the death of her husband and the demise of her investment.         

In the life-changing days of your new “I” status, move ever so slowly and cautiously. Muster strength to get through one hour and one day at a time surrounding yourself with family and friends for support.  Build a network of trusted professionals as discussed in last week’s blog, Building Your Dream Team. AND only when you are ready, use the worksheet below to define new goals for yourself.

There aren’t enough bandages to cover the wounds created by death or a divorce.  The healing begins as one pushes through the pain and sadness in those raw moments. I came across the message below which provided hope for a brighter tomorrow during my darkness days.  These same words may comfort others afflicted with life’s tragedies.    

“Faith, at the very least asks us to believe this.  The path to heaven runs through suffering.  Through the sorrow of the world, through that certain fog of doubt and pain, we have faith, sure of what we hope for, certain of what we do not see.  God is love. God is in control. God will wipe away every tear and replace it with a river of joy.” {~~Deforia Lane}

 



Building Your “Dream” Team

 

Do you have a dream team working to build your dreams?  You may assume you can do things on your own with a little help “here and there”.  If you think you don’t need a dream team, you may choose to re-think your strategy.  With help from professionals, you can move your dreams forward effectively and perhaps more quickly. 

 

A CERTIFIED FINANCIAL PLANNER^® professional acts as your GPS system to guide you in the right direction and identify areas which require attention.  Only by working together as a team with other professionals do big and little things get accomplished.  Someone once said that when Mother Teresa spoke, everyone listened. Even today, her profound messages ring true.  One of my fondest quotes from Mother Teresa paraphrased is “I can do things you cannot, you can do things I cannot; together we can do great things.”

 

Why is it important to rely on professional help?  Here are some reasons.

 

1.               Discovering effective strategies to accomplish our dreams may be identified by someone else other than ourselves. You’ve heard the common advice about getting a second opinion. When one effective strategy is put in place, we trigger a ripple effect for others. For example, when you can find ways to reduce your taxes, you redirect money to fund other dream ambitions.

 

2.               Knowing all the features and benefits of every financial product would be impossible.  We simply don’t know what we don’t know. Matching specific products to our needs is best discussed with an expert. For example, the most recent challenge is when it is suitable to use a Tax Free Saving Accounts (TFSA) versus a Registered Retirement Savings Account (RRSP)?  Again, the usual response is “it depends.” 

 

3.               Creating a smarter “you” happens when you seek advice from professionals.  A favorite proverb says, “As iron sharpens iron, so one person sharpens another.” We learn from each other.  “Book knowledge” is different when applied to real-life experiences.  Professed professionals learn from their clients’ circumstances and then pass on their experiences.

 

 

Financial Planning Wheel

 

With all the different aspects in the development of your financial plan, you need to engage others’ expertise.

q    A tax advisor needs to know the total amount held in registered investments in order to withdraw the money effectively. 

q    Having one investment advisor ensures investments are diversified so you do not face unnecessary market risk. 

q    An insurance representative determines whether you have adequate insurance to cover gaps in your coverage.

q    A lawyer designs your Last Will and Testament to safeguard your final wishes. 

q    A financial planner creates a picture with financial numbers to ensure you can retire with your desired income.

These illustrations are a sampling of the importance of hiring the “right people” to work with you to uncover the loopholes in your financial plan. When you engage the right professionals, you are in essence building your dream team to move your dreams forward both effectively and efficiently. 

Time for Review

I am certain you don’t need someone telling you how quickly time is passing.  One peek at the calendar shows just how close we are to the end of June which is a sign that half of 2016 has disappeared before our eyes. 

Like many corporate employees face mid-year performance reviews, this is a good time to review your New Year’s Resolutions. Remember the personal goals, dreams and aspirations you made at the beginning of the year.  Go ahead. Blow the dust off the list.  It’s time for review. 

It’s possible you didn’t get started or simply stalled on moving forward.  Now is the best time to reignite the spark. If you can’t find your list or can’t remember the things on your list, create a new one. If a corporation can set a different fiscal year-end so can you! Your personal fiscal year may run from July 1^st to June 30^th.  “New Year’s Resolutions” can be created any time.

Here are three ways to help motivate you into keeping your commitments. 

1.     Watch the video below, Start Saving Now.  You may recognize some do’s and don’ts to ensure you achieve your desired plans.

 

2.    Refer to the blog, The Five Strategies for Sticking with Your Financial New Year’s Resolutions for additional ideas.

 

3.    Lastly, repeat Step One and Two as necessary to charge your human battery so that you can create an everlasting commitment to follow through with your plans.
 

When the time comes for the next review, you will feel confident that you did your best.  You had a list; you created sound strategies; and you overcame obstacles. The best part will be that you achieved your dream, goal, or aspiration.  You can then expect the best performance review of your life.

 



Let’s Talk About Money

I grew up hearing many quirky sayings, “Children should be seen and not heard,” “Money doesn’t grow on trees,” and another one that sticks out is "God gave you two ears and one mouth, so you ought to listen twice as much as you speak."  Well, maybe that last one is not so quirky.  When you need to have the talk about money with your spouse and family, you need to do both, listen and speak, so that you are heard and understood.

I was privileged to be interviewed for an article published for Financial Planning Standards Council on this very topic.  Talking about money with family members is not easy but “not talking” is by far worse.  Without the important conversations, misunderstandings are bound to occur.  Dropping subtle hints about your goals and dreams or expecting others to read your mind are only wishful strategies on your part. It’s okay to be afraid but don’t let fear stop you from starting the conversation. Take charge. I hope you can glean some valuable information from the following article.

How to have “that talk” about money with your spouse and family

Is it time for ‘the talk’ about money?

Money is the last taboo – or so seems. It’s a sticky subject we just don’t like to talk about. But there comes a time when there’s simply no option left but to jump in and hash it out.

It may be asking for a raise, reining in an overspending partner, estate planning with aging parents, or teaching children about debt. Delores Moskal, a CERTIFIED FINANCIAL PLANNER® professional with Cornerstone Credit Union in Yorkton, Sask. cautions that no matter the situation, leaving ‘the talk’ for too long brings consequences:

• unrealized goals
• creditors at the door
• delayed retirement
• marital friction                                                                     

When a couple has different spending and saving habits, it can jeopardize financial security, leave dreams unfulfilled, and cause marital tension. Failing to discuss estate plans with parents can cause sibling strife and mounting legal fees after their deaths. And, allowing children to run up credit card debt and cell phone bills starts them on a negative footing before they even begin to face the many other challenges of adulthood.

So just how do you start a conversation about money?

It’s not personal, it’s business

When it comes to asking for a raise or negotiating a contract, check your ego at the door and take emotion out of the equation. You may have done a great job and deserve a raise, but you have to be able to back it up. Outline accomplishments and how they’ve contributed to the bottom line by saving money or generating revenue. Taking a business approach is more likely to bring positive results.

It’s all in the family

For families, it’s about having a reality check and discussing what-ifs, says Ms. Moskal. Most people don’t plan for the unexpected like job loss, the arrival of twins or a serious illness. Others haven’t talked about buying a home or sending children to university. These are all issues that need to be discussed and planned for early.

“A neutral, non-judgmental third party can help start the conversation,” she says. “Having a referee in your corner can help prevent arguments from escalating and help uncover the path forward together.”

A financial planner, for example, can take a holistic look at the situation and help families gain a better understanding of income and expenditures, establish mutually agreed upon goals, and identify areas where actions can be taken to achieve those goals.

The upside of having ‘the talk’?

• Relationships are more harmonious.
• Dreams are achieved faster.
• A career is more rewarding.
• And, you’re setting a great example for your children.

If you need a qualified professional to help open a conversation about money, FPSC’s Find a Planner or Certificant tool can help put you in touch with someone in your area. Access additional resources.