Through learning and growing as a mom, business owner and financial consultant, I made a commitment about a year ago to focus more on growing my community of female business owners. Over the past year, I’ve made 50 new "fempreneur” friends. The key discovery I made from them is this:
90% of female business owners say their number one challenge is…
When you feel overwhelmed with your finances, what action do you take?
Talk to friends?
Take a nap or turn on Netflix?
(Most people choose #3.)
Why don't more people call their financial advisor or make an appointment at the bank?
Because they're sick of being sold to.
During my twenties, I was so confused about money. I learned who I am and what I want the way most young people do: looking around at the Good Stuff in other people's lives and trying to figure out how they earned the time and money to enjoy all that Good Stuff.
You know it's time to make some changes to your physical & financial health. This requires investing time, energy and money, but it's not GO TIME yet.
First, you need to know the numbers associated with your goals.
Money problems are the most difficult problems to solve because:
1. We were raised to keep our finances private.
2. Most bank "financial advisors" and people who claim to give professional financial advice are actually financial product salespersons who cannot be compensated for giving advice alone.
Thus, financial success is often faked.
Do you feel like you are chasing your tail too often? A bit of running in circles is normal for any business owner, but if you feel positively swamped most of the time, something's gotta give.
Here are four ways to achieve maximum productivity and satisfaction in your work and personal life.
Whether you are a stay at home mom, have your own business or a job outside your home, be careful you don't get too rigid with your life's routines.
The beginning of my career in finance was an uncomfortable phase of my life for many reasons. In the words of my Saskatchewan born father, transforming from a "self employed hairdresser" to someone who was supposed to know all about making money: a "financial advisor", was "ballsey". Thanks dad.
My son was 5 years old when I began my career as a financial consultant. He watched many Disney movies while I studied for exams.
I am thankful every day that I took a risk and stepped out of my comfort zone. It would have been so much easier to do what I know - build another beauty business - but that wouldn’t have landed me where I am today:
MY COMFIER ZONE.
In an ideal world, people would talk freely about money struggles and successes rather than keeping them hush-hush.
In January 2016, I began playing with this mini-nap idea. I had to. There would simply be no other way to fit in all of my daily obligations AND time to write a book!
'Tis the season of giving! No, it's not Christmas, but we are in a season of donating our money whether we like it or not. I'm talking about tax time.
Women who come to me with money problems find out quickly that it is possible and attainable for any woman to have control over how she earns money and where it goes - and feel pleased with her financial situation. It's all in how she looks at it. I've created something that will help change that perspective. The result? Breaking bad money habits and feeling in control.
“If I have $20,000 to invest and I have $20,000 room in both my TFSA and RRSP, should I:
- divide it between the two accounts,
- contribute all of it to my TFSA, or
- contribute all of it RRSP?”
Of course you want to be a bank. Maybe you don’t want to be your cousin’s bank because he still lives in his mommy’s basement at age 35, but believe me, you want to be a bank in other specific situations.
Before lending money or cosigning a loan for a friend, ask yourself “What is the value of our relationship?”.
If you lend money or cosign a loan for a friend, you are a bank.
Realize that banks don’t always get paid back.
If yours is like my family, “family time” can feel less than enjoyable. The goal is to enjoy family time, but the reality is that all families have quirks. Maybe your aunt tells the same story over & over after her 4th glass of wine, or your ten year old nephew teaches your kindergartner “new” words. Or, it can be much, much worse. For many, “reconnecting” means family drama and maybe even a full-blown fist fight or two!! When you throw that many opinions and parenting styles into one household for 48 hours and add some alcohol, things tend to get messy. Yes, I’m describing my family.