You can’t see the forest for the trees – Entrepreneurial Power Persona #3

So, here is my disclaimer: You are probably more than one of these Personas. We all have a piece of each Entrepreneurial Power Persona in us. Typically my clients will tell me that they are mainly a combination of two with some of the elements of the others. Your Entrepreneurial Power Persona reveals your go-to approach to business, relationships, money and life. Your Entrepreneurial Power Persona reveals how you live and interact in the world as an entrepreneur. It speaks to unconscious attitudes, beliefs and behaviours that guide the choices you make each and every day. To get access to ALL of the Personas right away, click here.   Entrepreneurial Power Persona #3 The Mogul As The Mogul, you like to be the boss. You love the sport of business and you play to win. Running your own company is a relief because you get to call the shots, set the rules and make the decisions. You like people with skill and you don’t suffer fools gladly. You tend to be logical and methodical and you like to work from a plan. You are likely to be more conservative in regards to risk, but those you do take are often successful.  Benefits of The Mogul Mogul, you shine when you set your mind to a project. You are highly effective and appreciate your own skill level and value skill in others. You will seek out advice and if it meshes with yours, you will take it into account. You carefully research opportunities and you most often make decisions based on data and metrics, although this sometimes leaves you in the...

An extravagant life

Most of my clients have said this to me at some point in our work together. You may have said it or thought it yourself. Shelley and Brian were frustrated with juggling hockey fees, camp dues and property taxes in a month where the business revenues were lower than they had hoped. They decided it was time to get their money sorted out once and for all. They said to me “We make good money, I don’t understand why we are always struggling – we don’t live an extravagant life …” I said … yeah you do. I wasn’t being mean – I was being honest. OxfordDictionary.com defines extravagant as: Lacking restraint in spending money or using resources; Exceeding what is reasonable or appropriate Shelley and Brian aren’t alone. Forty percent of Canadians are living an extravagant life. – they are spending more than they are making. Another 20 percent live close enough to the edge that a late paycheque or a low revenue month makes them nervous. Are you living an Extravagant Life? Find out by answering these three questions. How much do we earn? Be clear on how much income you are bringing into your household. As a business owner, the total revenues you earn are not all available for your personal use. Taxes, business expenses and business investment must be accounted for. How much do we spend? Be clear on what your life costs. Consider not only the monthly expenses, but the fixed and variable expenses that come up during the year. Items like car repairs, gifts, gas and spending money for trips to the in-laws, vet...

Four great tips to keep more money in your jeans

Nine out of ten Canadians have a debit card and almost half of Canadians have three or more credit cards. Interac says that a third of us go to the bank machine at least once per week. That is a lot of plastic, and a lot of ready cash. We have a lot of transactions in our busy lives, and keeping the running total in your head can be a challenge. How do you remember what money has been spent where? Start with these four tips to keep more money in your jeans. Make Notes on the ATM Receipt Does it feel like your cash disappears right out of your wallet, so you find yourself back to the ATM? Next time, hang on to the receipt. As you spend the money you took out, make a quick note on where you spent it. Keep the receipt for at least two weeks so you can see where the money is going. Avoid double spending Armed with a debit card and a credit card, it is easy to double spend your money. At one store, you swipe the debit card and that money comes out of your account. When you use the credit card, you have to remember that money has been spent, and hold it back to pay the bill. When you make a purchase on your credit card, move that money right away so you don’t spend it twice. Pay the credit card with online banking, or move the money into a holding account using a free online savings account until your bill comes in. Keep Separate Accounts One...

Where to find the good stuff

It’s February, and it is time to pay the piper for all of those holiday purchases you put on credit. You were sure you would have the money to pay it off, but it just didn’t work out that way. You can grab a quick influx of cash by parting with some of your stuff. Although you can’t sell your blood for quick cash despite what the movies say, you probably have a lot of other things that you can turn into some green. Take a good look around to see what you could sell – stuff that you are not using or no longer want. Where to sell your stuff: Hit local consigment shops and resellers or go online to ebay.com, craigslist.com, kijiji.com and many other online communities. Where to find the good stuff: Your jewelry box With the price of gold at $1250/oz., a little goes a long way. A few single earrings, out of date accessories or the ring your high school sweetheart gave you can add up to several hundreds of dollars at the jewellers. Your bookshelf All of those book club books that are still current can net you about 50% of the cover price at a local book reseller, or dig up the old books from the attic to see if there are any gems. Your closet Good quality, current clothes will be well received at a quality consignment shop. Book an appointment, and then wash, press and repair anything you bring. Choose a store in a nicer neighborhood to get the most return. Your garage Tools, sports equipment and vehicle accessories will...

If money was your friend, would it want to hang out with you?

When you meet someone new who you connect with, you explore the idea of a friendship.  You get to know each other and spend time together.  You find out about how the other one is and how you are together.  You try on the new friendship to see if it is comfortable. Now think about that friend you have had for years and years.  How do you treat them?  You check in, and arrange to spend time together.  You attend to each other, care for each other and look out for each other.  If something goes wrong – a misunderstanding, an upset, you address it and make it better. If you think of your money as a friend – new or old, how do you treat it?  Would your money say you are a good friend?  What would it say about how you treated it and what you expected from it?  What would the conversation sound like? What if, instead, the conversation could sound like this? Imagine if you start treating your money like a friend.   You spend time together and attend to it.  You are kind and curious and you address it if you mess up.  How would you both feel then? Loved these ideas? Want to talk about how to do more to make friends with your money? Set up a time to chat with Karen....

The 3 BIG Mistakes people make with their money

You probably have a pretty great life. A nice home, car and job. You look after your loved ones, pay your bills on time, and maybe even save for the future. It is likely that you are also concerned about your money life.  Despite the fact that 43% of North Americans spend more than they earn, that is actually a symptom of the root problems. I have put together a list of the 3 big mistakes I have seen many mid- and upper-income families make (and admittedly these are mistakes I have made and have learned so much from). “Ignorance is bliss” – Not knowing how much it actually costs to run your life. When life gets busy, and tracking expenses is a pain.  Between the credit cards, debit card and numerous payments that need to be made, keeping a handle on it can feel hard. It is likely that you were never taught how to manage your day to day money.  The banks are very happy to give you more credit, so if you go over a bit, it isn’t the end of the world, right?  But then the debt starts to creep up and up.  If you don’t know how much it costs to live your life, how do you know if you can afford it? A great step to take is to consider the spending areas you might have been forgetting.  You will likely think of including your mortgage, utilities and groceries in your spending but don’t stop there.  Be a detective – scan your credit card and bank statements for additional frequent expenditures like your...