Goodbye 2016 Hello Plan 2017

Goodbye 2016 Hello Plan 2017

It’s best to set a plan instead of a goal. You can control a plan, but you are always chasing goals trying to catch up with them. Your plans walk with you all the way.

Yes it’s the end of 2016. Are you one of the people who are saying, “I have no idea where the year went?”   Guess what, it went. Never to return. All the plans and hopes you had and all the things you wanted to accomplish left with 2016.   How many things you planned for 2016 that became a reality?

It’s time to create a plan for 2017. I am not talking about a New Years resolution. Remember it is a New Year for one day. With this in mind the resolutions you created that you kept for the first 24 hours of the New Year, is mission accomplished. The 2nd of January is not called the New Year it is January 2nd. The New Year left 24 hours ago.

Now let’s look at the plans you might consider making throughout 2017. You will have to take some time to work on those plans. During that time, you should not spend time looking at how you let those plans slip through your fingers in the lost plan section of 2016. Do not go there, nothing to gain looking back.

If New Years resolutions have not worked for you in the past make a short list. Three items should be tops, making a list with five items is stretching yourself. Setting you up for failure.   Check your record of success in the past before making a long list. How have you done? Remember your previous behavior is indicative of your future behavior. Take this into consideration when making your list.

The best way to target your plans for 2017 is to make a short list of the things that really matter to you. Vague or plans with no thought will treat you the same they will not materialize.   Plans that will work for you must be specific, describe it in as much detail as you can. Measure your progress towards the plan?   What have you done or what are you presently doing to ensure this plan becomes a reality. Is it a pipe dream or is it something you can attain with the resources at your disposal. Have you chosen a plan that is realistic?  Can you attain at this time of your life? Most important of all, when do you want to attain this plan. Give it a date in 2017 a real date, like August 20th 2017.

Now you have your list, place it somewhere where you will read it everyday. You noticed, I said read it everyday, not see it everyday. Reading and seeing are two completely different activities.   You should pause and read your list. Then ask yourself what did you do yesterday toward reaching this plan. What can you do today toward this plan? Ask that question everyday and note your progress and success.

If you follow the above plan you will have a very successful 2017.

It’s no point crying over spilled milk. The best and only choice is to look at the spilled milk, skip over it and walk in 2017. Do not look back.

Tessa-Marie

Find what works for you.

 

Finding your spot in a financial world can be very difficult sometimes. It becomes even more challenging when a very good friend in different circumstances encourages you to follow their plan.

In life, there are several things that work for one person but would not apply to another. When it comes to finances, it is even more glaring. Too often we decide to make decisions on things that work for our friends or family. After years of trying what was fool proof for them we find out it just cannot work for our family. It is absolutely imperative we realize that the plans that were set for their family five years or more ago may not apply to us five years later.

When listening to what works for someone else take a moment to look at the make up of their family very carefully, before considering implementing their plan in your life.

Here are some things to help you make those decisions:

  1. Do you have the same or similar income?
  2. How many members of the family are contributing financially?
  3. How many people make-up their family?
  4. What is their total debt?
  5. Is it the same amount as yours?
  6. How long ago did this plan work for them?

There are numerous other factors to consider, but these are just a few of the important ones when considering a financial plan.

The very best advice is to listen then take small sections of their plan and see whether it will fit with yours. If you are not sure seek the help of a financial advisor. Your financial institution is able to help. If the person is not prepared to help you learn to manage your family finances, keep looking until you find someone who will at least point you in the right direction.

The Internet is loaded with all kinds of information. Search until you understand what is being discussed.   Do not get discourage. Attend all sorts of financial seminars and take notes. Ask questions. Watch shows where financial advice is being given

Most important of all, do not give up.

Tessa-Marie

FIVE POWERFUL STEPS TO FINANCIAL SUCCESS

Interesting year we are in, 2013!  Commonly, anything with the number 13 generates fear and superstition.  Many people run away from this feared number. Buildings do not have a 13th floor as it is so feared.  Do we have a choice?  Can we ignore the year 2013 or pretend it does not exist just because it has the number 13 in the mix?  No, we can’t so we are going to include 2013 in our lives.  We are going to do something different this year.  We are actually going to embrace the number 13; we are going to embrace the entire year!  A suggestion for our theme for 2013 is NEW HOPES, NEW DREAMS AND FINANCIAL SUCCESS!

Every year we make plans and set goals, which we refer to as RESOLUTIONS.  Let us scrap that word. We are setting New Goals for a New Year with a number that will surely improve our chances.  We will begin by naming “2013” the year my life changed for the better.

My first question; what do you want to ACCUMULATE and what do you want to ELIMINATE?  Take a few minutes and write your answer down.

In the past few years were you a MISSILE WITHOUT A GUIDANCE SYSTEM?  Were you just going about your business working, paying bills, spending and reacting to life instead of life reacting to you?  It’s time to change.  Give yourself a GUIDANCE SYSTEM. Where do you want to go and when?

Now what are those five powerful steps to financial success I am talking about?  Well here they are, you might have heard some version of them previously, but not described to you in the way I am going to do so now!

1.  SPECIFICITY

Key to meeting your goals is to know your goals. Describe your goals completely and entirely until they become something you can recite like a nursery rhyme. You want to pay off your Master Card then say I want to completely pay off my Master Card.  Do not only say I want to pay off my debt.  This non-specific statement does not completely describe your goal.  The specific statement you want to make describes which debt and the amount.  Generally, when a goal is not specific it is not attained.  Ask yourself which debt, the $100.00 you owe your brother, or the $3000.00 outstanding on your Master Card?  Be Specific.

2.  KEEP SCORE

What steps are you taking to meet those goals?  In other words, keep score of your progress towards your goals.  Your statement should be as follows.  I want to pay off my Bank Master card (name the bank) and I am paying $250.00 towards the card every month.  So I Keep Score every month of the total I have paid towards my Bank Master Card debt, which shows me the headway that I have made.

3.  PUT YOUR GOAL INTO YOUR LIFESTYLE

Now that I am paying this Bank Master Card off, I should not continue to use the card.  Making payments to eliminate debt every month and simultaneously incurring more of the same debt is counter-productive.  For example, one should not make efforts to pay $250.00 a month towards a Bank Master Card debt and charge $200.00 to the card just because there is available credit.  Create habits that will enable you to bring your financial goals into your lifestyle and eliminate the habits that work against you.  Modify your behavior.

4.  PROGRAM FOR SUCCESS

Now that you know the steps you need to take in order to meet financial goals, avoid the impulses and temptations that are a hindrance to your targets.  An immediate reward can produce long-term penalties.  A drink after work every Friday is no longer one of your pastimes.  Dinner out every weekend with your friends should be scaled back. Why not cook with your friends at home and everyone contributes to the meal.  A lovely homemade Tuscan soup and some fresh buns with a bottle of wine can make a lovely winter dinner with friends at home.  Try it!  You’ll it!

5.  TIME.  WHEN DO YOU WANT TO ACCOMPLISH THIS GOAL

This is one of the most important steps in accomplishing your goal.  A friend of mine always wanted to retire to Jamaica.  I’ve heard the following statement for the last 15 years. “I am going back home to retire.”  Now that is an incomplete plan.  My friend did not complete his statement; he should have said:  “My goal is to retire in 2001 at the age of 60 in Jamaica.” Now that is a complete goal!  We have the where, the what and most importantly, the when!  My friend is still in Canada, retired and only vacations in Jamaica.  He maintains his dream of one day living in Jamaica but his goal is still incomplete.  With no when, no timeframe, this is an incomplete and unattainable goal.

So there they are!  Your Five Powerful Steps to Financial Success!  Every three months take time to look at your progress towards meeting your financial goal.  If you are not on tract, then re-evaluate and make the necessary changes to get yourself back on tract.  It may not be easy, keep plugging away, do not abort the goal!

Happy New Year

Tessa-Marie

January 2 2013

ARE WE READY TO BE LONG TERM INVESTORS?

I have been working with Andrew for six years as his Financial Advisor.  I met Andrew when he was a 24-year-old university graduate.  Andrew had a large OSAP loan, a student line of credit and a credit card with a balance.  He was recommended to me by his mother whom I had been working with for a number of years.

When Andrew and his wife Kathy  came to see me for their annual financial check up and asked me the question “Are We Ready to be Long term Investors,”  my  reply to them was “Yes  you are both most certainly ready to become  serious long-term investors.”

When Andrew and I first met we worked on a Financial Plan.  Preparing the Financial Plan took one month before we were certain that was what he wanted to achieve. During that period we met weekly.  The following month we met every two weeks which we continued to do for one year.  Soon after our first year of meeting Andrew introduced me to his finance Kathy. We had to revise the plan Andrew had as a single man to include his then fiancée Kathy.  Kathy also had a credit card, student line of credit and an OSAP loan.    For the next two years we met once a month and then switched to meeting annually.  Working with a Financial Planner requires time and dedication. The planner will be there, but you will have  have to also be present, and by present I mean do the things you said you would do and show up on time and keep your appointments.

Here is a list of Andrew’s and Kathy’s goals.

  1. Open an emergency savings account.
  2. Open two Registered Retirement Savings Plans.
  3. Make payments to credit cards and do not add any more purchases to the credit cards.
  4. Transfer credit card payments to the student lines of credit, once the credit cards were paid in full.
  5. Make regular payments to Student Loans.
  6. Save for their Wedding.
  7. Save to purchase own home.
  8. Purchase a car.
  9. Open a joint vacation account.
  10. Open a joint Long term Mutual Fund non-registered account.

Six years later Andrew and Kathy have met all of the above goals and now want to be serious long-term investors.  They are well prepared, and understand the process of long-term investing.  You will notice that Andrew and Kathy did not start long-term investing until they had achieved their short-term and some of their mid-term goals.  Both Andrew and Kathy are ready to work with an Investment Specialist or Broker.

Andrew and Kathy wanted to know why I am referring them to an Investment Specialist.  The reason for not getting involved in investments is because there are thousands and thousands of Investment Specialist all over the place, but very few advisors who are passionate enough to move you from where you are to where you want to go, or to get you ready to work with an Investment Specialist.

I have recommended Andrew and Kathy to an Investment Specialist who will work with them to build wealth.

My job as always is to enlighten, educate and encourage you at the beginning of your financial journey.  I choose to help you to make the proper plans to manage your money and to stay out of revolving credit which will contribute to your financial success.

Andrew and Kathy are going to be in good hands and we will be meeting every year for a financial check up.

If you are ready for long-term investing, consider working with a financial advisor.

Tessa-Marie