30. π The wealth advice you may have never heard
Wealth Advice to Achieve Your Financial Goals
This week we wrap up our March Money series by sharing wealth and financial advice you may not have heard of.
We recently shared βmeet your financial teamβ in a past issue, and are so pleased to dive deeper by speaking with an incredible Financial Consultant, and an incredible person, Libby Wildman.
We met Libby when she became a client of ours. Libby is passionate about financial literacy and is commited to helping people understand their options for achieving their financial goals faster.
We have come to know Libby as someone who lives the values of joy, kindness and she is a lot of fun, which is why we always look forward to conversations with her.
Recently Jill sat down with Libby to ask about some of the amazing gems and advice she's developed over her 36 years as a Financial Consultant, and this issue is the result of that conversation.
In this issue:
- The question about a million dollar business
- 3 tips for financial prosperity
- A mantra to unearth your financial potential
Financial Abundance for a Better Life
Libby Wildman says it sometimes takes some digging to help her clients figure out what it is they truly want from their money.
Whether it's an income youβve created through your business, or an inheritance youβve received, many people, she says, donβt have a clear understanding of the role money can play in their lives.
We've come across that as well. When we ask our clients, "Why do you want to build a million dollar business?", itβs not uncommon to receive an answer like, because I want to lie on a beach, or go for lunch with my friends whenever I want, or be able to buy that car or purse Iβve always wanted.
(Waitβ¦if you're lying on a beach whose running that million dollar businessβ¦but I digress, weβll discuss the realities of a million dollar business in another issue.)
Libby runs into this answer as well, and told us, βI actually call bull on thatβ. She says that the reason most people aspire to financial abundance is to alleviate money stress and dispel feelings that they are lacking in life.
So the question really is, what is it that a million dollars, or your specific money goal, is going to do for you in lifeβ¦beyond material goods?
This is a deeply personal question because prosperity means different things to different people so when thinking about what your money goal means to you, choose your prosperity goals with purpose.
3 Tips for Financial Prosperity
After 36 years in financial consulting, Libby Wildman has developed a unique perspective and she has simple, powerful recommendations for using your money as a tool for prosperity and achieving your financial goals faster
Have a date with your money. Whether itβs once a week or once a month, create a standing date with your money.
Libby explains that sheβs worked with a number of people who were not intimately familiar with their money and subsequently had no idea what was happening in their financial world, for example their line of credit had gone from 4.5% to almost 10%.
At your regular money dates she recommends checking such things as:
- your credit cards and bank accounts for any fraud
- the interest rates for every place you owe money
- is it RRSP time and should you be making a contribution?
- all your automatic payments for price increases
- any automatic payments that should have been canceled
Libby says she sees this all the time with insurance. People who thought they canceled their payments and for two years didnβt notice $300 a month coming out of their account. Has this ever happened to you?
We have busy lives that can cause us to be distracted, which is why she recommends setting regular dates with your money. Then as things shift around your money you can change or adapt your strategy to fit with your new reality.
Be your own corporation. Libby refers to each person as their own mini corporation.
We have revenue coming in, expenses going out. We have utilities, mortgage, kids in school and then variable costs such as; uber eats, vacations, online shopping.
As a corporation you need to determine your short and long term goals. Libby is a huge proponent of getting your plan done because it forces you to get the data. What is your mortgage rate? How much are you paying for the things in your life? How much money do you have in each of your silos? What are the fees youβre paying?
Itβs the same with business owners for subscription costs, software prices and freelance fees. Don't forget those free trials you signed up for that begin charging you in no time.
Libby says when she asks people what their costs are, it's not uncommon for them to have no idea because they havenβt studied their data.
Once you've collected the data around your money and determined your financial goals, youβll be able to create a financial plan and program, either yourself or co-create one with a financial expert.
This is why having a regular date with your money is so important in your business and personal life. It will give you the data needed to be able to create, and stay on top of, a financial plan based on your unique needs and desires.
Increase your money IQ. Libby says over the years she has had many clients who've struggled with money conversations.
Sometimes itβs because their parents had poor money management and her clients are afraid they'll end up the same. There are so many different reasons people won't talk about money including; societal norms that speaking of money is tacky, not wanting to stress their kids, or worried about their kids knowing how much money they have.
She strongly encourages people to learn about and demystify money management. You can go on YouTube, or Google to search out teachings but she adds, you have to be a careful what country you're living in and find somebody who teaches from your tax jurisdiction.
When it comes to working with financial experts Libby says sheβs been told by many people that they are intimidated by their broker, they donβt understand what their broker is saying, or think their broker is too busy to bother. Libbyβs advice is βyour financial people work for you and if they don't make that abundantly clear, go and find someone else that you like, that you trust, that understands you and where you're at financially".
Increasing your money IQ is the first step in learning how to make your money work for you and achieving your financial goals faster.
We are strong believers that you cannot figure out where you want to go until you know where you are at.
It all starts by determining how much money you need to make your goals for happiness and peace possible. We've always focused on helping our clients figure out those answers before delving into business strategies, processes or plans.
One of the very first things we have our clients do is explore activities to unearth their vision and values. Because finances, money management decisions, as well as business decisions are all guided by your personal goals.
Sometimes for those personal goals you may want someone like Libby Wildman in your corner to help you achieve, and manage the wealth you make through your business. You can connect with her on LinkedIn, as well she shares on LinkedIn her Illumination Minutes, quick ideas and good practices around money that are just a minute long.
As we discussed in a previous issue this month abdicating your financial responsibility and not enhancing your financial literacy can leave you not just struggling to grow your wealth, but open to harm, which is something we truly want to help you avoid.
We loved Libby's advice and recommend dates with your money, treating yourself like a mini corporation and increasing your money IQ to help build your wealth and achieve your financial goals faster.
Speed-Up & Sum-Up:
Money Management and Your Financial IQ
Margarita's Midweek Momentum mantra this week reinforces the effects of increasing your financial IQ and being the master over your money management so you can unlock your financial potential.
"I am empowered and I am financially successful. I have infinite financial potential."
To speed up the adoption of this thinking vitamin, save this image (or take a screenshot)
and set it as your phone home screen.
We hope this issue, and the entire month of March, has given you ideas, inspiration and illuminations when it comes to how you feel about money, your plans for managing the money you make, your goals for achieving financial independence, and some wealth advice that made you sit up and go, "I've got to start doing that!"
Next Week
We are pronouncing April "New Beginnings" so next week we will be announcing something new for us, for you and frankly something completely new in the way in which you can grow your business. π
Thanks for reading!
Here's to every small step towards a big dream,
Jill McAbe and the Midweek Momentum Team
Have a Joyful Rest of Your Week!
A special thank you for supporting Midweek Momentum by reading right down to the bottom! We are grateful for your attention. If you have any ideas or comments about this issue or suggestions for upcoming ones, we'd love to hear from you. You can reach out directly at mm@true2brand.com.
Enjoy this issue? Sign up to receive it in your inbox every other Wednesday here.
Midweek Momentum is hosted by Systeme, our new online home for Midweek Momentum. After years of searching for an all-in-one website, blogging, and email service, we've finally found one we love! π
The blog where vision-driven entrepreneurs and organizations find easy and joyful marketing ideas that energetically attract their ideal clients.
Get True2Brand marketing insights delivered to your inbox every other Wednesday.
CATEGORIES
SALES AND MARKETING
MARKETING STRATEGY
PREDICTABLE SALES
By the True2Brandβ’ Accelerator Team
The blog where vision-driven entrepreneurs and organizations find easy and joyful marketing ideas that energetically attract their ideal clientelle.
Jill McAbe
Executive Director
Founder and CEO
Specialist at True2Brand in vision and strategy facilitation, business model design and leadership development. All about joyful productivity training, and making positive change fun. Not a fan of false dichotomies, Jill loves both dogs and cats, mountains and beaches. She also adores hiking with her two mini-aussie poos.
Joel Baum
AI Director
and Strategic Advisor
Specialist at True2Brand in strategic communications and developing AI Tools and GPTs. Professor of Strategic Management at the Rotman School of Management, University of Toronto. Co-Author of "Epinets: The Epistemic Structure and Dynamics of Social Networks." Joel has a fondness for trees.
Margarita Angelatos
Marketing Director
and Energy Healer
Specialist at True2Brand in energy healing, product design, production, and merchandising. Creator of "One Year of Divine Healing". Former Head Designer and Production Manager for Hard Goods and Accessories at Lululemon. Margarita is a caring animal healer and rescuer and has a passion for travel.
Trina Brooks
Client Success Director
and Implementation Coach
Specialist at True2Brand in Storytelling, Interviewing, Self-Publishing, SEO, and Web Building. Accomplished Playwright and Novelist, Author of the Historical Mystery, "The Barron Hills of Creighton," a novel that will keep you guessing until the last page.
The blog where vision-driven entrepreneurs and organizations find easy and joyful marketing ideas that energetically attract their ideal clients.
Get True2Brand marketing insights delivered to your inbox every other Wednesday.
COPYRIGHT 2024 True2Brandβ’οΈ
SERVICES
momentum@true2brand.com