Posted on

Build Your Dream Team

3x3 Being Financial PartnersMaking a plan for a rainy day is always prudent. Some examples might be stashing some money in a savings account, looking toward your retirement or setting aside a three-month supply of food so that you are covered in case of an emergency. Just don’t go overboard, and sacrifice living to the fullest in your present life for an unforeseeable future.

I think of my friend’s grandmother finding an envelope labeled Hawaii trip in her husband’s safe deposit box after he died. They never left mainland soil in his lifetime. He had plenty of money in the envelope; they had the time; he just waited too long to take action. His financial fears kept both of them from sharing unique and fulfilling experiences together.

Have you shared your dreams, your goals or even your credit score with your partner? Maybe it is time to sit down and have a face-to-face conversation about what is important to both of you. Make the time to explore how to make those dreams happen. You want to know what triggers stress in each other and be aware of emotions can trigger extreme reactions.

As you become more aware of your emotions and what triggers your Money Nerve, you will be able to be more understanding of your partner’s Money Nerve. You want to have a conversation with the goal of improving financial communication and a better understanding of the person you love. You may still get annoyed and even upset by the reactions of others— but know you have each other’s back to deal with your situation.

Many times, sharing your financial journey and goals with others can help keep you on track. Keeping a budget together with a common focus becomes fun with a partner because you can “team up” with one another to track receipts, and build a stronger portfolio. When you join forces, you can now plan on how and where to spend your cash, set goals for fulfilling each other’s dreams and laying the groundwork for a better future.

Posted on

DASHING Through DECEMBER

3x3 Dashing to DecKeep it real!

You survived Black Friday and Cyber Monday and now you have the rest of your Christmas shopping to do. Amid holiday parties, family gatherings and business obligations, it’s time for many of you to begin annual holiday shopping, too!

The National Retail Federation’s latest survey finds that holiday shoppers plan to spend an average of $463 on family members, up from $458 last year and the highest in survey history. Average spending per person is expected to reach $805, with more than half of shoppers planning to splurge on non-gift items for themselves. And if you use credit cards, be prepared to go over budget by 25%.

Many people get emotional about selecting gifts for family members and loved ones. The desire to get the very best present is often in direct conflict with the reality of keeping your budget on target. Going overboard for Christmas and beginning 2016 in debt is not your best course of action.

Here at The Money Nerve, we believe that positive and intentional choices allow you to be deliberate about your spending during the holidays and beyond. Take a moment and examine some of the holiday emotions that may pop up out unexpectedly!  Are you trying to “buy” love or attention? Is there family competition regarding who bought or received the “best” gift? Do you feel the need to purchase a gift for every person you know?

Stop. Think about your long-term goals for your life and how you want to recognize or honor the special people in your life. Be thoughtful. Attaching a personal, heartfelt message with a small present can be the greatest gift of all. Spread holiday cheer on a personal level. This is a season based on love and sharing. – Reconnect with the people who are most important to you.

Enjoy the holiday, the shopping and the people! See if these five tips help you navigate the holidays and make it easier on your wallet:

1. Benjamin Franklin said it best, “The early bird gets the worm.” So begin saving for next year’s holidays in January. Set aside $25-$75 per month. Use cash whenever possible.

2. Set your budget. If you traditionally tip a babysitter, a dog walker or special people who provide personal services at the end of the year, be sure to add that to your budget.

3. Make a gift list. List the amount you want to spend on family and friends and stick to it. If you bought gifts early, pull them out to wrap. I have friends who forgot they purchased gifts early, put the gifts in a safe place, and then found the items after the holiday season.

4. Find deals. Read those Sunday ads and use apps like RedLaser to price match items. You want to be sure you get the best price on your purchases.

5. It’s not the size of the gift, it is the thought behind it. You can give small “stocking stuffers” to colleagues: $5 Starbucks cards, a mini-bottle of Champagne, homebaked cookies, or a chance to win the lottery with a $2 Scratch off card. There are many small and fun ways to show people you care!

Merry Christmas, Happy Holidays, Happy Hanukkah and more!

Bob

Posted on

AN ATITTUDE of GRATEFULNESS

3x3 template copyGratefulness – also defined as being thankful, appreciative or gratitude – can be a powerful tool for living a meaningful life.

Psychology Today states, “Gratitude is an emotion expressing appreciation for what one has – as opposed to, for example, a consumer-driven emphasis on what one wants. Gratitude is getting a great deal of attention as a facet of positive psychology: Studies show that we can deliberately cultivate gratitude, and can increase our well-being and happiness by doing so. In addition, gratefulness – and especially expression of it to others – is associated with increased energy, optimism, and empathy.

Take a moment each day to express gratitude for the goodness in your life. Some people like to begin their day with a meditation or short mantra expressing thanks. This is a positive action to begin each day and set the tone for the rest of the day. It helps you look for the best resolution as the day unfolds.

Others prefer to document the activities and the goodness of the day as a nightly ritual. Being thankful for all the moments and people in our daily life can change our intentions. One can learn to flip frustrations or challenges to create new opportunities for choosing what is important to us over time.

As the holiday season approaches, many celebrate thankfulness and a bountiful life, but as the good china is put up, keeping an attitude of gratitude throughout the year can relieve stress and generate a more optimistic view. A mindset of cultivating kindness can often have positive repercussions that we can’t even imagine. Much like a small pebble thrown into a pond, the ripples of thankfulness and kindness can have a huge impact on many people, some of whom you may never meet!

By focusing on the good, you retrain your brain to look for abundance, rather than dwelling on the lack of “things.” Scientific studies are demonstrating that fear and negativity increase cortisol, the “fight or flight” hormones and narrow your perspective because you perceive danger in your life. Developing a positive mindset increases the mood neurotransmitters (serotonin and norepinephrine), in your body. It also encourages people to “broaden and build” life skills, actively seek new opportunities, and utilize small successes to achieve a more abundant and meaningful life.

In gratitude ~ Bob

Posted on

You Are Not the Only One

Hi! My name is Bob Wheeler, and I am a certified CPA with my own firm in Los Angeles, California. I’m also the CFO of The Comedy Store. I have been listening to clients talk about their money for over 20 years and have found that many people struggle with their financial decisions. It doesn’t matter where they live, what their profession is or the amount of money they make – most people feel they are the only ones who wrestle with finances.

Not true! If you have ever felt that you are the only one who can’t seem to balance a budget or you “just don’t get it” – you are not the only one!

You can begin to make some conscious choices about how YOU want to allocate your dollars. You can create a better lifestyle for yourself and your family.

One of the best ways to get started is to explore how you spend your money and your time. Take a step back and think about some of the emotionally charged decisions you have made in the past. Did those choices point you in a positive or a negative direction? If you find that a majority of those choices backfired, caused you anger, guilt or financial turmoil, you have the option to shift your focus to make proactive choices. Forming calm or thoughtful choices ahead of time can assist you in channeling your new direction.

Visualize where you want to be financially. By creating this destination or mental image in your imagination, you are now defining some life goals and can take steps to make that mental shift transform into a fresh reality.

In my early days of being a CPA, I found I was often more of a counselor than a “numbers guy.” Listening to my clients opened my eyes to the emotional impact money has on people. The “everyone else has it together” attitude permeated through a vast number of people who came to my office. I learned that a person can’t let their perceptions of what others are doing color their world. Each of us can empower ourselves for a change.

Let’s explore new pathways that will help you define the change you want in your life along with some tools to help you reach your destination. I would like to offer my thoughts and assist you in your journey toward a healthy relationship with your money. I hope you will check in with me each week to learn more.

Today’s tip for building your financial muscle: Know you are not alone; take time to explore past financial decisions to determine which choices worked for you.

Have a great week!
Bob