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    • The MoneyBag Threshold

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      Today is a brisk November day and it has been a long time since I have updated my blog project team management.  Like my clients, the start of the fall (or school year) tends to make the days run faster.  Though I would like to say I have had excellent progress on the book, the reality is I am still holding all of the cards, but have begun to make some decision and begun to push things out the door.

      My motivation today, is to explain how important it is to have savings put on autopilot (pay yourself first to your 401(k) plan, savings or piggy bank) because once you have a system set up it happens without you realizing…then the months go by faster than a blink of an eye.  If you have no system in place to automatically save, then those months
      have added nothing to your savings.  But, if you save $100 a month on autopilot and six months have gone by in a blink of an eye, you now have $600!

      Furthermore, when you do take time, like I did today, to assess how things are going, it is a perfect time to see if you should increase your savings from $100 a month to $150!  That way when the next six months flies by you have now saved $900!

      This type of behavior allows you to crossover your MoneyBags Threshold.  To me, this is that point in time, where you suddenly see your money at work versus you working for your money.  For some people, this occurred when they learned about interest and dividends.  For others, it is when they see their discipline of saving money over time actually accumulate to a large sum.  No matter when the crossover of the MoneyBags Threshold occurs for you, when you reach it, it mean you have become excited about saving money and begin to think of ways to save more versus spend more.

      So, today make sure to stop and make a conscious decision on automating your savings, pay yourself first.  If you are already committed to this step, now go a step further and twist the proverbial MoneyScrews and increase the amount you save, even if it feels tight, increase it by $5, $10, $50, or more!

      Here is to filling your MoneyBags!

    • Fast Times at MoneyBags

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      This month my life reflects the stock market — changing quickly.   The book is moving fast and I am the one holding all the hot potatoes.  Not only has the editor returned the book for my final review, which is a scary thing for someone who is scared of commitment, but I also have the first cover illustration back from the illustrator over here.  The public relations person and I are also looking into whom to request for the foreword and “blurbs” to put on the back cover.

      Today was rough feeling under the gun really kills the creative juices, but I have to take a step back to see how far things have come.   Carlos and Amber have created my money tree, mocked a moneybag, and we have begun getting the web site/blog to look more structured.  Any day my business cards and stationary will arrive and I got a new number for the business!

      This week was especially rewarding since I ran into a fellow author at Beaver’s Pond Press.  He gave me pointers and offered to do a blurb!  We talked for awhile about what his journey as an author was like and what he would do differently if he had it to do all over again.

      Here is my tip for you this posting.  As you start getting ready for your kids to go back to school have this be a time that they see you budget for school expense.  Tell them how much you need to allocate for back to school clothes and supplies and have your kids actively help you stay within your goal when you go shopping.  As a new tradition on your kids first day of school in addition to taking their picture on the front steps, consider having your kids count and track how much they have in their long-term savings.

      Here is to filling your MoneyBags!

      Wendy

    • The Month of Independence

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      MainThings are starting to move fast!  I have a meeting scheduled with the illustrator of the book on the 26th and the manuscript will soon return from the editor for my review.  The logo has been created and is on its way to be trademarked!  In the meantime summer is ticking away and my business calendar is jam packed for August!

      As discussed in my last blog, it is a good thing I practice discipline.  It has been a while and I am rusty.  If, like me, you are not used to giving something up for 40 days and have never done so than working into it is a better option.  Hence, start slow with your kids by only give something up for a week.  Then, down the road try it again for two weeks, than four weeks, and then 40 days!  Make sure you are very clear on what you are giving up (for example, carbohydrates or potatoes and bread).  You want your kids to see the light at the end of the tunnel, but still make it a challenge.   Consider a reward outside their personal accomplishment of discipline by doubling their allowance during the discipline period or let them be in charge of picking the family meals.

      Lastly, a failure may not be a failure.  It could actually be a point where your kids stop and evaluate the situation.  They may feel the practice of giving something up is more important and they will continue with their goal of discipline (that is a good option), but they may also decide to cave, like I did, when it was someone’s birthday.   Either way, they are learning something.  Hopefully, they are learning flexibility.  However, if they buckle every day, you know that they are not learning discipline and you need to continue to challenge their behavior so that they can see the reward of delayed gratification.

      Since this is the month of independence (notice no school during the month of July), consider having your kids tell you what they most value from the freedom they experience in by living in the USA and why.   Explain to your kids what financial freedom means to you and ask them how would they feel if they were financially free?  What would they do with their time and money if they were financially free?

      Here is to filling your MoneyBag!

      Wendy

    • Birth of a logo

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      This week was exciting!!!! The birth of my logo has occurred (to be posted once trademark protected), I got my LLC tax payer ID so I can now open up my checking account, and the book is in clean up phase!  I will make a June 1 completion date for the book to finally go to the editor!!!!!  Better late than never.

      Minnesota’s weather has been miserable this spring and I blame myself for the deal I made with Mother Nature (please don’t let the
      weather turn nice until I am done with the book) who knew I had so much pull.   Today will be a full read of the book with tweaks here and there.  I feel as if my need to tweak will never stop, but the editor is my backstop.  I just need to make sure I can get in all the important things that are flying around in my head.  Just Friday, I found a new statistic in reading Sarah Lorge Butler’s article “One Small, Surprising Way to Ensure Your Kid Gets to College” quoting from the College Savings Initiative, “kids with a savings account in their own name are six times more likely to attend college than those without an account.”  How is that for incentive to teach your kids to save money!

      As the Nike tag line states, just do it, go and open a saving account for your kids today!

      Here is to filling your Moneybag!

      Wendy

    • Springing into the season with a full Money Bag!

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      I am not sure what is more shocking, that it is finally reaching 70 degrees in Minnesota or I am updating my blog!

      The last couple of months have been stressful.  My goal was to have the book to the editor by March 1st, but between burnout, writers block, two ski weekends, and tax season, that was a lofty goal. Gratefully, all problems have passed and I am ready!  The book is looking good and I am excited in the direction that it is going team task management app.   My draft actually looks like a real manuscript with an introduction, table of contents and organized chapters with headings!  I have cut chapters out, moved them around, revamped and polished.  I still have to rework four chapters dealing with debit/credit cards and marketing.

      Though it appears that I have been on hiatus, things have been progressing.  Aaron Fruit has been working on my logo and we are close to the finished look and picking a color palette.   Also, I have been researching money traditions and have to laugh because when I search via Google® I only find “witchcraft type spells for money.” Thankfully, I have found a couple of books to give me some ideas, but neither of them touches money with a ten foot pole, not even the Tooth Fairy!  I also have reached back into my childhood, playing some board games to make sure that I still think they do a good job in teaching money.  I have also
      been exploring some new games to see if they will work for the book.

      In the spirit of spring time, make sure to plant a tree, flower, or some vegetables with your child. This is a great way to begin working on delayed gratification.  Explain to your kids that planting this special tree, flower, or vegetable plant is similar to money.  Money grows slowly and you have to nurture and make sure it is safe.  If you feed it (save more) it will grow beyond your expectations and provide you wonderful flowers, a bountiful harvest, or shade for your nurturing and patience.

      Here’s to filling your MoneyBag—

      Wendy

    • For the love of money…and Valentine’s Day

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      What a wonderful weekend!  It has been snowing almost every day making it a perpetual winter wonderland.  Yesterday, I had an awesome volleyball play, a nice massage and pedicure topped with a birthday dinner/drinks with a good friend.  I also booked my first ski trip out west!

      Today is my day.  No commitments on my time.  I pick and choose what to fill it with.  I started with a spin class, lunch was my favorite salmon dish, which the restaurant makes special for me since it is no longer on the menu, and now it is time to focus on the book. 

      Usually, my blog is written at the end of the day, but my inspiration is hitting me earlier.  I am thinking ahead to Valentine’s Day.   I struggle with this holiday whether I am single or in a relationship.  It just seems like so much pressure to make it super special/romantic.  Therefore, I want to change that tradition/pressure.    I want to challenge people (couples and singles) to look at it differently.

      If you are part of a couple, consider using this day to commit to each other financial happiness, responsibility, and working as a team on your financial goals.  I remember when I was married, we were poor and we did not have a strategy or really any kind of goals set up to work on things together.  If I could go back in time, I would have Valentine’s Day be the day we focused on what we wanted as a couple.  I can envision a nice dinner with the conversation geared towards discussing taking a romantic trip next year on Valentine’s Day to Tahiti.  If our dream trip is going to cost us $5,000 well that means that we need to set aside $416.66 a month as a couple so we can reach our goal.    Maybe we want to buy a bigger house and we need to come up with $10,000 of additional equity.  As a couple we need to begin focusing on make this a priority and what is a realistic time frame?  Even better yet, this is the year that we hire a financial planner to help us achieve our goals.

       Another piece of the conversation I would make with my now ex-husband are money boundaries.  I think that all couples should have three checking accounts.   The primary account is where all paychecks are deposited and this pot of money is where you pull out the $416.66 for your joint savings goal, pay bills (mortgage, utilities, daycare etc.).  Lastly, the primary account would transfer money to the personal HIS/HERs accounts.  These accounts are the “mad” money.  The amount of money you send to these accounts can be equal or different.  The importance is that you are in agreement.  The HIS/HERs accounts are important for financial sanity.  From these pots of money you buy what you want such as lunches out, gas, coffee etc.   For example, if one of you likes to buy lots of shoes and the other has a need to buy fishing lures, as long as it comes from this pot of cash no explanation needs to occur. 

      Lastly, you need to create a “no breach” spending limit.  You do this by defining what dollar amount threshold requires agreement between you.  For example, if Betty wants to buy a sofa for $5,000 and she and Bob had an agreed on spending threshold of $500 that means she cannot just go out and buy it without an agreement from Bob.  If she does, she will disrespect Bob, which will have a negative impact on their relationship. 

      As a single person, go out and celebrate with your friends.  Take this day to commit to teaching your kids or someone young in your family about money.  Last year I made a conscious decision to being teaching my niece Paige about money.   Since she lives in St Louis, this is harder for me to do, but a small step is better than no step.  So I decided to send her $10 a month on the first of EVERY month so she gets used to consistency.  Since I started doing this she had to open a savings account to cash/deposit the check.  I also give her little to-dos such as reading a money book, giving her father $2 for taxes, or simply buy a stranger coffee.  This year on her birthday she is going to get a $1 raise Discover More.   If I can give her the passion and understanding of money so she will be financially independent and smart with money in the future, I have given her one of life’s greatest gifts.

      Happy Valentine’s Day!!!

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