Tag Archives: My Financial Life Coach

Create your spending plan– maximize your income

Less than half of adults (42%) keep close track of their spending.

                                          National Foundation for Credit Counseling (NFCC) – April 28, 2009

What happens when you go into the store hungry? That’s right . . . you buy more.  The same thing happens if you don’t have a spending plan. You buy more because nothing is spelled out. So what will a spending plan do for you? A written plan will help you to avoid overspending.

You have a lot of resources to manage.

Take your current yearly household net income (left column) and multiply by the number of years to determine your income during that time period. Below is an example of someone who had an annual income of $70,000. Note that this example does not figure in any type of pay increase over the next 30 years.

Example . . .

_70,000______  x  10 years  =  __700,000_______

_70,000______  x  20 years  =  __1,400,000______

_70,000______  x  30 years  =  __2,100,000______

Now, go ahead and calculate this for your income.

____________  x  10 years  =  ________________

____________  x  20 years  =  ________________

____________  x  30 years  =  ________________

Wow!!  You have a lot of money to manage.

Have you ever thought about this before? In the example above this individual will be managing $2,100,000. Let’s put that into perspective. If he was going to build a $210,000 house he would have to have a survey, building plans, permits, and many inspectors & inspections to manage this $210,000 project. If that much planning is needed for a $210,000 house, how much more planning should be done on a project (your financial life) that is ten times larger?

Take a few minutes and think about your finances. The last time you received your W-2 did you ask yourself “where did all of the money go?” It is time to start putting a plan together if you don’t have one. If you have one please take the time to review it. One more thing…a plan is worthless if no action is taken on it so get out there and take some action this week.

You have a choice, and the choice is yours. – Coach Bryan

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website, www.MyFinancialLifeCoach.net  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation on your financial walk? Checkout the My Financial Life Coach Facebook page.

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Filed under Budget, Children, Family, Finance, household budget, Money, Personal Finance, Saving Money

The Value of Your Time; Your Life.

Trading your life for stuffSpending your time equals spending your life.

(This blog is a continuation of yesterday’s blog)

There is one more piece to this process I want you thinking about. I want you thinking about what things cost you in hours worked. When you go to work you are exchanging your life (time) for money. Here are some examples.

Let’s assume you make $25 per hour.

1. You will have to work 61.32 hours to bring home enough money to buy the $1,000 couch. That means working just shy of 8 full work days.

2. You will have to work 4.6 hours to bring home enough money to pay for a $75 night on the town.

3. You will have to work 1,840 hours to bring home enough money to buy the $30,000 vehicle. That means working 46 weeks. That’s right…almost a FULL YEAR!!

Let’s assume you make $15 per hour.

1. You will have to work 102.2 hours to bring home enough money to buy the $1,000 couch. That means working just shy of 13 full work days.

2. You will have to work 7.65 hours (a whole day!!) to bring home enough money to pay for a $75 night on the town.

3. You will have to work 3,066 hours to bring home enough money to buy the $30,000 vehicle. That means working just shy of 77 weeks or about 1.5 years. (This vehicle will go down in value too but that is a topic for another day).

Is it worth it?

I’m not against buying couches, nights out, vehicles, or other items. My goal with this article is for you to understand and calculate the real cost of every item you purchase.

You have a choice, and the choice is yours. – Coach Bryan

(Note: a. For those of you who participate in biblical tithing (10%), your factor is 170% instead of the 153% so you would need to earn around $1,700 to have enough to buy the $1,000 couch. b. Tax percentages may be different for your situation).

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website, www.MyFinancialLifeCoach.net  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation on your financial walk? Checkout the My Financial Life Coach Facebook page.


 

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Filed under Balance, Blog, Family, Finance, Financial, Goals, Home, Life, Life Balance, Money, Personal Finance, Time, Uncategorized, Work

Confession – My Financial Life Coach Lacks Discipline

I lack discipline

That’s right, I lack discipline. Did I go out and borrow money for a car? No, I have pretty good discipline with money; my challenge is with eating and exercise. I like to eat and I don’t like to exercise.

False advertisement?

The 20 ounce soda says it contains 2.5 servings. I find it only has one serving. The peanut butter flavored cereal says 12 servings; a new box is half gone when I finally push myself away from the table…so it only contains two servings for me.

No it isn’t false advertising, it is MY lack of discipline, MY inability to control the amount of consumption, and MY frequency of consumption. Bottom-line, MY eating habits and MY lack of exercise habits are similar to the money management habits of my clients.

Reflecting back

I was in great physical condition when I was in the military. That was 32 pounds ago or about a pound a year. I have rationalized that this rate of gain is acceptable until I realized last week I could live as long as my grandfather who lived to be 100 years old. If I live that long and keep up this current pace, I will have gained about 80 pounds. Totally unacceptable – I want to have good health and energy to do what I want to do.

Changes start today

It is time put my money discipline skills to work in the area of my health. Focus and discipline. That starts today. For those of you who have worked with me as a coach or have gone through the Balance Up program you know that is important to  1) Set goals; make them visible, 2) Put a plan together to achieve the goals, and 3) Hold yourself accountable to others. When clients do this they typically see significant progress in about 6 weeks.

I really like the 6 week time frame. 6 weeks is 42 days. It takes 21 days to form new habits so 42 days gives you twice as much time as you need to form new habits.

Next Steps

My goal – Shed 15 pounds in the next 6 weeks through exercise and eating discipline. How will I keep this goal visible?  I’m going back to the military haircut, the haircut of my prime. I will be reminded of my goal, my plan, every time I look in the mirror.

My plan – Eliminate the ice cream, soda, and PB cereal over the next 6 weeks. Drink more water and less coffee (ugh). Exercise no less than 4 times a week.

My accountability – I know that the My Financial Life Coach audience will hold me accountable and will cheer me on. I will update my situation twice a week on my blog and on Facebook.

Current Facts

Today’s weigh in – 180 lbs.

It’s not all about me.

Now a challenge for you. What are you going to do to in the next 42 days to improve your health or your financial health?  Feel free to join in the challenge by commenting on either the blog or on the Facebook page.

You know that I always end my post with the following quote…

“You have a choice, and the choice is yours.” – Bryan Cooper, Financial Coach

I think it is appropriate to change it for today…

“I have a choice, and the choice is mine.” – Bryan Cooper, a middle aged out-of-shape guy who needs discipline to get back into good physical shape.

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Our job is to educate and motivate you to the debt-free life style.

Don’t forget to checkout our website (www.MyFinancialLifeCoach.net)  for 100’s of resources including tips, articles, spreadsheets, web-based training, and more.  Why not tell a friend? Looking for daily motivation? Checkout the My Financial Life Coach Facebook page too.


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April 2, 2012 · 10:45 am

5 Reasons Your Goals May Have Failed in the Past

In my last blog article we discussed the need to re-evaluate your goals. Now I want you to look at why your goals may have failed in the past:

1. You didn’t have any goals or they were not written down.

If it isn’t written down, don’t plan on them happening.

2. You lacked POSITIVE SELF-TALK and/or you had a negative opinion of yourself.

If you keep telling yourself you can’t do something, it will become a self-fulfilling prophesy. Will you hit every goal on time? Probably not but you have a greater chance of hitting goals if you keep trying, so stop the negative talk to yourself.

3. Your attitude toward failure.

Failure is an event, not a person. Don’t be afraid to fail or make a mistake. The person who has not failed has never really tried. It is the law of numbers. The more things you try to do for the first time the greater the chance is that you will fail. Expect it, learn from it.

Did you fall down the first time you tried to walk? I’ll bet you fell down a number of times. So how did you learn to walk? You kept trying. You got up again and again until you were walking. The same thing goes for following through with your goals.

4. You stopped trying.

5. You did not ask for directions.

No one knows everything. Sometimes we just need to find someone who can assist us with what we are not familiar with.

Conclusion

It is so important for your goals to be written down. It is so easy to forget about them when they are out of sight, out of mind. You want them where you can see them on a regular basis. Believe that you can obtain those goals, attitude is key!

If you think you can, you will. If you think you can’t, your right…you won’t be able to do it.  Stop listening to all of those negative influences around you. Turning off the TV is a great start..do you really need to hear all of the negative news?  Plug away on your goals. When you hit a wall, read a book on the topic or find someone who knows. You really can do this, believe in yourself and start working toward your goals.

You have a choice, and the choice is yours.

Bryan Cooper – www.MyFinancialLifeCoach.net

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. Looking for motivation multiple times per day? Check out the My Financial Life Coach Facebook page.

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Filed under Attitude, Blog, Change, Events, Family, Goal Setting, Goals, News

Re-evaluate Your Goals – 3 Questions to Ask Yourself

Goals

In an earlier blog you were asked to write down your goals, breaking them into…

< 1 year

1-5 years

> 5 years

Now that you have done that, it is time to re-evaluate each of your goals. I want you to look at each of your goals and ask yourself the following questions that I ask my clients.

1.   Why do you have each goal? Are they your goals or someone else’s?

I have to ask that because so many times I find folks working towards what is “expected” of them instead of what is important to them. Some examples:

  • The mom who has a desire to stay home and raise her family but feels pressure to work so they can have the larger home and new minivan
  • The son who doesn’t like sports but plays football because his father expects him to.
  • The young doctor working in a prestigious hospital instead of working in a third world country which is where his heart is.
  • A young man returns home from the military only to buy a home he can’t afford. Yes, that person I’m talking about is me.

2.     Are your goals in agreement with your values?

  • Working 70 hours a week climbing the corporate ladder may be in direct conflict with the time you want to spend with your family.
  • New car payments may be in direct conflict with your desire to give generously to your church or other non-profit organization.

3.     Are your goals still relevant to what is important to you?

  • Change your goals as your life changes. Re-evaluate every other month. If you are expecting triplets maybe the two-seater sports car is no longer a good idea.

Conclusion

It is so important for your goals to reflect you, to reflect your values, and to reflect what is important to you. Take time this week to either start writing down your goals or re-evaluating your existing goals. Post them where you see them every day. Stop listening to and taking advice from people who have no goals. Believe in yourself and start working toward your goals.

You have a choice, and the choice is yours.

Bryan Cooper – www.MyFinancialLifeCoach.net

Thank you for reading the My Financial Life Coach blog where we talk about money, goals, family, life events, spending, home, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated. For more daily motivation to get moving on establishing your life and financial goals, visit us over at the My Financial Life Coach Facebook page. 

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Filed under Blog, Change, Events, Family, Goals, Home, household budget, Life, Money, Personal Finance

Step 2 – Determine your goals. Think LONG-TERM

 “Your personal goals (vision) need to determine your spending, not your spending determine your goals.”    –  Bryan Cooper 

Dream

Dream a little . . . what would “Financial Freedom” look like to you? Close your eyes, can you see it? Can you taste it? Reflect on this for a few moments.

As I’ve coached over the years I have learned that you must spell out what financial freedom means to you and you must start establishing and prioritizing goals to get there. When I work with a client the first thing we do is spend 30 minutes in this area and we revisit it during the entire process. This is where you design life around family, events, etc.

Please understand that you don’t need to have every detail figured out before you start, you just need to start!     Brainstorm your goals. Your goals should include financial and non-financial goals. Establishing the right goals will help you with life balance.

Goals

Your goals need to include:

  1. Very short-term goals –  (under 1 year):
  2. Short term goals – (1-5 years):
  3. Long term goals – (over 5 years):

Your goals should become your compass. Everything you do will be measured against your list of goals. As every new opportunity comes before you, you will evaluate it to see if the opportunity helps you toward your goals, or away from them. If it helps, consider it. If the opportunity distracts or hurts your progress towards your goals, eliminate, say no to it because it will get you off course.

Remember, your goal list is a living document. You will make changes to it as priorities change or as other life events unfold in your life.

Take Action

So today why don’t you do the following two action items.

1. Take a pencil and paper and start writing out what Financial Freedom means to you.

2. Write out your goals, breaking them into < one year, 1-5 years, and > than 5 years.

It’s your life; why not make the most of it?

Remember, YOU have a choice, and the choice is YOURS.

 

Bryan Cooper

My Financial Life Coach, LLC

Delaware, Ohio

http://www.MyFinancialLifeCoach.net

https://www.facebook.com/MyFinancialLifeCoach

Thank you for reading the My Financial Life Coach blog where we talk about life, food, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated.

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Filed under Blog, Change, Events, Family, Financial, Food, Goal Setting, Goals, household budget, Life, Personal Finance, Stress

Step 1- Know Your Financial Condition

Now that you spent time putting your budget together how are you feeling about it? Have you been looking for spare change in the car or couch?

I typically hear one of the following four responses

1. We are so stupid with our finances.

Now that the spending has been put down on paper it becomes real, very real. Most of us never had any personal finance training in school; instead we were busy learning things like the Periodic Chart (which most of us have never used), instead of learning personal finance that we all need/use every day.  Bottom-line, you had no training in personal finance so your issue may be that you lack knowledge, but it doesn’t mean you’re stupid.

2. I’ll bet you have never seen anyone in this bad of shape.

There is always someone worse off than you, both in your town and in another country. Be thankful for what you have, and if you are feeling sorry for yourself . . . STOP!! You are now aware of the situation and you have the resources to correct the situation. Read a book, read a blog, take an on-line training course, attend a class, or talk to someone who knows how to help you. You have options…but you MUST take action!!

3. I’m so embarrassed

Don’t be. None of us are experts in everything but it is your responsibility to get out there and learn what you need to learn so you can effectively manage your finances. This will be a continuous process, not a once and done. Like I just mentioned above, you have options to get this corrected. Get out there and find the resources that meet your needs; and ignore the advice from that broke brother-in-law of yours.

4. I’m (We’re) better off than we thought.

Good for you! You may be better off than you thought but are you where you need to be?

Whatever your reaction, whatever your situation, the key is to not ignore it. Get in there and get your situation turned around. Budgeting is not rocket science, you can do it.

Remember, YOU have a choice, and the choice is YOURS.

Bryan Cooper
My Financial Life Coach, LLC
Delaware, Ohio
www.MyFinancialLifeCoach.net
www.facebook.com/MyFinancialLifeCoach

Thank you for reading the My Financial Life Coach blog where we talk about life, food, family, life events, spending, and economic news. We do make every attempt to avoid the topic of politics but we will bring up economic policies that need communicated.

1 Comment

Filed under Education, Family, Finance, household budget, Money, Personal Finance, Stress