Nancy Zimmerman: a canadian money coach (not a financial planner!)

Every quarter, my Bank (and employer) cuts a cheque to Amnesty International, thanks to members who use an Amnesty Visa Card. Every time they use it, the bank sets aside 10¢ which pools into a three or four grand every quarter (inexact estimates). That’s one of the reasons I’m passionate about Citizens Bank of Canada.

My path is crossing Amnesty again today: It’s a day many bloggers have set aside, in partnership with Amnesty, to draw attention to human rights.

Readers will know that I am increasingly politicized. From time to time I write and rant boldly about topics like: City Hall taking a thoughtful approach to my inner-city neighbourhood, or my disillusionment about the Olympics in Vancouver or my reminder of basic human rights that Canada signed off on, but falls sadly short in keeping.

Having spent a number of years working directly with people and their money, either in my money coach capacity or at the bank I can’t help but notice how oblivious we can be (me too, trust me) about broader, and imho much more weighty issues around the world. We stress out and lose sleep over money but we don’t lose sleep over things like honour killings of young women, or China’s arrest of journalist Hu Jia who was simply calling attention to human rights.

I don’t blame us: our own context of life presses in on us and sometimes our worries about money are very real. But if we care about the fact that some of us can blog freely without fear, and if we take some comfort in the fact that while our money may cause us the occasional troubled sleep, we’re none of us wondering if the police are going to pound on the door and take us away in the middle of the night … maybe its time we do a few bare minimums:

1. Increase our alertness to global issues. If there’s an opportunity to read about or listen to or discuss global concerns, take it. One inspiring place is Ted.com - see both the issues and also creative, intelligent responses.

2. Take 10 minutes to read the Universal Declaration of Human Rights.

3. Make a promise to yourself that next time you see an Amnesty volunteer on the streets, you’ll give them 5 minutes of your time and listen, really listen.

…and if you want a visa card that gives all the points as you’ll get anywhere else AND the bank will donate 10¢ to your choice of Amnesty or Oxfam every time you swipe it, you know where to go

Readers:  do you agree?  we are disproportionately concerned about our financial well being compared to the acute violations of human rights  around the world?  Why is that?

Mom’s in town so gotta be brief, but here’s a jaw-dropper for you that I found thanks to Growth in Value’s blog:

The Employment Insurance Fund has a $54 BILLION surplus.

Uh, shouldn’t one of two things be happening:

1. Our premiums plummet
or

2. Programs designed to help people find work or figure out a good career for themselves get reinstated?

READERS: why do you think we put up with this? Why aren’t we kickin’ up a fuss?

Hello, Readers –

If you are a Vancouver resident who chafes at the lack of affordable housing, you can imagine the hopelessness of my dtes neighbours as nearly half of the barely-affordable housing for low-income people has been wiped out in the past short while, in favour of development.

Now I’m not against development in my neighbourhood. But I want it to be thoughtful, visionary and inclusive.

I want it to be a mixed income area where we continue to come up with empowered, creative ways of helping each other out.

Instead, I am personally witnessing a reckless, market-only-driven displacement of members of my community. It’s happened so fast and furiously there hasn’t been much chance to react.

But here’s an opportunity.

1. You can read Jean Swanson’s (the loveliest, loveliest presence and coordinator of the Carnegie [Centre] Community Action Project) distress call on her blog.

2. You can ask yourself: what kind of city do you want to create (we DO have a say, you know) and take appropriate action.

3. You can do what I’m doing, and e-mail city hall requesting that the condos slated for 58 W. Hastings Street be stopped, as an indicator to developers that Vancouver will do something more visionary in the dtes/gastown neighbourhood than simply let market forces dictate.

Note: I don’t see this as even particularly political. I see this as sound judgement and good business sense: having a plan, and a vision that shapes development. As things are going right now, it will be too late before we know it.

Here’s the letter I sent:

The Chair, Development Permit Board
c/o Alison Higginson, Project Facilitator,
Development Services
453 West 12th Avenue
Vancouver BC
V5Y 1V4

Dear Alison,

As a professional and property-owner on Alexander Street (converted warehouses) since 2000, I am both fiercely proud of my dtes/gastown community and hold out a vision for the neighbourhood.
That vision entails a thoughtful, respectful, collaborative approach to development. I envision an area ultimately respected globally for the way in which those of us
with money, and those of us who are marginalized, are integrated and, indeed, one community.

I am increasingly distressed and panicked by the fast-and-furious displacement of our city’s most vulnerable, my neighbours, (and isn’t the civility of a nation judged by how well we
care for the vulnerable?) in order to accommodate market-driven demand for housing.

I am writing to request that the brakes - screeching brakes - are put on further development in the dtes, until it can be done in the context of a well-thought-out vision that respects all stakeholders, not only market demand and the desire of developers.

Specifically, please stop the condo development for 58 W. Hastings.

In hope, and with vision,

Nancy Zimmerman

___________________________________________

It’s not an easy area. Let’s not do the easy thing and let this community get snuffed out.

PhotoCredit: Squeeky Marmot

A little early - too excited to wait

Some shameless promotion for my bank: Citizens Bank of Canada is sponsoring a contest for their community site, Hockey Stars (launching fully a little later).

Here’s the contest:

submit your favourite photo or video connected to hockey and you could win:

Grand Prize: $1000 gift card

Second/Third Prize: XBOX 360

Visit HockeyStars.Com to enter!

ps: fellow bloggers - if you want to post this on your blogs, have at ‘er! I’d (we’d) be delighted for the word to spread. Either right click the image, or leave me a comment if you want me to e-mail it.

It’s getting late and I have LOST episodes to catch up on so here’s a couple brief goodies:

Vancouver has a new Sample Store, with some sweet deals this weekend. If you’re on facebook, join the group to keep updates flowing.

Hockey fans and players will want to check out the new community site HockeyStars.com and enter for some prizes. (Full disclosure - it’s powered by Citizens Bank of Canada, my (patient) employer).

I’ve been enjoying a lot of FREE stuff for the past several months.

Google, of course. (pardon my little joke if you click the link).

And if I need good info on a person, org, or idea, I go to wikipedia.

Recently I’ve also signed up with Skype, and now a lot of my overseas (as well as local) calls are Free.

My banking is free.

My entertainment is free.

My inspiration is free.

My cutting-edge information is free.

Notable exception: Alas, our public transportation is Not Free (boo!) although I’m hopeful that eventually this guy will get through to the right person and get that changed for us.

Ever really thought about the fact that all this is free?

We’re all about to think about it a whole lot more.

According to Chris Anderson, editor of Wired, our economy is changing to FREE.

That’s a pretty freaky gobsmacking thought.

Here’s his argument.

1. We’re used to “free” stuff, which is in fact subsidized by some kind of cross-sell. Think: cel phones for free, if we buy the 3-yr plan (my least favourite thing, fyi). We’re also used to “free” being in fact at the cost of being subjected to adverts.

2. Technology has plummeted in cost. There’s plenty enough to go around and we’ve found ways to make it for almost nothing.

3. This is introducing a new economic model. We can now subsidize the vast majority of services by charging money only for the top tier of service. “You can have a Flickr account, but if you want all the bells and whistles, pay us this small charge”.

So far we’ve seen this only in the online/technology domain. I wonder how long it will take to translate into the ‘real’ world: free computers (but if you want the xtra RAM…), free clothing (but if you want the soy-based kind…), free food (but if you want organic…).

Of course, it’s predicated on the basic kind being inexpensive enough to produce that the premium version will cover the costs and profit. But still. I wonder.

Photo Credit Rache.

Update: for a completely different opinion on FREE (in fact, a robust argument that it’s for the birds) visit the inimitable Squawkfox.

And I quote:

How things have changed. The city [vancouver] in the rain forest is the very definition of luxury, the sort of casual elegance and graceful quality of life Vancouverites have come to take for granted.

Now the rest of the world is taking note.

Vancouver’s skyline is bristling with cranes as more and more high-end hotels and condo complexes are built. Famous faces mingle with the crowds shopping at international luxury retailers. New restaurants open almost every week.

(Nat’l Post, March 29 2008, FW5)

In the immortal words of Shania Twain: That don’t impress me much. And I hope to god that’s not becoming Vancouver’s brand positioning.

Don’t get me wrong. I love genuine quality as much as the next guy. My mac. My piano. My gorgeous daschunds.

So quality, yes.

Luxury? Meh. Boring.

For one thing, it smells bad. Like exclusivity smells bad to me. What the frack does anyone gain by using luxury as a demarcation from the next person?

For another thing, it’s dumb. Most of the us - I hope? or am I kidding myself? - kinda get the fact that we’ve overconsumed, overspent, and screwed the planet and exploited about a billion people in the process. Conspicious consumption is pretty much yesterday, don’t you think? So I repeat: I hope this isn’t Vancouver’s brand, or we’ll be pretty embarrassed sooner than later.

Last. It really is boring. Compare “luxury” to “intelligent”. To “innovative”. To “creative”. Which piques your interest? Which has a breath-of-fresh-air quality to it? I’m betting luxury sounds tired in comparison.

So, marketers — if I’m reading Vancouver right, lose the “luxury” angle, already. We can do better than that. Much better. Can’t we?

Periodically people ask me why I state so definitively “I’m a money coach, not a financial planner”! (see blog header)

The topic came up again as I was walking with Jan and David after WordCamp yesterday.

Here’s why.

1. Statement of fact. I’m not a financial planner. I haven’t got any financial advising/planning credentials. I don’t give advice. I don’t even really create plans. I don’t suggest stocks or mutual funds. What I do, is equip people on the basics that so easily escape us - budgets. getting out of debt. setting up savings plans. defining and prioritizing financial goals. befriending money. setting up effective banking structures.

2. In my experience a lot of Canadians have felt disappointed by the financial planning industry. There are some awesome financial advisors - I’ve met lots and respect them - but so many times people have expected something that they didn’t end up getting, and remain upset, distrustful and even bitter. I want those readers to understand right away that money coaching is a different thing altogether. fyi, Here are some of the reasons people have become jaded about the financial planning industry:

False expectation: We think they’ll help manage our money in a granular way. Sometimes financial planners perpetuate this myth by doing a one-off review of your debt and cash flow…. but does it happen ever again? Or even quarterly? Not usually. Financial planners are here to help with our investments, with insurance, tax planning and legacies. They don’t help, not in an ongoing, meaningful way, with overspending, relationship with money, conflict about money between couples, getting out of debt.

False expectation: They will regularly keep in touch with our investments and constantly be watching out for them. Most financial planners have well over a hundred, often hundreds, of clients. They simply don’t have the time to review our individual personal portfolios on a monthly or even weekly basis.

False expectation: We will receive completely unbiased advice. Not so. Most financial planners operate under some sort of umbrella, and have a particular set of products (usually, mutual funds) that they can offer.

and the biggest False expectation of all: A globalized hope that they will look after our finances. We often feel intimidated and anxious about our money, and in our heart-of-hearts wish we could abdicate our control of the whole thing and pass it off to someone else. When we discover that our portfolio has diminished in value, when we receive financial statements that don’t make things clear (ggrrrrrrr!), when it dawns on us that we’ve simply bought a product, not someone who is carefully nurturing out nest eggs — we understandably get disillusioned.

Here’s what I offer as a money coach.

1. I create a safe space in which to review the basics of being savvy with money (spending/saving etc.)

2. I offer the tools, tricks and tips that have worked for me, and plenty of clients, in taking control of cash flow.

3. Perhaps most importantly of all, I simply have the conversation. Many clients already know what is required to take back control. Having someone with whom to talk it over, sometimes ‘hold hands’, and be accountable (very gently) to, is often the best value I provide.

btw, Regarding the investment etc. angle, I encourage clients to inform themselves. To attend lectures, seminars and increasingly, read blogs of the diy’s -

MillionDollarJourney,

FinancialJungle,

MoneyGardener

CanadianCapitalist

TheFinancialBlogger

FourPillars

ThickenMyWallet

These may be a challenge for a while, but over time, strategies will become clear, a financial lexicon will expand, and best of all, clients will start to feel empowered.  Then, they can have a relationship with their planner based on realistic expectations and more informed conversation.

Any questions? Fire away….

http://tinyurl.com/54lhlc

I’ve said it before, and I’m guessing I’ll say it again, but with a lot of condos sitting empty either on speculation or because the int’l owners use it as their pied-a-terre this seems.just.wrong.   Hollyburn properties?  This smells rotten.