James is a current client working through my online Money Coaching program. Here’s what happened when he completed module 2. It wasn’t easy. But it was good.

Dear Moneycoach:

Wow, what can I say… First of all, Happy New Year!

Speaking of the new year, I can tell this is going to be a year of growth for me in many aspects, including of course, the financial. Wow Nancy, going through modules 1 and 2 of your program, I have felt a whole set of emotions, going from excitement, to fear, to shock, depression, shame and now hope and possibility.

As I wrote to you before, I began with excitement, knowing that I will finally have tools in my hands to be able to be free from financial anxieties. I went through module 1 and that was fast. I noticed I had three credit cards and I took one out, so my wallet currently has two credit cards, the ones with the least credit limit. I had little problem with that.

Module 2, now that’s a different story. First, I unconsciously and consciously avoided going through it. But you know what they say, it is precisely those things we tend to avoid, that when finally undertake them, we experience the most growth. I think I avoided going through it because I felt fear of what I might find out.

Once I got a hand of my bank statements and started adding things up in your spreadsheet, I was shown a clear picture of why I have been stressing lately. I was shocked! I was shocked to see that if I tried to pay more then the minimum of the credit card balances, I wouldn’t have much cash left for me for the whole month. From there I went to feeling quite depressed and ashamed after realizing how careless I have been. I clearly had not been loving myself. But I do now, and once I have the big picture, I have realized that with a little effort, I can have a better grasp of where my money goes, and make decisions. I actually feel quite encouraged now, I know that this is the year I turn it around.

Thank you for devising this program and I can’t wait to get on with module 3. If I were to make a suggestion, I would make the meditation around money available throughout all the modules. When I was feeling all depressed, I felt I was needing something like that to help me reassure me that I’ll be fine.

FInancially, hopefully, yours,

James

Every flippin’ corner in my dtes Vancouver hood I’d be asked, “spare some change?” or worse, told some drawn-out bs story first before being asked.

It’s a dilemma for anyone with half a heart (if you simply don’t give a damn when the destitute on the street corners ask you for your change, you need to puzzle for a while then grow your heart two more sizes).

“They have soup kitchens and social assistance programs, and giving them change is just going to enable their dependency and probably will go straight to drugs”. That’s what I said to my softer-hearted cousin when she visited.

But over time I learned that it wasn’t that straightforward. Sometimes my change really did go to a slice of pizza that may have been the only protein or hot food they’d get that day. Sometimes the soup kitchens weren’t open (like Sunday mornings, because all the faith-based places weren’t open!). Sometimes the access to social assistance was so freaking complicated what little energy the individual could muster was sucked dry during the first (crappy pay phone) call to the 1-800#.

So then. I started giving out change if I had it, and dignify the exchange (somewhat) by leaving it entirely to the individual to use as they saw fit. Sorta like the rest of us do.

But I think I just heard a better answer.

What we can say with confidence is that we are to give something to everyone who asks – dignity, attention, time, a listening ear. Sometimes we may give money, sometimes not.

Sounds like a pretty Christ-massy sort of response to “can you spare some change” to me.

I’ll start, minimally, by not being pouty when some of Yellowknife’s folks (often inebriated to avoid hells I don’t know about) crowd in the local post office entrance or bank machine areas.

This is so weird. Twice now this year, I’ve gone to a church as a visitor and the topic was … being wise with money.

Anyway, when I was recently in Vancouver, I went to my radical and wonderful home parish in Vancouver’s Downtown Eastside and the priest on deck for the homily, Jessica (yes, a woman priest, YAY and because it’s a High Anglican church it’s “Mother” Jessica), gave the homily, and I have to say it challenged this money coach.

It challenged me to make tithing a central aspect of my finances rather than a one-more-aspect. By that, I mean I want it to become my new barometer of my financial health. This is part of my re-invigorated money-coach-heal-thyself programme to which I committed.

Previous barometers were:

• ability to meet my monthly obligations
• building up a nest egg
• buying a home
• able to live a more luxurious lifestyle
• having savings for nice things

But I want a new barometer.   I want my new barometer of financial success to be:  Am I managing my finances in such a way that I can give 10% of it away?  To organizations that feed the hungry?  To organizations that advocate for structural change, social justice, so that folks aren’t hungry in the first place?  To initiatives that will help the planet?  And of course, to my parish which has been such a rich blessing to me over the years?

I don’t do that right now.  I give a certain amount on a regular basis, and beyond that, on one-offs throughout the year.  But I can, and desire to, make it a central aspect of my money management to give 10% away on a regular basis.   If you want to listen to the homily – it’s about 6 minutes – it’s below.  If you want just the key points, here they are:

1. Tithing is in response to a great vision, not a commandment

2. Occam’s Razor – the simplest model is probably the best one  (10%)

3. Tithing can offer freedom from anxiety

4. It can invite God’s healing into our relationship with money

5. It’s a practice of gratitude

Mother Jessica’s Top 5 Reasons to Tithe from St. James' Anglican Church on Vimeo.

Photo Credit: More Good Foundation

In my cri de coer last Tuesday I committed to picking up the slack in my own financial life.

I used to love investing. Stocks. Bonds. Dividends. p/e ratios. Yield. Acid tests (they’re not what you think). These are words more women need to know, love and own!

If you know my personal story (see vid on sidebar), part of the joy included building up my investments in tandem with getting out of debt and managing my day-to-day use of money.

But I’ve back-slidden.

Here’s what happened: When I started my biz, YMbD, I stopped investing in the market because I was investing in my business instead. Most of the time I worked part-time as well, and at least had a bit of work pension building up. For the past two years I’ve enjoyed building up an (ahem) public servant pension. And so I got lazy. It’s been too long since I’ve socked away money in a dead serious manner, nor have I been on top of the business world the way I believe I should be — and any woman, dare I say, should be.

I don’t feel good about this.

So I’ve made the first moves to get myself back in the investing saddle.

*** DISCLAIMER DISCLAIMER DISCLAIMER DISCLAIMER DISCLAIMER DISCLAIMER DISCLAIMER ***

I am not a financial planner. I am not a financial advisor. Do not take any of what I’m about to say as advice. I am simply an average-joe-ette who learned how to make her own investing decisions because I’m nerdy and a control freak on these things (and want to save the commissions) and I genuinely like reading financial pages and annual reports. I’m also fun at a party.

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So here’s what I’ve done.

1. I’ve re-joined a women’s investment club which I’d actually co-founded 10 years ago. I withdrew 5 years ago, but it’s still going strong and they kindly accepted me back in. This is fertile ground for intel about which businesses are up-and-coming (but not penny stocks! We look for at least a 5 year track record). We each pay $40/month, and come to monthly meetings prepared with research on various companies. We pool the funds, and once we have a chunk of change, we debate the various companies and select one in which to invest. The person who recommended the selected company then keeps us informed each month on how it’s been doing.

2. I’ve also rejigged my budget so that a chunk of my monthly salary will start going automatically into my self-directed RRSPs. Truth be told, I’m not confident these days about buying stocks. I’m way more jaded then I was pre-2008 now that we know the extent to which markets (us investors large and small) were duped by corrupt employees and CEOs. Beyond that, I’m not seeing much in the macro picture that gives me confidence my investments will pay off for me over the next 20 years. But … I’m not about to put my money under my mattress either. So, I’ll hunt and peck until I find some companies I like and think will perform, larger picture notwithstanding.

That’s it for now. I’m quietly excited. Skepticism notwithstanding, there’s a real thrill from investing in companies, and at least in the past, I had a kick-ass success rate that beat that pants off the vast majority of mutual fund returns. Anyone care to join me online Saturday mornings, lattes in hand, and share good business / economics articles for an hour or so?

James, we’ll call him, is a new client. A thirty-something professional with a good income, he wants his use of money to have integrity, that is to say, align with who he is as a person. And that, readers, is the heart and soul of what my biz, Your Money by Design is all about.

I’m giving James coaching support to supplement his work on my It’s Your Money program. In exchange, he will guest post reflections on the modules as he works through them.

Here’s why he wants to take the program:

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Hi Nancy,

I guess part of the story of my life is delaying taking action in matters that are important to me, or that I have every indication that they will be important to me. And facing my “money issues” is one of those matters.

I have read or heard from different sources that how you deal with money is a reflection of how you deal with yourself, how much you love yourself. And all throughout my life, I have been dealing with low self esteem issues, with false beliefs about who I am, about others and about life in general. Even though I grew up in a middle to to high class environment, somehow I was always in a space of lack, I viewed life as this unfair structure that just “had it out” for some people, while favouring others. I felt I was one of those people life had it out for. It was this set of beliefs that drove many of my actions in life; the women and friends I chose to be with, career decisions and being clueless in matters of money.

The struggles I felt around my sense of self, others and life have led me to ask questions, that in due time have been answered. I have discovered that I am way more powerful than I originally thought. I have learned that by challenging false beliefs, finding my deeper truth (who I really am), setting clear intentions and acting in alignment with these intentions, I can basically have the life that I want and so much deserve, like everyone. I have also being introduced the concept of integrity, which basically is the way you measure how much in alignment with your intentions, and how to restore it when you all out of alignment or out of integrity. I have learned that shame, feeling bad, beating myself up about having falling out of integrity, is not going to get me back in integrity. I can admit to myself my mistakes while still loving myself, by viewing mistakes as part of being human and a vehicle that drives us to grow.

All these concepts have worked well for me in, slowly but surely, claiming back my life, my personal power. It feels as though waking up from a state of trance and looking around me and seeing the mess around me but instead of ignoring it, just slowly putting things in order. Well, the time has come for me to put my financials in order, to take steps to restore my financial integrity, so to speak. Part of the mess I have woken up to is finding myself in debt. Not too big but big enough to be noticeable and to send me warning flags that if I don’t do something soon, I may find myself in trouble. I see debt as the financial world’s way of measuring how much in integrity we are. If this is the case, I am out of integrity, and I want to restore it. Why did I take so long to take charge? Well, I felt ashamed, inadequate, a bad provider. But these feelings are no way to get to where I want to be, there is no power in feeling ashamed. So I have decided to face that shame and start taking my steps towards financial freedom.

I feel blessed that I have you as a source of guidance, and I can’t wait to get started in learning my way back to financial integrity. This is my intention for working with you Nancy, to learn how to clear all the false beliefs I have about money and my ability to be in a state of abundance. I look forward to this work with you.

To abundance,

James

Photo Credit: Blue Bubble