A Money Coach in Canada

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Some thoughts on my CBC column on planning for your funeral, writing a will, and leaving a legacy.

  • The basics on writing a will in Canada
  • Options if you cannot afford a lawyer to do a will  (check out  this DIY Will site – not an endorsement!  But worth knowing about.)
  • How to begin thinking about your will
  • Various ways to think about your legacy
  • And if you find it all too overwhelming, here’s a simple thing you can do now to create a legacy.

 

 

As always, thanks to Loren and Joanne at CBC’s The Trailbreaker, who make it easy to be on the radio even at 7:45am.

And thanks, Kit Logan, for your beautiful photos on Flickr and for using the Creative Commons License!

And as always, if you need a little help getting a handle on your day-to-day money management, my $25 online money program will do the trick.

Pop quiz!  Right here, right now, what do you know about your own money?

  1. What is your take-home pay each  month?
  2. On each of your credit cards, what is the interest rate?
  3. What is your credit rating (score)?
  4. When (which year) will your mortgage be paid off in full (if you have one)?
  5. How much disposable income do you have left for this month?

WELL?  How did you do?  These are all questions about the core of our financial lives.  FWIW, I didn’t know the answer to one of these questions myself, which just goes to show, effectively managing money is an ongoing process and even money coaches need to remind themselves of that fact!

It’s financial literacy month, so if most of those questions left you scratching your head, why not book yourself a couple 30-minute dates with your money before the end of November?  If you want to boost your financial literacy (after all, it’s your own money), you know where you can find help.

Photo Credit: Dave Bleasdale

It almost has a cult-like feel to it, but I don’t think it is one.

Maybe the fact that it feels a bit like one reflects how off-course our collective thinking has become. Sometimes we need to, nearly literally, re-wire our neural pathways. This is what Byron Katie helps folks do.

The rewiring ought to result in greater peace, energy and mental clarity – surely something we’d all do benefit from regarding our approach to our money!
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So here’s the pitch.

We can and should challenge each of our distressing thoughts about money (or anything else, for that matter) by asking the following 4 Questions:

1. Is it true?

2. Can you absolutely know that it’s true?

3. How do you react, what happens, when you believe that thought?

4. Who would you be without that thought?

and the last challenge is to invert that thought and corroborate that inverted thought with examples.
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For example:

Thought: I might die a bag lady.

1. Is it true?
Well, of course, it might not happen. But it could. And that scares the hell out of me.

2. Can you absolutely know that it’s true?
Uhhh… no.

3. How do you react, what happens, when you believe that thought?
I panic inside. I feel discouraged, hopeless and don’t even want to think about money

4. Who would you be without that thought?
Hmmm. I would feel a lot more serene. I would be more confident and optimistic about my finances, and feel better about paying attention to them. I would no longer engage in self-destructive financial habits. I might even learn to invest and start to build myself a nice little nest egg!

And the turnaround inverts and corroborates the thought:

I am not going to die a bag lady.
Corroboration: I have a job and I actually could live a bit more simply and start building a nest egg. | I have relatives who will leave me an inheritance. It isn’t much, but that will supplement my Old Age Security, and it could supplement my own savings quite nicely. | I am addiction-free and mental-illness free and generally healthy. That does not fit the profile of bag ladies!

The last bit, the turnaround, is designed to open our mind to new ways of thinking which align just as fully as our original thought. It may feel unreal, or unlikely, because we are so accustomed to one way of thinking that these new ones are hard to believe. But over time, our neural pathways should rewire and open up in ways that reduce our anxiety and enable us to relax more about money.

Katie’s site gives tons of free resources. Go play with your brain for a while!

Anxious about money? Even paralyzed just thinking about it?

Over the next few days I’ll be posting various ideas and possible techniques to break free so that you have the mental and emotional energy you need to deal more effectively with your money.

Here’s one not-the-usual option. It’s called EFT, Emotional Freedom Technique. It’s a distant cousin of its more mainstream (and generally accepted by professional psychologists) technique called EMDR .

I recently tried it out on a non-money-related matter to good effect. Did it resolve everything? No way. But it certainly helped calm my anxiety and furthermore created some new possible ways of thinking about the issues.

I’ve embedded a video below that will lead you through the technique. You can find more details on this website here or via a google search. I also recommend a FB friend of mine, Sue Burness. I did a session with her resulting in a couple remarkable insights. You may also be happy to hear she has a pay-as-you-can policy.

Good day, Globe & Mail visitors and welcome!

If you’d like to learn about my money coaching business,  it’s over here.

If you’d like to hear my rags-to-riches (well, not HUGE riches, but a decided turnaround) click the 2 min vid to the right.

Other than that, browse around my blog.  September posts may be particularly of interest – a series of Money 101s like how to bust a poverty mindset, how to recover from financial disappointment, and whether you should save money whilst carrying debt.

Questions for me? I respond to e-mails:  nancy {at} your money by design dot com

Thanks for popping by!

And thanks to Andrea, a Smart Cookie, for a fun interview.

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