A Money Coach in Canada

Follow & Subscribe

key-to-success.jpgHere’s how much:

  • Research in Motion -James Balsillie & Micahel Lazaridis: $1.1 million plus $91 million in stock options
  • Power Corp – Andre & Paul Desmarais: $1.8 million plus $34.8 million in stock options
  • Shoppers Drug Mart – Glenn Murphy: $1.2 million plus $31.6 million in stock options
  • Manulife Financial Corp. – Dominic D’Alessandro: $1.229 million plus $10.5 million in stock options
  • Rogers – Ted Rogers: $1.48 million plus$10.7 million in stock options.

Some nice, juicy canadian factoids for your next trivia game!

cookingtogether1.jpgThis week I’ve learned something startling. I’ve had an inside glimpse into how other people … eat! As part of “eat at home month”, I’ve seen the rather personal details of what woolywoman , 365daystildebtfree , and gildedbutterfly among others eat on a day-in-day-out basis. I posted my own menu thinking it was a deliberate ‘cutting back’ and ‘eating healthy’ … only to discover my new regime is the norm for other people! I found it both startling, and inspiring. I got some great ideas – like, simplify my lunches by having a soup or salad every lunch. End of story. Like always having snacks of nuts and dried fruit available. Like throwing leftover roast beef onto a salad. Seeing other people’s menus gave me ideas and a sense of what is possible as a lifestyle.

Do you ever wish you could find out how other people handle their money? One of the aspects of my work that delights me the most is ‘hanging back’ when I am leading money seminars, and letting participants give each other ideas and suggestions. I’ve learned a number of tricks myself – like the woman who, with a select group of friends, is part of a savings club. They each put in $ 50 a month, and every 5 months, it’s her turn to receive the money. The gentle peer pressure ensures each person contributes, effectively ‘saving’ for her turn. Like the man who gives his kids glass jars and has them each draw an image representing what they’d like, and week by week they put parts of their allowance (they choose) into the jar – a clear connection between saving and reaching goals! And of course on the other hand, it’s refreshing to just let our hair down and for once – for once – just get to talk about money: frustrations, inspirations, what works well, what not so much. There are many reasons why we don’t disclose our personal money habits to others, but in the right environment, doing so is always stimulating, interesting and motivating.

As usual, case studies are real situations of my past or present money coaching clients. The situations are real, but the identities involved are heavily disguised.

j0385427.jpgJeff and his two siblings, a brother and sister, each inherited a sizeable legacy when their parents died. Jeff was conservative, and grew his legacy into an even more significant nest egg and is now independently wealthy. He came to me because there was an unintended consequence to his wisdom: his siblings have very little left to show for their inheritance. He is too uncomfortable to let them know of his secret small fortune in comparison. As you can imagine he then has to hide his lifestyle which has resulted in increasing distance between him and his brother and sister.

Families and money!

What approaches might you suggest to Jeff for bridging the gap, while protecting his own inner boundaries about his wealth?

Some of you may know I tasted the fiery tongue of the dragons dragonwhen I auditioned for them last spring. It’s an experience I won’t soon forget! If you want a fun introduction to the world of business, money and venture capitalists, Dragons’ Den on CBC is a must-view.

And can you believe it? A bank robber known as the Penguin due to his waddling walk when he’s robbed 20 banks in Vancouver WA (in the past 2 years) is a millionaire quite apart from his robbberies! Eccentric is one thing, but sheesh!

He clearly needs some money coaching about his relationship to money!

money-pit.jpg

Near the top of my favourite pf-blogs is WiseBread (living large on a small budget). Perhaps it’s because they, like me, featured a post on Your Worst Financial Fears. But unlike me, they posted specifics that people submitted. So if you want to see if you have a financial-fear-buddy, check out their blog. Here are some teasers:

  • Taking care of my elderly parents. I don’t know if I’ll enough savings.
  • I don’t think I’m going to be able to afford to put my two daughters through college
  • I’m afraid I’ll be stuck in debt forever
  • I’m afraid I’ll lose my job and be unable to support my family
  • I’m afraid I’ll get in a car accident and injure another person and not having enough for the damages

…and for many more, check out site!