A Money Coach in Canada

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She was in her early 50s, and her whole life had managed to attain large chunks of money every couple years or so.  Starting a business then selling it.  Buying real estate and flipping it.  But she had nothing to show for it.  Deeply compassionate towards her family, friends, and people she’d met in volunteer work in developing countries, her money flowed out to others in need as swiftly as she could bring it in.   One time her mom became close to death from an illness – the client’s money bought her the best care possible (and yes, the mother lived).  Another time a dear friend was left stranded, with kids, by her partner – the client helped her get on her feet.  You get the idea.

Treasure ChestThe client has left a beautiful legacy of people who’s lives stood a fighting chance thanks to her generosity.

But her bank account is nearly empty, she rents a small apartment in Burnaby, and she has no RRSPs to speak of.

How would you suggest she balance her care for others, with her own financial safety net?

About the Author


Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

3 Comments

  1. For this lady, obviously helping people is a great pleasure (or else she wouldn’t do it). Maybe she needs to learn that you can help someone in other ways than giving them money?

    I know someone who was in a similar situation. This person gave and gave despite not having the money and ended up in a lot of debt. Learning that you can give cute little birthday gifts rather than lavish ones was a big relief for this person.

    Back to the lady in your question: At its core, she is facing the same problem that any of us face on a regular basis, namely balancing immediate and long-term consequences. We can spend the money now, or take a month off next year. We can eat the chocolate now, or enjoy our beach body come summer time. In her case, she needs a mechanism to remind her of the pain of starting over from scratch when she’s in the surplus mindset.

    [Reply]

    Sep 03, 2007
  2. wow – Jan – any chance you want to make a career change?

    [Reply]

    Sep 03, 2007
  3. He he. I think the above advice was a combination of Tony Robbins teachings and Dale Carnegie coaching experience.

    [Reply]

    Sep 04, 2007

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