Free Business Coaching Fridays with the Financial Health Mentor 12/29/17 - Talking Money in the Morning LIVE! E328
Fridays it's all about you. You've listen to me ramble on about what I want to talk about so as my way of saying thanks for tuning in, I'm going to take your questions live and help you explode your brand. If you have questions feel free to post in the comments below.
Today we had some awesome questions come in from our live YouTube viewers. Remember you can interact with the show live Mon-Fri 7am cst, just subscribe to the channel here, to get notifications and reminders regarding all of our live events. As with the live show before we get to the Q&A let me recap this past weeks shows. Monday was Christmas so we didn't have a show but below find links and summaries from Tue-Thur shows.
Thursday: 12 Principles For Fulfilling Your Personal Vision pt 1 - We kicked off a study of Dr. Myles Munroe's book "The Principles and Power of Vision." What better way to go into 2018 than with a series on vision? We actually only got to one of the 12 principles but we laid the ground work for what vision is, some things that you'll have to overcome and understand about vision and a couple basic definitions of vision. Check out the replay and blog post here!
Wednesday: 7 Keys to Keeping Your New Years Resolution for 2018 - Because we know that everyone is going to set New Year's Resolutions we thought we give some pointers on how to keep them. After all, what good is a plan if you don't know how to execute. As a youth basketball coach I love to see well executed game plans. As a business coach the same is true. Be sure to not only set your resolutions but also develop the plan to execute. Check out the replay and blog here!
Tuesday: 8 Financial Resolutions to Consider for 2018 - The two categories that most people are making resolutions in are health and finance. Since this is Talking Money in the Morning LIVE! we had to give a few recommendations of Financial Resolutions for 2018. Some of these you're familiar with but there are at least two or three that will surprise you. Get your money right in 2018 with some of these resolutions. Check out the replay and blog here!
Free Business Coaching Fridays - Talking Money in the Morning LIVE! E328
Today one of the best questions came form Future Leaders LLC , a non profit organization out of Philadelphia, PA. She talked about getting more requests for job training than what her primary offer is and how to best monetize here expertise in job training.
Basically Monica has a couple options. If she wants to continue to pursue her primary offering and still monetize the job training requests that are flooding in, she can outsource or contract with others to provide that service and take a small commission or referral for making the connection.
Another suggestion for Future Leaders LLC is to create a profit model for the non-profit organization. So many people that run non profit organizations have profit and revenue confused. They think because the non-profit can't show any profits at the end of the year that they can't generate revenue throughout the year. I coach a young lady the runs a non-profit call Young Biz Kidz and all we talk about is creating profit models for the organization. Even though non-profits sometimes service communities with little money, it doesn't mean that the shouldn't have a price tag on the services they offer.
Future Leaders LLC can create a model of what it would cost to train someone for job readiness. Calculate the materials needed, space, instructor and other costs and divide that by the anticipated class size. Now that there is a dollar value assigned to the service the non-profit can not only solicit sponsorship help to cover the costs of low income participants but they can also market to other communities that can afford to pay for the service outright.
Having a dollar amount assigned to the service also puts Future Leaders LLC in the position to contract with other non profit organizations that may have funding to pay for job readiness training but lack the capacity or expertise to provide the service in-house.
Remember if you have questions you can post them below and I'll respond. Don't forget to shout out your brand as well. Until next time, get your money up because you absolutely can do it, more importantly...you deserve it.
For the last couple of months my Mom has been raving about this guy she's been listening to named Dr. My'es Munroe. She says that I remind her of him with some of the things I say and the way I operate. I had the full intention of looking this guy up but I never got around to it, but she listens faithfully and recommends his YouTube Videos all the time.
The other night we're riding back home after one of my son's basketball games. They had taken a tough loss to a really good team and my son didn't feel like he did a good enough job leading his time. In true mom like fashion my loving mother queued up a Dr. Munroe lecture on leadership. It was my first time hearing him speak and it was like a breath of fresh air. Initially I thought, she knows just what the boys needed to hear. But then I thought a little harder and realized, no, she knows just what I needed to hear. At 43 years old she's still nurturing me.
The Christmas she bout the family one of Dr. Monroe's books "The Principles and Power of Vision." After hearing his message on leadership, I now know why my Mom is so passionate about his teaching and I'm quickly beginning to find myself infatuated with him myself. Just reading a couple lines from the book I new this had to become a public study for "Talking Money in the Morning LIVE!" so here we are with part 1 of the series.
12 Principles for Fulfilling Your Personal Vision - Inspired by Dr. Myles Munroe
The book which this study derives is so rich that I know this would not be a single episode. I initially thought I'd do a two part series and wrap it up, NOT! As we prepare for 2018 and work to set New Year's Resolutions, Goals and chart our path for success in the coming year, it only makes sense that we take a deep dive into the vision necessary for you to accomplish all that you're setting out to do. Not just in 2018 but you'll need to understand vision and use it's power for the rest of your life. With that being said, we only got through 1 principle today. I promise we'll get through all 12 in 5 episodes but I had to be sure to properly set the stage for what's to come.
Before we get into the first of the 12 principles let's firs define what vision is and talk about a few obstacles that will try to stand the way of your fulfilling your vision. Dr. Munroe gave a couple definitions that I like. The first being one that you probably know well. Vision: to see something come into view as if it's already there. I like this definition because describes precisely they way I feel when I visualize something. I see it so clear as if it has already been made manifest.
The other definition that he gives for vision is this: It's a preferable future, a clear conception of something that's NOT reality, but can exist. What got me about this definition is "preferable future!" So many people get caught up in a future that they don't prefer or in other words, they spend a lot of time worrying. So in essence this definition of vision could be the opposite of worry. Instead of fretting over something negative the "might" happen I like to spend my time visualizing the future that I'd prefer to have. Although I know that it doesn't yet exist, knowing that it very well could exist is enough to not only get me going but keep me going.
The Obstacles Keeping You from Harnessing the Power of Vision
In life there will always be challenges and obstacles to overcome. The sooner you accept this fact the soon you can get on with the act of overcoming them. To harness the power of vision there are the obstacle you'll have to look out for and overcome.
1. Lack of Understanding the Nature of Vision - According to Dr. Myles vision comes from purpose, everything in creation has a purpose. Since God created everything, it's safe to say that vision comes from GOD. The is critical to understand and I hope you get this. When you know the nature of vision, that it comes from God, you're less likely to reject the vision. For years I've rejected the vision of becoming a billionaire because I thought it was too grand. I rejected it so hard that I refused to even let the words come out of my mouth. However, without realizing it, my rejecting the vision was actual a lack of faith. If I believe in God, and know that the vision came from God as a way to help me fulfill my purpose to reject or question the visions is in essence rejecting or questioning whether God has the power to help me fulfill the vision.
2. Not Recognizing the Cost of Vision - There is a price to pay for everything in this life, even vision. One of the costs is ridicule. Visionaries are often ridiculed and scorned for their visions. They're mocked, laughed at and even called crazy. I guess if you look at it, we do see things that aren't there, things that no one else can see. By definition I guess we are a little crazy. Now that you know there is a cost to vision you can proceed with the expectation of being laughed at and called names. Isolation is another cost of vision, the phrase "it's lonely at the top" comes to mind. Visionaries are naturally placed in positions of leadership whether the like it or not. They're the only ones that can see the vision so the have to lead the charge in making that vision come to pass. As a result of being in leadership, visionaries wear a target on them, and are constantly attacked by those that detest change. Just a few of the costs of vision.
3. Not Knowing the Principles of Vision - In this series we will get to some of the principles of vision. But as with anything else there are laws that govern vision, some seen and others unseen, nevertheless you have to operated within these principles if you're going to harness the power of vision.
Principle #1 and a Few Things You Can Expect When You Apply It.
Principle #1 - Be Directed By A Clear Vision - I heard it said "if you don't know what to do with yourself, someone else will tell!" Such a true statement and that's why it's imperative that you discover your life's purpose. Until you do and get on with the business of fulfilling your own purpose and walking out your own vision, you'll always be pulled into someone else's. When you uncover your purpose and decide to live it out, most of life's choices on the journey become considerably easier. Will you have some tough choices to make along the way sure, however most will not be that tough because you now have a barometer to measure them against. Simple ask yourself this questions "does this align with my purpose or not?" See how simple things can be when you're walking in your purpose?
Well, how can I discover my purpose?
When it comes to discovering your purpose I thing it's as simple as turning to your passions. What moves you or should I say what's at the core of the things that move you? I thought I liked coaching youth sports but what's at the core of me coaching is what I'm really passionate about and that's exaltation! I love to lift others up especially young people. I love to help other people discover the greatness within themselves in order to bring it out and share with the world in confidence. The problem though, I didn't know how to make money from that passion. As a result I couldn't pour myself in it fully because I had to make time for working and making a live.
I believe that our passion come from God for the sole purpose of leading us to our life's purpose. But, because people struggle to make money doing the things they're passionate about, the walk away from them and by default walk away from the very thing that could lead them to their purpose. We have to find away to get more people to uncover their purpose because like a domino effect, sometimes your purpose is tied to someone else's and if neither of you are operating in your passion your paths may never cross. Just a theory I've been working on.
Anyway, what can you expect from uncovering your purpose and making your vision crystal clear?
Now that we've set the stage I think the rest of the series will be phenomenal. Be sure to bookmark this page, and subscribe to the Youtube.com/financialhealthmentor and stay tuned as we continue to dive into the "12 Principles for Fulfilling Your Personal Vision."
Can you believe it's that time of year already. As we wind down 2017 and usher in 2018 it's time to look a head and set some New Year's resolutions. Whether you accomplished everything you set out to do in 2017 or not a new year means you get another shot. I don't know about you but I'm going after everything I want in 2018 just as I did in 2017.
Did I miss the mark on a few of my resolutions from last year? Absolutely, but I also achieved some amazing things that I would not have, if I hadn't taken the time to dream big. So here we are going into 2018 and I'm dreaming even bigger this year and I encourage you to do the same. Today's show was partly inspired by an article from www.forbes.com .
7 Keys to Keeping Your New Years Resolution in 2018
Key #1: Be Crystal Clear - When it comes to setting goals this is one area that many people need help with, including yours truly.
Key #2: Can't Measure What You Don't Track - As state above the M in S.M.A.R.T. goals stands for measurable. In the words of my mentor Brian Beane "You can't measure what you don't track!" In order to make the proper course corrections along the way to your journey, you absolutely have to track your progress. Otherwise how can you ever know if you've gotten off track are if you've already hit the mark. Too many times we resolve to do something and don't track the results.
Key #3: Reaching Your Goals Requires the 5 "P's" - You're going to need a heavy dose of the 5 "P's" to keep your resolutions. Perseverance, persistence, patience, permission to fail & procrastination (stop it). You will get knocked down on your way to fulfilling you new years resolution and you're gonna have to persevere. Before you get knocked as well as after you get up there will be things that constantly pick at you, distract you and test your resolve, you have to persist and keep moving forward. While success isn't built in a day, it is built daily! You're gonna have to be patient! You want success badly, I get it, but allow your efforts to compound. As long as you're taking daily actions, you'll get there.
Permission to fail is a big on that most people miss. Don't beat yourself up when you fail. No I'm not saying you'll ultimately fail at your goal but I can promise there will be little failures along the way. Give yourself permission to experience the fullness of those little setbacks so that you can learn from them and get better. It's sulking over these little failures that cause most people to quit on the bigger mission. Know that these things will happen, try to anticipate them and create contingency plans for them but above all don't be defeated by them.
Finally STOP PROCRASTINATING!
Key #4: Go Public - It can be tough to deal with the ridicule of family and friends sometimes when you're trying to accomplish something. Especially if they don't believe in you or the think your goal is too big. People love to superimpose their limitations onto others and that's why they tend to have only negative things to say to and about people that aspire to greatness. They are basically saying if you even attempt to accomplish something great it will shine a light on my lack of ambition. Don't let these people play mind games with you because they don't have the mental capacity to dream big.
With that being said, you have to go public with your New Year's Resolution. You're gonna need someone to hold you accountable, someone to encourage you and yes someone to hate on you. Going public is the only way to find the right people to do all of those things for you. For the most part you won't get all of these levels of support in the same person. Yes, haters are also your supporters. Remember, haters only have one job, that's to make you better. So let even your haters know what you're goals are so you can use their hater tactics as motivation to push through.
Key #5: Plan Plot & Strategize - Yet another big mistake made by Resolutionists, is that even a word lol. They never plan. In fact they treat there resolution as if failure is a foregone conclusion. Sometimes they even say them with a smirk as to say that which is being proposed is a mere fantasy and is impossible for them to accomplish. However, if you're serious about your resolution for 2018, prove it. Devise a plan to actually achieve it. That's the difference between a goal and a wish...a plan. Once you've laid out your resolution for 2018 with clarity, work backwards from them to devise a plan of action.
Break the plan up into daily actionable steps that can be measured and charted. Again success isn't created in a day but it is created daily. A bunch of tiny actions with a singular focal point in mind compound over days, weeks, months and even years is how success is created. Your new years resolution for 2018 should be part of an even bigger vision & plan. As they say the path to every destination begins with a single step. Your resolution has NO validity until there is an actionable plan in place.
Key #6: Make Time for It - Time management is something that I've struggled with all my life and I know I'm not alone. If you're going to keep your resolution you're going to have to make time for it. Yep, actually put your daily action steps on your calendar. One of the things that I'm implementing now is a daily "To Do List." Every night before I lay down, I gather my family for 15 minutes or so to help me put my list together. The family is important as I need to know if they have an expectations of me for the coming day and I need to write that down. By default I'm teaching them this little time management hack as well. I get everything needed down on a piece of paper then I prioritize it into my calendar for the next day.
This not only helps me be more productive but it also helps me keep a running tally of my progress. For every task that doesn't get completed goes on the list for the next day. When too many tasks go unfinished from the previous day it causes me to reflect on how I spent my time and whether or not I really want to achieve a particular outcome.
Key #7 - Give Someone Permission to Hold You Accountable - People say the reason they hold their goals to themselves is because they don't want anyone to steal their ideas when in truth they don't want to be held accountable. If you're going to be successful at keeping your 2018 new year's resolution, you have to give someone permission to hold you accountable. Someone other than you must know the details of your plan, the actionable steps and time frames for which you intend to accomplish your goals. It's only then can they truly hold you accountable and call you to task. I like the idea of an accountability team. Not just one person but a group of people that you'll need to answer to when you start slacking. Again, you want family members, friends and even haters to know what your goals are, as they all serve as different types of motivation and inspiration.
Follow these 7 Keys and you'll be able to Keep your New Year's Resolution for 2018.
Today's show was inspired by Bustle.com - If you love to read great written content this site provides great content. Check out the specific post that inspired today's show by clicking here!
My 8 Financial Resolutions to Consider for 2018
#1 - Don't try to keep up with the proverbial Jones' - The Jones' have single handedly killed more financial legacies than any other family on earth, lol. It's extremely hard to do when every piece of advertisement we see pits us against one another. However, if you can learn to stay focused on your financial goals and NOT worry about what everyone else is doing you'll be fine.
#2 - Invest/Save Before You See It - Try automating your investments/savings. It's amazing how far we can make our last few dollars stretch. Well, guess what? We can make most of a pay check (less a set amount that goes to a savings or investment account automatically) stretch just the same. You'll actually learn to adjust rather quickly to the new take home pay amount.
I once had my pay check being garnished because of student loan debt. I was pissed when I found out they were going to be taking my money, as if I didn't know I owed them, but within 2 weeks the adjustment was made and we didn't really miss it. The same is true for you, have money from your pay check directly deposited into an investment or savings vehicle automatically then adjust your budget to live off what's left. It's harder make the decision to do it than it is to actually do it. You're gonna have to trust me on this one.
#3 - Get To Building Your Emergency Fund - I know you hear the financial minds say it all the time, and you agree that you need one but putting money somewhere without touching it is just easier said than done. One thing you can do is set up a savings account in a bank that's very inconvenient to get to. Maybe one that's a couple counties over and make sure you DON'T elect to receive a debit card or checks to that account. Doing this will force you to think twice about accessing that money to make impulse purchases. Chances are by the time you go through what's needed to access the funds in the remote account the impulse would have subsided.
#4 - Max Out Your Company's Match - It's FREE MONEY! I don't know how else to say it. Just like with #2 Invest/Save before you see it, whatever percentage your company is matching you, figure out a way to maximize your contribution to meet that amount. Sometimes it's a matter of scaling back just a little but it's definitely worth it. Again, it's FREE MONEY.
#5 - Get Your Credit Tight - We've all heard it said that cash is king. While that might be a true statement, credit has ruled this kingdom for a long, long time. Most working class people are just now beginning to understand that. What is credit? Basically it's your reputation in the market place. As the Bible says "a good name is more desirable than great riches." Let's face it, having bad credit is something that we literally CANNOT afford. The interest on borrowed money with poor credit vs good credit could mean the difference between living check to check and having extra money left to invest or build an emergency fund.
"A good name is to be more desired than great wealth,Favor is better than silver and gold. " Prov. 22:1
#6 - Get Your Taxes Under Control - Most working Americans don't realize that taxes are their largest expense and even fewer understand the control that they have over their income tax. Yep, you heard that right, of all the many fixed taxes that we are required to pay, there is one that we actually have control over and that's our income tax. We dictate to our employer how much money to withhold from our paychecks for taxes.
Depending how long you been on your job, you might not even remember completing form W4, the Federal Income Tax Withholding certificate. But you did and you told your employer exactly how much to withhold from your pay check for taxes. According to the IRS upward of 80% of working Americans completed the form incorrectly and are having TOO much money withheld from their pay. Just correcting a simple mistake could transform your finances. Last year I help a married couple increase their take home pay by $1000 per month. The wife was overpaying $700 per month, hadn't revisited her W4 since she'd been on her job even though she'd since gotten married, had 2 kids and started a business. The husband was overpay by $300 per month, so that $1,000 monthly increase transformed their finances dramatically. Getting control of your taxes can go a long way towards righting your financial ship.
#7 - Read, Listen and Hang - This is probably the easiest of them all, once you get through the first couple of days. You are who you are because of 3 things primarily, the books you read, places you go and the people you associate with. It's time to increase your financial I.Q. Therefore you'll absolutely have to start reading books, magazines and blogs on the subjects of money, wealth, credit, capitalism, taxes etc. You'll need to start listening to podcast and other content regularly on the subject of money.
Don't be afraid to redraw your circle either. Too many times we feel guilty about leaving old associations behind. Friends, family members even significant others that aren't focused on the same things you are at this stage in their lives may have to get left behind. It sounds harsh but how long are you willing to stunt your own growth for those that aren't willing to grow at all. Sometimes it's a matter of praying for them and moving on. An unforeseen benefit of moving on in life is the inspiration that it causes others to feel as you prepare to move forward without them. So in a sense, you stunting your own growth may very well be pacifying the complacency of those around you. Don't be afraid to be great. In the words of one of my favorite entrepreneurs and vloggers Na'Kesh D. Smith, "the sun don't give a f*ck who it blinds when it shines!" You cannot afford to dim your light for fear of intimidating someone that can't handle your greatness.
#8 - Start Your First Business - It's said that 9 out of 10 business fail. i don't know how true that is but I was so determined to become a successful entrepreneur that I was prepared to start at least 10 businesses. That's why I say make an effort to start your first business in 2018. As much as I'd like for this endeavor to be wildly successful, chances are you're going to have a rough go at this thing we call entrepreneurship. However, now's as good a time as any to start your first business.
In today's economy and with today's technology there are tons of businesses that you can start for very little out of pocket costs. Take your bumps and bruises early and often but more importantly, learn the lessons and grow. You may now be successful the first go around but you'll learn valuable lessons that will make the second time around more tolerably.
Then there's the uncertainty of the job market in this economy, yet another reason to give entrepreneurship a shot. Take the recent Newsweek Article stating the proposed thousands of lay-offs from one of the big Telecom companies. Sobering news for those employees this time of year. Even if your company is doing well, in my opinion the very best time to prepare for storms is when the sky is clear and the sun is shining bright.
H Cortez aka Financial Health Mentor to the Working Class
Dave Ramsay Course