Who is Sandy MacKay?
I help Canadians achieve financial freedom through real estate.
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How often are you visiting with your money?
If you’re like most people (including me until a few years ago), you aren’t visiting it often enough.
And the worst past is, you’re unintentionally teaching your family not to visit it enough also.
Many of you have probably experienced the feeling at some point in your life, when you have no money in the bank and bills are piling up past due.
This is one of the scary results of not visiting with your money frequently enough.
Being scared to visit your bank accounts is not a valid excuse. This excuse is not serving you well at all.
I’ve talked recently about the Reticular Activating System (RAS) and how what you focus on tends to expand.
You have to visit with your money and your bank accounts regularly in order to help them expand.
Not making time to visit with them is a recipe for being broke.
Here is your cure…
The Weekly Money Meeting
Schedule a time that fits for you to meet with your direct family every week. You’ll probably need an hour to begin with and then it can become much shorter ongoing. 15-30 minutes is all that we need.
If you have kids then I’d encourage you to bring them into the conversations as well so they can learn about the importance of this meeting.
Most people are raised with money being a rare conversation topic. This is part of what makes us feel weird to talk about money later in life, which is a major obstacle to doing well financially.
Book this meeting weekly and stick to it. You and your kids will thank you later.
The 5 categories you’ll want to review together are Earning, Spending, Saving, Growing, Contributing.
Earning
Question to ask:
What are we doing to add more value to the world?
More value added = more opportunities to earn an increased income.
Spending
Question to ask:
What are we doing to limit our spending?
(revisit my letter on the KRONC model and use it to audit your spending)
If you don’t have one yet then make sure you’re operating your household with a spending plan.
What is a spending plan? This is simply a more exciting name for a budget. Because budgets make people feel icky.
Saving
Question to ask:
What’s our saving strategy and are we sticking to it?
A simple saving plan would include taking a % of your regular pay and putting it aside into a separate account for savings. 10% is a common percentage to begin with.
Growing
Question to ask:
What are we doing to grow our money?
You have to invest your money to become financially wealthy. Do you have an investing plan for that money that you’re putting aside from your savings? If not then go with something super simple and automated, with minimal or no fees.
Contributing
Question to ask:
What are we giving to regularly?
If you won’t give away $1 out of $100 then you won’t give away $1,000,000 out of $100,000,000.
People who think abundantly are happy to give away their money to causes they believe in because they know that money is replaceable.
To finish the meeting, make sure to determine at least 1 action item for each family member for the upcoming week. Then you can start the next meetings with reviewing those items together and sharing in the wins!
Until next week! ✌🏻
– Sandy Mackay