So, last blog I committed to writing out more goals to move myself along financially. On reflection with that last blog, I realized I wasn’t only living in option 3 “patience” but had also been skating along for the last 5 years in option 2 “staying in the same income bracket & hoping that somehow life would get easier”. An optimistic approach to be sure, but certainly not a proactive one. And I realize I’ve been using that strategy for a good part of my working life. There are times when sitting still *is* called for. At some point it is also important to assess the effectiveness of that strategy and determine the next course of action. In my case it was/is not a very effective method for getting ahead financially.

Having made a career change to an entirely different industry after nearly two decades, I’ve been in a period of growth and cultivation for the past 3 years. I couldn’t simply turn around and do what I ultimately wanted to, it’s taken some preparatory ground work. Needing to work within the constraints of the contract under which our company works for an outside agency, overcoming the obstacle of educational requirements needed to reach my desired position and simply putting in time to gain experience in the field have all been essential to reaching my goals. The trick, however, is not to fall into complacency in the cultivation process. I now have to step up the efforts again to ensure that I’m not waiting patiently….for nothing to happen.

So that’s why I accepted a challenge to move myself along in this process and write out my strategies for getting where I want to go:

I have set a date for completion of my current education which will qualify me to obtain the work I seek both with my current employer and by obtaining contracts in my own self-employed capacity.

I have also set dates by which I will be earning a certain salary doing the desired work within the company. I have set a date to assess whether I can reasonably meet that goal or if due to reasons beyond my own control (limitations of our contract), I will need to invoke a backup strategy to increase my income. I have created that strategy and a date by which to invoke it if necessary. It won’t take me away from work and an employer that I love, but it will hopefully shift things to make my life more financially manageable and allow me to stop feeling “stuck” due to circumstances beyond my/our control.

I have committed to a small and manageable automatic savings plan between now and my next pay raise, and further, have committed to resuming contributions to my RRSPs to begin with my next pay raise (about 6 months). I have also created a strategy to eliminate one of my monthly expenses and potentially even earn a small amount of income at the same time. I have until the end of the year to enact the plan or let go of the convenience that I am paying for and re-direct that money to somewhere its needed more.

It wasn’t as hard to do this goal setting as I thought it would be. It still feels scary to set goals and fear I won’t be able to reach them. I’m choosing to put my faith in intention and trust that by committing myself to the plan I’ve designed, the Universe will conspire to make it happen!

In response to Coach’s Comments from 2 posts ago (”Cruel Words”) - the old song goes, “you’ve got to be cruel to be kind, in the right measure”…I must confess, I really didn’t perceive those words as cruel. Rather, I saw them as an honest reflection of a situation which is somewhat Catch 22. I have done as much as I can do right now without compromising my values and lifestyle, or rushing to change my job for a bigger paycheque while trading off things which ultimately matter more than money. But money is important - I can’t deny that, it’s definitely been the root of fear and frustration I’ve been experiencing much of my adult life. I’m aware of what needs to happen for bigger changes and indeed, apparently - for the time being at least - I’m committed to option 3, patience! Problem is, I’ve spent a lot of my adult life in that place and it’s often a difficult place to be.

In an effort to remain proactive about achieving my life goals and not merely settle into the default position of complacency (so easy to do when things are going “ok” in life), I was challenged yet again to commit to paper a vision for my future. So I’m working on writing it all down. Deciding what the negotiables and non-negotiables are and a reasonable timeline in which to accomplish my various goals. It’s hard and scary! Like Jack, I’m not a consumer. I don’t need or want a lot of material possessions, have no desire to own a home (a cabin or cottage one day perhaps, but don’t need home ownership in the city) I don’t have children or other people to consider in my spending habits. I do want to be able to afford education, travel and to be able to spend spontaneously on meals, socializing, etc., without having to count every penny or be worried I won’t have enough to make ends meet each month. I also want to continue investing in my future so I know I’ll have a safe, secure, happy retirement.

The investment club should begin to shift that somewhat, giving me access to investment power I wouldn’t otherwise have had on my own. The rest, as they say, is up to me. I must be the one to identify my needs, develop strategies to meet them and do what it takes to get there. Certainly feels like a double edged sword to me….let’s hope I land on the right side of it!

I have committed to completing my written vision and sharing it with an accountability buddy by November 1st. I will elaborate on the vision and my process in reaching it, in my next blog.

The other side of the coin

Looking at my financial diary (this blog), I realized in my ever-practical way that most of my posts focus on dealing with expected and unexpected expenses. I’m sure this is the case for most of us, whether it is top-of-mind or not. After all, our obligations have a direct influence on the amount of money we have to use in other ways.

There is another side of the coin. Windfalls. Those little unexpected gifts and bonuses that occasionally come our way. We’re not always talking money, although that is sometimes the case. And because these windfalls are by definition unexpected, they are significant and meaningful.

Looking at the past month, two examples leap to mind. An uncle visiting from Europe passed along an envelope containing a small wad of US dollars.
He said he’s not planning to visit the lower 48 again and thought my son and might find a good use for the cash.

And then there was the pair of tickets and a parking pass to a recent Giants hockey game. On top of a great evening with my son, the Giants scored six goals, which meant every audience member received a gift certificate for a free appetizer at a White Spot restaurant. As we’re likely to eat there at least once before the certificate expires, it is windfall that is going to give at least one more time.

My most significant windfall of all-time was probably worth all of three dollars. Shortly after my marriage ended and was wandering around wondering what happened, I decided to spurge and buy a cup of coffee. At the time, I was so financially tight the restaurants and cups of coffee for a $1.70 were actually beyond my financial reach. For whatever reason, as I splurged, the barista seemed to guess something wasn’t quite right and gave me a certificate for my next drink.

So, at the risk of being long-winded from a soap-box, pay as much attention to the windfalls in life as the expenses. If expenses are karma then windfalls must be one of the grace notes in a life.

Ok, so “Shift Happens”!
My last blog had me facing several upcoming challenges. What a difference two weeks can make… My health crisis has resolved favourably without the need for time missed from work or lost pay. Whew; one obstacle overcome! At the beginning of the week I advanced tuition fees from my credit card for my next course at school, only to get an email the following day cancelling the course at the school’s request, wherein I’ll be receiving a full refund. So, until I’m able to sort out a new course in a few weeks time, I’ve bought a little time to manage the finances on that. I went for further training at work and there has been more discussion about the evolution of my role so I’m feeling re-energized by possibilities and the potential for my professional development overall. Lastly, I’ve decided to join an investment club to get myself off the ground financially and am feeling excited and cautiously optimistic about my future!

We are rolling into the final 12 weeks of 2006 and I’ve been reviewing the goals I set at the New Year. So far I’m making a decent job of the process. There are some areas I’d hoped to be further along in, yet I can feel momentum increasing and am aware that simply having set the goals is pushing me to keep at things - even if my pace is inconsistent at times.

This is what has me feeling excited about the investment club. A group of us will be getting together to pool our money and choose investments to make. We do our own investing, online, minimizing fees and commissions and requiring us to do our own thorough research and investigation about the companies and their potential for profitable returns. We will choose an executive and each of us holds a vote in the choice of investments made, 2/3 majority ruling. We enter a partnership agreement to be part of this club and make a commitment to a five year involvement in the process, meeting monthly. Some of you may balk at that, however, at this point in my life, if I hope to get ahead financially, I know that making a commitment to meet monthly about my investments and begin educating myself along with my Club peers will create a positive spiral upward in my life. As I become more educated and informed by the process of investing my money myself, instead of simply handing it over to someone else, I will become empowered and far more in touch with my Financial Self. I will not simply want to be a person who has and knows about money, I will be a person who has and knows about money. I’ve been involved in this process of self-education for 10 years on & off…more off than on. I’m ready to take it to the next level.

So the club empowers me because it makes investment manageable. To invest money, one needs a certain minimum to make it worthwhile considering fees/commissions/loads, even if “self-serve online”. That minimum is currently unreachable to me as one person with limited income. However, by pooling funds with other members, I will be making the same size contribution that was going into my savings account but it now has 15 times the power and therefore we can have enough to invest the minimum much sooner than I could on my own. What’s even better is that we can invest in stocks that have much higher returns than my measly 3% savings account! The report I’ve had from a previous group member is their returns were about twice what I’m receiving on my current holdings, a very inviting prospect indeed. There are caveats to be considered, this isn’t for everyone. For me, it’s something that fits my financial needs, my schedule and my desired level of involvement with my money.

As with any learning any new skill, I’m a little nervous. I also have faith in my abilities. I have great capabilities, especially when I consider my past performance on things I was really fearful about yet always managed to get through very well, usually pleased with my efforts. This turning 40 things really has its benefits…I’m starting to get comfortable in who I am and the decisions I make and am learning to trust myself! I have to say, it’s a very good feeling. I want the same thing for you…

Cheers,