You know, the one positive thing that many people are experiencing during the COVID-19 Pandemic, is a slowdown of the rush in day-to-day life. Perhaps the kids don’t need to play hockey year round? Maybe family suppers five nights a week are a good thing? Have you told yourself you know what, I do deserve to just sit down and watch TV once in a while?
Still, you have to wonder as the world adjusts to a new normal if life will go right back to rush rush.
It’s an important conversation to have, because the one thing that often falls by the wayside when time is short is managing finances. Sure, we have all given Mint a try – maybe even kept up on it for a few months. I bet you and your spouse even had the “Wow, we spend a lot of money at Tim Hortons” conversation. Still, how is it that the vast majority of the population spends less time on their statements, than they do watching Big Brother?
Well, to put it plainly… it’s work, and often not fun work.
Traditionally when starting a business, the one job you outsource first is the books, because EVERYONE hates doing the books. So you can imagine that someone who is not paid to do the books (you) would be even more ill-inclined to keep it up, despite it being about your life, future, children, holiday… (pretty much everything!).
How can you fix this?
The concept is simple; have someone whose job is to help generate action. Notice the answer isn’t “to manage your finances”, because as we learned with Mint, that just leads to unfortunate conversations (RIP daily French Vanilla). Generate action, which in essence means to accomplish tasks, is not just about managing a budget, rather, it’s figuring out what you want to achieve (home, trip, RESP, debt reduction), and nailing down how to do it with the income you currently bring in.
The job title typically associated with this profession is a Net Worth Manager, but the word “financial coach” fits as well. Having a Net Worth Manager is one of the best ways to achieve your goals, because they share your focus. You want someone who is going to celebrate that big debt pay off, that first house, and the savings paying for your child’s college education.
Working with a Net Worth Manager also gives you more time, so you can even still watch Big Brother, and know that your financials are taken care of.
Synthesize all the advice into a unified message/approach.
pulling the specialist advice without the sales
sales environment impacts the advice
not a 80 page report – not a sales pitch in disguise
talking about the culture of product before plans
the plans as a sales pitch
plans that are un-actionable