Sometimes, Money is Hard to Talk About. But…

When money can be talked about without the added emotions of hidden blame or unrelenting shame, money conversations can become like other productive conversations: meaningful and connective.  When money conversations become supportive rather than decisive, money conversations can be engaging and powerful. Instead of blaming others for their behaviors or shaming ourselves for behaviors and habits we are exhibiting, we become supportive of another’s and our own objectives with money. We become engaged in conversations as we understand others and our own motives and intentions with their and our own money. We can then put in play powerful actions to attain our common objectives. What makes this transformation from feeling divided to feeling unified around money?

When we understand each other’s views and stories about money, we become more engaged with their struggles and triumphs with money. When we take money “out of the closet” of isolation, blame, or shame, and bring it into our shared lives, as partners and as a family, money becomes a productive tool.

What restrains you from talking about money? Is it lack of confidence on your ability to make consistently good decisions about money? Is it an inability to engage your partner in conversations you think are important with your money?   Is it an inability to know how to approach planning your financial goals? Is it an inability find time to spend on financial matters and if you had the time, not knowing how to frame a conversation on financial matters? Is it a fear that conversations about money will lead to tension or disinterest from your partner? These can be dealt with productively and effectively.

The first question you can ask someone you share finances with is:  What is important about money to you? And let them response without interruption from you. You can learn a lot by asking this one question.

When you find out what is important about money to yourself and to those with whom you share financial interests, money will transform from being hard to talk about to being a welcomed subject of conversation in your house.

Let me know what keeps you isolated with your money or, how you have created a bridge from isolation around your money to it being a productive tool in your and your family’s life.

 

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Connections Matter

December wanes as another calendar year closes.

In the spirit of appreciation at this year’s end, I want to share with you my gratitude of having you in my circle.

Thank you so very much for the acknowledgement you have given me this year.

I appreciate the emails I have received and the questions that opened into conversations on the consequences of making meaningful choices.

I love the stories you have shared about your observations and challenges on legacy, life, and money matters.

I am grateful for the introductions to your clients and the impact I have had the chance to have on their lives.

Most of all, I am grateful for your partnership as we do all we can in providing our clients with the direction, tools and encouragement to do the best thing for their families.

One word encompasses the qualities  I appreciate in you:

Committed

Observant

Notable

Nurturing

Exemplary

Clear

Thankful

Insightful

Open hearted

Noteworthy

Thank you for the CONNECTION we have.

May 2017 bring great success in the significance we cultivate.

Happy

2017

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Prepare Your Family for Money It Will be Inheriting

It is estimated that 20,000 families will each transfer over $20,000,000 to the next generation next year. They will continue doing so, it is forecasted, for the next twenty-nine years. Although this may sound fortuitous, research tells us that 70% of these families will find their wealth gone by the end of the second generation and by the end of the third generation 90% of these families will find their wealth squandered or spent. Unless they take steps to keep the wealth, families will find themselves falling into this statistic.

Money that has been amassed, will be gone, for most families, by the time their grandchildren are thinking about what they can pass to their heirs.  The great estate and trust planning coupled with the precise tax and investment positioning, although essential, is not enough. There is an element that most families do not put in place to ensure that their money passes to next generations intact. And that missing element is the preparation of the family for the receipt of the money.

Heirs need a blueprint and a roadmap to know how to sustain the wealth through the generations. They need to master skills of leadership, and family cohesion to successfully steward their new responsibilities associated with the money. Only when families have and master the roadmap to success, will they be able to grow cohesively as a family for many generations.

 

Let me know how your family is attending to preparing the family for its roles as financial beneficiaries. What kind of conversations are you having? How do family members feel about this forthcoming transfer? How is the family talking about the transfer of financial stewardship?

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Connect with Loved Ones over the Holidays by Trying This

It’s time for the family gatherings again. You know the ones I am referring to: where people cluster in their usual groups, talking about the weather, travel hiccups, politics; where people cluster around the food taking bites in short and informational filled conversations; where someone introduces a topic they know will fuel the flames of emotional reaction. Yes…those dynamics.

 

This year you can come to a family celebration prepared to add a dollop of meaningful connection. Bring a series of questions with which you can connect more personally with those you engage in conversation.

 

Start by asking someone to share something significant that has positively impacted them this year. Listen as they share that event or experience with you. Then follow up by asking them either: how this significant impact they experienced benefited them or ask them how this significant impact made them feel.  And again, just listen. When you do, you will find that they will share with you a value of theirs that is important to the core of who they are. This will connect you to them in a very personal way that small talk cannot.

 

I find that asking questions like these, at the end of the year, to be a wonderful icebreaker and connector with friends and family.

 

Let me know how the outcome of having this conversation at your family gathering. I would love to hear your comments.

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Being “The Greatest” Lets You Shine

Remember the phrase: “I am the greatest!”? It was a statement proclaimed repeatedly, in different ways, by the great boxer Muhammed Ali to reporters and to his opponent. He believed it and he became it. Which came first, his belief or his statement? I do not know. I do understand it was one of the tools he used to become the icon he became.

 

You may not be a boxer who needs to pump yourself up before the fight, however, you are someone who I would like to consider the phrase “I am the greatest!” for a moment and say it to yourself, for you are the greatest. You are unique and the greatest in something you do, how you do it or in who you are. The question is: How are you the greatest?

 

To find out the answer to this question, ask yourself: “What are the values you hold dearest to your heart?” and then list your top three. These are the values that identify your greatness. So, take the time to identify and define them. Then, use them to guide your decisions, your actions and your movements.

 

You are the greatest. Now, let that part of you shine.

The First Step to Living a Significant, Relevant, and Connected Retirement

The 2016 professional tennis season is winding down. The final Masters 1000 tournament is underway and will determine the final two singles players and final doubles team who will gain admission in the prestigious world tour final tournament in London later this month.  Sampras, Agassi, Becker, Lendl and McEnroe may be familiar names of a few retired players who have won this tournament more than once. But I want to draw our attention to Agassi, who won this year end tournament once, and what he had to say about retiring, because for some, the thought of retiring is daunting.

Preparing for retirement filled Andre Agassi with dread. As he said: “It’s like preparing for death. Nobody knows what it’s going to feel like and nobody knows when it is going to happen and when it does, it’s your time.”  Agassi was not ready to retire.

I hear a similar thought of dread from those I talk to nearing retirement. They do not want to satisfy someone else’s “to do” list, they do not want to become recluse travelers. They do not want to be the default baby sitters for their grandchildren. They want to be engaged with their children and grandchildren. They want to travel and pick up dormant hobbies. They do not want to a life directed by someone else. They want to live relevant, significant and connected lives. But how?

Leaving a business you built or a career you designed can be a tough proposition.  How can you transition out of your company to a new chapter of life where you can keep the feelings that matter to you-significance, relevance, and meaningful connection alive?

The first step to take is to look at the footprint you want to make that you will then leave behind. Find the outline of that footprint by reconnecting with what is most important to you, your values, and finding a way to express yourself through them. Take the time to look at the meaning of your values to you and build a personal mission statement that reflects these profound meanings you have for them.

Remember, retirer merely means to draw again. So, now, draw that outline of a footprint you want to have and to leave behind as your legacy.

Agassi focused on the outline of his footprint, his values, and then created the footprint he is now developing and building. You can too.

For more tools, click here: http://www.focusandsustain.com/life-focus to see what would be wise for you to focus on so you can live a rich and meaningful retirement.

Tell me what you have observed as you engage with those reluctant to or avoiding retiring.  I would love to read your comment.  \

 

Reflecting

 

 

Consumer Debt Gnaws at the Fabric of Freedom and Self-Worth

Debt is back, big time. The tightening that occurred after the crash of 2008 has been replaced by debt approaching $1 trillion dollars. And it shows no signs of abating.

 

Student loans and credit cards may be good for the issuers who capture more revenue through high interest loans and late fees but they are creating a pool of consumers sinking deeper and deeper into debt.

 

Credit card debt has already surpassed the pre-2008 crash levels, per WalletHub. Thirty-four billion dollars was added to credit cards in the last quarter of 2016 alone WalletHub found. To add to that increase, in the same period there was a record low payback of debt.

 

In my conversations with Millennials, I hear a range of concern about their debt. Some do all they can to avoid debt by delaying college until they can afford to pay for it or work for companies that will pay for their college education. I know one Millennial who has $300,000 in student loans. She told me that it is the price she has had to pay to attain her law degree. Although the debt does add stress to her life, she does not want it to confine her life to just working. She figures she will have this debt all her life and hopes that the government will one day forgive it.  

 

What have we done, where we have created a society saddled with debt as a way of life? Is this a sustainable model? I do not think so. It may seem to work for a generation but it is not a sustainable model for financial strength. Ongoing and mounting debt gnaws at the edges of the fabric of freedom, independence and self-worth. Debt is a burden. It may not direct all our actions but it directs our thoughts on how we think of ourselves.

 

Tell me your thoughts and how you deal with debt in your own life. I would love to hear your thoughts on this mighty subject.

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Saving Money Is Easier When You Do This

Saving money is difficult for some people. It’s just too easy to part with those bills taking up space in your wallet. Plus, those bills are worn and small denominations. Why keep them when you can just get rid of them on a mindless transaction.

 

There have been several studies, and a recent one, found in the Journal of Consumer Research, stated that: “The physical appearance of money can alter spending behavior. Consumers tend to infer that worn bills are used and contaminated, whereas crisp bills give them a sense of pride in owning bills that can be spent around others,” concluded authors Fabrizio Di Muro an Theodore j. Noseworthy.

 

Participants in several studies were given worn or new bills and their behaviors were observed as they went shopping. The participants favored the newer and crisper bills and they favored larger bills. By favoring, the participants were less eager to part with the crisper bills and would exchange worn bills for goods even if a crisper bill was of a smaller and more appropriate denomination.

 

So, if you want to save money, give yourself crisper bills. If you want someone else to save the money you give them, give them crisper bills as well.

 

Look at how you use your worn versus crisper bills and if you do not have crisp bills, ask the cashier for them when requesting change or ask your bank teller for crisp bills when they give you cash. Tell me your experience with your worn and crisp bills. Which do you favor?   img_5829

How Will You Be Remembered? How Do You Want to Be Remembered?

How do you want to be remembered? How will you be remembered? Is there a gap between the two responses?

If so, identify an element to that gap that you can address and take action on. Then, craft the first action step you can take towards bridging that gap. For example, a woman I spoke with wanted to be remembered as a creator of evocative paintings. When I asked how she would be remembered she said that she would not be remembered as a painter as she kept her paintings in her studio.

Realizing that she would most likely be remembered differently than how she wanted to be remembered, she decided to put a few pieces on walls in her home. She did not stop there. She organized an art show for family and friends. What began as a bridge to gap the distance between how she wanted to be remembered and how she would be remembered became an annual “Get Connected with Art” Show (now celebrating its eleventh year) where select artists, their families and friends came together to share their legacy through art.  Art pieces were sold, auctioned, and given away. This woman is both ecstatic and amazed at what resulted by addressing a gap to her legacy. She will now be remembered for her art…and much more.

How will you be remembered? How do you want to be remembered? Are they aligned? What is the first step you can take to bridge the gap? Let me know your thoughts on this topic.

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There’s Power in This Conversation that Matters

Knowing she was dying, Anne wanted to make sure her children knew who all the people in the pictures were. So, together, she and her two children went through five albums and hundreds of loose photos that reminded Anne of her past, her heritage, the things she did, and the people to whom she was connected by blood, but knew little about.

When I came over to visit, Anne instructed her adult children to show me the pictures on the guest room wall and explain who everyone was in those photos. But her children were unsure of who these people were. Yes, they had listened as their Mom reviewed the pictures with them, but they quickly forgot the information. Most of the people did not mean anything to them. The photos were pictures of the past without anything more to connect the children to them.

When I returned to the room where Anne was spending most of her waking hours, I wanted to help her communicate some of the meaning that these pictures had that she wanted to pass on to her children.

I asked Anne to step back, in her mind, to a time in her life, when she was a little girl, 10 or younger; I could see her expression change as her mind and imagination took her back to her home in Canada. I then asked her to think of someone, a school teacher, a religious teacher, a sports coach, a friend’s parent, an after school organizational leader, someone who had had a tremendous positive impact on her at that time of her life. Without hesitation, a big smile beamed across her face, her shallow eyes began to gleam as she whispered: “Lisa, my best friend.” I asked Anne to describe her friend Lisa and as she did her eyes sparkled with joy and contentment. I asked Anne what powerful positive benefit Lisa had on her back then. Again, without hesitation, Anne gazed into my eyes and boldly stated: “Acceptance. Lisa showed me then, as she always has, the power and possibility of acceptance.” Delving into the value of acceptance for Anne became a powerful compass point in Anne’s life. As she talked about the power and beauty acceptance had had in her own life tears welled up in her eyes. She thanked me for finding a way for her to recognize this.

I, who have known Anne for ten years, felt a shock wave of new understanding as I learned how important acceptance was to Anne. Anne confirmed this by saying acceptance is one of the most important values for her. She smiled. I looked over at her adult children, who had witnessed this conversation and their eyes expressed a sense of amazement as they just understood something profound about their mother they never really knew or understood before.  It was a profound moment of great bonding for all of us.

As tears came to their eyes, the children said: “In this short conversation we have gotten to know our mother so much more powerfully and in ways we will never forget. We can carry the value of acceptance forward, in her honor, in our lives.

Imagine knowing the people in the photographs on the guest wall in this way.  This is where the connection is, not in the scene they are in or the pose they have struck. In this experience, revealed by a few key questions that matter, Anne will be more than a photograph. She will hold something that matters, a value, which her children will honor, perpetuate and pass on to their children.

Isn’t it time to have more conversations that matter?   2015.05.27.Kirkland.Juanita Bay Beach.Water Droplets on Leaf006