The MoneyMinding Journey

2007-12-19T15:30:00.000-08:00

Congratulations to our new MoneyMinding Masters and MoneyMinding Advisors. Look for the listing of our new advisors online shortly. And in the meantime, please help me congratulate the following people for their commitment and enthusiasm to the empowering MoneyMinding lifestyle financial education system.

MoneyMinding Masters that graduated from the 3-day comprehensive and intense Introduction to Financial Planning and MoneyMinding Training!!

Elaine Weidner, Victoria, BC

MoneyMinding Advisors, both financial industry professionals and non-industry advisors that participated in the Mastery training and a fourth day of MoneyMinding Marketing!!

Krista Kamakawaji*, Victoria, BC

Kerry Brown, Victoria, BC

Bev Houldsworth*, Victoria, BC

Kevin Hu*, Surrey, BC

Eric Watchorn*, Victoria, BC

Richard Larkin, Victoria, BC

Francois Michaud*, Calgary, AB

Wayne Nash, Nelson, BC

Dave Popove, Victoria, BC

Jane Dewing, Victoria, BC

Debbie Reynolds, Langley, BC

Moira Gardener, Victoria, BC

*MoneyMinding Financial Industry Professionals

Here is what this diverse group of participants had to say...

"Thank you Tracy for the most inspiring four days I think I have ever experienced and what also totally made it that way was the size of the group and who we all were. I have dreamed of being in the same room with the mix of experience and personalities that we all represented this week but never thought I would ever have the opportunity."

"One of the big AHA's for me was the need to think way way bigger than I do. I totally underestimate what I can do and what is possible for me."

Jane Dewing, RPN, HND
Creating Opportunities for Positive Change and Growth

"Fantastic. The best 3 days I have ever spent in a workshop, adult learning continuing education process/environment. I am very excited, pleased and proud to be a MoneyMinding Advisor. It was worth every $ on investment."

"I'm really looking forward to implementing this program to make a difference in my life and the lives of others around me."

"Incredible program. Looking forward to completing 12 steps and getting involved in membership with MoneyMinding."

"This program would be so valuable to so many people. This group was great with very knowledgeable and successful people. Tracy is a wonderful facilitator - she knows her stuff!"

AND, here is what they did...

Somehow a business plan to start with $100 and turn it into $15,700 per month ongoing income and a template for others to follow began. The intent is to make this happen in 30 DAYS.
This plan is now in full force - so stay tuned - this program will become the template for you to implement yourself!!

AND, please join me in congratulating Francois, from Calgary,
who proposed to his girlfriend during his time here in Victoria -
CONGRATULATIONS FRANCOIS!!!

Our 18-Day Free Sample - available only for a short time

2007-12-19T15:26:00.000-08:00

Do you know anyone who hasn't experienced the power of MoneyMinding yet? The Simple Steps to Lifelong Financial Security is our 18-day MoneyMinding Makeover SAMPLE. You can experience some of the messages and questionnaires that are part of the Complete 12 Step MoneyMinding Makeover eCourse.

We are committed to providing tips, tools and training in personal finance that are positive, simple fresh new approaches to conventional money strategies. Please share share this with your friends and encourage them to also sign up at http://www.moneyminding.com/ for instant access to the exclusive FREE Simple Steps to Lifelong Financial Security Program. This program will only be available FREE for a short while longer, then will cost $147.

Who Else Needs an Immediate Money Makeover

2007-07-09T19:08:00.000-07:00

This is an audio recorded after a recent discussion with an amazing young man who was stressing about his debt.

No matter where you are today there are 3 simple things that you absolutely can do to make an immediate positive difference in your life. The goal is never to get out of debt, the goal is to get money working for you so you can live your life the way you want to live it. Continuing to sacrifice your true desires won't work, and neither will continuing to cut back your lifestyle then getting deflated because you couldn't maintain the strict money diet. It's simple, but be warned - these 3 things aren't easy.

Click here or paste this link in your browser to listen:
http://www.byoaudio.com/play/WtJhX8hs

The Daily 'Grind' ??

2007-06-20T23:11:00.000-07:00

Most days end like this... I’m quietly sipping my one glass of wine in my little stem-less glass that used to belong to my grandparents while I ‘putter’ at my desk.

The day started as usual at 7ish with a couple cups of coffee, and my husband cooking breakfast and getting lunch ready for our daughter – yes, I’m very spoiled that way – he is a chef and does ALL the cooking in the house.

I read and sip my coffee before checking the overnight orders on the computer and any immediate email communication from back east.

Often my husband, Joe, takes our daughter to school while I start the working day. Other days the 3 of us and the dog will walk the 15 minutes to school. The schedule is a bit different now because school ends tomorrow - so today I stayed home and walked the dog myself.

I have complete flexibility of my time and can chose which hours I work but for several months now, I have been starting the day off with work (after the 15 minutes or so of reading), then working all day – hanging out with the family for a couple hours in the evening going to the gym (often with my daughter), or a family walk or run, then starting the ‘night shift’. And eventually relaxing at my desk, joining my husband in the living room and curling up to bed with a good book, at about 12:30ish until it’s time to start over again at 7:00 am.

Why would I share this with you and why should you care? Maybe you don’t care, but I’m sharing it with you because I am actively building a business, actively following the MoneyMinding teaching and still having time to learn, exercise, and hang out with my family and friends (weekends usually are friends).

Maybe it’s not a schedule you want to keep – and I don’t want you to think you need to, I just thought someone might like to know that all the business things that have been accomplished over the past year (see below in the entry called ‘the Dreaming Room’) have not come ‘at all costs.’

And on that note, I’m going to do my computer back up and go join my husband in the living room, then dive into my current book: The Four Hour Workweek by Timothy Ferriss.

And I’ll leave you to ponder your ‘daily grind’ and whether the time you’re spending is focused on your real life and financial priorities – and if not what needs to change, how will it change and when???????

Blessings everyone,

Tracy

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Copyright© 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com
Written permission is required for reproduction. Thank you.
Get your complimentary program: Simple Steps for Lifelong Personal Financial Success at www.moneyminding.com

Running out of Money

2007-06-16T12:55:00.000-07:00

It’s amazing to me that the number one fear people have is running out money. If you read the blog entry below where I share with Michael Gerber the MoneyMinding events of the past year you might think that the money part was easy or all taken care of and that’s why I was able to do all those things – HA – it couldn’t be further from the truth.

When you build a business it takes money and raising funds is a lot of work and is very time consuming. It’s also incredibly stressful to realize you’ve made commitments and have ‘run out of money’ – a-g-a-i-n-!! What do you do? Do you pack it in and call it quits? That’s not much of a commitment, but sometimes it sure seems like it would be easier to turn on the TV, open a bottle of wine and go to sleep for a while.

Here’s how I do it with MoneyMinding:
1. Take stalk of what you do have – financial and other things like products, friends, contracts, help, support, a roof over your head, and anything else that is good in your life;
2. Write down exactly what you do need and want;
3. Turn that need into both an immediate cash amount and an ongoing income amount to support it and carry you through;
4. Start asking HOW? I mean, ask people you know if they have ideas, connections, or money or time that can help you raises the money, access the money, and earn the required income.
5. Keep yourself in good spirits – get some fresh air, go somewhere or do something that connects you to your ideal vision for your life.

And finally, it’s a fact of life – money flows in and out – you will never run out unless you chose to. So on that note, I’m off to raise, access and earn some money to make up the difference I need to keep going after making a decision to turn down what was supposed to be the final cash needed to complete the budget needed to support the launch of our major marketing initiatives. __________________________________________________________________________________ Copyright© 2000 - 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com Written permission is required for reproduction. Thank you. Get your complimentary program: Simple Steps for Lifelong Personal Financial Success at www.moneyminding.com

The Dreaming Room

2007-06-14T22:42:00.000-07:00

Michael Gerber is the author and creator of the eMyth, the 'business bible' to many people. He is also the Chief Dreamer of the Dreaming Room. I had an opportunity to work with Michael last year and today he made me realize how much more I can be sharing about the process of realizing dreams. Below is the emails that were exchanged about the journey I"ve been on with MoneyMinding over the past year.

And, I will apologize now, for not sharing more of the details and day to day activities that are part of this process. I do believe that we all have alot to learn from each other and that the day to day stuff is what we all live and therefore need to understand from each other.

Hello Vancouver Dreamers,

I have been watching the emails and looking at my calendar thinking how much I'd like to attend this Friday. The entrepreneurial road is certainly paved with long stretches of loneliness amidst all the chaos of day to day activities and I would love to share in the energy of such an amazing group of people.

However, I have to pass on this meeting as it is the week we are launching our TV show in the US but please count me in for future meetings.

As I was pondering my decision to attend or not, it gave me an opportunity to reflect on the past year since the May 2006 Vancouver Dreaming Room - something I haven't done much of lately - it always seems more natural to look at the mountain of things to do rather than to reflect on the accomplishments.

Yet, this reflection and subsequent realization was actually somewhat of an epiphany for me and I'd like to share with you what has transpired in my business over the past year - and please - hear this as a testimony to the impact of the Dreaming Room, and nothing more – other than my encouragement to anyone else who might have doubts about this whole Dreaming Room experience . I credit the 2.5 days with you all in the Dreaming Room as one of the most significant events of my life, and if this past year is any indication of long term impact, I'm sure it will continue to amaze me.

In addition to all the wonderful insights I gained by listening to you all, Michael said a couple things to me that have made a significant difference: colour up and don't be afraid to be feminine, and simplify with weekend seminars while I build the franchise model for my business. Well, I did what he suggested and…

My office is now decorated in a shabby chic sort of floral design and I enjoy nice bright coloured clothes, and the simplification process for my business has seen the following things actually take shape this past year:

- 2 new books written and published

- 1 audio cd produced

- 1 new online program developed

- A 2-day certification training program ($2000 per financial advisor) rolled out including the marketing to fill the seats and a new sales person hired to roll this out in the US

- Numerous radio and tv appearances

- Regular keynote speeches where my back of the room sales routinely produce several thousand dollars revenue

- A new website built for membership

- A completely new business franchise model created

- Everything converted to US $ pricing

- 3 almost full time people have been hired

- A client marketing process developed and implemented

- A bi-weekly ezine published

- A 30-minute television infomercial has been written and produced and a full web sales support structure built to support it

- And, over $200,000 raised through investors to make all this happen

It sort of takes my breath away. Who woulda thunk??? Certainly not me. Yes I dreamed it. Yes I believed it. And, yes I started doing it, but in the middle of it all it's hard to see that the dream is real until you step back and reflect - and now it's just getting more and more exciting each day.

Thank for organizing these ongoing meetings. Thank you for letting me share my Dreaming Room journey with you and I look forward to the next meeting and to hearing all of your amazing stories.

Abundant Blessings,

Tracy -- You know, as I hear of your extraordinary achievements and your breakthrough from the pained and painful place you were in when I sat across from you in the Hot Seat only a little while ago where nothing you just listed below could have ever been believed by you, and then, oila', here it all is, and I remember seeing it, there as I looked into you and into your stunning ability which was being misused as well as unused solely for the lack of your ability to dream fully, intentionally, radically...all of this comes to me right this moment in the form of a question...Why didn't Tracy share this with us all as it was happening, as the doubts were arising, as the breakthroughs were appearing, as the astonishment and full blown joy was filling your heart...why didn't you share your extraordinary odyssey with all of us, as it was happening, as you were feeling so lonely, as you were feeling out of breath, as you produced and produced despite all of your fear and doubts and negative feelings...so that we all could have been lifted up and lifted you up and lifted each other up, who then, each and every one of us, could have shared ourselves and our achievements and our failures with every one of us...and grown, grown, grown in the process...if only we could all see that the Power of The Dreaming Room is only truly realized after we have left it, as we go back into our world, which has now been completely transformed because our idea of it has been transformed, that the energy of life, the forceful, beyond size, beyond anything you and I know, is simply there waiting to be used by each of us...but not for ourselves, but for every other human being on the face of this earth, and that is the product of your Dreaming Room experience, Tracy. You have now begun to enlist the Energy released by your Imagination and your unbounded desire to create something that will outlive you in this world and that everyone you touch will live a better life for it. That we all need to know this, not after you do it, but as you do it, and that is the logic for the Group. The Group is not for you, Tracy, it is for everyone else in the Group, until you need it that is. If you were to understand that the "lonliness" you speak of is a self imposed idea. It isn't real, needn't to be real, never will need to be real. If you open your heart and your private space to others who will do the same for you. So, allow me to use your letter, and this response, so that every single person who is sitting in question of whether or not the Dreaming Room will be worth their while needs to know that not only is it worth their while but that it is fair to say without it they will never truly understand how limited their life will be. That The Dreaming Room is a Force that opens the door to the infinite range of options that exist for each and every one of us. I am honored to have had such an impact on you and your life, and through that, having an impact on the many thousands of people you will touch in the coming years. But, in return, I need your help. I need you to become a spokesperson for The Dreaming Room. I need you with your immense ability to create to participate in a Group in Vancouver, to make the time for it, to give back, not to me, but to the millions of people I will touch over the next ten years as we all Awaken the Entrepreneur Within the World with great, great, compelling works like the one you are creating, which has the power to transform the economic lives of your customers and clients, and by so doing, transform the reality of the world. Thanks, Tracy. I feel such joy for you, and such joy that you listened to what I shared with you and let go and let God, and my goodness, what a Joy!

Love, Michael

Michael E. Gerber
Chief Dreamer
In The Dreaming Room LLC
P.O. Box 131195
Carlsbad, California, 92013
michael@inthedreamingroom.com
www.inthedreamingroom.com

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Thanks, Tracy. But, not just for them, for you. Just as you are experiencing the thrilling ride you are on right now, so it is inevitable you will lose your way. We all do. It's then, at that moment, when the Group comes alive in the most remarkable ways. Ask people who are doing it. You will see what a gift it is. And remember, there is no cost for the Group. No cost for my help and leadership. Just the cost of sending people to The Dreaming Room so they too can begin the odyssey of their own, to touch more people and more people and more people. Look at the list of names above. It is my Dream that there will be millions of people like those above, like you, over the next few years...all of them on an economic, entrepreneurial, spiritual odyssey unlike anything they have ever known. Your gift to them is to be as big as you can be, just as that is the gift each and every one of the names above will give, to each other, and to people as yet unknown. I love you all. But, dig in. Take a big bite. This is not about one meeting a week. This is about transforming the world! But to do that you have to rise above time management and all the things you have to do. You have one thing to do...to live out your destiny, a destiny you choose to create. Imagine yourself being a powerful resource, a powerful exemplar of entrepreneurial creativity, innovation and inspiration. Simply by letting go and doing the work. That's what this is all about in case you didn't know. I call it The Secret of The Golden Triangle. I will share it with you more and more over time as you rise to your blessed occasion to become a force for entrepreneurial invention in your life and the life of the venture you are inventing.

Love, Tracy, and to you all, and please, please thank Patrick for his incrediblye gracious willingness to take on this Dream and to make it the reality he is making it. He is a Champion. A huge-hearted Warrior. He deserves your respect and your appreciation and your commitment. This would not be happening to the degree it is there in your neck of the woods without him and his selfless commitment to help everyone he knows grow bigger than life.

Love, Michael

Michael E. Gerber
Chief Dreamer
In The Dreaming Room LLC
P.O. Box 131195
Carlsbad, California, 92013
michael@inthedreamingroom.com
www.inthedreamingroom.com

-----Original Message-----

Thank you Michael,

And yes, it’s never a solo job and supporting and encouraging others to break through their own barriers to their dreams is a purpose all dreamers must have. That positive impact on another’s life and the support of people to cheer me on is what has kept me going this past year. And, I will absolutely help share the Dreaming Room vision and participate in a Vancouver group so that others can feel encouraged to experience their potential to live the magnificent lives of their dreams and be supported along their path.

You have inspired so many people in so many ways – I am so grateful to be one of those people!!

God bless,

Tracy Piercy, CFP

Author, International Speaker, Money Expert

250-592-0457 or toll free 877-764-6444

tracy@moneyminding.com

-----Original Message-----

Ok Vancouver – “let’s roll”

Thank you Patrick for pulling us together……… Michael’s right – sometimes we need someone to kick us in the pants a little – to shake things up – and Patrick has recognized the need we all have to be supported, encouraged and inspired, so….. we’ve got some sharing to do……… See you all soon.

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Double Cool to all of you! Michael

Copyright© 2000 - 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com Written permission is required for reproduction. Thank you.
Get your complimentary program: Simple Steps for Lifelong Personal Financial Success at www.moneyminding.com

Fitness and Finance

2007-05-21T23:02:00.000-07:00

I just had to share how much my experience with getting into shape parallels financial success:

I do not gain weight easily so am comfortable in my clothes. I do, however, lead a pretty sedentary life. My motivation to get fit is only motivated by my intellectual understanding that I really 'should' be more active so that I'm healthier.

What I realized is how much that parallels the experiences I hear from many people about money. They know they 'should' do something but as long as they still have cash available to them they think they're doing ok so the motivation is only based on this intellectual 'should'.

I finally had to dig deep inside to find the motivation to get me to the gym. If you're procrastinating about making changes to your financial situation, you need to find your motivation, then just start. It will be harder at first, but after a while because you are going to start small, you will build the habit and the necessary changes will become part of who you are so you'll wonder what ever took you so long to make that first step.

Copyright© 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com
Written permission is required for reproduction. Thank you. Get your complimentary program: Simple Steps for Lifelong Personal Financial Success at www.moneyminding.com

The 7 Biggest Money Mistakes Almost Everyone Makes

2007-05-21T22:58:00.000-07:00

Introducing …our first audio CD:

The 7 Biggest Money Mistakes Almost Everyone Makes ~ And How to Turn Them into Amazing Possibilities for Lifelong Financial Security.

What if the secrets to financial success and security were as simple as looking at the traditional financial wisdom from a different perspective? In this 53 minute audio CD, Certified Financial Planner, Founder and CEO of the powerful MoneyMinding® System of financial education reveals how simple it is to get better results from your money – beginning today.

CD’s are $24 each.

You can pre-order by emailing info@moneyminding.com

Or order online from our Store / Membership area shortly fromthe newly remodelled www.moneyminding.com.

Copyright© 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com
Written permission is required for reproduction. Thank you. Get your complimentary program: Simple Steps for Lifelong Personal Financial Success at www.moneyminding.com

Are you running out of money or is it overflowing??

2007-04-02T23:54:00.000-07:00

If the number one fear people have around money is the fear of running out in retirement, according to a study published recently in the New York Times, that brings up some interesting questions: the first being why?

It’s also interesting that another recent study by the Bank of Montreal found that people would rather work longer than downsize their lifestyle.

Seems to be the same fear, eh? And, rightly so: cutting back is not easy. And yet, it’s the predominant teaching on how to get out of debt, or how to save more for retirement. You’ve heard it, I’m sure, “cut back your expenses; be careful, you better not take any risks because you can’t afford to lose your money.” The implication is that loss is painful, undesirable, and yet, cutting back is the supposed solution to the syndrome of not having enough.

If this isn’t making any sense – good! Because it’s mostly double talk and contradictory thinking that is one of the three primary reasons people struggle with money. For some reason, I’m not yet sure of why, the there is this sentiment that has people looking to pay down debt or reduce expenses to save more money or earn higher returns on that money as the answers to all financial problems.

Certainly, if you have more money in that elusive pot of gold savings that is supposed to provide for your every need in retirement, then you will likely never run out.

Only one problem: if you are working to accumulate savings and the flip side of that says you are also working to minimize expenses, debt being a big expense, then you are only looking at wealth from a vertical perspective.

Yet, what does it take to leave work? What does it take to reduce unwanted debt? Does it take allocating your already stretched lifestyle just a little further and cutting back even more – or does it take additional income to provide for the income shortage that resulted in the debt in the first place and is required once you leave work to continue your desired lifestyle.

Of course its income you need. If you have accumulated debt of some sort that you don’t want, then it’s likely because you have a desired lifestyle that is above your current income level. If you are leaving work, then you need an income that will provide for your day to day expenses. You do not need a big pot of gold saved somewhere that you might run out of or lose somehow. What you need is to be looking at how are you going to create the income you need to pay your bills, your debt and live your life? And how will you receive your income when you leave work?

One way, of course, is to accumulate a big pot of gold (savings) for leaving work and to make your current working income go further by reducing your expenses. But there are many many other ways to create income besides work and savings – we have 38 different ways to create income in Step 6 of the MoneyMinding Makeover Program.

If you are worried about running out of money then the solution is to change your focus. Stop looking at your finances as though your current income is a waterfall that is going to run dry in the spring. Start looking at your finances from an income perspective where the money will continue to arrive for all your needs and desires for as long as you need it to continue coming in – perhaps like Old Faithful, the geyser in Yellowstone National Park.

When you see things from a different perspective, you start to ask different questions. When you ask different questions, you will seek the answers by learning different things. When you learn different things, you develop the confidence, skills and the necessary steps to get your desired results.

You do not have to ever be afraid of running out of money. Nor do you have to cut you’re desired needs today as well as provide for your lifestyle needs when you leave work. You will survive because if you have read this entire article, then you are already looking for answers, which means you will find what you need to get what you need. Congratulations!!

The Lies and Half Truths About Financial Success

2007-03-19T15:30:00.000-07:00

If you are not already a MoneyMinding FAT Bulletin Subscriber, this is why you need to be and why you need top stay tuned if you already are. Shortly you will be invited to an exclusive preview of these concepts and how they have been accepted as gospel in financial teaching, yet will actually guarantee you are stay stuck, stressed and struggling to make money decisions.

The following list was also sneak previewed in the last FAT bulletin andyou will hear alot more. These are the missing links that are explained in the MoneyMinding Makeover eCourse and Membership program.

Goals - Budget - Debt - How To - Retirement - Saving Money - Rate of Return - Giving Money - Estate Planning

EVERYTHING You’ve Been Taught About Money Management Is Only Half The Truth

2007-03-05T12:31:00.002-08:00

This title has powerful words, but think of the personal financial statistics in North America and it doesn’t take much imagination to see that what we’ve been doing just ain’t workin’. This also means that if you have anything to do with the money management industry, you are passing on information that is contributing to the economic numbers that aren’t working in western culture. But keep reading. This information is for both advisors and clients.

The “half truths” that have become accepted as the answers to financial stress are actually creating the problems. And, regardless of your current economic situation, millionaire or in debt up to your eyeballs, the number one stress in most people’s lives is financial because of this half information.

Some examples of this are as follows:

Goals. The foundation of the financial industry is to help people reach their goals. Well, who decided the goals, and who does the communicating of the goals, in a meeting of a financial professional and their client? The advisor, of course, is the one who asks a series of questions about common goals while they complete a profile that becomes the basis for their recommendations to the client.

Budget. A word that conjures up feelings of restriction and sacrifice, yet the definition of budget is planned expenditures and a program for financing them. What if instead of trying to fit a lifestyle into an income, an income was structured around a lifestyle? Start with the desired expenses and then figure out how to finance them.

Debt. Good debt. Bad debt. Get out of debt. When you judge the debt and focus on eliminating it, you are missing the point. What was the benefit that was received by using the credit in the first place? If the reward was some lifestyle experiences or accumulation of consumer products, does this tell you that the lifestyle you really want to be living is currently higher than your current income provides? Rather than looking at how to get out of debt and feeling bad because you have debt in the first place, make a goal to create the income required to meet the desired lifestyle which will ultimately result in effective and efficient use of credit and spending that is appropriate for your life priorities.

Retirement. What does age have to do with retirement anyway? The concept of retirement that has been accepted in our society is one of something you do after you leave work. Great, but what it takes to be able to leave work is resources to provide income to pay for your desired lifestyle. If you have income sources that cover your expenses and don’t require you to go to work to earn it, then you would be financially independent. And, there are many ways to generate income that doesn’t require you to work for it or save a big pot of money to draw on later in life. The concept of saving money so you can stop working is a relatively new concept that just isn’t working. The word “retirement” needs to be replaced with “financial independence” and has to stop being associated with age and accumulating savings.

Saving money. What are you saving money for? The reason is not to have more money, or to have money in case of an emergency, or to accumulate a pot of gold for the future. You don’t want to accumulate money at all – you want the rewards the money will provide. If that’s for some future use, then you need the income the savings will provide you. When you focus on accumulating money, the idea of spending it will lead to fear of loss.

Rate of return. If your focus is on saving money, it makes sense that the most important criteria in making financial decisions would be the rate you are paying on debt or receiving on savings. Conventional wisdom would have you believe that the fee you pay on your financial products would be important. But, when you look beyond the accumulation of money to the intended purpose, the rate becomes secondary in importance. Getting a good rate is only half the truth.

The whole truth is more than common goals, a restricted budget, getting out of debt, planning for retirement, saving money and getting a good return on that money. To get the whole truth on these and other areas of personal finance, you need to see MoneyMinding, the simple step by step system that covers all areas of personal finance and empowers possibilities for results beyond what you have been taught elsewhere. MoneyMinding is the whole truth that will guarantee your success.

EVERYTHING You’ve Been Taught About Money Management Is Only Half The Truth - by Tracy Piercy, CFP

2007-03-05T12:31:00.000-08:00

Consistency with Your Thoughts

2007-01-21T13:45:00.001-08:00

Oh what a simple thing to consider, yet so difficult to maintain. You have maybe heard the concept that where you end up will be culmination of all your actions. Well, before we act, we have to have thought of how we would act, so that means that where we end up will also be a culmination of all our thoughts.

Ok - so what does this have to do with money? Well, have you actually considered what it is you think about all day long? It's a rather interesting exercise, and one that is really quite simple to do, and... even easier to implement than the actions that follow from our thoughts.

I titled this entry 'consistency' because I have found that I am consistently saying things like "I'm busy" or "there never seems to be enough time." Hmmm. I wonder what I'm thinking?

What are you thinking? Is it positive, empowering, supportive, encouraging, calm and expanding possibilities in your life? Or not?

Have fun with it because as I've quoted in Enlightened Wealth, "watch your thoughts, they become your actions; watch your actions, they become your habits; watch your habits, they become your destiny."

Copyright© 2007 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

Yet another cut back, save more money, wait a long time to be independent article

2006-11-28T12:47:00.000-08:00

I am currently facilitating a discussion forum for Certified Financial Planners and thought I'd share my comments in response to yet another article that simply looks at the vertical, narrow focus of saving money for some time in the future as you wait to become wealthy. The topic of the forum is called 'How we can help clients fulfill their dreams through education and empowerment'. If you are a MoneyMinding Member or have participated in MoneyMinding programs, you will know that I am a huge believer in building a propoer foundation of financial planning concepts, yet beyond that, there is no limit to what you can achieve except by what your mind can create. If you truly want something in your life, then make it happen - just make sure you do it with the proper structure so you're not at risk of falling flat on your face along the way. And, always... start where you are and enjoy the process!!!
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I just finished reading yet another article that re-iterates a study saying how boomers aren't prepared for retirement. And yet again the problem is always stated as a lack of savings, and the solutions are always to work longer or cut back on lifestyle - either now or in retirement. And, yet again the whole retirement concept is discussed as something that happens much later in life after you have been able to save enough money to be able to leave work.

Is that all we as an industry can come up with to help people become financially independent - which is what needs to happen if you want to leave the workforce, right?

This discussion topic is on education of clients, and it seems that one way we can educate is on creating options, opening up possiblities, and empowering positve movement towards reaching goals. Cutting back and saving more money alone is not the only answer. We, as CFP's, are trained on different types of business structures, different tax treatments, different insurance strategies and legal issues, which are all important factors to share with clients. Perhaps they aren't part of an initial plan, but this knowledge builds confidence and when understood in the context of personal, written lifestyle goals, we can go a long way in improving the financial results of our clients.

Cutting back and saving more money is simply not enough. The study today, quoted in advisor.ca, is still another example of that narrow, vertical thinking that we can help change. We are a very educated and experienced profession. It seems that we need to be louder and bolder in sharing this knowledge in order to help this bleek picture. Not by overwhelming people with the depth of technical details, but by simply encouraging clients to look at a much bigger picture and more creative options to reaching their goals.

Comments???

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

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Why You Want to Be Rich!!!

2006-11-23T22:29:00.000-08:00

Why We Want You to be Rich
Two Men – One Message
Donald Trump and Robert Kiyosaki
ISBN 1-933914-02-5

A Review by Tracy Piercy, CFP
President, MoneyMinding.com

The message is the first word in the title: WHY? Why you need to read the book; why you need to become wealthy; why it’s important to everyone!

The entire book is about expanding your view of financial possibilities rather than buying in to the mantra of go to school, get a good job, save your money and retire in 35 or more years to live off your savings. Referring to this conventional wisdom, Robert says, “In today’s environment, I believe it to be the riskiest of all financial advice. To the financially unsophisticated, it sounds like safe and intelligent advice.”

This is not a book about "how to get rich" and that’s the point. "How to’s" are simple; the reason why is difficult. But, these two incredibly successful business men and investors cover more than enough reasons for you to take notice including the economic reasons why savings is the worst way and the worst option for achieving wealth and independence.

If you don’t save, what do you do? They will give you some candid discussion about why you need to start asking what, and how, and developing your financial education through reading so you can be in control of you financial future. It’s not a matter of if you want to do something different – it’s a matter of when you’ll do it – and hopefully before it is too late.

Donald says, “The things you don’t know about just might possibly affect you some day in some way. When they do, who will you have to blame if you are surprised?”

Both men write about the catastrophic economic situation we are facing because of the current debt load in the United States and refusal of main stream teaching to address the issue through financial education that empowers creative thought for expanding financial resources.

They want us to be smarter when it comes to use of debt because “our current economic situation needs debtors, not savers, to expand. It needs smart borrowers…people who can borrow money and get richer, not people who borrow money and get poorer… If we have more savers, our economy will shrink.”

If there is a "how to" component in the book, it’s about using your mind beginning with learning about money strategies and what money can do for you. Use your mind to figure out why you want to be rich yourself, then use it ask "how." And, do it now. There is no time to waste. The deficit in the United States is for social security and medicare alone is $72 trillion. “That’s more money than the value of all the stocks and bonds in the world.”

That means that the only way to that obligation is to “print more money, which would wipe out the savings of everyone…and people on fixed incomes would also be wiped out.”

Think this sounds dramatic, or it doesn’t apply to you, or you’ll somehow deal with it later? Think again – you must become more educated on what else you can do to create wealth and financial independence besides just saving more money. Reading this book would be a great start.

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

Calling all Members...

2006-11-19T21:24:00.000-08:00

Just in case you missed the announcements that went out...

Beginning Monday, November 20th, we will be starting MoneyMinding Mondays!!

The MoneyMinding Mentorship Q&A program for MoneyMinding members and original eCourse participants has changed its session time. The weekly 4 pm Thursday session has been changed to Mondays at noon. The program session is now referred to as MoneyMinding Mondays!

There are some valuable changes to the MoneyMinding Weekly Mentorship Q & A program available exclusively to Members. Every Monday at 12:00 noon, you can call in live for your exclusive, unique training and support Mentorship Q & A call and you can:
-ask any sort of money question you have;
-listen to other peoples’ money questions;
-share success stories or trials;
-hear other peoples’ success stories or trials;
-listen to guest presentations on timely, real money issues, product overviews and strategies;
-connect with other like-minded, positive people; and
-get access to valuable resources and ideas that can help you along your own financial journey!

This is a community that is impacting lives in an amazing way. I am committed to supporting you in any way possible. If you have ideas, thoughts, questions, concerns or just want to know more, please let me know.

If you have not received the special call-in information and code, please email (info@moneyminding.com) or call (250)592-0457.

I'll talk to you then!

The Answers are in the Questions

2006-11-09T08:30:00.000-08:00

Don’t know where to start? Here you go. All you need to get moving towards reaching your goal – whatever it might be.

1. What do you want? Write it down.
2. When do you want it? Write it down.
3. Why do you want it? Write it down.
4. What are the consequences of not getting it? Write them down.
5. How? Who? Where can you go get it? Write these down and keep asking until you get your answers!!

It’s that simple!! The hard part is to write it down, then to keep asking and asking and asking and asking and asking and asking and asking and asking and asking………….

“Success is not judged by what we start, but what we finish.” Unknown author

Copyright© 2006 Tracy Piercy, CFP, Founder and President http://www.moneyminding.com/ Get your complimentary handbook: 12 Simple Steps for Finding Money at http://www.moneyminding.com/

Whoa Nellie - my response to an industry article - FYI

2006-10-19T22:59:00.000-07:00

The part of the article that started this discussion:

(October 2006) Your client wants to retire next year and you have the unfortunate task of having to tell her that it's not going to happen, at least not this year, and certainly not next year either if she keeps dipping into that calfskin Prada.

According to the Advisor's Edge 2006 Dollars and Sense Survey, 78% of advisors say their clients aren't saving enough for retirement - a fact with alarming implications, especially for boomers who have become used to a particular lifestyle of pleasure pursuits and everyday responsibilities. What can advisors do to prevent these folks from galloping off into the wild, wild pursuit of debt and misery down the road?

...it all boils down to clients revamping their retirement goals. And in doing so they really have three options: spend less, save more and make more returns on the money they have, or simply work longer. "You can do any one of those things to make your plan work. You just need to decide which one is the least painful for you."

My Response:
Your article ‘Whoa Nellie’ was very well presented and personal and certainly supported with some creative thoughts. Unfortunately, my experience over 15 years with hundreds of clients shows that this narrow, vertical only, focus of financial planning has got to be expanded. There are so many options we can provide to our clients that will not force them to sacrifice, to give up their lifestyle or to take extra risks to get that every elusive and growing pool of savings so that one day, just maybe they’ll be able to give up their day job and enter this new fantasy life of retirement. I’m sorry if this comment is so blunt.

I am a certified financial planner and lifestyle financial planning expert. My business is now entirely dedicated to helping advisors help clients gain more control over their life by empowering them with financial possibilities. The ‘Whoa Nellie’ article is the exact reason why people are still struggling. Yes, taking some funds and putting them into savings or applying them to debt will work, but we have to stop looking at there being only 3 options as the final sentence of the article so nicely sums up. This is what makes me crazy. I have been teaching in the industry for years and have become an expert on the psychology of success as it relates to financial planning principles and strategies. This very narrow view of options will virtually guarantee that people fail, and as an industry we have an obligation to offer clients far better solutions and options than that.

I have some very specific strategies on how we can help people to see possibilities for realizing financial success beyond these 3 options. If you would like to talk to me about them, I can be reached at 250-592-0457, or by email at tracy@moneyminding.com

I received one comment immediately saying they would have someone contact me and I have not heard as of today, nor have I followed up yet, but intend to pursue this.

You do not have to cut back your lifestyle or your goals - rather you need to look at options for having them both - and settle for nothing less!!!

Copyright© 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

The Marathon

2006-10-09T10:47:00.000-07:00

It was dark, cold and very rainy at 6:30 this morning, yet a few hundred of the 9000 participants started their 42 km trek for the Royal Victoria Marathon. About an hour into the race, I parked my car and started walking towards the oncoming runners. My very good friend was power walking the full marathon and I was there for support, to take or bring extra clothes and other necessary things that might come up over the next 5.5 hours.

A few months ago she had asked me to do it with her, but as life sometimes happens, I had other priorities and very quickly fell off any sort of training schedule. My friend, however, had a goal and wasn’t going to wait for me or anyone else to see it through.

When I first saw her, she was in good spirits despite spending 6 hours the day before preparing a selection of music on a new MP3 player only to find it would only play the radio today. I ran beside her (because she walks as fast as I run) for about 20 – 30 minutes then turned back towards my car. I took one soaking wet jacket of hers with me and headed home to change into new dry clothes before meeting her again. She continued – sometimes in a group, but often on her own along the course that wove alongside the ocean.

At our next rendezvous, I ran beside her for quite some time in heavy rains, only to find her GPS device that was helping her track her time, her pace and distance stop working just before we parted ways again. I took another jacket, and left her alone to carry on past an area where her family and others were to be cheering on the sidelines.

An hour or so later, at our next meeting, the main pack of runners was heading out, and my friend was on her way back to the finish. There were only a couple of the early starters heading in the home direction – and the few marathoners who run the race to win and almost defy physics at their stamina.

She had had cramps in her foot and her knee and quad on the one side were giving her a lot of pain. Her pace was slower, but her focus not deterred. I kept her company until I was close to my car again and sprinted back to get her some anti-inflammatories for her pain.

I raced back and found the front of the pack of runners well on their way towards the finish line now, but also at a point in the race where each step, each corner, each hill, each movement would be felt – in running language – this would be where people were likely to ‘hit the wall’.

In my own little race I had developed a small blister on my one foot, but had changed my socks and treated it with a bandage. When I saw my friend, she was bleeding. Apparently the dampness wasn’t helping the constant movement and rubbing of body against clothes. She took the anti-inflammatories and reasoned she would likely feel their comfort within a short while because her body was metabolizing so quickly.

We parted ways again and I drove to where I could get close the finish line (well I tried). I ran towards the finishing runners for what seemed a long way before seeing her again. When she finally rounded the corner, I choked back tears, I was so excited. Her stride was noticeably weaker, her pace considerably slower, yet she was very focused. She didn’t say much – she didn’t have to. I told her there were 3 more turns and she would see the crowds by the finish line. I didn’t want to run beside her this time – this was her race, she had just 1 km to go and was doing it as fast as she could. I knew she hurt, and I knew she would make it. I also knew that the excitement of the finish line was just ahead for her final steps.

I moved aside and watched her cross the finish line. At that point everything calmed (or so it seemed). The noise of the crowd stopped, my friend walked in slow motion to receive her medal and her recognition. She had completed in almost 15 minutes less time than expected.

I didn’t run the marathon today, but I sure got to share in what it means to finish the race; the hours of practice alone; the disappointments and frustrations of things not going as planned; the pain; the importance of positive encouragement; the focus – one step at a time, again and again and again – even when it hurts, even when you’re alone and others don’t join in, even when people pass you.

The marathon doesn’t have to be a road race and it doesn’t have to be anything physical. It’s something we decide to do, then stay focused through the other life events that come up, through the disappointments, the frustrations, the pain, the bad weather, and all the other challenges that work to steal our focus.

“Success is not judged by what you start, but by what you finish,” is a quote that sits on my desk as a constant reminder of the journey. Thank you my friend for finishing your race and for inspiring me and many others with your perseverance and amazing role model. You win the race, because you finished what you started!!

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

Constant and Never Ending Improvement

2006-10-03T23:02:00.000-07:00

As some of you know, but many don't, I invest many thousand of dollars in personal development. My library alone, is worth insuring separately. In addition to reading I attend seminars and study and mentor wtih successful people who are phenomenaly good at what at what they. I love people who have a vision and are encouraging and supportive of my big vision. One of those people, whom I've had the opportunity to work personally with over the last few months is Michael Gerber of the emyth. This is my story of that experience that I wrote to him and thought I'd share with you. If you would like to talk to me about this further, please send me an email at tracy@moneyminding.com. It's all part of why I'm more and more passionate about making a difference in your life through MoneyMinding. Thank you.

Dear Michael,

This is my dreaming room story so far. It really is a daunting task to sit a write about all that has happened since the dreaming room only a few short months ago. I had put this task on my ever growing list of things to do, when I finally read your blog, and while writing for my own blog was on the agenda for this evening, I realized that the process is what is so valuable and is one of those values I include in my teaching – it’s the process of getting from where you are to where you want to go – awakening so to speak.

I have had a big vision for years abut making a difference in the type of financial education available to people, and as you know from my story, I’ve also had my opportunity to go backwards so that I could truly apply the concepts of my business to my own life. Then when the dream needed to be turned into a business, I was tripping over myself with the incredible number of opportunities to pursue.

The easiest thing for me to say, is that the Dreaming Room gave me confidence first, clarity second, and simplicity third.

So much has happened in the past couple months, I can hardly even think it, let alone document it, but the key is that I know I have a great business model, a fabulous product and can make that vision a reality. I also know the structure of the business when it’s done and even what needs to be done first, second, third, etc.

It’s all happening and unfolding just like you said. It’s not done, it’s still a lot of work, it’s just much clearer and simpler and without a doubt it’s happening as a result of what was awakened at the Dreaming Room. Thank you, Michael for sharing your vision and your passion and for following through with your vision – again. What an amazing gift you make available to everyone who experiences the Dreaming Room.

Love Tracy

I'm MAD!!!!!!

2006-09-07T00:19:00.000-07:00

I don’t get it!! Why, why, why do I continually read and hear information from seemingly helpful people from almost every background and profession offering only money advice from 2 places: 1. ‘this is what you have – here’s how you live with it’, or 2. ‘this is the latest and best way to riches’.

I won’t get into the problems with both of those old, boring plans, but I will share with you why I’m so mad:

Because young, talented people with their whole life in front of them are trying desperately to understand what they need to do to make money work for them in their lives and they are confused, frustrated and getting beat up to the point, they give up before they ever even try!!

It’s really not that hard to figure out how you want to live your life, then figure out how much it will cost to live that life and start exploring ways to make it happen. At least it shouldn’t be that hard. Except that as soon as you start to mention that you’d like to live your life any other way than what’s currently in front of you, 99% of the people you meet will look at you like you’ve got 4 heads, then tell you to be realistic.

Come on – what’s realistic? You decide, then find a way to make it happen, rather than finding ways to settle for something else.

I see nothing out there that adequately provides the link between the positive thinking success industry and the how to make money industry using financial planning as a foundation.

I’m sick and tired of hearing about people settling for something less than what they really want (especially younger people) just because they don’t see the immediate way there. You have to start with the basics, learn the skills and keep asking ‘HOW?’ People and books that only show you how to cut back and scrimp and sacrifice are totally missing the point. The whole basis of our society and of my profession, financial planning, is to help you realize your dreams. How about investing some time and money into finding ways to get the dream, rather than live without it??

Today someone was talking to me about how to cut back and reduce their expenses so they could live where they are, save some money and maybe look at buying a home in 3 years. They knew how much money they really wanted for their lifestyle, yet the only thoughts they had were about how to cut back and to learn to wait for what they wanted – instead of asking how else they could find the money, how else could they buy the home, how could they make their dream come true? The worst part was that this person was buying into the notion that somehow they couldn’t or shouldn’t even think about their goals, because… they had very little savings and a teeny bit of debt. They were starting to feel like they’d never make it on their own.

This is the exact same scenario that happened a few months ago when a young person wanted to talk about how they could live on $1500 per month because that is all they thought they could earn in an entry level job in their field. This same person had just been turned down for a $70,000 a year job – a far cry from $1500 per month. When we talked further she went away and got clear on what she wanted and did some exercises to identify opportunities and resources. You know what? Within a few months she had her own business and a contract worth way more than the $70,000 a year job. WOW!!

What are you doing? Settling for what you think is all you can do, or making things happen – realistically, practically, and solidly?

Enough – it’s your life – don’t waste it – don’t risk it – put it together in a way that works for you – find the money you want to do what you want, when you want it – all within the context of solid financial planning – you don’t need to risk it and you don’t need to struggle. Just start and don’t give up on your dreams – hey… Colonel Sanders was 67 when he started Kentucky Fried Chicken – it’s never too late unless you chose to stop believing in your very own worthwhile dreams and goals.

Tracy

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Miracle Money Multipliers for Stimulating Sensational Success at www.moneyminding.com

The MoneyMinding Makeover at a Glance FREE for a limited time

2006-08-22T22:42:00.000-07:00

In case you missed it, this program is FREE for a limited time. All you do is call in from a land telephone at the pre-arranged time. Classes are scheduled for the 1st, 3rd and 4th Monday of each month from 4-5pm PST (Please note that there are no sessions on holidays).

If you receive the MoneyMinding FAT Bulletin, the dial-in phone number and replay line are published there.

If not, then make sure you register to receive the FAT Bulletin and the FREE Simple Steps report, then call 712-580-6300 and when prompted enter the code 185047#

If this time isn't convenient for you, the replay is available for approximately 1 week following the class. You simply call 641-985-5000 and enter the code 185047# to listen to the recording!!

Enjoy!! Tracy

Paying Bills and Other Money Matters

2006-08-22T22:11:00.000-07:00

I meet more people who will procrastinate and avoid handling personal money matters, particularly items such as paying bills, balancing bank accounts, reviewing investment statements, organizing tax papers - any of that paperwork sort of stuff.

There is also the group of people who will avoid at all costs having to actually look at their current financial situation in black and white. The thought of having to really look at the numbers and total them up and know first hand what the actual situation is, is right up there with one of their worst fears in the world.

But, here's the thing....... I also can think of nothing more powerful than to do those very tasks. It is completely freeing, empowering and delivers an amazing sense of control and calm - even if the real picture turns out to be worse than what was anticipated.

The reason: now you know. When you can put it on paper - stare at the numbers and really really get a good look at where you stand, really get all that 'boring' money stuff handled - you can breath easier, you get it out of your mind, you get it into a place that you can make plans, move forward, address the situation, or just relax knowing you won't try to use your credit card and have it rejected because you went over your limit.

Whatever the reason for procrastinating, the best thing you can do if you feel any sort of money stress is to get out your pen and paper, your calculator, and pull out your bills, pull up your account balances, sit with your bookkeeper or accountant or investment advisor - and get the real picture - black and white - - - then start to ask some good empowering questions and get some answers, implement some positive strategies, and move forward in reaching your money goals.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Dialogue on Debt Consolidation and Using Credit to Pay Credit

2006-08-22T20:14:00.000-07:00

I was recently asked to help answer some questions about debt consolidation. The first task before deciding a strategy to reduce the debt was to gather the information using the templates in the MoneyMinding Makeover eCourse. This plan will ensure that all the details are known before deciding which solutions will work best and what resources are available to work with.

Below is some of the dialogue that went back and forth between myself and the client. My comments are in bold. The client questions and comments are in italics. Questions like these are discussed on the weekly MoneyMinding Mentorship Q and A program. If you would like to know more, or have your own questions, then please email or call to find out about this benefit as part of the new and upcoming MoneyMinding Membership.

The first page I happened to glance at and the first sentence that I read was without a structured process to eliminating debt, the thoughts and behaviours that created the debt will return and continue indefinitely. This is why a debt consolidation is perhaps the worst solution.

BINGO ah yea!!!! It seems so logical but when you have no 'money skills" you don't know what a structured process is and it seems that everywhere you turn they said consolidation is the answer. Thankyou for that statement alone - I am already feeling better cause I was beating myself up over you think I would have learned when I did the consolidation but yes it is the same thoughts and behaviours.
The consolidation was the "easy way out" I know that when I can rid myself of the stress of no money, my business will run better, because then I will "attract people" instead of coming across desperate.Which no one intends on doing but I think it comes across anyway.

Sorry for so many emails, but I'm excited to take back my power. It is going to be a long road but a worthwhile one.

Great aha!! I do alot of discussion on on debt consolidation when I speak on credit issues. Many times it's the only option available to banks, and the other strategies aren't taught in the financial curriculum. In order to really adequately determine what your best options are you need to have as much info as you can on each of the credit facilities open to you - balance, interest, minimum payment, total available, etc. And the quicker you can get a plan in place, the quicker you can get more focused on your business. You might want to try thinking of the non-financial assets and resources while you're gathering the info on your credit. It will help you see how much you're really worth and what potential opportunities are available to you.

One question I do have though that a gal in the states did. When you have the application forms that come in the mail to transfer your credit card balances to a lower interest card for 3% or whatever for a short term, if you do that does it effect your credit rating if you are switching around to different cards. Apparently she did it for a year and paid off all her credit card without having to pay any interest or at least a very low interest?

This is actually a bit of a loaded question because it can work - but it depends on the whole picture. That's why you need to have all the details before deciding on a strategy. The short answer about affecting credit score - is yes - getting new cards to pay off old ones will negatively impact your score. Everytime you apply for credit a bureau is pulled and that drops your score by a few points. Also, having alot of open credit available is not looked on favourably, and frequent applications for credit is also not a good idea and is not looked at favourably.

But, in some situations it could be helpful because, yes, the low or no interest for a period of time will make a big difference. So, that said - gather the info and I'll help you look at a strategy or strategies to make everything work in a way that's right for you. Talk to you soon - you're actually further along than you might think simply because you are open minded about seeing possibilities and asking questions. That's where it starts - cos remember - a 1% change carried out consistently is what will produce the big results long term!! Congratulations!!

Tracy

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Expect the Best - Get the Best

2006-08-18T21:28:00.000-07:00

This might seem like a basic concept but when applied to money it's quite impactful. If you are making an investment do you expect to not lose money or do you expect to make money, or are you only worried you won't lose monay?

If you enter into financial transactions with an expectation of positive results you will do things in a different way than if you are timid and unsure.

If you expect to make financial transactions that are positive, you will do different research and ask different questions - you will feel differently about your decisions - and because of that you will be much more likely to actually receive the benefits you were expecting.

Always have an optimistic expectation, then back that up with the extra care and caution that a confident decision maker would do and watch you expectations become reality.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Doing Some Money Math

2006-08-18T13:32:00.000-07:00

It is so much easier to think that the thing we want to spend only a few dollars on today will give us the pleasure we want now and not really make a difference long term.

Well, what if you actually added up some numbers and turned the combined number into something tangible? For example, a $3 indulgence every day is easy to find spare change for. However, $3 x 6 days a week is $18. Still not alot of money, but certainly it could buy a lunch out, or gift for a friend, or perhaps a book, or something fun to wear on sale. If you start looking overseas, $18 can do a lot for orphaned children, or impoverished families.

If you indulge in the spare change treat everyday for a month that's $72. Now, we're talking about a dinner out with a friend, some new shoes or clothes, and a whole lot of good for many worthwhile causes.

Over a year, that spare change indulgence is $864. Now what could you do with that money???

When you start to identify concrete things or expenditures with the larger amount of money it becomes much easier to evaluate and relate to the bigger picture. Then you are more easily making decisions that will support you where you are today as well as in the future.

What if you currently had a $4500 debt on a credit card? At 15% per year that's $675 of interest? What could you do with that money if you had it to spend, or invest or do something worthwhile with?

If your $4500 credit card debt has a minimum payment of $135 per month what would you do with that money if you weren't paying your credit card? Remeber the answer has to be concrete. It's much easier to make decisions if you're not just focused on 'getting out of debt' - boring - not relatable - too generic - you need to be specific!!!

If you pull the spare change $3 indulgence together with the $4500 credit card debt and the $135 minimum payment, you could see the financial math working for you in a great way: If you paid the minimum $135 payment you would have paid a total of $1357 on your $4500 debt. If you added your $72 to that amount, you would pay a total of $817 interest for a difference of $540. Now ask the same question? What would you do with $540??? Remember - specifically - what would you do with that money?

So how do you make this happen - remember it's all a choice - your choice. It's ok to have the $3 indulgence. Just be aware of what you're giving up and accept it as your choice. If you think you might rather have the bigger things from the money, then simply ask yourself, how can you either replace the indulgence, or how can you have the same experience without the money, or how much of the indulgence do you really want, or many other positive enlightening questions to keep you moving towards your ideal financial future.

Just please promise yourself, you won't take this information and start telling yourself that you're an idiot, that you must be undisciplined, or irresponsible. And, please don't ask why you feel you really want the indulgence. Just make the decision and enjoy it!! And if you want to read more on financial math, you can read the one called 'what really happens when rates go up?' at http://www.moneyminding.com/articles_moneyminding.htm

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

What are you Focused on?

2006-08-18T12:45:00.000-07:00

There is so much to say about this topic - in fact so much that I will be devoting a new seminar to give you some tools and thoughts on how it influences are choices which ultimately dictate our success or failure for any given event. In this case as it relates to money.

I got caught this week with having a focus that put up a wall that was preventing me from seeing the real benefit to an opportunity in front of me. The situation was the requirement for me to put out some upfront money (to make an investment) to produce a program that would generate profit well in excess of the initial investment.

Hmmm... I was focused on the cost and not the benefit. I hadn't translated the cost into investment terms and realized that the return on investment was well worth the 'cost'.

This is exactly the same situation that occurs when looking at perhaps starting a business or buying real estate. If you focus on not having the money, or not wanting to commit money you do have towards a worthwhile cause, then you are focusing on the cost and not the benefit.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Making Money and that four letter word CAN’T

2006-08-04T11:28:00.000-07:00

I have been using the same dry cleaner for over 10 years and have been driving out of my way to do so after moving from the neighborhood a few years ago. Today when I went to drop a few things off I was pleasantly surprised to find a special boldly displayed on the door. I was greeted by a rather scowl faced person, but un-deterred I cheerfully told her how happy I was to see the special and asked if I could bring the rest of my items in when I came to pick up the 2 items I had with me.

Her response is what startled me and is the reason for this note: ‘We can’t do that’. Not, ‘oh, I’m sorry, we’ve had issues in the past, and unfortunately have had to set a policy that requires the items to be brought in together’ or some other nice explanation.

My pleasant, relaxed attitude immediately changed and the hair on the back of my neck went prickly. I didn’t’ really know what to say, but managed to head towards the door and calmly tell this person that I would not be leaving my clothes for cleaning at this time - or ever again for that matter. Then, it occurred to me to ask a question: ‘Is this your business?’ To which I was told that she was the manager, not the owner. Hmmmm… I wonder if her compensation is based at all on performance? I wonder if the owner had said can’t in the same manner when they opened the business and committed their financial future on its success? I wonder if the owner would have abruptly told a long term customer 'can't' in the same manner as the employee manager?

Here’s the final point to all this: the word can’t needs to be eliminated from everyone’s vocabulary. Its ability to limit your decision making in finance, health, relationships, business, etc. is the overwhelming big key factor for success, or lack of it. From here on in make yourself a commitment to ask ‘how can I?’ instead.

And for more information on the new MoneyMinding I CAN community make sure you receive the MoneyMinding® F.A.T. Bulletin when you register at www.moneyminding.com .

Prosperously yours,
Tracy

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Watch for Double Talk from Financial Advisors

2006-07-31T23:23:00.000-07:00

Today was a busy day for insights...

I read an article written by someone who has reached a level of personal success and is now teaching others how they did it. While there is alot I can say on this topic, I will say this: The disclaimer before the article was pretty generic, not the long convoluted legal ones you see when a financial institution or licensed financial advisors publishes an article. The disclaimer advised people to refer to their personal professional advisors for recommendations.

Unfortunatley the content in the article also made reference to advisors and their personal level of financial success. The reference was that it wasn't wise to take advice from someone who did not share the same wealth you were aspiring to. It implied that professional advise was not worthy of your time if you intended to be wealthy.

However, what about shared values, goals, and the technical expertise of the person making the recommendation. You know, I would still value the professional knowledge of a physician even if they themselves had some health challenges.

This is a huge topic, and one that is extremely important. The bottom line is you must be crystal clear on your values, your goals, your intentions, your understanding, your comfort with each transaction and decision. You must have a complete strategy, exit plan, decision making criteria, and more so you can make your own decisons confident that you are in control. You don't have to become an expert, but you do have to remember that just because something was right for someone else, does not automatically make it right for you. It also doesn't mean that it wouldn't be right for you too.

For some more reading on working with advisors you can read the article called 'accepting financial advice' soon to be found at http://www.moneyminding.com/articles_moneyminding.htm

(Sorry, the one listed there today is called 'financial advisor or scam artist')

In the article today the red flag was the disclaimer, completely out of synch with the tone of the article and the disclaimers on other published works of certified, licensed, professionals. That said, it means proceed with caution, not completely abandon or ignore the information. You need the whole strategy, the supporting foundation, the exit plans, the systems in place to be able to anaylse and implement these creative ideas. Yes, not all professionals will understand or recommend more advanced strategies, but this is more a situation of values and personal comfort than technically right or wrong. Know yourself first, then make sure you understand your advisor(s), and then check out the fproduct or strategy for you own unique situation.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

The Power of Momentum

2006-07-31T22:58:00.000-07:00

Hi again,

There are so many things I'd like to share and if I don't do it immediately the momentum of the 'aha' disipates and loses it's excitement.

This weekend I had the opportunity to spend at the lake with some good friends. While the kids swam, my friend and I strategized and brainstormed about each other's businesses. While this alone can become an entire article, the part I'd like to share tonight is a couple insights I had as a result of the discussions with my friend.

First, as you get to know me you will know that what really motivates me is the message. I get frustrated hearing the same information and the same story over and over again. I need to get out there and share with as many people as will listen. There is a better way, there are other solutions and there is no need to repeat the same old patterns of stuggle, uncertainty or complacency. Economically, society needs us all to be financially successful and personally we all want to be economically successful. No one wants to stuggle. Everyone would appreciate the value of more money sooner. So.... let's get out there and make it happen for as many people as possible!!!

Now, why does this get me going? One, because I've lived it, but two, because each year I invest thousands (actually close to $10,000 if you must know) on learning and growing.

What does that mean to you? Everything. And this is the value of good friends who also share similar values and objectives: This investment is what I share with MoneyMinding clients and soon to be members. This ongoing access to a growing and increasingly more valuable resource is a huge value to you and your financial success. How? Because it's everything that motivates me and inspires me and it's my life vision.

So I thank my friend immensely for this insight which leads me to the point about the power of momentum. Sometimes it's not the huge roadblocks or big emotional events that set us off course when we set out to reach a worthwhile goal. Something as simple as a weekend away can have the affect of slowing down and derailing your objectives. If you have ever started an excrcise regime you know what I'm talking about. Or how about a diet or healthy eating program. Well, what happens when you get yourself on a great financial program, then you find yourself away for the weekend where there are all kinds of fun and unique things to spend money on. Or just some extra expenses for entertaining.

It is always much harder to take the first step, than it is to take the 2nd. By the time you get moving you are 90% there. Yet, so many people start and stop their momentum each week by turning everything off for the weekend.

What's the answer? Ahhhh - the point of this message: reading, learning cd's, seminars, church, and a supportive environment will all help to keep your momentum going. Whether we want to admit it or not, it is always much easier to stop and exercise program, eating plan, or financial strategy than it is to get started!!

Over the years I have invested tens of thousands, likely over $100,000 in developing my expertise. As MoneyMinding grows, that investment is only going to increase. My job now is to share it with you so you can benefit and share it with others.

The MoneyMinding booklist is a great resource, and the references as part of the summaries for each month of the Makeover eCourse is even more specific. Everything is strategic - and remember step one is: where you are is where you're supposed to be, so...keep the momentum going - read, and if you're not sure where to start, you can start by reading the information in the eCourse.

Prosperously yours,
Tracy

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

MoneyMinding Makeover At a Glance Program FREE for limited time

2006-07-31T22:50:00.000-07:00

This fall, we will be celebrating successes from the MoneyMinding Makeover eCourse and launching exclusive and exciting programs for Advisors and Clients. So, for a limited time, the 1.5 hour introduction to the MoneyMinding Makeover eCourse program will be FREE to introduce the new and upcoming MoneyMinding Community.

Find out how you can become a founding member today and what the growth of MoneyMinding means for you and your financial success. There is a limited number of founding member postions and incentives, so as the saying goes: 'CALL TODAY'!!! It absolutely will be worth the hour and a half investment!! GUARANTEED!!

Monday, August 14th from 7-8 pm (PST)live program in Victoria, BC
Monday, August 21st from 4-5 pm (PST)teleclass
Monday, August 28th from 4-5 pm (PST)teleclass

Register for this limited introductory program by sending an email to info@moneyminding.com or calling 250-592-0457 (option 2).

Looking forward to sharing more with you.
Warmly,
Tracy

Want more money? Put cash in your pocket.

2006-07-26T21:58:00.000-07:00

How much money do you withdraw from the bank at a time? How much money do you like to carry in your wallet? Do you use cash - or is credit card, debit card or cheques you preferred payment method?

Studies have consistently shown that when you use plastic (even if you pay off your credit cards monthly) you will spend on average of 35% more per month. The reason why is quite simple: We all have spending comfort zones, or are comfortable spending on certain items. For example, many people are comfortable spending up to $20. That means that if you see something for $19.99 you can buy it and not really think too long about the purchase. Likewise, many people are comfortable spending money on items like groceries, meaning that if they are in the grocery store they will just buy what they need and pay the price.

However, what happens when you get comfortable is you also get complacent. This means that you can spend money without being aware of how much and what you're buying. For years, I have been recommending using cash as a way to become more aware of spending habits to assist in planning and developing strategies that work. Many others have also recommended using cash and allocating categories of expenses maybe in an envelope system or something similar.

Well, I had an epiphany today when I was discussing this topic with a client who mentioned they took out $20 the other day and 'poof' it was gone. It occured to me that there was a disconnect between the amount of cash that was withdrawn from the bank and the amount of her income and expenses. However, there was likely a very key relationship between the amount of cash withdrawn and her beliefs about spending and money in general.

When you use cash, there are so many benefits; a key one being the ability to touch and feel the cash and to interact with it. A single $20 bill doesn't adequately reflect the wealth of my client. Yet, a single $20 bill that was spent on a couple small transactions could easily send a message, that there wasn't enough money, that it was 'burning a hole in her pocket', that somehow she wasn't responsible, and many other un-empowering beliefs.

If you fee like cash in burning a hole in your pocket, the answer is to withdraw more - lot's more. If you are used to taking $20 at a time, try $100. If you normally take $100, take $500, etc. If you are worried about losing it ask yourself, why? What would be the consequences of losing that amount of money? How long would it take you to earn it back?

Give yourself the gift of appreciating and interacting with your money. Feel the power of cash. Allocate your change for specific purposes, and enjoy all the abundance cash provides.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Some Money programs you'll want to invest in

2006-07-24T23:14:00.000-07:00

As most MoneyMinding subscribers know, we will be making an infomercial to help deliver the MoneyMinding message. This 28.5 minute program will begin airing late this fall or early 2007. In anticipation we have a terrific opportunity for people to participate in the MoneyMinding Makeover eCourse program prior to the launch.

I am looking to engage a core group of new MoneyMinding participants in the program and personally work with you to get radical results for you in as short a time as physically possible.

To find out more, we will be offering FREE MoneyMinding introductions by teleclass Monday's in August. Monday August 7th 4 - 5 pm Pacific time teleclass; August 14th 7 - 8 pm in Victoria live; August 21 and August 28th 4 - 5 pm Pacific time teleclass.

Registration information will be online shortly or you can call 250-592-0457 or 1-877-764-6444 or email info@moneyminding.com

If you have been considering the program, but are just not sure if it's right for you, here's what you need to know:
- i'ts 100% guaranteed (you don't get results, you get your money back)
- it's self-paced, but delivered online in regular increments to keep you on track and moving forward;
- it's not a test - it's your life;
- it's all action oriented, but not complicated - information supported with exercises and resources;
- you start anywhere you are, at anytime;
- it's different, it's simple, it's not like anything else you've seen!
- it's information and activities for your whole life!!
- you can do this - you can have your dream life!!
- it's a great program (and it's not that easy to blow your own horm sometimes, but sometimes you have to stand up and shout it out - this is an amazing program - great deal - and everyone needs to become part of the program and the MoneyMinding community.

I read an article about rising rents and know that this material needs to be available to people who are able, but just don't know how or are stuck, or afraid to make the first step. You can take the program yourself and introduce others and earn extra money in the process if you become an affiliate. Start with the FREE intro if necessary, but come with a friend. Start now - because.... Christmas will be here sooner than you realize, then we get into the new year and...believe me it's way easier to plan for it now, than in November.

Money and the Right Environment

2006-07-18T15:10:00.001-07:00

I have just returned from the ewomenNetwork International conference in Dallas Texas. There were over 2000 women business and professionals attending. At the publishing conference at the beginning of the week I had the opportunity to speak about MoneyMinding and our own personal financial journey as part of a speaker's showcase.

Here's what l learned and how it can apply to you and your financial journey:
1. The right environment can mean the difference between success and struggle.
2. Srround yourself with cheerleaders for you and your cause.
3. It's ok to talk to others about money issues - just be careful who you talk to and what you allow to influence your decisions.
4. That we need to share our trials and our successes with others for their and our benefit.
5. Get out of your comfort zone if you want to experience something different in your life. I have been speaking and training for years - but I have never sung in public before this weekend, yet it was the piece that people remembered (that, and the unusual hats I used to tell the story).
6. You have a choice in all you do to either react, or to respond the situation (travelling home, we were 1.5 hours on the tarmak in 105 degree heat, which meant we missed our connecting flight home, which meant we had to wait 5 hours in the Seattle airport only to arrive in Victoria at 12:30 am with no luggage and very little sleep - but... we made it fun, rather than grumbling about the situation like some of the other people we travelled with).
7. Whatever you do - make it fun and share your journey with others.

Finally, that I need to share more insights and ideas with MoneyMinding subscribers - so... look for more frequent updates on the blog. And, some exercises and more thoughts on these sorts of issues are covered in the MoneyMinding Makeover Program eCourse. You can find out more of course at http://www.moneyminding.com/products_moneyminding.htm

I'm heading to Florida to have the first meeting with the company that will be producing the MoneyMinding Makeover Infomercial so I'm sure there will be much more adventures and opportunities for empowering action insights.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

July Seminar / Teleclass Dates

2006-06-21T14:19:00.000-07:00

July Teleclass & Seminar Dates - July 18

The 1 hour MoneyMinding Introduction Teleclass / Seminar presentation is packed with action tips and positive ideas that guarantees to give you at least one action to use immediately. If you implement this action, it will make a profound positive impact in your financial life. This $20 program will make a difference - join us and find out how. To join in a Teleclass or Seminar, you must first register. Register online at http://www.moneyminding.com/products_moneyminding.htm

Writing What You Understand

2006-06-12T22:01:00.000-07:00

If having your communication in writing is so critical, here’s a concept that is so simple, yet has such powerful positive implications to your financial health, I’m amazed it hasn’t been promoted everywhere.

Quite simply, here’s the simple tool: before you enter into any sort of financial agreement take a blank piece of paper and write out your understanding of what it is you are buying, investing, borrowing in. Write down in point form everything you understand about your new financial product. If you can, have your financial advisor sign it too. It’s not a legal document; it’s simply an understanding as per the details in the actual contract and subject to certain conditions. You can even refer to the contract which is legal.

The benefits of this letter of understanding are enormous:
- you get clear on what and why you are making this transaction;
- your advisor will also know what more clearly what you do and do not understand about your transaction;
- if you keep this document with the actual paperwork for the product you will have it to refer back to later, or someone else who might be helping with your affairs after your death or disability or in your absence will be able to quickly and easily understand why you have the financial products you do.

Here is an example for an insurance product:

I understand that as long as I pay my premiums (which will not go up as long as I have this plan or until age 65) and adhere to the other terms in the contract, if I become disabled and can’t work, this policy will pay me $2500 per month non-taxable starting as soon as the disability occurs and for as long as it continues to a maximum of 2 years. I also understand that there are partial disability benefits where I could receive only some of this benefit if I’m able to work at some of my job or in other employment. I am buying this 2 year benefit because I feel this would be adequate time for either me or my spouse to develop other sources of income if I was unable to return to work for a longer period of time.

There might be more that your advisor would suggest putting in to your paragraph, but if you could write a short note like this it would go along way in helping ensure everyone involved was on the same page about what and why you have the product you have. This is not an onerous task. It’s not part of your legal paperwork, but it keeps your transactions clear and your communication about your understanding open. Don’t make it complicated and hope you never have to refer back to it in a negative situation, but it will provide you with a powerful decision making tool in the future and ensure your decisions are appropriate today.

Copyright© 2006 Tracy Piercy, CFP
Written Permission is required for reproduction. Thank you.

A MoneyMinding Funny Faux Pas

2006-05-22T21:41:00.000-07:00

Sometimes great lessons come from the simplest of events. The secret is in being aware of all that we can learn for our daily living.

As many people know, in our household we save ‘toonies’. These are Canadian $2 coins. The purpose of this savings is for family dinner’s out or perhaps short weekends. This is a simple, tangible, specific purpose that our entire family participates in. We originally chose the $2 coin because the $1 coin was useful in parking meters. There wasn’t a lot of technical calculating done when we set this system in place. We simply decided that when we went for a meal out we wanted it to be ‘guilt free spending’ and that it was something that we could easily save for. The process of saving our $2 coins has been ongoing now for over 5 years and we have enjoyed many evenings counting, rolling, and planning our family dinners out and on several occasions – our weekend excursions.

Recently we decided that the original ‘piggy bank’ used to save these treasured coins needed to be upgraded and we opted for a nice pottery pig which has been in the family for years. Our daughter happily counted the existing savings and made the transfer. We then continued to save our $2 coins as we always had until a few days ago when we thought we’d count our savings only to discover that out new piggy bank could get the coins in easily enough, but unfortunately the exit spout wasn’t quite big enough to get them out. Eegahds!!

We could get the money in easily enough and display our nifty piggy bank on the shelf in the living room, but we had forgotten that important step: the exit plan. Now our ‘exit’ options seemed to be: smash the bank, muck about with pliers or some other creative devise, or leave the money there indefinitely

How much this resembles real life investment decisions. We start them easily enough, talk about the great rewards, but… too easily forget the exit plan. Then if it doesn’t work as we had originally intended, we are left losing something valuable, mucking about until we do get the money out, or leaving it there indefinitely until ‘someday when…..’

In our case, someday when we really want a nice dinner out we’ll likely get come up with a creative way to get the money out the same way we put it in. And in the meantime, we’re open to suggestions.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

News on Debt Levels

2006-04-19T21:07:00.000-07:00

Today I read 2 articles for Canadian newspapers on debt and income.

Ok. Ok. I get that there is a growing concern with debt. The statistics are staggering. But... the point that seems to be missing in all this reporting about debt issues is that a financial diet won't work. Anyone who's been on a food diet knows that you can't deprive yourself for too long without bingeing.

If we're going to report on debt and poverty and income, and other financial matters - how about giving something people can chew use? And I don't mean contine to tell people to stop drinking Latte's. Everyone likes to spend money and the economy depends on it - let's figure out how to do it in a way that is supportive of life goals and priorities and will work for everyone on their terms.

Financial Diets Don't Work - because there's more to the story than cut back and deprive - there's also more to the story than make more money. There's the complete package that Oprah, of all people, should know about with all the food diet knowledge she has (she has been running a series on debt).

What is so frustrating is that it is not easy to make a change - but debt is a great clue and great motivating factor for change if you learn how to put a complete program together that is about the real person and your life goals, life purpose, desires, dreams. You need freedom, support, encouragement, opportunities, possibilities... It's the full package - structure combined with freedom, personal choice, knowledge, education, possibilities...

We have options - debt can make it seem like life is about being enslaved - but that thinking will keep you enslaved longer and deeper. It will take change. It will take work. But - it's only work if you continue to buy into the idea that it's hard, that it's about sacrifice, that the only way out is to cut back or earn more.

Options, possibilities, support, encouragement, ideas, tactics, strategies,... a complete program for personal financial independence on your terms - proven and guaranteed - hmmm - sounds to me like a MoneyMinding Program.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

A thought on different views of financial situations

2006-04-13T10:13:00.000-07:00

Recently a friend in the insurance industry was telling me about an insurance product that had decreasing premiums rather than the increasing ones we have become so familiar with in the term insurance arena. This lead to a discussion about investing and how we are always looking at making money on the upside. Yet, you can actually make more money faster in a down market. That's not to say that we should all run out and start changing our investments, it's just that we have become so accustomed to looking at things from the same box, that we miss oopportunities that are right before our eyes.

MoneyMinding®, as you know, is all about helping people see things from a different perspective: the one that fits their goals, their life priorities, the current situation, their values, and they way they want to live. I get so frustrated at the same old messages of make more money, save more money, cut back, get a better return. This vertical thinking does not allow for creative, individual solutions to very personal financial situations.

The 12 step ecourse might seem like a lot of work, or a long time to wait to get an answer – but, hey, we didn’t get to where we are today overnight – the quick fix is the 360 degree view of the current reality combined with some day to day very practical, very tangible, proven, simple activities to make today's step the one that builds on yesterday’s step, and the previous day's step – that all lead very systematically towards the quick fix we all secretly want.

If you do nothing you’ll still be doing the same things a year from now as you were last year. If you do something maybe at least you’ll know how and when a decreasing insurance premium makes sense and what to look for to take advantage of dropping investment prices.

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

Chaos in your life and the impact it has on financial success or enjoyment of life.

2006-04-13T10:09:00.000-07:00

I recently had a discussion about chaos and stress in our lives and had some great insight I thought I’d share:

In my own life I know that if I act too quickly without stopping to think through the situation or the options - or if I'm doing something because I feel like I 'should' do it - not really with a strong sense of why I'm doing it or what it will mean - If I'm not focusing on the really big rocks and the true purpose, priorities, etc.... then I often end up in a crisis.

Such an example happened the other day: I was supposed to go to a presentation on financial planning situations arising from financial statements; I'm interested and the presenter is someone who has helped me with some cases in the past - but... my focus is not in doing more technical financial planning at this time - it's on building an educational franchise system and immediately making sure I am delivering on the expectations people have from me and MoneyMinding® to help them in their life today. Financial statements are interesting and the topic is relevant – it’s just not a priority for me today.

I had another situation that has caused some ‘chaos’ over the past year as well, and in this case, I felt I 'should' use someone’s services for a job I needed done because he was a client of mine and he brought it up when we were talking one day so I said sure, even though I wasn't confident that he was the right guy for the job. The job ended up needing to be re-done and is still causing problems and costing more money and more stress.

This whole area of focus and being true to our priorities and who we are is such a big part of our financial development that often gets overlooked until we’re looking at ways to find more time or more money to do the things we are really passionate about. We have to learn to become aware of how are decisions on a day to day basis affect our bigger life experience and purpose.

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

A comment about holding on to investments that have dropped in value:

2006-04-13T09:49:00.000-07:00

"I invested with a broker I met offering financial education a few years back and am still waiting for the shares to go back up to where they were when I bought them, so I can sell them. Right now they are worth about 1/3 of what I got them at."

We’ve all done it and no one likes to lose money. But the reality we will, and by holding on we actually lose much more than just money. My comments back are these: interesting … that if there was really empowering education going on there would be a couple of things happening… mostly that the whole concept of waiting until the shares go back up is not investing; that that process is really a helpless sort of hope; that waiting until they increase in price again is the prime example of fear of loss; that if a proper exit plan had been taught at the outset of the investment the shares would already be sold; and that when they increase again is not when you want to sell them because now they are profitable. This process described is the far too common emotional reaction people have when they invest without the proper strategy and structure.

As you know MoneyMinding® teaches people how to establish an exit plan before they buy to reduce the emotional roller coaster, and also helps investors address these fears so they are in a position of confidence and control – they are not left with that sick, self-esteem lowering feeling of ‘hoping’ they won’t have to lose their investment and face up the reality of their situation.

It’s quite a mess really – totally messes with peoples confidence. It will happen – It’s just sad, that the proper structure and systems we’re taught earlier so investors can become empowered throughout the investing process, not the other way around. There are ways to address the situation now, rather than the ‘waiting for Godot’ syndrome. There is a free article on the MoneyMinding® site called ‘my investments are down, now what?’ that offers some thoughts and lots and lots on this subject in the ecourse.

And also, a couple good questions to ask are: what is the strategy for if and when the shares do go up; and what they are gaining by waiting?

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

The Value of a Minute... The MoneyMinding Movie

2006-04-11T22:20:00.000-07:00

Ever think about your ideal life? Take a minute to enjoy the message on this website. Turn up your speakers to hear the music. If you like it, share it with your friends. http://www.yourmoneyyourway.com

Learn to Ask Questions - an example

2006-03-29T14:04:00.000-08:00

I've been waiting for this call for a year or so. It's the one from a credit card company offering me insurance that will pay my minimum monthly balance if I become disabled or pay up to a certain amount of my balance if I die.

I've been waiting for it because I remember it being very expensive but I hadn't written the details down so I wasnt' able to share it.

Here'w what I was offered:
For $0.89 per $100 of average daily monthly balance the credit the insurance would pay my mininum balance if I become disabled or would pay up to $10,000 if I died. The pitch was very convincing and presented in a way that sounds like it's a great deal.

Here's what I asked:

1. For an example of the cost and benefit. I was told if I used my credit card for an average of $300 per month I would pay only $2.69 per month for this benefit.
2. The person would not comment on the amount of the monthly payment I would be required to make on the $300 balance, rather he reminded me of what would happen if I couldn't make the payment. The minimum payment on a $300 balance is about $10.
3. I asked how disabled I would have to be and how long the benefit would pay for. I was told that if I injured myself at home or at work or in an accident the benefit would be paid.
4. I asked where I could read more and I was offered a 30 day free trial so I could review all the material and after that they would just charge my credit card.
5. I said NO - NOT NOW - NOT EVER - Thank you very much.

Why? Besides the fact that in my financial planning, I have adequate personal life, disability and critical illness insurance, I can do the math and see that my monthly cost for a very small benefit would be much more than the cost of my complete personally tailored benefits that I can know exactly under what conditions the benefit would pay - before I signed up.

Lessons Learned? Ask for details. Do some calculations. Sleep on it if you have to. Know what you'd be getting, and why? And, consider what else you already have in place.

Would this type of insurance ever be a good deal? Good question? I think the only time that individual product creditor plans like this one described above might make sense are when someone is otherwise completely uninsurable, and even then, the cost of the benefits still needs to be weighed against other types of risk management.

This type of product creditor insurance is a great place to find some extra cash and perhaps even a place you could review using the templates in the MoneyMinding Method ecourse to find out if there was an opportunity to put the money towards something more concrete, beneficial, positive.

Check your statements - maybe you've got some opportunities you weren't even aware of, and... in the meantime - stop before you say yes!

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

May Seminar & Teleclass Dates

2006-03-26T21:51:00.000-08:00

The following dates are for Seminars and Teleclasses for the 1 hour presentation of the MoneyMinding Introduction. Register online at http://www.moneyminding.com/products_moneyminding.htm

Seminars (held at the MoneyMinding Taining Centre in Victoria):
Tuesday, May 9 (7 - 8 pm )
Wednesday, May 17 (8 - 9 pm)
Friday, May 19 (12 - 1 pm)

Teleclasses:
Wednesday, May 10 (8 - 9 pm)
Tuesday, May 16 (7 - 8 pm)
Wednesday, May 24 (8 - 9 pm)
Friday, May 26 (12 - 1 pm)

This $20 program is packed with action tips and positive ideas that guarantees to give you at least one action to use immediately. If you implement this action, it will make a profound positive impact in your financial life. Think one hour isn't enough time to make a difference? Find out for yourself!!

Looking forward to sharing with you!!
Tracy

The Importance of Your Financial Comfort Zone

2006-03-22T21:33:00.000-08:00

At what point do you relax about money? At what point is it not a key factor in most of your daily life? Are you more comfortable with money in the bank or with income you know is coming in? And, how much money in the bank or how much income?

Or how about these questions: Are you more comfortable spending items of a smaller value such as $20 x 5 items, or one item at $100? Do you carry cash? If so, how much do you like to have in your wallet? Do you withdraw what you need, or do you have a regular comfortable amount of money you withdraw each time?

Do you spend as much time thinking of ways to generate income as you do thinking of ways to spend it? Do you know how much you really spend each month? In total; on certain items? Does a certain amount of income register in your mind as being worthy of your time and consideration? If so, what is it? Is there a point when the income potential just doesn’t seem significant?

There are many questions you can ask on this topic but do they really matter? The answer is absolutely. Because becoming aware of your biases, values, comfort levels will help you plan for today and for the future. Perhaps you haven’t stopped to consider the impact of these issues.

I will tell you that for myself, it took me a long time before I realized having money in the bank (or somewhere invested) didn’t really mean as much as knowing there was income coming in on a regular basis. The significance of this knowledge to my life today is that I am much more relaxed about financial matters when there is regular income as opposed to larger sums less frequently. With this knowledge I can plan our income structure accordingly. If you worked in sales, and had a comfort level like this, you would be more relaxed selling more items with a smaller commission than larger items with a bigger pay cheque.

For future planning, many people want to know how much money they will have available to them when they leave work. If the person asking had a profile similar to mine (which is the most common profile, by the way), then even if they achieved their target accumulation figure, they would be extremely uncomfortable just with the cash available unless there was a guaranteed income from that money. People with this profile will also be more stressed watching the value of their savings drop as they withdrew funds for income needs.

These questions are part of exercises and a financial personality assessment in the MoneyMinding® Method ecourse that are designed to help identify your individual financial style. With this knowledge you can establish systems and strategies to work for your own unique personality.

Whether you like it or not, it’s invaluable to know these things about yourself so you can make decisions that support you where you are. When you are aware of your real needs and why these are important to you, you can make decisions and plans that will support you in a way that keeps you in control in a non-stressful, simple way. All your planning for today and for the future depends on it.

copyright 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

Mutual Fund Fee Question Part 2

2006-03-22T17:31:00.000-08:00

You will need to find someone to work with who can help you make investment decisions. If your plan is to invest on your own, then there is another whole set of issues to consider.

For now, I suggest that you write down what you would like in the form of service and fee structure so that when you go talk to advisors you get what you want. Remember this is how they earn their income so don't expect them to do the work for nothing. They have flexibility in how they charge so talk to as many people as necessary until you find someone who will help you in the way that works for what you need done.

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

Mutual Fund Fee Question

2006-03-21T14:14:00.000-08:00

This question has been asked in many different ways, many different times:
Hi, Tracy

Just wondering: when clients invest in mutual funds with you, do you charge a purchase fee, as well as a front-end and/or back-end load?

Thanks,

My answer:
Thank you for asking - 1st, let me say that I don't manage money for clients anymore. So your question can be answered in a general way if that's ok? Actuallly, I think you might find you end up with more questions than answers but hopefully they will lead to the answers you need.

Mutual funds all have a service fee or trailer fee inherent in their structure. You will hear this talked about as the MER (management expense ratio). This fee will range depending on individual fund, company, type of investment, and fee structure. This second fee structure is the sales commission - usually front end, back end, or level or no loaded. The actual names aren't as important as the issues. Part of the MER is paid to the advisor selling you the fund as a servicing fee. This fee will vary depending on the other factors. Often the advisor will receive a higher regular service fee (sometimes called a trailer fee) paid to them when they sell front end loaded funds. You can ask your advisor to explain to you how much of a trailer fee they will get on a percentage basis for the various fee structure they are recommending.

A front end fee is an additional fee that the advisor can charge you independent of the trailer which cannont be adjusted. This front end fee can be anywhere from 0 - 5 or 6%. Many advisors are offering a 0% front end because they have a longer term view of the client relationship.

A back end fee is not paid by you, the client, rather is paid to the advisor by the fund company and it is in the range of 5% upfront. The cost to the client in this arrangement is not the fees, rather it is the loss of flexibility because if you want to cash in your funds or move them to another fund company during a period of decreasing fees (often up to 6 or 7 years), then you pay a fee at that time. This fee is usually based on your original investment and you are allowed free redemptions up to a specified amount (often 10%) each year while you are in the deferred or back end sales program.

The other ways: no load, or level load, or the new classes of funds available are variations of these plans. The basic premise is either you pay nothing going in or going out, but a fee is paid on your total assets in an account, or you have a shorter time frame in the deffered type arrangement, or other plan. I have heard of advisors charging an upfront fee over and above the no-load or front end option, but I have not yet understood how or why. That doesn't mean it's bad or won't work - it's up to you to make sure you feel that what they are charging and what they are going to do for the money they earn is reasonable given your expecations and goals.

My recommendation to you, therefore, is to get it explained in detail. Then take time to consider your plans, your relationship, the other options available, and most importantly - what service you are going to receive from the advisor for the fee they will be paid. They need to be paid for their work and the responsibility they have in managing your funds, but they also need to be prepared to answer your questions about their service programs. And, finally, remember that the fee and rate of return are important considerations when making investment decisions, but.... not until everything else answers ok first.

There is also a whole series of questions, checklists, and templates on this topic in the MoneyMinding Method E-course if you need some more background.

I hope this helps.
Warmly,

Tracy

Copyright© 2006 Tracy Piercy, CFP
Written permission is required for reproduction. Thank you.

March Teleclass & Seminar Dates

2006-03-03T13:10:00.000-08:00

The news is full of reports about the top financial concern being that of 'retirement'. Looking for some new answers?? Check out these dates for the one hour MoneyMinding Overview sessions!!

Teleclass – Tuesday, March 14th 7:00 – 8:00 pm (PST)
Teleclass – Thursday, March 16th 4:00 – 5:00 pm (PST)
Seminar – Tuesday, March 21st 4:00 – 5:00 pm (PST)
Seminar – Thursday, March 23rd 7:00 – 8:00 pm (PST)

Pre-register by calling 250-592-0457 or 1-877-764-6444 or online at Tools+Training or by emailing info@moneyminding.com

How to Save for Retirement While Still Enjoying Today

2006-02-19T16:02:00.000-08:00

First, understand that you can’t save for retirement. Retirement is not something like the purchase of a new car, or holiday that has a fixed price and can be purchased at when you have the money.

In order to retire from the workforce you need to have enough financial resources that you can support yourself in the lifestyle you desire. This will require you to be financially independent – not that you have a fixed amount of money stashed away in some investment account somewhere.

Second, you must understand that you don’t have two different lives – the working life and then the retirement life. You have one life and the money you need to support your lifestyle in that one life is not something you can save for.

Yes, one thing you can and should do is to have some money invested for long term support of your lifestyle. But, the only way to do this is to start with every dollar you earn and simply designate a percentage for long term savings.

Third, long term savings can include the retiring of debts which have accumulated because you have already spent your future earnings. If you have enjoyed a lifestyle benefit from the advancement of credit today, then you are simply doing things in reverse. If you are being charged say 18% on your credit card and are paying that amount with after tax dollars, the best investment you can make is to pay that bill.

Fourth, the only way you can know how much money you need to have coming in each month so you can be financially independent is to first know how much is going out. This amount needs to be an exact amount – not a guess. That means that for a period of time you must do some research by tracking your expenses – all of them.

Fifth, when you know what money is going out, you can evaluate where to allocate funds most effectively. You can work with a professional to compare alternatives for paying off debt if necessary and to consider options for combining financial programs. Some examples, of this type of financial strategizing are reorganizing debt, combining mortgage payments with investments, investing within insurance, or leveraging exiting assets.

Whether any of these strategies makes sense for you personally, isn’t something that can be answered until you have the other items in order first. Then you will know what you need, where exactly you stand today and can explore alternatives to bridge the gap that enable you to develop long term financial independence while still enjoying your life today – because it’s all one life.
Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Want More Money? Here’s a no gimmick idea guaranteed to work – if you work it!

2006-02-13T08:46:00.000-08:00

You will often hear me recommend that you use cash for purchases whenever you can. There are many reasons for this and you can read about them in some of the free articles on www.moneyminding.com or in the MoneyMinding® Method ecourse. I encourage you to find out more, however, for today here’s the guaranteed more money results idea:

The most common argument I get to using cash is: ‘I spend it too fast’, followed closely with ‘then I wouldn’t get the points on my credit card’. The credit card issue is a separate one, and is easily answered as well, but the first issue needs to be addressed before you can benefit from the credit card points anyway.

If you want more money you need to know how much more; you need to know what you want it for; and you need to have these reasons written down. Some of these things will be fairly close to your purchasing grasp today, and some will be for luxury items you currently enjoy but really ‘should’ be using that money for other things. Some examples might be the lunches or coffee out you currently enjoy easting out, or the new digital doodad you’ve been eyeballing for months but don’t quite have the cash available to buy it.

When you use cash, you will be forced to make some decisions about you upcoming spending ahead of time, thereby creating a sort of mental budget. When you use cash for your purchases you also get change back. For most people that money goes right back into their wallet for the next purchase and the little bits left over get stashed in a jar somewhere at home waiting for that someday when you’re going roll it all up and take it to the bank.

Right now, decide with a paper and pen what sort of things you would like to have more money for. Write them down, and then for the most immediate and important ones allocate a place you can start to accumulate money for. If you want to have more money to eat in restaurants, then designate that you will put all the $5 bills you get back as change from your regular purchases. If you’d like to have money for that digital doodad, then decide right now how much you’d like to accumulate, where you’ll begin your ‘cash stash’ and which denomination of currency you’re going to allocate to the cause.

When you make your regular cash purchases take that denomination of currency and keep it separate from your regular spending money. Or, just for fun, when you get change, rather than putting it back in your wallet to spend, put it in your pocket. When you get home empty your pockets into your pre-designated savings places.

This technique works for many types of saving, spending, and giving plans and has many benefits besides being able to have the things you want from your money. You just have to do it and keep doing it – knowing that the money will come when you are being intentional and strategic in your planning.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

When do you Lock in Your Mortgage?

2006-02-01T09:11:00.000-08:00

Good Question? Yes, rising interest rates is a consideration, but so are some other things that might be even more important depending on your situation and your overall goals. Here are some things to consider from a situation that came up recently.

The goal in the example is to get the mortgage paid off within 5 years. The interest rate is only one of the technical considerations. Many people make decisions based on these technical details that are out of our control. Yes, managed, but not controlled.

The best way to stay in control and confident is to remember your primary goal and your reasons for choosing the product and terms you did in the first place. It is also important to know your exit plan - ie. when do you abandon the current program?

All this is not to say don't lock in; rather, don't make the decision based on fear of interest rates rising. In the case of mortgages, a good mortgage broker will consider your financial planning goals and present you with solutions that will meet those goals. In the example above the goals are: to be mortgage free before retiring from work, to maintain flexibility of payment while still considering new work, being confident in your decision based on different outside influences (i.e. interest rate).
Your broker will also present you with the pros and cons of switching in the context of your financial goals and current financial situation. There are costs, time, etc. that all come into the picture.
Before a meeting with your financial advisor or mortgage broker, it is helpful to know what your top monthly mortgage payment could be; what your time frame for payout is (in months) and other considerations and factors that could affect your payment plans. Some examples here could be different work, and therefore different income where you might be able to make higher or not as high payments, or possible lump sums of money that could be applied to the mortgage, or even the need for extra cash in the case of an emergency or terrific opportunity.

There is a lot to consider. This is why the expertise of a financial planning professional is so valuable, because getting focused too much on the rate of return before everything else will not help you stay in control or make decisions that are supportive of the bigger picture. This is the same approach you need to take with your investments: consider the bigger picture, goals, current needs, etc. first, then work your way toward considering the interest rate.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Help Answer Your Money Questions By Considering Different Perspectives

2006-01-21T13:31:00.000-08:00

While working on the financial personality assessment for the MoneyMinding Method E-course, I was reminded of the influence our perspective has on our financial decisions. If you are focused on the fear that you might fail, or might lose everything, then your decisions to, or not to do something will reflect that fear. While it is not always prudent to simply ignore the fear, it is important to recognize it and to step back and see it from a variety of perspectives.

For example, if you are considering making a career move, say to start a business, or to work on your own, rather than in a job where you aren't happy, but are worried that you might fail, you might lose your house, your savings, or whatever, you will more likely be more comfortable staying in the exisiting role because at least it's familiar. However, here's an exercise that you might find helpful to see the situation from a different perspective.

I do not recommend this strategy, except to use the information to ask yourself some empowering questions: First, how much every month do you need to live the lifestyle you are living today? When you know this, round the number upwards or add at least 10 - 15% to it to come up with a figure you could live with. Call this figure A.

Second, add up how much equity you have in any real estate or business, the value of all your investments and savings, and all the available credit on credit cards, lines of credit, etc. This is figure B.

Now simply divide the total of figureB by figure A and that is the number of months you could live without any income at all coming in. With that information, as yourself, whether it's possible that during that period of time you would have absolutely no money earned, and whether you would really find yourself in such dire straights that using up all your equity, all your savings and all your credit could ever happen?

Your answer will help you determine whether a move at this time is a good idea or not. This information will also help you to find solutions that can help you plan potential future moves.

Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.

Thoughts on Universal Success Principales

2006-01-12T23:14:00.000-08:00

Hi everyone. I often get ideas that I'd like to share that end up in a notebook or file somewhere for publication 'someday'. Unfortunately, last time I looked 'someday' wasn't on the calendar. Hopefully, this blog will mean that more thoughts end up being shared than end up in a drawer or electronic file somewhere.

Today, I was introduced to a new understanding of what 'universal success principles' really means. My family and I are hosting some visiting children who are touring Canada for 8 months with the Watoto Children's Choir from Uganda. Along with them is a wonderful adult supervisor. In our home, our guest room is also the library and when we got talking, I quickly discovered that the adult visitor was a reader of personal development books like myself. In fact, her own personal library includes some of my favourites.

Apparently, the same concepts that we can read about to help us become all we can be; to live lives full of whatever it is we can dream; to be free of any kind of financial limitation; to reach our personal and unique goals; are also applicable and interesting overseas in a country stricken with aids, war and poverty.

All we need to do is read them and begin to implement some of the concepts they teach. What are you reading? Success principles are indeed universal, and so are financial planning strategies. The specific tactics will change from person to person and from area to area, but that is why there are specialists to help with the specifics.

If you really want to move forward in a positive way financially, this is what MoneyMinding does: Integrate the universal success principles with financial planning strategies so you can find and implement the strategies.

It's more than the money. It's more than saving, investing and reducing expenses. It's about making financial decisions that are based on your own life values, priorities and goals. And these are universal principles all around the world.

New site, new successes, new seminar dates

2006-01-06T20:21:00.000-08:00

The new site is up - we're really excited about the new look, logo and tagline: "results beyond the box".

I've just emailed my newsletter list an email - "Where are you going to go this year" - which includes success stories I've heard recently when people began thinking "beyond the box" and got a clear understanding of their true desires and the reasons for them -- things very necessary to make good financial decisions and achieve goals. Things MoneyMindingTM can help with.

If you'd like to get on my list, click subscribe on my website.

New dates announced for the free 90 minute MoneyMinding Method seminar -- both live in Victoria or via teleclass -- see www.moneyminding.com/products_moneyminding.htm. You can register by phone or online.

News - new website

2005-11-02T15:06:00.000-08:00

We're doing a new website - should be done for January 1 - in the meantime, sign up for some great e-courses and teleclasses at http://www.moneyminding.com/products_moneyminding.htm