Money Really Matters

Dear friends,

This holiday season I wish each and every one of you the gift of independence.

May you be independent of your line of credit, your overdraft and your credit cards. May your relationship with your family and friends be unspoiled by debt. May you show yourself the respect you deserve by spending within your limit. And may you put a little something extra in your savings account for safekeeping.

You are the only person that can give you your financial independence. People and institutions can give you advice, they can even give you money, but they can't give you the sense of accomplishment you get when you are able to live the life you want with the money you have.

I wish that for you and yours.

email: sheila@moneyreallymatters.ca

P.S. The holidays are full of commercial pressures. Send friends a wish for financial independence and give them a tool to help them achieve it. Forward this newsletter to a friend.

What Does Financial Independence Really Mean?

We often hear the terms "financial freedom" and "financially independent" related to retirement. But who in their right mind would wait until they're 55 or 65 to be free? Financial independence isn't something you get when you retire and it isn't a synonym for "rich".

Independence: freedom from the control, influence, support, aid, or the like, of others.

Financial independence means you have the money to do the things that are important to you and you are free to decide what you do with your money.

Quick test - You are on your way to achieving financial independence if:

ü       You live within your means - not out of your line of credit.

ü       You read your investment statement - you don't keep asking your spouse how much money you have.

ü       You are teaching your children to make good decisions - so they aren't dependents for life!

Take the Full Financial Independence Quiz online.

When you are dependent on someone else, be it a bank, a parent, or a spouse, ask yourself, who has the power? How are your subsequent life choices impacted by their decisions and their power? And what would it take for you to take control?

Living independently means getting the education and motivation you need to stay out of situations where you have no choice but to give your power to someone else. And when it comes to your finances, you have a lot of choices. Remember, overdraft is for emergencies, not a new couch. When your bank account gets to zero, you have the power to choose to stop spending!

"In the truest sense, freedom cannot be bestowed; it must be achieved." ~Franklin D. Roosevelt

Here's one last thought. Achieving financial independence doesn't mean we don't need help from people. It just means we don't need their money.

We all need help from time to time. It is so important to live life in a way that ensures you have resources available. Resources are reliable friends, caring family members, a well-stocked pantry, a safe home and your own money in an emergency fund.

And remember, when a friend or family member needs financial assistance there are ways that you can help without treading on their independence. Recommend a book that they can get out of the library, offer to go with them to a workshop like the ones offered through the Women's Financial Learning Centre, or refer them to a professional who can help them gain the power to become financially independent.

If you or someone you care about wants help to achieve financial independence contact a money coach.

I hope you all invest wisely in your personal resources this holiday season and that you see healthy returns.

Gain Independence from Banks and Creditors

My problem lies in reconciling my gross habits with my net income. ~Errol Flynn

It's really easy to get caught up in our material world, especially when the stores and banks are practically throwing money at us in the form of credit cards, 0% loans, home equity lines of credit, and visa cheques.

Be very clear, creditors are complete strangers who decide whether or not to give you credit based on your credit application form, your credit rating and some actuarial formulas.

Yes they will run a credit check on you, but they don't know who you are, what's important to you or what the consequences will be on your life if you make use of their money.

When deciding whether or not to depend on the kindness of strangers (use credit), take a moment to ask yourself three questions:

1)       If I can't afford it today, what guarantee do I have that I will be able to afford it tomorrow?

2)       Is the purchase going to be so significant to my life that it is worth giving up all the other things that I could do with my money?

3)       Am I depending on a bank or creditor for short-term satisfaction that will have a long-term effect on my credit and my financial freedom?

Only you know your own personal financial situation and only you know if it is in your best interest to take out a car loan for a new car or use the money you have to buy a second-hand gem.

Yes we would like to have it all, and the marketing departments of banks, retailers and creditors work very hard to make us think we can have it. The reality is, if we fall for their pitch, we will end up with everything but our freedom and our money.

Coming in the next issue:
Financial Independence for Parents and Children

Contact Sheila

Save the last Monday of the month for Money! Money Coach Sheila Walkington hosts this informal series to talk about how money works, how to manage it and how to gain control of it. Email Sheila some questions in advance or just turn up and take part.

Next Session:
Financial Independence

Bojangles Café -Yaletown
1097 Marinaside Drive
(Just off Pacific)
Monday Jan 29th, 2007
from 6-7pm

We are really happy that we decided to "invest" in you and the service you offer, Sheila. Now we are really taking hold of our financial future! - Letty

Thanks again for all your support and insight! I believe your sessions were money well spent! Everything has been excellent. Very professional and life changing! I feel more in control and I know realistically what I can do to stay in control. I've learned simple tools that I can actually apply to my finances that work! ~Salima

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Stay on Budget this Holiday
Read about Sheila's Holiday Gift Ideas in the Vancouver Province

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In this workshop, you will:

Learn how to take charge of your money in a way that is integrated with your values, goals, relationships and life direction.
Develop skills to design, implement and maintain your own spending/savings plan, investment program, and retirement & estate plan.

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