Moore Money Strategies https://mooremoneystrategies.com Achieve Your Most Important Financial Goals Thu, 21 Feb 2019 17:09:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.3 Colored Sticky Note Magic https://mooremoneystrategies.com/colored-sticky-note-magic/ https://mooremoneystrategies.com/colored-sticky-note-magic/#respond Mon, 27 Aug 2018 12:32:49 +0000 http://mooremoneystrategies.com/?p=205135 I know something is coming in the mail today, a bright new Apple MacBook Pro. I’m excited. I bought my last new computer back in 2012 so it’s time.I’ve been planning for it to arrive for the last few days. After I got the UPS notice that the delivery window would be between 3:15 and 7:15 pm, I cleared my schedule...

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A Simple Way to Discover Your Financial Priorities

Vaughan Moore

Reading Time: 1 minute

 

I know something is coming in the mail today, a bright new Apple MacBook Pro. I’m excited. I bought my last new computer back in 2012 so it’s time.

I’ve been planning for it to arrive for the last few days. After I got the UPS notice that the delivery window would be between 3:15 and 7:15 pm, I cleared my schedule so that I would have small, unimportant tasks to do during that time. As soon as the doorbell rings, my new MacBook will have my full attention.

I know it’s silly. It’s just a computer. But I’m somewhat of an Apple geek and I’ve never had anything this powerful (2.3 GHz quad-core 8th generation i5 chip) in my hands. I’ve been thinking about a new one all summer. And every time my current MacBook Air bogs down when I start up a Web conference or try to edit a video file I dream of the time when things will be different. Today is that day!

What Gets You Dreaming?

For some it’s computers and for others it’s cars. For some it’s travel and for others it’s clothing.

What gets you dreaming? Write it down. Get a pack of colored sticky note pads out and write down your life goals and goodies and line them up in a timeline. As you add new ones, move the old ones around.

Be realistic, but do it. Write it down and put it in a place where you can see it. Think about it for a few days. Come back to it often.

Talk about it with your spouse or partner. Get them to do the same. Share and compare. It will be fun.

Goals Not Funds

Focus on goals like “buy new car”, “graduate”, “European vacation” or “stop working full-time” rather than “car fund”, “college fund”, “vacation fund” or “retirement fund”. We’ll get to funding them later. Just focus on the end result.

No Judgement

Your goals and goodies are yours, not someone else’s. There’s no judgement. Everyone has different priorities at different times of their lives. Some people will focus on short-term goals and others will focus on longer term ones.

There may be a temptation for you to judge your goal as irresponsible. Don’t do it. Your goals are only irresponsible if they hurt someone. Are you providing food, clothing, and shelter for your family?  Are you providing an education for your kids? Are you obeying the law? If these are yes, don’t sweat what other people might think of your goals.

Compromise

But if you’re married or sharing your life with someone, you’re going to have to compromise. Compromise is the art of finding what is acceptable to both of you, not using every tool necessary to get the other person cave to your wishes. Arguments over money are the number one cause for divorce, so use this time to strengthen your relationship rather than divide it.

Consequences

Your timeline has consequences. Front loading your goals makes hitting longer term ones harder.  Living for today is OK if you’re willing to take the consequences of not being able to live the way you want in the future.

The reverse is true as well. If you’re always planning for tomorrow you may “kick the bucket” tomorrow and never see the fruit of your labor.

Be discerning and write down a few consequences on a different colored sticky and arrange them into the list accordingly. Don’t get discouraged and remove any of the goals. But you might need to make some adjustments based on your new knowledge.

Time Shift

Everyone has different financial goals that sit somewhere along this timeline. The priority of your goals can move up or down depending upon your life’s circumstances.

My MacBook goal developed in the last few years and I bought it when my business needs outstriped my old MacBook’s capabilities. I could afford it, but I waited to buy it because there were other things that were more important at the time. But, if my current computer had died 3 months ago, the priority of this goal would have shifted very quickly

Look at your timeline and make some conclusions about your future. Are most of your goals short-, medium-, or long-term goals? Are they mostly anchored in time or are they more fluid. Write these conclusions down on different colored stickies and arrange them above your timeline. Again, there’s no judgement here. You are considering the consequences. But if you need to move some of the stickies around based on this new knowledge, do that now.

Funding

Most likely, most of your goals and goodies are not funded yet.  Let’s face it, if they were they wouldn’t be goals anymore.

And funding them is a delicate balancing act. It’s really where the importance of each goal comes into sharp focus. At the end of the month, there just might not be enough money to go around.

And how do you know how much you have to allocate to your future goals.  Well, that’s a discussion for another time, but it all revolves around what I call a freedom tool.  And that’s a budget.

Back to the Timeline

Now that you’ve allocated some money, it’s even more clear what your priorities are. Sometimes timelines are deceptive in that it appears shorter term goals are more important.  But that’s not always the case.

Take another look at your sticky note timeline and group them in low, medium, and high priority based on funding.  Don’t move them, just give them a number or even rewrite them on different colored stickies. And write the amount you’re allocating to them on a regular basis. This will give you a very clear visual representation of your goals on several different levels.

You Can’t Always Get What You Want

The Rolling Stones have it right.  We can’t always get what we want, but we can get what we need.  This exercise will help you separate your future needs from your wants and help you prioritize them so as life changes you can change with it.

Question

What are 5 future goals or goodies you can start your timeline with?

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Guilty, Guilty, Guilty https://mooremoneystrategies.com/why-we-often-feel-guilty-about-how-we-spend-our-money/ https://mooremoneystrategies.com/why-we-often-feel-guilty-about-how-we-spend-our-money/#respond Fri, 10 Aug 2018 16:23:33 +0000 http://mooremoneystrategies.com/?p=205067 Buyers remorse is a powerful emotion. We’ve all had it before. “Why did I buy that? I know I don’t need it, but I wanted it. I shouldn’t have…”

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Why We Often Feel Guilty About How We Spend Our Money

Vaughan Moore

Reading Time: 1 minute

Buyers remorse is a powerful emotion. We’ve all had it before. “Why did I buy that? I know I don’t need it, but I wanted it. I shouldn’t have…”

And, have you noticed that it comes in big and small sizes? I can feel buyers remorse over the purchase of a computer, a car or a house. But I can also feel it when I splurge on a 2nd gallon of ice cream, a shirt I bought on impulse, or the lunch I bought instead of packing a sandwich.

Why is that?

Guilty, Guilty, Guilty

Something deep inside our brains tells us we are guilty when we make large or unplanned purchases. Guilt is a powerful emotion and marketing companies use all kinds of emotions to get us to buy.

Guilt, shame, entitlement, beauty, fame, power are all weapons that are used against us. And we succumb to them often.

But, we have weapons of our own to defend ourselves.

A Strong Defense

Interestingly, I don’t feel guilty buying a shirt when I know I need one and have the money set aside. In fact, I feel empowered to buy it. When I give myself permission to spend, I’m satisfied.

That’s not something marketing companies want.  They want us to feel dissatisfied.

When I’m dissatisfied with my wardrobe or my technology or my transportation, I’m susceptible to being influenced by outside forces. That’s why I practice gratitude and follow up with budgeting.

Gratitude Is The Key

It’s what prevents me from looking at my “old” phone and not wanting a new one. It’s what reminds me of all I have rather than what I don’t.  It keeps me grounded.

Budgeting is The Tool

It helps me keep my priorities straight. It reminds me I have limited resources and to buy what is important to me not what’s important to others. And it gives me permission to spend without guilt.

Try This Today

  1. Think of something you need or want. Maybe it’s a new pair of shoes, maybe it’s a night out with someone special, or maybe it’s just this week’s groceries.
  2. Now be thankful. Be thankful for what you have. Maybe it’s good health, maybe it’s great friendships, maybe it’s a basic roof over your head.
  3. Now, evaluate what you need or want with what you have. Do you have enough?
  4. If you do, be thankful all the more!
  5. If you don’t, give yourself permission to buy it.
  6. If you don’t have a formal budget, decide what you’re going to give up to get it. Life is about trade offs.  Contrary to marketing slogans, we can’t have it all.  We know this in our hearts, we just need to live it.
  7. But if you do have a formal budget, see where you are in that category.  Maybe you have the money there already. If you do, that’s freedom!

Happiness & Freedom

Gratitude and budgeting bring happiness and freedom. Truly grateful people are happy regardless of circumstances. And freedom to spend comes from knowing you have the money to spend it.

Try it today!

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The Secret of Incremental Savings https://mooremoneystrategies.com/the-secret-of-incremental-savings/ https://mooremoneystrategies.com/the-secret-of-incremental-savings/#respond Fri, 03 Aug 2018 22:22:16 +0000 http://mooremoneystrategies.com/?p=205012 There are tons of places to start when you get serious about getting out of debt.  If you are a big picture person, one of the best places to start is to imagine what life would be like if you had the money for the things you need and want before you purchase them.

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Vaughan Moore

Reading Time: 1 minute

 

There are tons of places to start when you get serious about getting out of debt.  

If you are a big picture person, one of the best places to start is to imagine what life would be like if you had the money for the things you need and want before you purchase them.

Let’s be honest, your Starbucks latte habit isn’t what got you in trouble.  And cutting latte’s isn’t really going to get you out of your $20,000 credit card problem.

I don’t know about you, but it’s the constant unexpected expenses that frustrate me.

… New tires for the car

… Christmas presents in December

… Annual life insurance premium

Hmmm, notice how those expenses really aren’t unexpected…

  • If you own a car, you know you’ll need to replace the tires.  But when…
  • If you’re alive in December, you know you’re going to buy Christmas presents, it’s just a matter of how many…
  • If you have dependants, it’s good to have insurance, but there are so many other pressing needs this month…

These really aren’t unexpected, but they’re expenses that most people can’t pay for with “this month’s” paycheck.  

According to the National Retail Federation, the average American spends $967.13 at Christmas time. If you can’t write a $1,000 check for presents at Christmas, where is it going to come from?  Credit cards, of course…

The key is putting $80.59 away for Christmas presents starting in January, and then in February and March too.  You get the point. Then the money will be there in December when you need it.

Your imagination turned to reality!

But, what if you can’t afford to put $80 away in January?  What if there just isn’t any money left over at the end of the month?

This is where the rubber hits the road and where people give up in budgeting.  If there’s no money left over for Christmas presents in January, and you know you’re going to buy presents in December, what’s the point in budgeting at all!

Stay tuned for the answer…

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You Are Not Alone https://mooremoneystrategies.com/you-are-not-alone/ https://mooremoneystrategies.com/you-are-not-alone/#respond Fri, 20 Jul 2018 05:49:27 +0000 http://mooremoneystrategies.com/?p=204992 Being in debt can be a lonely journey. Yes, it’s a journey.  It’s a long hard journey that millions face alone.  Imagine that, millions of people are alone in their debt.

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Vaughan Moore

Reading Time: 1 minute

 

Being in debt can be a lonely journey.

 

Yes, it’s a journey.  It’s a long hard journey that millions face alone.  Imagine that, millions of people are alone in their debt.

They are ashamed of where they are.  They have no real idea how they got there.  And they have no real idea of how to get out.

But then they click on that link and get a guilty rush of adrenaline when they click the “Buy Now” button for something they’ve been wanting for a while.  Yet they know they don’t really need it. But they bought it anyway.

Why, why, why…

It started out innocent enough. They only had $1,000 credit limit so paying off that in a few months shouldn’t be a problem.  They promised themselves they would divide their balance by 3 and it would be gone without a problem.

But then they got an offer to increase the credit line because they were such a great customer…

Incredibly $1,000 turned into $10,000 in short order.

And what about their spouse?  One day both of them realized they had $20,000 in debt together.

Yes, being is debt is lonely.  Who wants to admit to their friends and family they have been irresponsible with their money?  Most suffer in silence. But, they also argue incessantly about it with their spouse or partner.

Is this person you?  Are you in debt to your eyeballs and don’t know how to get out?  Are you worried about what your debt will do to your future?

The first step is knowing you’re not alone.  A recent Comet survey found that 80% of Americans do not pay their debt in full on a monthly basis.  It doesn’t matter if you’re a millennial, a gen x’er or a baby boomer, the generations were within a few points of each other.

So, you have plenty of company.  You are not alone. You are part of the majority.

Now, what to do about it.

Stay tuned…

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