The Law Of Survival: Adaptability

Change is hard.  Change is inevitable and in modern economies change is constant.  Sometimes change happens quickly - blink and your life changes.  As with nature, so it is with humans, on broader societal level like after the "9/11"  terror attack on the United States or recent hurricane that decimated many of the islands that make up The Bahamas. In the case of the terror attacks life as we knew it changed forever - for everybody on the planet.  On a personal basis life could be just humming along and wham, out of nowhere something happens - sudden illness, death of a loved one, a breakdown in a significant relationship, and everything changes.  As the saying goes, life must go on, so we recalibrate and carry on.

No doubt that people who are more adaptable recover faster and do better over all.  No where is there  more evident of this than in the modern day workforce.  Take for instance a lady I know who worked part-time as a cashier at a popular discount grocery chain.  She had resigned herself to a very ordinary life as a low wage income earner, then her employer shut down.  She then saw an opportunity to change her life - in mid-life! She went back to school, retooled herself to work in a sector of the economy that was growing in demand and from then on life took off.  She worked two jobs, became a homeowner, made it into the "middle class" and the *"20% club". She retired with a company pension and personal retirement savings.

One of my favourite life changing stories is of another lady who was made redundant in the hospital cutbacks of the Mike Harris era in Ontario. This lady, a wonderful Christian woman, was divorced and raised her four children in one of the troubled subsidized housing complexes in Toronto. The layoff was a gift! Although not far from retirement, she took her severance pay and purchased a lovely two-family home in the suburbs. She continued to work in the same position in the health care sector and worked well past the normal retirement age. She  also graduated to the middle class, and into the *"20% club". Now retired for many years, income from the rental suite in her home, on top of her employer and government pensions, affords her a comfortable retirement and she will have a legacy to leave for her children and grandchildren.

Contrast these two stories of resilience with others in similar situations who took their lay-off as an opportunity to "take it easy", then found it too difficult to get back in the workforce and life goes downhill from there. I know many of those stories as well.  Because of this, I would say adaptability is the key to survival, financially, socially and psychologically. 

Over the last four decades my industry - the financial services industry - has gone through major  transformation as well.  With the so called four  pillars - insurance - investments - banking and real estate coming down, how financial services are delivered and by whom has gone through major evolution.  A new round of evolution started around ten years ago and the changes are picking up speed. With the average age of advisors in Canada being over 55 years old, many advisors unable or unwilling to adapt have left the industry or opted for early retirement.  Others see opportunities for personal and professional growth.  I am one of those who see opportunities to grow and redefine myself so that I can continue to add value to the people I serve.

I am excited for the future!

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

T. (905) 276-9456, Ext 4414

E. beverley.allen@dfsin.ca

* The "20% club" I refer to is the statistics on net worth of Canadians - 80% have investable assets under $50,000.

Money Moxie - Practicing Consistency

"If you are persistent, you get it.  If you are consistent, you'll keep it.  Consistency is key." Serita Jakes 

Consistency is the secret sauce to sustained success.  If you observe the people who stay on top of their game - industry, profession, career - they share one think in common, and that is consistency.

I joined a mastermind group back in December to study the book Think and Grow Rich by Napoleon Hill.  I first read the book back in May of 1988 and it has been sitting on the shelf ever since.  I was home with a cast on a broken leg and grieving the loss of my beloved mother, it was Winter, and it sucked to be laid up big time.  I saw the promotional information  for the mastermind and thought, let me pull this book out and read it again, which I did.  After finishing my second read I could not help asking my self, "why was I not reading this book every six months?"  I decided to join up the TAGR mastermind group anyway, just so I could get a "deeper dive" into the text and get the benefit of the group wisdom.  The first assignment in the study was to read the chapter on persistence every day for fourteen days consecutively.  If we missed a day, we would have to start over from day one again! For quite a few years I have been attempting to become more consistent in my daily routines as I realized that great skill and knowledge and persistence but not consistently applied will cause one to come up short more often than not.  But  it was this assignment that brought out the reality of this awareness!  To get this assignment done I had to create a routine for reading and follow it consistently.  Is this easy? No it is not!  Especially with many tasks and interactions to cause distraction.  But a decision has to be made, if this is important to you, once you make the decision you definitely will do it.

To be successful at anything, a high level of consistency must be maintained. I can tell you those who develop routines and follow them consistently are less frustrated and more successful. They are more productive, they accomplish more for sure.  I was a young administrator working in a branch office of a life insurance company when I had a chat with one of the older and very successful agents.  He told me about his daily routine.  He said he got up the same time every day, read, have the same thing for breakfast and go to the barber for a shave before coming to the office.  He had lunch the same time every day!  That impressed upon my mind and I never forgot that conversation.  There were times when I criticized folks who I thought were not flexible enough because of their strict adherance to established routines but I later evolved on the matter as I realized that it worked for them.  My personality is of such that too much routine would make me feel like I'm in a straight jacket, but I never the less need to set up strict routines in the areas that matter the most to me or I'm likely to sabotage myself.  Many creative people hate routines but they are very necessary in some areas of life.

"Riches do not respond to wishes.  They respond only to definite plans, backed by definite desire, through constant persistence."  Napoleon Hill - Think And Grow Rich

When it comes to your major life goals, your money goals, being consistent is a must.  Consistently making, updating and following a budget means you will stay on track with spending and saving.  Having a plan in place to save and invest will keep you moving in the direction of your dreams.  The majority of people I have met with significant assets did not inherit them nor did they win the lottery! What they did do though is have some form of "forced" savings and investing, whether it is through their work in Group Retirement and Thrift Plans or individual plans they set up themselves through an advisor.  If you are going to wait until you have a big chunk of money before you start investing, it is a slim chance you will, because when that big chunk comes, if it comes at all, something will be waiting for it!

Once you have created a plan for your money goals and implemented programs toward their attainment, it is imperative to review them on a consistent basis.  Make adjustments as necessary.
For instance, if you start earning more money, you can increase your weekly or monthly savings and investment allotments, if you have a temporary setback you can lower them and reset them later.  Without regular review though, it is easy to lose track of the original goals and just let your plan drift.

Aspire to be consistent in all that you do so that it becomes part of your character.

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie #MoneyMindset #RetirementReadiness #practicingconsistency

Money Moxie - Money Mindset

Mindset is the single most important determinant of success or failure on the road to wealth accumulation and the creation of generational wealth.  What exactly is mindset?  Dictionary.com defines mindset as "a fixed mental attitude or disposition that predetermines a person's responses to and interpretation of situations".  This is pretty clear and accurate definition as it relates to all things money.  Mindset is "hard wired" way of thinking based of beliefs and experiences accumulated through family upbringing, life experiences, religious and spiritual beliefs plus our own fears, desires and expectations based on how we interpret the world around us.  Much of the hard wiring is on an unconscious level so we are not even aware of how these unconscious beliefs affects our decisions.

I have encountered some distinct patterns and mindsets during the course of my career in the financial services business and as a keen student in the school of life.  Take life insurance for instance; I have had highly intelligent and educated prospective clients say that they do not believe in life insurance and yet they understood life insurance as what it is - a tool where by you make arrangement for a sum of money you have not yet accumulated (and in many cases may not accumulate over a lifetime) to be paid out to the beneficiary or beneficiaries upon the death of the insured person.  Clearly any responsible person who does not have a trust fund set up for them, no longer lives in a village where family members take care of each other, who has created financial obligations (a family, debt) should have at least sufficient life insurance to take care of their funeral expenses and other financial obligations.  It would not take long in a casual chat about life insurance before the story where someone in the family - a parent, or grandparent "got taken to the cleaners" or lost money through an insurance company or an insurance agent, usually many many years ago before the insurance industry became the highly regulated and before systems now common place were even invented.  Ditto for investing in the stock markets.  A bad experience in the family repeated often creates a mindset that says only the bank is safe, or only the very rich can afford to invest in the stock markets.  The sad thing is that the negative experience sometimes has no resemblance whatsoever to the current reality and yet is is used as a block or hindrance to making beneficial decisions today.  In 1997 I ran into an old school mate who was living in New York.  I had not seen him for over twenty years.  Getting reacquainted we had many conversations about different aspects of life.  In one such discussion he told me that he would never buy a house in New York.  I was puzzled by this statement as he had a family and they were living a a rented house but his wife wanted them to have their own home and this became a bone of contention in their marriage.  After sharing my philosophy on home ownership and how it could be worthwhile for them if thy got a multi-family property I could see light bulbs popping.  Did not hear from my friend for about six months after that.  One morning my phone rang and upon answering I heard his voice, he sound very upbeat, even excited.  After exchanging pleasantries he went on to tell me that he and his wife had purchased a home and how happy that had made her.  The property was a triplex so the family occupied one unit while the other two were rented out.  From what I know, they still own the home.  Given they way real New York estate has gone in the last twenty years it worked out very well for them.  Mindsets can change, especially if it is a position taken without proper information and or out of fear.

Driving around you sometimes see bumper stickers that read "I AM SPENDING MY CHILDREN'S INHERITANCE".  This is good for a few kicks and giggle, but a mindset like this will stop some people from planning for when they will no longer be around.  If they have assets it is  lawyers, accountants and the government who become their most significant beneficiaries.  Quite often this mindset is an excuse to explain away an embarrassing financial reality or poor spending habits.

Some stances on money are not hard wired but are born out of bitterness and disappointments from children and other family members.  People do feel let down after making tremendous sacrifice  and the hurt and disappointment and feelings of being let down cause them to make decisions that are detrimental to their own future as well as that of future generations.  Take for example this lady I will call Velma (not her real name), she was so hurt by the behaviour of one of her daughters that her share as a beneficiary on the life insurance was kept at a very small percentage until finally the relationship was repaired.  Velma was so happy about being able to see her grandchildren from this daughter she went and had her will redone and changed her beneficiary designations to leave a more equitable share of her estate for this daughter.    I call these types of situation "soft wiring" or situational mindset.

Releasing Negative Mindsets & Money Blockers

"You cannot change your destination overnight but you can change your direction." Jim Rohn

Thought patterns more deeply ingrained because of generational baggage and trauma are more challenging to shift or overcome but it is certainly possible.  "I want to be more successful with my money and at life, where do I start?"  First comes awareness, by reading this you are connecting with the writing and becoming conscious of the need to look at what needs to change.  You most definitely will be getting little ah ha moments.  Keep going, the more you pay attention, the more frequently they come.  The good thing is once you see, you cannot "unsee", and if you build a strong desire the information and opportunities you need will find their way to you.  I strongly suggest you get a personal coach, and depending on your family history and life experience you may be wise to also seek professional counselling.  Trying to move forward without dealing with your "blockers" would be like trying to swim against the current during a storm.

I could not write about money mindset without talking about the influence of our religious beliefs on how we view and deal with money.  Because I am a Christian I know the damages that "wrong believing" taught and practiced  in many church denominations can do.  I experienced this first hand, and I see it with other practicing Christians in my business and hear about it through other personal encounters.  I was a young Christian mother, around thirty two years old, going through a difficult time in life.  I have always been a believer, raised in a Christian home, but my mother was a pragmatic Christian.  She was not one of those women who saw church attendance as being more important that caring for her young children.  I was baptized in the Apostolic faith, which was new to me,  and found some of their practises much too rigid and impractical in a changing world but I wanted to be a good church member so I followed along.  Some of the older members were exceptionally hard on the young women, even those with young children.  I remember once arriving at church and being accosted and chastised by an Evangelist that I was "running down money" because I was absent from the mid-week services.  I never discussed my personal business with this lady, she know nothing about me.  I was going through so much at the time, having two young children and a husband who was not cooperating or pulling his share of the family responsibilities.  That experience left me so hurt me that it took me a while to get over it, but I never forget it.  Not long after that I moved from the city to the suburbs and never returned to that church, having been back only once for a funeral.  Yes, even the church that should be a place of refuge sometimes pile on more hurt and damage than the outside world.

Small changes add up and pay huge dividends.  For me leaving the city for a nice suburban town in a lovely family oriented neighbourhood was the first of many significant moves that I made on my journey through the the second phase of my life.  Act II, as I call it,  was all about raising my children to be successful adults, surving and thriving in self-employment and coming out at the other end sane and healthy.  By making intentional changes to steer your life in the direction of your dreams you will reinvent yourself without even realizing it!  You have to be prepared to make shifts in your belief system and do things that you may not otherwise be prepared to do though, otherwise it will not happen for you.

Here are some books that have helped me that you may want to read.
1) Ageless Body, Timeless Mind by Deepak Chopra.
2) Intentional Living by John C. Maxwell.
3) The 15 Invaluable Laws Of Growth by John C. Maxwell.
4) How Successful People Think by John C. Maxwell.

In case you are wondering, yes, I love John Maxwell's work!  He is the number one leadership expert and I do believe he leads by example.  He also happens to be an ordained minister.

Good reading,

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie #MoneyMindset #RetirementReadiness 

Money Moxie - The Power Of Patience

So much has been written about persistence, but patience, not as much.  Yet patience is the wrapping around PERSISTENCE and FAITH that binds them together and make them work.  Patience is the missing component in the formula for success at everything we undertake, and with investing and financial planning PATIENCE is vital.

 As a matter of fact, from my thirty years plus experience as an Insurance Advisor & Investment Fund Advisor, I see where many people who desire financial security or to leave a legacy for their heirs and loved ones stumble and fall because of lack of patience.  Sometimes it's a lack of faith as well as patience but mostly  patience.  We believe the event of retirement is too far away to think about it now, let alone start planning for the day when we would "pack it all in" and take life easy or do something entirely different.  The prospect of paying for a life insurance policy for forty or fifty years is a turn off for many, because they cannot see the value of making such a commitment to ensure a legacy to their loved ones, even when we see and hear about people dying from various causes every single day!  Yet time marches on.  Some are lucky enough to realize this in time to be able to take action, others reach a place of regret once they realize that time passed them by and they did not head advice or take action on the desires of their heart.

I was at the Creflo & Taffi Dollar Change Experience Day at the Roy Thompson Hall in Toronto back in August.  Dr. Dollar was teaching a message on Grace which got my attention and I have been meditating on it since. That lesson birthed something in me! He taught us that according to the scriptures, we already have faith.  "Every man has been given a measure of FAITH", and we need only "FAITH the size of a MUSTARD SEED" to move mountains.  Creflo Dollar said what we need to do is have FAITH long enough until what we are believing for comes about. We stop believing, and give up, sometimes just when the answer was around the corner, citing many scriptures as well as modern day examples of patience at work.   In other words, we do not have enough PATIENCE to wait until our plans come into fruition.  Not so surprising as we live in the days of instant gratification, fame without the sweat, and the throw away society.  There is no gratification with impatience, none!

Once we become aware of our own deficit in patience, we cannot  "unsee" it.  As we work on growing our patience brain and emotional muscles, we begin to observe others who are strong in this area of life, and on the flip side, those who lack patience stand out a great deal more.  Yesterday,
Tuesday September 4th, 2018, being the first working day after the Labour Day,  was one of those days where my patience muscles were tried and I got to observe the consequences of impatience.  It seems like so many people made the decision that they were going to act on lingering "stuff" yesterday.  I had an out of town client passing through who decided to stop to inquire about a pending issue.  I had to call the company involved, and of course, the call queqe was long, Mr. Impatience was getting anxious, his wife sat quietly beside him, reassuring him, "dear we are here already, might as well wait and get this over with" she said.  I could see the grimace starting to appearing on his face.  Feeling empathy for him, I said "let's give it a few more minute, after that the best thing I could do is send an email and wait for the answer".  I would update you at that time I told him.  He squirmished a little in the chair and then decided they would leave.  No sooner he was out the door I got connected to a customer service representative who apologized for the wait and mentioned how busy the phones have been in the afternoon.

Just prior to Mr. Impatience's arrival I had delivered a life insurance claim cheque to a beneficiary.  The process for handling the claim required a few extra steps because of where and how the insured had died.  I had explained all this when helping with the initial forms but I reassured her to just follow the steps to the conclusion.  She did not listen at first, trying to take short cuts, and of course screaming at the me and the insurance company!  I was nice but firm.  If you just provide the information that is asked of you, whether you think it is relevant or not, things will move along much faster, I assured her.  Once she did what was required, the process worked as was expected, I came back to work from the long weekend to find her benefit cheque, including interest earned on the proceeds during the time waiting for settlement!  Huge lesson for Ms. Impatience, and I got to be the observer.  In the end I learned that payment was made without one of the initially stated requirement which was a big relief and benefit to the beneficiary as it would have cost money as well as a longer wait if the company insisted on it.

I could write about patience as it relates to investing without sharing the contrast to these two investors with you.  Mona was downsized from her company the same year as Lindsay (not their real names).  They had transferred their severance pays and pension funds to our firm, myself being the advisor.   They commenced taking income from their retirement funds in the same year (1998) and things were working rather smoothly for both of them.  Lindsay, having a bigger portfolio and was being pursued by some "hot shot" brokers, was more demanding.  Of course, each time he met with another broker he would call and we would go over every recommendation, compare and when he would realize that he already got what the "hot shot" brokers were selling.  Mona is a Christian lady, who is typical individual who listens, asks questions, weighs the answers and then make decisions and trust.  Lindsay was also a Christian who TRUSTS, but PATIENCE was not his strong suite.  Then 9/11 hit, everybody who was exposed to the financial markets "lost" money after 9/11 and the subsequent financial crisis.  During the turbulence, I did the usual due diligence of meeting with clients, going over what they had invested in, and all that.  Mona stayed put, riding out the downturns and things worked out beautifully for her.  I was preparing for her annual review meeting last week and couldn't help but gasped when I looked deeply at the number - her net investment, the amount withdrawn (the cumulative income payments) and current account value.  After drawing maximum  income permitted under a Locked-In Retirement Income Fund for approximately 20 years, her account value was still over 66% of initial investment.  She has such a heart of GRATITUDE, and does not shy about praying for guidance for her advisor.  Lindsay, on the other hand, demanded his money be moved around according to what others were saying and doing, and even though his account recovered the losses of both the 9/11 and Corporate Crisis market downturns he started making large withdrawals which undermined the purpose of the accounts and eventually transferred out to the bank.  Based on what I have learned (still in touch with him) things did not go nearly as well for him as for Mona.  The moral of this story is, because you are a Christian does not mean you automatically have patience, does not mean you will always make the right decisions.  There are essential principles of life which the Christian has to learn just like the non-christian.  Life is a journey and we all have the opportunity to learn and grow.

Since I am a person of faith I close with these quotes from the Bible scriptures:

Proverbs 28:20 (KJV)- A faithful man shall abound with blessings: but he that maketh hast to be rich shall not be innocent.

2 Peter 1:6 - (NIT) And to knowledge self-control; and to self-control, patient endurance, and patient endurance with godliness,👪👫👩👨😇✌👏👏👏

May you grow in patience, by GRACE, through FAITH,

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie #ThePowerOfPatience #Patience

Money Moxie - Retirement Readiness

#MoneyMoxie - #RetirementReadiness

moxie[mok-see]See more synonyms on Thesaurus.com noun; Slang.
1. vigor; verve; pep.
2. courage and aggressiveness; nerve.
3. skill; know-how
🔑💯

We can all learn something from a Guru!

There are millions of individuals who are in the 50+ age group who are not retirement ready.  I belong to this cohort and had to literally pull myself up by the bootstraps to be in a position where the prospect of living off government pensions in retirement has almost evaporated.  This happened over the last eight years.  For this reason, I have decided to focus on this group as it is a natural fit and I am well equipped to make a difference at a time when it makes a difference so that those who buy-in can have a different outcome.

I was having a conversation with some other difference makers today about this very issue. Fifty-plus age group is the most vulnerable in the job market and any set back in health or employment (God forbid if it's both) can completely derail retirement plans.  In this age group, it is most important to focus on health - mind, body and spirit; on wealth and on personal growth. I have a network of individuals in the health and personal growth area.  I am the go-to person with regards to your wealth.

To start off, if you are in this age group and you have not thought seriously about your retirement this is a matter of urgency!  You cannot afford to wait, you must invest time to thinking about your life now, and if you should be given the privilege of living to see retirement what you want that time in your life to look and feel like.  I suggest you write out a "life plan" and create a vision board (my friends now do a vision book because it is easier to carry around and work with).

Here's my 2015 vision book

Once you have done this, the next step is to take stock your finances and consult with a reputable financial professional. Your advisor should be somebody who take a holistic approach to financial planning and have a good understanding of taxation in your jurisdiction, and depending on your circumstances, refer you to a tax professional.  Holistic planning takes into consideration and addresses where necessary, the various tentacles of wealth planning - Retirement - Health - Investment Management/Advice - Legacy.  Legally lowering your tax burden while you are alive and taxation at death is essential to the success of your financial plan.

Hear is a caveat - some advisors are "text book" advisors, they follow a text book idea that people should to this at this age and that at this other age etc; we know that from a practical point of view, that life is not like that - which is a major factor in why so many "baby boomers" are unprepared for retirement.  You will be better served by an advisor who knows how to help you navigate the ups and downs of life and not make you feel like crap or a failure for not having met the text book picture of where you should be on the retirement ready scale.  Here's an example:  I started over financially in 1997 when I purchased a home for me and my two children following a divorce.  I firmly believe in the stability of home ownership, plus, because interest rates had come down to an all time low, the payment for a nice three bedroom home in a very lovely neighbourhood was less than what it would cost for rent!  Because I started over, the equity in the home funded my contribution to children's post secondary education.  I am a believer in higher education, and the stats are there to back me up.  After my son graduated I sold the house and move to the city, deciding to rent an apartment until I figured out what I want to do.  My car lease had come due just shortly after that so I decided to buy out the lease.  Because I no longer owned a home, and didn't have much left over after the sale of the house, the look on the bank loan advisor's face when I did my application said everything she was thinking!  I was 53 at the time and was already feeling crappy about my situation.  I know where my "investments" to that point were - in my children, which was most important to me. But the amount of positive self-talk it took to regain my equilibrium after I left the institution was tremendous.  Anyhow, I did get the car loan to buy out my car lease and made the decision I needed to get back in another home because for "poor people", once you have a down payment, that's the best way to lay a foundation to wealth, pun intended.  

That plan has worked out very well for me, but it has not been without a lot of sacrifice.  Sacrifice is required in order to move forward in the direction of your goals.  On sacrifice, +Bob Proctor said it best, "giving up something of a lower value to get something of a higher value".  The higher value involved in giving up time, effort and some of today's pleasures is PEACE OF MIND and securing a "livable" income in your retirement years.

I would be honoured if you joined me on the journey to retirement readiness!

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie #RetirementReadiness 

#MoneyMoxie - The Half Year Money Check Up

moxie[mok-see]See more synonyms on Thesaurus.com noun; Slang.
1. vigor; verve; pep.
2. courage and aggressiveness; nerve.
3. skill; know-how
🔑💯

We can all learn something from this Guru!

Today is tax filing deadline for individual taxpayers with self-employment income, that is sole proprietors.  This includes individuals with rental income, even if that is only renting out a portion of your home.  I  filed the last self-employed client's tax return yesterday, yipeeee!

Now that the 2018 tax filing season is officially over today, it's a good time to step back and do a review of your tax situation so you know what moves to make to better your outcome for 2018.  And while your at it, why not do a half-year check up to see where you stand with the money goals you set for this year? Let's face it, you work hard for that money, doesn't it make sense to take some time to plan to get the most out of what you work hard for?

Your tax return is the document that gives you the greatest insight into your financial situation as it reveals how much you earned from employment, business activities, investments and you can determine how much you had left to spend and save/invest.  My favourite advisor Coach & Speaker, the late Bobby Charlton coined this gem,  "the only money you can spend is what the government allows you to keep", so making maximum use of opportunities given in our tax code to lower your tax payable is paramount to your future financial success.    My saying is this, whatever you do, it's a sacrifice, so do the thing that will give you the best outcome in terms of your accumulation goals and financial security in the long run!

A good place to start with your check up is your budget.  You know how much you earned last year, you know how much tax you paid and how much you had left, now look at your spending and see what changes and adjustments you need to make.  Here is some help, courtesy of your Canadian Government.  Yes, your Goverment has a vested interest in your financial success because it means less demand on the social benefits later.

Planning your household budget - Canada.ca

Hear are some other areas that you can look at after reviewing your tax return:

- How much interest or other investment income did you report? Could you change how your investments/savings are allocated to reduce your income tax payable?

I have seen  many cases where taxpayers had tax free savings room but did not take steps to consolidate savings and investment accounts to reduce the taxable investment income they receive.  Also, having  fewer small investment accounts generating T3 and T5 tax slips could reduce the cost of preparing your annual tax return.

- Do you have joint accounts with others that is "messing up" their income tax and benefits return and is there another way to handle this?

- Are you using your Tax Free Savings Account (TFSA) and Registered Retiremement Savings Plan (RRSP) to give you the benefit they were intended to?

Whenever I hear these statements about the TFSA or RRSP I know right away that a) there is no strategy; b) they do not understand the purpose of the TFSA or RRSP;  c) this is a spender, and the TFSA and or the RRSP is probably not the best type of account for them.

"It's my money, I should be able to get it when I want."
 "Why do I have to pay tax/penalty, it's my money."
"I am spending my money now, I don't know how long I'm going to live so may as well enjoy it now."

Here's the question - do you want to have #MoneyMoxie?  let me know  your thoughts in the comment section below.

Do you have #MoneyMoxie?  Share your tips in the comment section, I am always learning, and there are many people who can learn from you.

Let us grow together,



BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie

Willful Ignorance Carries A High Price Tag

What is willful ignorance?  I come across this subtle chronic and sometimes  debilitating condition almost daily.  It manifests as avoidance, frustration, blame shifting and just plain refusal to take ownership and responsibility for delays, setbacks and other challenges that come as a result of not taking action or not taking charge of situations in a timely manner.  This behaviour is very costly, both in terms of actual dollars and lost opportunities.  I know, because I have been both the observer and the guilty party to this. 

Willful ignorance is also very selfish.  How you might ask?  The most common example of this I come across is people not taking the time to read a message or letter they received and call, sometimes complaining, only to find out this answer was right there, plain and simple - oops!
Costly? You bet!  I came across a situation recently where someone was requested proof of their charitable donations from the Canada Revenue Agency (CRA), rather than taking the time to read the letter, the person just filed it away and when reassessed just paid the amount requested, $2300+ without so much as calling the CRA to find out why they were being asked to pay this money!  This person is neither wealthy nor uneducated - so I chalked it up to willful ignorance.  As I accidentally came across this and so  I was able to tell the individual what to do to get the money back.   But what if this  did not happen?  The government would get to keep an extra $2300+ and sadly,  the person could really use those funds.  I couldn't help but thinking how much extra money the government rakes in from people who do not bother to read their mail!

Since I am also a personal income tax return preparer, I come across tax receipts for things like medical expenses, professional dues and charitable donations that were issued and not claimed, but these receipts were kept and showed up at the most unlikely times, such as when looking for documents and statements for financial review.

Another area are I find willful ignorance showing up  all the time is with  completing forms, and therefore I try to be proactive and fill as much information on forms requested for my clients, be it for claims, redemptions/withdrawals from accounts because it saves myself and my team a huge amount of time on back and forth with emails and telephone calls.  There are examples to be had in every area of life, you get the idea.

What is the cause of this and how can we overcome or reduce the incidence?  It starts with awareness!  Observing ones reaction to request for information is intriguing.  What are the thoughts? Fear, frustration?  Do you hold the belief that everything is difficult?  People, institutions or the government are crooks?  The beliefs you hold will determine how you feel and the subsequent reaction.  Your reaction determines your move and how you interact with other parties, are you going to make it easy for people to help you or will they want to run and hide when they see your number show up when their phone rings?  I understand that we live in a society where everybody is busy and stressed and rush so one more thing to deal with sometimes just pushes us over the edge. After going down that rabbit hole enough times I decided to change how I look at the situations that cross my path and take a collaborative or congenial attitude and found it made all the difference.  I get help without asking.  I get cooperation and favour in the most unlikely of places.  It brings joy to people to help you because it makes them feel good!

Here's a poem I learned in primary school which will give you some insight into what direction to take.  I always remember this, because we do not need to know everything, sometimes we just need to know that we need help and where to find it.

He Who Knows

He who knows not and knows not he knows not: he is a fool - shun him
He who know not and knows he knows not: he is simple - teach him
He who knows and knows not he knows: he is asleep - wake him
He who knows and knows he knows: he is wise - follow him
                                                   - A Persian Proverb

Tremendous Thursday!

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice #overcoming #willfulignorance

A Day In The Life Of An Advisor: The Value Of Sound Advice - #1 TFSA Horror

Now that I've just about gotten the 2017 income tax preparation season in the rear view mirror, I can get back to doing those things that are near and dear to my heart, like writing blog posts.  Not that I don't enjoy preparing my clients tax returns, I very much so.  Every year I am reminded, why it is  so important for me to be involved with my clients income tax filing, and the tremendous value I bring to the table.  As a matter of fact, I got the idea for this series from situations I have encountered over the last few months.

As someone who has worked in financial services practically all my working life, and been life and health insurance licenced for over thirty years, and approaching twenty-nine years for investment funds, I can say that I offer "cradle to the grave" financial services advice to my clients and their families.  Many people, perhaps I should say most people, don't fully understand what advisors do
for and on behalf of our clients and their families.

In this first "The value of sound advice" post, I'll share this situation:

PLEASE NOTE:  The name and some of the circumstances were changed to protect the privacy and identity of the client.

Susan is a lovely lady from Great Britain, a widow, who have lived in Canada since her early twenties.  She was referred to my by a friend of hers and fellow dance enthusiast and became a client in the late 1990's. She returned to her home country to be with family and friends she left behind so many years ago.  While she was gone, the Canadian Government introduced the Tax Free Savings Account (TFSA) but you have to be a resident for tax purposes to benefit from this account.  After just about a decade back home Susan started missing her Canadian lifestyle and so in 2012 she returned to Canada for good.  Susan has her RRIF account and non-registered funds invested through my dealer, and stopped in to catch up during her yearly visit while she lived abroad. Upon returning to Canada Susan quickly re-established her residency status and settled back in to her circle of friends and family here; resettlement included wiring her savings back to the local branch of her bank, one of the "big six".

Knowing that she was not entitled to TFSA contribution for the years she lived abroad, on a recent visit I discussed utilizing the TFSA to reduce the amount of taxable investment income she earned and probed her to find out if she had made any TFSA contributions at the bank. She didn't think so, but from my experience I want to be sure so she promised to looked over her papers and get back to me.  She left my office promising to call me with the information.  The next day I received a frantic call from Susan.  She had just picked up her mail and received a letter from the Canada Revenue Agency and they wanted close to $7,000 more in taxes.  She couldn't understand why as she had sent a cheque in for the amount she owed when her 2016 tax return was filed and the cheque was cashed.

I knew immediately what the problem was, but asked her to read the first part of the letter from the CRA.  Of course, it was about the TFSA over-contribution which included penalties, interest and also an additional tax due to non-resident status.  Susan was beside her self!  I asked her to bring all of her papers and statements from the bank so I can help her sort out the problem.  It didn't take long before I found the cause of this nightmare.  In 2015 she had some Term Deposits matured, and because she didn't have a TFSA at the time, the bank advisor plunked $41,000 in a TFSA without asking these vital questions:  From 2009 (the year the TFSA was introduced) to 2015 did you live outside of Canada? If yes, were you considered a "non-resident" for tax purposes? When did you return to Canada, and are you now a full-time resident? 

These are costly mistakes, and it made me wonder just how many people, in particular senior citizens, have been burdened with penalties for TFSA over-contributions that far exceed any money they have made in these accounts?  In the end, I helped Susan by drafting a letter to the CRA detailing the changes in residency status, providing proof with returning documents and copy of T1 tax return showing declaration of date returned; and also "begging for mercy" in interest charges due to ignorance and age.  She is waiting to for a response, fingers and toes crossed.

Stay tuned,

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen #TheValueOfSoundAdvice #TFSA #overcontributionnightmare

Emotional Quotient: Do We Hear With Our Emotions?

Do people hear what they want to hear or do they hear what they feel?  The more I dig into the topic of emotional quotient the more fascinating it gets. As I observe my own responses and reactions I can't help but conclude that we interpret what we hear based on our internal wiring consciously or unconsciously.

Here is an example of hearing how we feel at work. Jack is not feeling particularly good about where he's at in life.  He lives at home with his mother and even though he has a great career and his mother thinks very highly of him, Jack reacts negatively to even a small reminder like , "Jack, your cab is waiting", with "you don't have to tell me, I know, I'm not a child".  A simple "thanks for the reminder" or just "thanks" would have been appropriate.  In Don Miguel Ruiz's  book, The Four Agreements, the second agreement is "do not take anything personally" but unless we are emotionally whole we do take everything personally. That's why when someone say some things or asks certain questions we automatically launch into a tirade or get in a defensive mode even  before the person is done talking.

To be a good leader we need to be a good listener first.  To be a good listener who responds rather than reacts we need to be emotionally whole, healed of the "sores" and "parasites" as +Don Miguel Ruiz so wonderfully illustrates in another of his books The Mastery Of Love. As everybody's friend +John C. Maxwell say, leaders develop daily not in a day.

The day to start is today, to be aware is priceless. 

 BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen

Leadership Done Wrong

Here is something I know for sure:  Leadership is not just about winning.  If this has not yet become apparent to Mr. Donald J. Trump and his team at the White House they are in bigger trouble than I thought.  Since winning the 2016 Presidential election in the United States Of America which he was expected to lose, Mr. Trump has squandered the opportunity to galvanize opposing factions of a bitterly contested election and take advantage of his new found hero status to really make America greater than it has ever been.  His campaign had the right message and tapped into the right vein of America's discontent, I did not agree with nor condone the tactics and methodology but he won and that is 'yuge". He needed to switch hats and step up his leadership game and he didn't do that.

I am predicting that his campaign and presidency will be the most examined case study by leadership gurus, intellectuals, students of politics and human behaviour enthusiasts like myself for a very, very long time.  I had the good fortune of completing the +John Maxwell Team Certification program last August and having studied +John C. Maxwell acclaimed book, The 21 Irrefutable Laws Of Leadership, hear is how I break down what I have observed about Mr. Trump's leadership so far.

CHARACTER
Character matters a lot! Most of us grew up hearing often, at home, church and school the importance of building a good character. Parents and teachers have always told us "show us your friends and we will know what type of person you are" and "birds of a feather flock together".  Apart from the outrageous statements he made at the beginning of his candidacy, the first thing I noticed following the election was the character of the people Mr. Trump surrounded himself with.  John Maxwell says it best "leaders develop daily not in a day" so it is highly unlikely that Mr. Trump will change his character or develop new leadership style any time during his presidency since he appears to have great resistance to personal growth.  I believe it was +Mark Cuban who said he liked Mr. Trump until he realized that Mr. Trump had no desire to learn.  Personally, I knew of Mr. Trump since he was always in the news but didn't know much about him.  I loved The Apprentice, it's a great concept so I watched religiously in the early days.  I stopped watching when Mr. Trump started belittling people.  I thought that there are many great leaders out there that I can learn from, I do not need to watch someone who calls himself a successful businessman insult and degrade people on television.

THE LAW OF THE INNER CIRCLE
There is a law that governs the universe that says like attract like, so in order to be great one has to consciously choose people to compliment and strengthen one's own talents and personality.  John Maxwell said this about The Law Of The Inner Circle: "A leader's potential is determined by those closest to him."  Stop here and think about the people in Mr. Trump's inner circle.  "What makes the difference is the leader's inner circle."  By picking only people who think the same way as himself and who appear to have questionable character and dubious past conducts, Mr. Trump has unintentionally endangered his administration.  Instead of having people in his administration  to help him stay focused  and steer him in the right direction, those chosen to work in his administration have become bogged down with scandals, infighting and information leaks.

THE LAW OF THE BUY-IN
Having won the general election, immediately Mr. Trump and his team should have moved to get the rest of the country who didn't vote for him, and even those residents not eligible to vote, to buy into his vision.  He didn't do that, him and his team decided only to "play to his base" and so now his presidency has been marked by protests and opposition from day one.

THE LAW OF RESPECT
In the chapter on the law of respect John writes:  "When people respect you as a person, they admire you.  When they respect you as a friend, they love you.  When they respect you as a leader, they follow you."   When we respect ourselves, we conduct ourselves in a respectful manner. It is quite apparent that on many levels Mr. Trump doesn't respect himself and has displayed the same lack of respect to people he doesn't like, those who disagree with him and as a newly minted politician, those who do not support him.  As an outside observer, it is clear that he does not hold that much respect for the Office Of The President Of The United States Of America either.  Actions speak louder than words, so he can say that he does respect the office as loudly as he can, but I will believe what he does.  Actions come out of the innermost being, where the hidden thoughts are.  The hidden thoughts are the unspoken words and hard held beliefs which manifest into action, and nobody can deny that.

Closing thought on respect from John's book:  "Dictators and autocratic leaders rely on violence and intimidation to get people to do what they want.  That's not really leadership.  In contrast,  good leaders rely on respect...... When leaders show respect for others - especially for people who have less power or a lower position than theirs - they gain respect from others."

Wow, this is such a powerful little book, read it twice and now that I had to go back to correctly reference the quotes, I will start reading it again.  Certainly worth drilling the principles contained in the leadership laws down until they become second nature. 

Personal note:  This blog post is not intended to promote John's book.  I am simply putting my thoughts in writing and the book just happens to be fantastic reference material.

Have a superb Saturday,


BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen

The Power Of Perspective

"You can tell a woman she has a face that would stop a clock, or you can tell her when I look at you time stands still", said my fellow Jamaican, the magnificent motivational speaker, the late Bobby Charlton.  If there is power in words, then there is even more power in thoughts as thought precede  words. How we look at anything (perspective) impacts how we feel, and that affects everything else in our lives. 

A poignant lesson I learned from +Byron Katie about ten years ago is this, "just because you think something doesn't mean you have to believe it". I was going through a very rough spot dealing with critical challenges that would make or break me.  A coach I hired to help be break through and get to my next level shared Ms. Katie's video with me and boy oh boy, did it ever change the way I view the thoughts that float across my mind! In the video, Ms. Katie told the story of a young woman who wasn't trusting of her spouse and would build elaborate stories around her thoughts which caused huge problems in her relationship.  That's right, you do not have to believe everything that comes across your mind. What we need to do is hold those thoughts that causes distress up to the light of truth and call out the lies when we see them.  Yet we all fail to do this or have failed to don this at some point.  A common example I  come across is parents freaking out and thinking the worst if they haven't heard from a child or if their spouse is late getting home from work. Once we go there, our mind just take the story and run with it, building a great production with full graphics - kid laying in a ditch dead or spouse cavorting with another woman!  It is incredible where our minds will take us if we do not learn the art of taming it.

It is definitely true that you cannot change the past, or some circumstances, but you can always change the way you see things. I know this for sure, because I have proven it over and over again.  I will give you a few examples to put things in perspective, pun intended.

After the Y2K (anybody remember that) and post 9/11 stock market melt downs I was very discouraged and I had choices.  I could stay with the negative news, become defeated and find another career as what happened to many advisors, or I could change my perspective.  I changed my perspective, I changed the way I positioned my self with my clients and prospective clients and it worked out very well for the clients and me.  As a result of this change I became more straightforward with clients made it clear up front that I would not take on any client who is only chasing returns - that is a recipe for disaster, in my opinion.  I also changed the way I view my role as an insurance and investment funds advisor.  The truth is people are overwhelmed with jobs, family and community involvements and just do not want to take the time to deal with learning a lot about the financial markets, taxes and so forth.  Rather than getting upset or annoyed when I have to explain the same thing the 100th time, I started telling my colleagues that as long as people remain people, in that they would rather somebody else do for them what they could easily do for themselves, I will always have a job.  It is not that they can not do it, it is not that they are not smart enough, it is just that they do not want to do it and they are willing to pay me to do the work for them, what is wrong with that?  It is a win-win, that's the power of perspective!

Then came the great crash of 2008, now how do I deal with that?  More than any time before a level headed advisor was what clients needed.  My then 21 year old son, soon to graduate from Wilfrid Laurier University came home one evening and saw the tired look on my face, he hugged me and said "mom, how are you going to position your clients for the long stock market growth ahead?  That is what you need to be doing for your clients right now!"  As the great leader +John C. Maxwell say "If you have a pulse you need encouragement."  I spend all day every day encouraging people and was so appreciative of this coming from my young son, it meant the world to me to hear those words.

I continue to apply the POWER of PERSPECTIVE in my life everyday in every area of my life.  My doing so, I gain understanding and I am more compassionate.  I am more in tune with my thoughts and therefore I am able to change they way I feel and change situations and outcomes.  That is real POWER. Everybody have this power, put it to work and watch what happens, you will be amazed.

Have a #Powerful #Perspective filled weekend.


BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen

P.S.  You can find out more about Byron Katie at www.thework.com and follow her on twitter @ByronKatie. 

"Thank You" Lady For Not Hiring Me

I picked up a copy of the December issue of Vogue because I just had to have it, Mrs. O is on the cover and she's featured extensively in the magazine as her time in the Whitehouse draws to a close.  This morning, I opened it in the middle and started reading a feature story and didn't get far before I came upon this statement where she was told "You are not Princeton material".  Immediately my experience at a job interview came to mind.  So many of us can relate to that story.

Mrs. Obama - A woman of grace & style

Sometimes life just does not go the way we envisioned or planned it.  A good friend of mine Jamaican grandmother used to say "When man on earth making plans, God upstairs wiping them out".  It just doesn't sound the same when not in Jamaican Patois but you catch the drift. This was so true to the situation I found myself in at that juncture in my life that seem so long years ago now.

I had been in the insurance business about five years and mutual funds licensed for about three, now separated from my husband with no prospect of reconciliation this time around and  my sales career was faltering.  That particular year I was shamed by my manager for only making $25,000 and during his pep talk, whether he meant it or not, pointed out all the qualities I had that would make me successful - that amount of money was half of what I made in my first few years in the business.  He shook his head in frustration, he couldn't understand why I wasn't doing better even though he knew I was dealing with a family breakdown.  I left the meeting knowing my dignity was at stake and either I was going to get my productivity back up to my capabilities and achieve the goals set for myself when I joined this side of the business or go back to what I did before, administration and customer service in the insurance industry.  Although I felt shame and embarrassment I didn't hold what my manager said to me against him, he had a good heart, he was young - few years younger than me - he just had not developed his people and  leadership skills to the level required to lift a person up when attempting to motivate them, not use words that beat the person down further in the process.

With much agonizing, I decided to look for a job so I answered a job posting ad for an executive assistant role.  I was qualified for the position, I had the  training and experience required according to the want ad. I got the interview.  I made up my mind, if I got the job, I would take it because I needed to provide for my two children.  Having a full-time job would give me stability and I would be home in the evenings.  On the other hand, I would not have the flexibility I became used to, and I would not be able to be there for the children as much during the daytime.  It's the old ying-yang of life, there are always trade offs.  The hardest part though was giving up on my dreams.

I remember the "Lady" interviewer seated me, looked over my resume, looked me up and down and declared "You are not executive material, but I have another position for you"!  I could feel my face and neck getting hot, I know when I supress the intensity of this feeling I breakout in beet red blotches but I held it together, thanked her and told her I would think about it.  I walked out, my shoulders up, back straight, head held up high.  As I reached the elevator I muttered, "keep your damn job, I know what I am capable of".  I did not call her back.

Quickly I reassessed my options and resolved to make my career as a financial services advisor work. I went home and devised a plan how to organize my work, home and social life for success.  Of course I went on to build a successful career, now on my twenty-eighth year with my present organization.  I've worked with may people from all over the world and I can say it has been quite a ride, one that I would not trade for any "Executive Assistant" position what so ever!  Thank you lady for not hiring me.

Michelle Obama is a fascinating woman, she is truly a woman all girls can aspire to be like.  Thank you for sharing yourself with the world, you are living a life of significance and your legacy is enormous.

Beverley

BEVERLEY ALLEN, FLMI
Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen

How To Kill Morale And Productivity

It is said that the road to hell is paved with good intentions, and while no business owner, manager or team leader set out to demoralize their employees or team members all their "good intentions" does exactly that if the focus is on the negatives and the negative motivation tactic is the primary approach to management and supervision.  Science now backs up what spirituality knew all along - we attract what we focus on!

How does this happen?  Major changes within the organization or industry is presented and sold focusing on the negative rather than from a positive angle, highlighting the opportunities ahead.  Management and staff retreat to micromanagement, using "bad cop" type  tactics such as threats and intimidation to "keep people in line".  In stead of seeking common ground and using a collaborative approach to supervision and team leading the controlling, restrictive style is employed forcing team members to feel like disempowered children.

The terms "growth hacking" and "growth hacker" have been showing up daily on my FaceBook, Twitter and LinkedIn feeds.  This morning as I prepare to write this post I came across an article "What is a growth hacker?" written by Jonathan Aufray, Co-Founder & CEO of www.growth-hackers.net that was shared on Twitter so I decided to read the full article.  Since most of the growth hacking related pieces have been posted by tech types, I haven't clicked on many but the curiosity was always there and this article would have the answer to the question I have been thinking.

Turns out "growth hacking" is a new spin on the age old challenge of businesses or all types and sizes - aligning the competing interest of different departments and functions of the business with the overall mission and objective of the business.  Only now, new technological tools are available to fine tune analysis of every imaginable data that can drive behaviour and fairly accurately predict outcome.

So what does growth hacking have to do with the topic of this blog post?  Hear me out. "Growth hacking is a set of cross-disciplinary skills with one goal and one goal only, to grow a start-up or a business........  A growth hacker is a multi-talented individual with skills in......"  writes Jonathan. In an environment of rapid changes organizations that get lost in the weeds or in some cases it is more like bogged down in the swamp tend "majoring in the minor", micro managing processes and situations rather than engaging and empowering employees and team members. When this happens, people get frustrated, frustrations kill morale and when morale dies so does productivity.  These outfits will lose ground quickly.  On the other hand, organizations that embrace changes and use change as a tool to advance leadership and to grow leaders will quickly rise to the top. It never cease to amaze me how much money some companies spend on "junk" and "junkets" - meaningless razzle-tazzles promotional stuff and events that people attend out of obligation rather that something they are excited about while hardly putting any money in growing leaders on the front line of the organizations where it counts - with the people who acquire and keep the customers coming through the doors.   Intrigued?  here's the link to Jonathan's article:  http://www.growth-hackers.net/growth-hacking-definition/

 Leadership expert John C. Maxwell famously says "Anybody can steer a ship but it takes a leader to chart the course".  Another of John's quotes is "If you are breathing you need encouragement".  One of my favourite leaders, global entrepreneur extra-ordinary, Richard Branson consistently touts his employees as the most valuable assets in his companies.  Some people are great at doing their job but the drive away customers and kill motivation of their workmates  in the process which is not a win at all.

Happy #growthhacking!

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen

Self-Leadership - Getting The Monkeys Off Your Back

What did I do when I felt stuck in my business and personal growth?  Signed up for another business building program sponsored by company, reluctantly.  Although I didn't feel like I need more business building ideas - I have been in the financial services industry for a long time and collected volumes in books, tapes, videos.  I get news letters from all the supplier companies and other industry publication.  I signed up anyway because I wanted to break out of the rut.  The program in question was one offered by +Anthony Morris, a coach specializing in training and development in the financial services sector. Although I considered the program a refresher I thought if I get only one thing out of this, it would be worthwhile.  I did pick up some practice management tips and tools that I implemented and still use as standard procedure in my sales and client service offering. 

The big payoff came on the last day.  Antony Morris opened the final session with the statement " It doesn't matter how much you know, or how motivated you are, unless you deal with the monkey on your back you will not accomplish what you set out to do". (The statement in quotation is paraphrased as I do not remember word for word what was said, it has been five years.) That was it, that was what I need to hear and that made the effort and the price of admission worth it.  Before the session ended I took my bag and binder and left because I know exactly what I need to do.  I had been using part-time assistants in an on/off basis after my last full time person left a couple of years prior. I was "making do" but then and there I knew if I was going to move forward I needed to invest the time to hire and train a "proper" assistant so I can focus on my clients.

The timing was good because it was near the end of the year 2011.  After leaving the workshop I went back to my office and drew up a plan of what I was going to do.  I called an agency that handles job placements and arranged a meeting with a program coordinator.  I revised my practice management guide to incorporate the tools from the Anthony Morris program I'd use.  The ball was now set in motion.

The following month (December) I got together with  a couple of colleagues to do our planning for the new year.  I pulled out a "life plan" document I had drawn up back in 2003.  It was then I realized that hiring an assistant was dealing with monkey #1.  It was a great start.  Construction of a new life was now underway.

Job number one is taking stock, figuring our where you are and where you want to be.  Until and unless you do that you are just going around in circles.  My new found "friend" and mentor +John C. Maxwell was asked if he had a growth plan and he turned that question into a mission that got him on the path to become the number one leadership guru as rated by influential organization Inc. Magazine and others.

My question to you today is "What is the monkey on your back?"  What is holding you back?  The first thing that comes to mind is perhaps the one that need immediate attention. Write it done, find a way to address it.  I can guarantee you other monkeys will surface, and soon you will realize that there was no way you would have been able to achieve your goals and reach your full potential - living a life of significance - with a colony of monkeys on your back.  Start with one, deal with them one at a time and keep focused.  Remember life is, after all a journey!

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9

#MoneyTalkwithBevAllen