Last month I attended the "Show Me the Money" financial conference for BYU recent graduates. It was really awesome and actually the great beginning to a kinda crazy day. There were four classes to choose two from so I feel lucky that I picked one of the rights ones where I (1) received a free book reflecting the topic of the class called "Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth" and (2) signed up for a free mentor program to meet one on one with the presenter, Nathan Billeter, an Ameriprise financial adviser.
My appointment was today, so after work and the gym, I headed over to what turned out to be a very interesting meeting. He asked me if it was what I had expected and, now that it has had a moment to sink in, I admit that there were definitely some aspects I hadn't so directly expected.
I left with several assignments and topics I have to think about more. I admit I've kinda been unsure about what I picture in my future, so this is a great opportunity to determine exactly what that is.
The first question, why I wanted to meet, set me talking and helped determine the path our meeting took. Here am I finally making money and being able to build savings and wanting to make the smartest, best choices moneywise to best prepare for my future. But then I'm not exactly sure what my future is and things are kinda up in the air.
What's up in the air?
Oh so this sends me into my continuous debate of staying or leaving my job. He made it really easy and said that YES, I need to find a better fit for me. (Which means hard core job hunting). In addition, I'm unsure of how long I'll be living in this area (He even mentioned maybe I figure that out and look into buying rather than renting...ah new thought!), when I will get married and all of those aspects like what my husband does, etc. etc. So talking through that, I now have several personal assignments.
To help with building networks and getting myself out there, first off I need to increase my blog subscriber numbers. Really? Yep...I have to double it each month. So today, my measely number reads 14. By May 14th, I need to have 28 subscribers. While I was once hesitant to let others read my blog, I now need to reach out beyond that and probably have a few randoms join in. So if you don't currently subscribe, please do. (Especially because after 28 it goes to 56 and then 112) And if you know any obsessed bloggers (like me), invite them as well. And feel free to post a link to my blog. Oh, or share posts and invite to subscribe. Ah!
Second has to do with dating. (Yes, this was one of the unexpected topics.) This has several aspets including increasing my entertainment and restaurant food budget amounts, aiming to do something every week, being proactive (scary!) and using my interests to place myself in positions that open dating doors. The final part is that I am to seek out blind dates, i.e. ask pretty much everyone I know for potential dates. There, I said it, now do your part... :P
Third, I must ask others to pick out and describe my strengths, be it personal, professional, spiritual, etc. etc. (Right now I feel like I'm just listing all of the things I learned that I need to ask you to do for me!! But I think this is where it stops.) So, if you want to help me out, either leave a comment or shoot me an e-mail (skariann@gmail.com).
P.S. You may just be reading this on my birthday so you might as well tell me good things about myself. :P
Now before I go into more of this, I have to mention a main term from the whole concept of "psychology of wealth" called your financial blueprint. This blueprint reflects what you have innately learned about money and wealth from people around you, most specifically your parents. If you parents always struggled with money, it's more likely that you will too. There's kinda a money limit of what you are "comfortable" with. If you are below it, you will reach up to that limit. But if you are above it, you will ultimately, through spending or other loss, end up back down to that limit you are comfortable with.
A quote from pages 10-11 of "Secrets of the Millionare Mind" states: "The vast majority of people simply do not have the internal capacity to create and hold on to large amounts of money and the increased challenges that go with more money and succes. That, my friends, is the primary reason they don't have much money. A perfect example is lottery winners...regardless of the size of their winnings, most lottery winners eventually return to their original financial state...On the other hand, the opposite occurs for self-made millionaires. Notice that when self-made millionaires lose their money, they usually have it back within a relatively short time. Donald Trump is a good example."
And this is all because of their financial blueprint. (Trumps is set at earning billions while others may only be set at earning hundreds.) Near the end of our meeting, this mentor said that he thinks I'm a little scared of success, which all relates back to my personal financial blueprint. With 6 kids, we were never extremely well off, although we always seemed to get by and have lots of wonderful things. But we kids grew up (me since age 10) having to provide for our personal wants ourselves, e.g. I bought my own clothes, paid, for the most part, for my own dance lessons and there was never a question that I'd pay my own way through college, etc. (This was also a part of teaching us how to use money when we were younger.)
The notion that I'm scared of success seemed a little off at first. Afterall, I feel like I have been pretty successful. I maintained excellent grades in high school and suceeded at my extracuricular activities. I recieved several scholarships before and during working towards my degree. I always found amazing professional internships and jobs and have developed a confidence about my professional work.
But at the same time, I do feel like I am holding back. Am I not fully putting myself out there and reaching out and grabbing everything I want because I'm internally set to maintain only mediocre success? Am I scared of stepping forward and finding myself to be really successful at what I do?
It definitely gives ya something to think about.
Next on my things to do is figure out some numbers to get a magazine started (one of my goals I mentioned). I didn't have time to mention AnneSali Communications, although I think that's a great idea that I also think I would be really happy with and could be passionate about. I need the actual numbers so things can really be put into perspectivie of feasability and how to get there.
With this in mind, I need to outline what my business has to do for me and my life goals. And flowing directly from that, I need to define and write down (or blog) exactly what I want in life. (Example: get married and have family, buy a home, start a business, retire at what age, travel, etc. etc.)
I've decided that I will think about these two things and blog about them within the next week, because I'm still unsure and this post could be even longer than it is already becoming.
And finally I have to mention the spending plan (a better word for budget). We came back to this a few times as we talked about my life goals but I'll end with it today. This plan has a specific order and emphasis based on what you value.
You start with what you earn each month.
In my case, being LDS, the first thing that comes out is tithing.
Then you Pay Yourself First (P.Y.S.F) This amount will depend on your dreams and what you want in life (e.g. retirement, IRA's, savings, etc. ) This is the first thing (besides tithing) because it is for you and what you really want, rather than the immediate spending that can take place.
Next you face the bills, which for me include rent, auto loan, insurance, utilities, gym.
And what's left is for your lifestyle, including food, gas, entertainment, clothing, etc.
Now this is just the basic outline of the spending plan, which is flexible depending on what things you have coming up. For example, if I wanted to travel in a few months, I could sacrafice $30 from my lifestyle to put towards a travel fund.
So the basic outline
Income
- tithing
- P.Y.S.F (retirement, investments, etc.)
- Bills
- Lifestyle
All in all, the session was great. From here, I can continue going to group meetings (the first being May 5th) and maybe possibly become an actual client later on where I continue meeting one on one. There is so much more in this process and I've really enjoyed it so far, so I guess I'll face those choices when the times come. If anyone wants to learn more, or even met with a mentor yourself, let me know. I can give you the guys information, have you come to the meeting with me, etc. Oh plus there's a conference near the end of May that we can get free admission too. I'm not sure if I'll be able to make it yet, since I'd probably have to take off work, but it should be really exciting.
If you've forgotten, there were three things I had to ask you for: (1) increasing my blog subscriber numbers, (2) blind date set ups and (3) identifying my strengths. Believe me, I'll need help with all three. Thanks everyone!