New Year New You New Start – Financial Literacy

Financial Literacy – for me has become the greates learning curve both on a personal and a professional / business level.  When I was in paid work as an employee all I wanted to do was earn more, get higher up the career ladder , get recognition for all that hard work that I was doing and get rewarded with something to show for it all.

When redundancy came around I found out how quickly 20 + years was actually worth in £ cash – and it was not that good – and despite all the years of working so hard and not being finanically rewarded for those extra hours, stress and dedication – my redundancy pay came down to purely length of service and payments made only on ratio of how  Redundancy payment calculations are constructed – so this taught me a great and very powerful lesson I am determined never to repeat again – Know your worth and know what you are working for and why.

But this is not just about money as such – this New Year New You New Start part is around understanding Financial Literacy – in that I want to introduce you to the term and for you to ask the question – because believe me it will run across your personal and definitely into your business life – are you Financially Literate – do you understand money, your attitude to it and how you relate to money.  If you do great x if you do not – then this is the final area but a vastly important area to get to grips with in this new year new you new start for 2014.

How hard do you work ? – do you work for money or do you make your money work for you?

Ok – so why should I want to be more financially literate – doh why not?  I am not doing it for the money I hear you say – ok then here is a fact.

a. You will never be able to afford me as your coach – fact – I am a business and you pay me by the hour – I am not free.  

b. You will never run a successful business and probably work exceptionally hard to earn money that you never hold on to and end up ultimately working too hard for too little money and never have the work / life balance you ever wanted in your life, owe out money all over the place and end up stressing over money all the time and ultimately always chasing money as you will never have enough. Your business will never be financially in a position for you to be able to leave it ie take holiday or take a break and you will always be in debt moving from crisis to crisis and financial worry to financial worry.

Phew that was alot …………… but do you get a picture forming here.

I am not going to talk to you in this blog about making money – NO – I want you to look at your understanding of your Attitude you have to money, about money, how it relates to you, how you see money and how you relate to money – that is about understanding what Financial Literacy is all about – for me and its here that I learnt huge valuable lessons over the past few years.

So lets start by asking the questions…..

What is your attitude to Money ?  What were you told about money growing up?  How was money referred to in your home by your parents, family and so forth – even your community?

Do you have patterns of money in your family, with you now ?  ie are you in debt?  how often do you get into debt?  what is your attitude to debt?

When I use the word RICH – what image jumps out to you – these are the areas that I start to work on with you when we do our coaching sessions – working through this area allows you to understand how you manage money, see money, feel money, images of money, and your attitude to money – as they all relate to success – and not always around wealth and financial success.

Money is only one area we work on – success is not money alone but it may well be one area that you work on to ensure you have greater opportunity to get to the successful outcome or goal that you want.  It has a part to play whether we like it or not it is part of the overall equation.

I will relate this to me and give you an example –

Took redundancy 2011 – at that time was in debt, mortgage, credit cards and loans – decided Redundancy would last about 2 years and I could take time out to get well after heart operation and might decide to get back into part time work later on.  All my life I have been told – work hard get educated and get more money – well did all that and we still had a good wage but not vast wealth that I would have liked.  I often said then – my job is my vocation money is not necessarily the main reason I work – well how right I was about that especially when it came to my company looking after me after all those years of extended loyality.  When it came to it,  all my worth was calculated in complete years that had worked for the company and nothing more – not the success that I had brought to that company, not the time putting in when did not get paid or get time back, nothing but years calculated to the least amount of money that they could pay me as possible – I was only ever referred to as a number – faceless and emotionless and purely fiancially driven. I totally understand it – but it taught me a valuable lesson in worth, value and my interpretation of where I put my value of me higher than the company put their value of me – plus despite being vocational / educational and working for development community etc it was still a business and businesses look at The Bottom Line – cost.

Less that 12 months later – still had credit cards, still had loans and needed to get into work asap – nothing financially had changed including how we spent as a couple with 2 people working on 2 good salaries.  Reality check arrived and it was big – then decided after a crap attempt working for `friends` and being screwed over and going for a job in a large major supermarket chain for minimum wage and at last minute turning it down – to take leap of faith and started up SLJ Training – realised very quickly not the right environment for Training etc – so went back and retrained and learnt all I could around Coaching and Business Development. Took previous skills as a Senior Manager in Council and turned all those skills into business directed skills for Coaching and Business Coaching – plus add on qualified counsellor, managed staff and teams and budgets for 20 + years into skills I could harness in SLJ Coaching & Training Associates.  But the biggest part of all the learning (and this was someone who has been in the education and educational / learning world for all my adult life ) was to learn about my attitude to money, what it meant to me, how I related to it and how it managed me in so many cases and not often in a positive way.

And rightly so you are saying – AND SO WHAT………..

What I did in the meantime was – read and learn, listen and talk to people who understood the business world and success – what I needed to do was also change – change  me and change my attitude to money, how I earnt it, what I did with it and what I needed it for.

My ultimate goal (I have a few but start with this one) is to own a Villa in Turkey to be able to retire there or have a retirement home outside of UK in the sun – I want to do this by around 55 but as Mike retires from his salary job 58 will go for then – that gives me 10 years (11 actually) to do it in. Plus Retire from `working` life (not sure I ever will but ultimate goal.

This does not happen on fresh air – but I also have 2 teenage kids to school, head off to college, university and clothe, feed and sort as well in the meantime – basically without an income this will not happen.

In changing my mind set around Money and getting better and better at it – I am now making changes – I am no longer spending and I am looking at my spending patterns and how and what we need , we have little or no personal debt, credit cards are paid off, mortgage for house has been dealt with, we save at a higher level than ever before – I am more savvy with money and what I do for money and what includes how to go about making money. This in little over 2 years and even more so over the past 12 – 18 months.

My learning around money is improving and improved vastly  – I know more and more about what I want money to do for me rather than previously working my ass off for money and still having nothing at end of month – rather than me just working for money – NOW money works for me.

I now know that for my Business to get better – for me to improve their and in my personal life I need to have assets not liabilities, I need to make money work for me not me killing myself working for money and I also need to be astute in what I do with my money – ultimately I can do more and give more and have a greater impact in my goals for my business and for me in starting up my business.

Thats the start of Financial Literacy – there are loads more but this is just a glimpse into what you do with me – not just dealing with light nice things but really delving in deep (not into your accounts – thats for you and your accountant) but about what you value money to be for your success or your journey towards success.  What it means to you?

So if you are ready for the New Year New You New Start and learning about Financial Literacy – then contact me further and lets journey together  – the more you understand yourself, your attitudes and what you want from life via personal goals and beyond the more you will be come successful in your business goals and life – goes without saying really as one is not separate from the other.

Money and Financial Literacy are not dirty words, but an area which is vast and getting a greater and better understanding of it and how you relate to it and work with it – can only make anything you do better – becoming Financially Literate is the ultimate part of the changes of New Year New You New Start for 2014.

Thank you for reading my musings over the past few weeks and I hope as we end January 2014 to hear from you, that you have enjoyed or gotten something from what I have been saying and might be interested in talking to me about being your coach for the future.

Best wishes and Keep in Touch

Sharon –