Money Stuff With Moms

Knowing your money personality is a gamechanger when it comes to managing your finances. And can be VERY helpful if you have a partner who is very different than you so that you can have a plan on so you can both get on the same page with your money.

LINKS:

What's your money personality type? Find out here! https://porterouge.co/colour

HOMEWORK:

Go take the quiz to figure out your own personality type, and if you have a partner, make a guess as to theirs! You'll find some helpful resources for communicating with your partner after you take the quiz.

• HOW TO GET IN TOUCH:Join in the conversation with 9000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
• DM Meghan @ https://www.facebook.com/porterougeco

TL:DR Version

00:00:52

When onboarding my clients, I have them take a personality quiz which assigns them a colour (Gold, Green, Blue, or Orange.) I will customize my service to them based on this quiz, so that they get the most benefit from our time together. Today, I'm going to give you all a brief summary of each colour… AND I am going to guess which colour Lindsay is! (she took the quiz, but hasn't told me the results.)

00:02:20

GREEN: These are the people who will debate you even if they agree with you. They will challenge you. They want to know every scenario. They LOVE spreadsheets. They have analytical minds. They tend to be engineers and process managers. They value knowledge and confidence. They love information. They struggle with analysis paralysis (decision making!)

00:03:28

ORANGE: These are our entrepreneurs. They are people who really value freedom and variety. They'll have multiple projects on the go (but might not finish them all). They're great problem solvers. They're good at responding to emergencies. They are open and non judgmental. They value action. They are not the type to sit down and analyze a spreadsheet. That would be torture. They're FUN.

00:04:37

GOLD: (this is my colour) They are very organized. They're planners. They really value tradition. They like things that are very practical. They like checklists. They can be very rigid and predictable. They like structure and efficiency. They can forget to relax and have fun.

00:05:38

BLUE: They really value humans. They have a concern for others. They are really good at giving praise and encouragement. They have really good intuition. Many nurses, HR personnel, or first responders are blue. Blue's have a hard time saying no. They can take on too much. They don't do well with dishonest or blunt communication. They struggle with unrealistic expectations.

00:06:32

Meghan predicts that Lindsay is an ORANGE… but it turns out that Lindsay is a GOLD.

00:07:30

It's not surprising that Lindsay scored as a GOLD in retrospect, because she has created systems to manage money that are very organized, efficient, and structured. The reason she NEEDS these systems is because she naturally procrastinates and is messy! And that's OK! Most people actually are a combination of two colours, and your scores for each colour can be very close to one another, or tied!

00:09:33

We all experience different seasons of life and can only fit so many things at the top of our priority list… so maybe you feel like you WANT to be a super organized person, but at this phase in life, you need to turn the other cheek.

00:10:45

Knowing your personality type will help you understand how you can manage your finances in the way that is best for YOU. Why would you commit to tracking every single thing that goes out of your bank account for the next three months if that task is overwhelming and is going to drive you crazy? No! There is another way, and there is certainly another way that will suit you better.

00:15:38

Learning to communicate with a partner who has a very different personality type can be challenging, especially if one person is the day to day money manager of the home (which is very typical.) Everyone wants money management to be a team sport, but in reality, it's usually one person who manages most of it. Figuring out the best way to communicate with each other alleviates SO much stress when it comes to those heavy money conversations.

Decisions. Hiccups. Hindsight. Meghan and Lindsay reflect on their biggest money mistakes and what they would have done instead. We ALL make money mistakes. Here's just some of) theirs.

LINKS:

Andrew Hallum "The Millionaire Teacher" https://themillionaireteacher.com/

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred

SHOUTOUT:

What was your number one money mistake, or money regret??

HOMEWORK: What can you TAKE ACTION on TODAY? Is there a decision that you need to make? Make it! And if you can't… find someone to talk to about it so that you CAN

• HOW TO GET IN TOUCH:Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
• DM Meghan @ https://www.facebook.com/porterougeco

TL:DR Version

00:00:52 What is your number one money mistake?

00:01:30 If you look at the experts in any industry… they always talk more about the decisions that they DIDN'T make. Successful people make decisions. They make them with confidence, and they make them quickly.

00:02:00 So when I think about money regrets, it's almost always about the decisions that I didn't make, because I didn't have the confidence, or I didn't move fast enough, or I didn't seize the opportunity.

00:02:56 My biggest money mistake was co-signing on a loan for a boyfriend. I should have taken the bank's lead when they decided that he was not a person to lend money to.

00:05:00 But he was a used car salesman, and those types of people are hard to say no to. I should have said no, and not given an explanation as to why my answer was no… because the more information you give these types of people, the more fuel they have to spin their stories. And it's hard when you are navigating relationships and when you are a person that just wants to help other people.

00:07:34 The other thing is that hindsight is 20/20. You make the best decisions that you can with the information that you have at the time. It's easy to look backward and see how you could have done things differently, but when you're in that moment, making the decisions, the decision you made was the best one at the time.

00:09:31 If you choose NOT to make a decision, against your gut instinct, you will probably find yourself wondering why you didn't decide sooner, when you finally decide. I could have progressed further in my career if I had listened to my gut.

00:11:55 I was listening to a really interesting video the other day by an incredible author named Andrew Hallum (his book is a best seller called The Millionaire Teacher) and he said that even the big wigs on Wall Street don't always make the right decisions. The difference between the rich and average is that the rich make MORE decisions.

00:13:10 People think there is some magic recipe or secret wand that all the experts have, and they don't… but the truth is that experts make a LOT of wrong decisions… and they learn from those wrong decisions, so that they can keep making more decisions.

00:15:19 When I am faced with a very difficult decision, it's helpful to me to think about the advice that I would give my kids if they were facing the same decision. Like… I'm super bossy and really good at telling OTHER people what to do. So when I pretend that I'm giving advice to someone else instead of deciding for myself, it becomes a lot easier. Option A, or Option B. That's it. Make a choice.

Who are we? Why do we do what we do? Get to know Lindsay and Meghan in all their glory.

LINKS:

Black is the New Red: THE place to have Canadian money conversations! www.facebook.com/groups/blackisthenewred

SHOUTOUT:

Who is primarily responsible for managing the finances in your household? Do you keep separate bank accounts? What works well for you, and why?

HOMEWORK:

Go talk to someone about MONEY. If you don't like your family, friends, or neighbors today, talk to a pro, or jump into Lindsay's 9000+ member group for Canadian money conversation.

TL:DR Version Ep 1 - Intro:

• Lindsay & Meghan host the Money Stuff with Moms podcast because they fully understand the #MomLife AND the importance of #adulting. They bring you no fluff, jargon-free (and hilarious) conversations about money to give you quick wins while you're sitting on the sidelines of your kid's ball game.
• These no-nonsense Moms are seasoned professionals in the finance industry who will be the first to tell you that seasoned professionals are NOT always right. The thing about personal finances is that they're PERSONAL! As Meghan would say, it's a beautifully annoying cliche.
• Meghan is a Certified Financial Planner with an HBcomm finance degree, but her real super power is being able to translate all the technical jargon into step-by-step REAL talk.
• Lindsay is an Accredited Financial Counselor with a STRONG opinion that Moms are SUPERHUMAN. They've got the brains to conquer whatever they put their mind to, but let's be real, with everything on their plates… they gotta ration their bandwidth and be choosy about where they spend their time and energy.
• Money Stuff for Moms was created to bridge the gap between the super technical in depth financial literature and clipping coupons to save a buck. We know that Moms want more than Pinterest hacks, but don't have time to analyze the complexities of the IFRS9. Moms work too dang hard to feel like they're living paycheque to paycheque.
• It's an IMPOSSIBLE expectation to think that one person can be responsible for their tiny human's daily routine, household chores, family fun day planning, vet appointment, scheduling home maintenance, attending the parent teacher conference, pruning the garden, visiting your mom, going to work…. AND be an expert in managing account structures, budgeting, and investing. Moms can do ANYTHING… but they cannot do EVERYTHING. Meghan and Lindsay are here to help.
• Both Lindsay and Meghan have noticed that over the past couple of decades, there has been a pendulum swing when it comes to who is managing the day to day finances in the household. If we go back in time to Lindsay & Meghan's grandparents' prime, it was almost always the man who paid the bills, kept track of the insurance policies, and had the mortgage details ironed out. Today, women are wearing the "Chief Financial Officer" caps in their homes. Why is that?
• "F THE PATRIARCHY!!!!!" is one idea. (We joke, but is there truth to women asserting their financial independence by ensuring they have a strong grasp on their family's financial situation?)
• Maybe women are just better at it. Organization and multi-tasking are stereotypical PINK strengths. And since there are SO many more things to remember this day in age, maybe men just feel better about their spouses dealing with it. (Back in the day, you had one paycheque, which you had to walk to your physical bank to cash, and you paid your handful of bills. Today, we have a bazillion options for banking, investing, and insurance. We have side hustles on top of our regular 9-5's. And let's not even talk about the list of bills (how many subscription services do YOU have, Mama?)
• How do things work in your household? Who does the majority of the financial chores? Do you have separate bank accounts? What works well for you, and why? Your input to the conversation has incredible VALUE… because when we can all DO BETTER if we KNOW BETTER. Share your knowledge!
• HOW TO GET IN TOUCH:Join in the conversation with 8000+ other Canadians (and finance industry pros) in Black is the New Red: www.facebook.com/groups/blackisthenewred
• DM Lindsay @ www.facebook.com/lindsayplumbmoneycoach
• DM Meghan @ https://www.facebook.com/porterougeco