Goal Planning and Financial Resolutions for 2022

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Welcome to the wealth and wellness podcast with

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me Kaylie Bob air. I specialize in helping people to achieve

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their financial goals. I have a love for all things numbers, and

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I'm passionate about financial literacy. My goal is to spark

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healthy and positive conversations around wealth and

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investment, and create a world where nobody is limited by their

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financial situation. But wealth is just one piece of the

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equation of living our best lives. So join me as we explore

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both wealth and wellness topics. From your net worth to your self

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worth. Get ready to take confident action. Hello, this is

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Kaylee. And thank you so much for sharing your valuable time

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to listen to this episode of the wealth and wellness podcast.

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This is an important wealth topic I'm discussing on this

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episode. And it's all about financial resolutions for the

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new year. So the new year is always a great time to do a

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reset, refresh, restart a lot of our words, anything else you

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want to add? And it's an opportune time to do some

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thinking and goal planning around your money. So let's let

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2022 be the year of Money Mastery for you. All right. So

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first, I think it's so important to take a moment to write down

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your financial goals and aspirations for the new year. So

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grab a pen and paper, pause this podcast. And this is the work

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part of it the homework, take a few minutes and write down what

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are your financial goal, maybe it's you have one goal, maybe

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multiple goals, goals, aspirations for what you want to

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accomplish in the new year, and actually write these down. So

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I'm telling you get a piece of paper, get a pen, pause me or

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pause me and put it in the note section in your phone if you're

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you know, walking or something like that. But actually writing

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things down is so powerful to really committing to making them

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happen. So taking that extra few minutes might feel like it's not

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making a difference. Just do it though. I promise you it is

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okay. Maybe in this writing of your your new goals or what your

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goals are for 2022 Take some time to reflect on last year,

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and is there anything you would have changed? or what have you

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done differently or you want to do differently for this year? So

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that might be the inspiration for you know, what ideas come up

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for what you want to see for 2022? When you're writing down

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your goals be as specific as possible. So we all know that

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about goals that like Let's Be as specific because we're more

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likely to work towards them if we're specific, because then

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it's not as daunting. It's not this, you know, big sort of

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daunting, you know, large task to take on in the question mark

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is well, where do I even start? Or how do I even measure this if

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I do it? So again, it has to be specific, measurable? What are

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the other ones SMART goals, right? So so you know, some

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examples might be pay off my Visa credit card in 2022. So it

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has zero balance, it might be set up an auto deposit each pay

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period of $500 into my Registered Retirement Savings

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Plan, create an emergency a rainy day fund of four months

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worth of expenses, maxed out my Tax Free Savings Account, put

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2500 into my child's Registered Education Savings Plan to max

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out the grant matching for 2022. Again, get specific as specific

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as you can, you know what you're really trying to achieve here.

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So and only you are going to see this right, you don't have to

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show it to anyone. So get as specific as you can be. Okay, so

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again, this is the moment to pause, write it down. I know I

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told you pause before and then I added some things. So hopefully

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I have not confused you now. pause now and write those down.

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Okay.

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Okay, so you've paused, you've written those down, okay. Now

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while getting specific on the goal. Okay. Okay. So now I'm

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adding more after okay, but now that you have the goal, maybe

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it's after this podcast and it's really creating a plan of

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action. So how you're going to achieve this, how you're going

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to accomplish it or when you want to accomplish it by maybe

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it's you have several goals or one goal and they have different

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dates and timeframes again because you're getting very

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specific so maybe it was that pay off my Visa credit card,

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which maybe got a little out of control over the holidays or

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went on and have it paid off by, you know, February 25, or

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something like that. So again, these are just examples,

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whatever it is for you have that plan of action, because it's

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great to have the goal. But what's going to support you to

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actually achieving it is just your plan of action. And, again,

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I think there is an awareness, you know, you know, what's

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realistic, what you can achieve, and again, reflect on past years

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of what has happened. So don't be too hard on yourself. Don't

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set the goals where they're really unrealistic, where it

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doesn't feel like it's going to be possible, or you'd have to

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basically, you know, stop eating out or stop eating food all

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together, to come up with the extra money to pay something off

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or add this money somewhere else. So let's be realistic as

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well with these goals. Keep your list somewhere that you can

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review it. So again, maybe it's the notes on your phone, maybe

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it's in a journal or something like that, and set a reminder in

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your calendar on when you want to check in by because I think

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that's the biggest things with our New Year's goals and

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resolutions, we lose sight of them, because life gets busy,

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you know, things happen. And it completely maybe slips our mind

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when we were all amped and ready to set it in January. And then

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of course, things happen and come up and we're right back on,

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you know, our, our busy life schedules and, and it might just

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be completely something we forget, or we don't ever look

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back at. And so to make this something that you really

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execute on, set a reminder, as you're doing this right now in

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your calendar, say, Okay, I'm going to check in on this, you

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know, on March 15, to see where I'm at where my progress is, and

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track my progress. Or, you know, maybe I'm going to check in on

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this for sure, mid year. And make sure I'm at this point by

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that, you know that time or anything like that. So again,

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we're being specific on the goal, we're creating a plan of

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action on how you're going to achieve it, you're being

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realistic and being you know, giving yourself grace, you know,

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plan in for some unforeseen, foreseen circumstances, because

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when it comes to money, these are oftentimes going to be money

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goals. When it comes to money, things come up things happen

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that you might not have planned for. So have that built in as

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well. And then again, keep your list somewhere, review it, check

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in on it, put the reminders in your calendar now. And then

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they're just going to pop up when the date comes. Okay, so

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that's the first thing I want everyone to do is really take

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that time, have those goals. So now that you have some big money

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goals, I also want to share with you some additional suggestions

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that I've come up with for you. So those that activity was you

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coming up on your own with things because again, I think,

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you know, we're all aware, and we know what we need or want. So

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that's important. But I want to give you some additional

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suggestions for Positive Money behaviors or resolutions for

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2022. Again, these are just ideas, if you're already doing

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some of them, maybe you're even doing all them fabulous, you get

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an A plus, that's amazing. But if once I'm going through this

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list, if there's if you know if it seems like a lot, if it's

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overwhelming, maybe it's your time to just focus on one or two

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that you want to commit to as well this year. Any action taken

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around your money that you commit to, that you've not

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previously been doing is amazing, because it's going to

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provide a positive result when it comes to your money and

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you're taking action and you're doing something if you know

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nothing, nothing bad can come of that it's positive, it's great,

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you're going in the positive direction. Okay, so resolutions,

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suggestion number one, get to know all about your money. I

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talk about this a lot on this podcast. So hopefully that lets

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you know is important. Here I go talking about it again. But it

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is it is important. So having an awareness about your money is so

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vital to every other piece of your financial life. If you

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don't feel like you have a good understanding about your money,

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take some time and get to know it. Start by taking inventory of

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everything. So all your accounts, approximate balances,

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your mortgage info, approximate balance of what's owing, if you

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have a mortgage, all your assets and all your liabilities,

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essentially you want to have that inventory and awareness of

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what they are, list everything you may owe. So again,

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liabilities, your loans, credit cards, mortgage balance, and

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everything you own as far as assets. So again, investment

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account balances. So maybe it's tax deferred accounts,

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retirement account balances, things like that, and that's

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going to create your net worth statement. So again, everything

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you own is your assets versus everything you owe your

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liabilities in a separate column. And again, construct

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this in any way that works for you. It's basically though just

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having some one Master location of the inventory, that is your

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finances, okay? And this is so beneficial to for couples, it's

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a fabulous exercise to do together. So you're on the same

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page when it comes to your household finances. So you both

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are in the know of where you stand where you're at. Another

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important step to getting to know your money is having an

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understanding of income versus expenses. So usually people

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break this down on a monthly basis, what income versus

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expenses are. And, again, if that's generally how you're paid

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and how you pay bills, you're probably going to look at it on

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a monthly basis. But again, having an understanding of cash

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flow, it's really what you want to be in the know when it comes

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to your money. And it's going to help you understand your money,

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knowing what's coming in knowing what's going out each month,

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because from that you can create goals, you can say, okay, you

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know, I have this much extra every month, I'm gonna make sure

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I'm putting that towards my emergency accountant or

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something like that. But again, you're not going to be able to

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really get as specific as you want to and your goals if you

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don't have this awareness, and knowledge about your money. So

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that's resolution idea. Number one, resolution idea number two,

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take control of your spending, it's very easy to spend money,

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and you can find ways to spend money, every day, on all sorts

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of things, everywhere we go, there's things to spend money

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on. But taking control of your spending is a powerful step in

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being a money master and building wealth. Because

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anything you're not spending is what you're getting to keep, it

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doesn't just disappear and go nowhere, it's what you're

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getting to hold on to. A lot of guilt comes up around spending

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money. And it's when we're spending money in ways that

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don't align with your values is most often when you're going to

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have that guilt. So when you're in control of your money, and

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taking control of your spending, you're likely going to have less

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of those instances coming up of guilt purchases and spending

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because you're going to be more diligent about being

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intentional. You know, if you're saying things like, Okay, I'm in

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control my spending, what are things that are important to me,

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what matters to me, I love adventure, I'm going to be

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putting away a certain amount of money every month to take this

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trip of a lifetime, you know, I haven't been able to travel for

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some time now. And this is my goal, and I'm going to have

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money saved up, because I'm going to take this trip in 2022,

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or 2023, or whatever that looks like for you. But again, you're

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in control, you're deciding. And then you might be less inclined

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to be like at the mall, and you see these, you know, fabulous

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shoes that you don't necessarily need. And you're like, you know

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what, I think that money is better put into that goal I have

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of my travel and adventure, because that's so important to

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me. So that's really that taking control of your spending, it's

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being intentional. So if that sounds like a good plan, but

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you're still you still struggle with the temptations of spending

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completely okay.

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What are some ideas that might help with that? Well, taking an

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inventory of what you typically spend in a month and on

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different categories, it is going to help and I know that's

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a painful exercise, probably some people listening is like, I

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don't want to know or it's almost like we're denial or I

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don't know, or it's it's that's not the funnest task to do. But

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it's very important because what it's going to do is alert you to

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the different categories, you spend money, and maybe you're

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actually spending a lot more in a certain category than you're

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aware of. And seeing that is very powerful, because then you

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can actually decide to make a change once you've seen it. But

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if it's not, and we don't have the awareness, of course, we

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can't change something we're not aware of. So you have to take

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that first step of actually taking the inventory of what

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you're spending and what the categories are that you're

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spending money on. And then look do a deeper dive and see, is

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there anything that can be easily eliminated? Sometimes

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what's going to pop up? Is something like a subscription

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you don't use anymore? Are there any luxuries you can scale back

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on? So Oh, wow, I've been spending a lot of money eating

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out. You know, I don't want to be spending that much every

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month. I want to scale back on that. And that's something I

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realistically can do. And this is going to be my eating out

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budget from now on. And so you know, that might come up as well

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from that exercise. Another idea for taking control of your

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spending is just that recording ongoing everything you're

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spending for one full week because it gives you an extra

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task and thing to do. And so it might actually stop some of

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those impulse purchases. Because you're like, Yeah, I don't want

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to have to write that down. Just I'd rather not. I'll just wait

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till I get home to have a snack or something like that. Rather

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than going Oh no, I have to write that down for my tracking

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of my spending in real time. Another idea is reducing the

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number of payment methods to simplify things. So maybe you

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use, you know, you have a couple credit cards and a debit card

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and you sort of just grab whatever is most accessible when

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you're paying for things. It can get confusing. And it's again,

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hard to tell when I'm what am I actually spending, if you have

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all these different payment methods, they're all sort of

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scattered. And you might be spending more than you realize.

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But again, it's not all in one place, it's not easy to follow.

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So reducing number of payment methods can be helpful as well.

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Using cash, that's one that people use, that's helpful, like

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so having a sort of cash amount in their wallet each week. And

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when that runs out, there's no no more discretionary spending.

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You can also set some rules for yourself. So you can say okay,

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anything that costs a larger amount, so anything maybe over a

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$200 price range, I have to think about for at least 24

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hours or 48 hours. So that can help, you know, slow down those

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impulse purchases, because oftentimes we make purchases, we

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walk away, and you know, the next day or later on, you're

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like, I didn't really need that. So you can save yourself from

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some of those, or maybe all of those, which is great. You could

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have no spend days. So that's another great idea, challenge

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yourself to have some no spend days. So how that works is just

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like it sounds, you just don't spend money for an entire day.

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And they're actually really hard. Like I said, there's, you

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know, the minute you leave the house, you don't even have to

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leave the house, you just do online shopping, just spend

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money, but it's very easy to spend money every day. So

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challenge yourself to have, you know, if you don't have any no

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spend days, it's like, Okay, I'm gonna do one a week, okay, I'm

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gonna do a couple a week, those are all really good ideas as

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well, if you're looking to take control of spending. Okay, that

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was number two. So resolution number three, which is a

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fabulous one to follow our second one, and you know, where

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you're taking control of spending. So number three is now

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saved more money. So maybe you know, you've done number two to

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control your spending, you have some extra money to spare now

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that you've taken control and, and so you can jump on to

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resolution three, which is about saving more, if you're saving

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money already fabulous. But I challenge you to up that amount

Kalee Boisvert: 00:17:14

and save more. And you might be saying, well, why what for you

Kalee Boisvert: 00:17:19

don't need a purpose. You don't your purpose to save money.

Kalee Boisvert: 00:17:22

Having more money saved is never a bad thing. It could mean you

Kalee Boisvert: 00:17:26

know getting to retire years earlier, it can mean going on

Kalee Boisvert: 00:17:29

your dream vacation, it can mean just having extra peace of mind

Kalee Boisvert: 00:17:33

to take on any curveballs that life may throw your way. So save

Kalee Boisvert: 00:17:37

more money if you're already saving. What if you can up at

Kalee Boisvert: 00:17:39

about what have you up that amount by 2% or 3%. Or anything,

Kalee Boisvert: 00:17:44

I just challenge you to do that. And and it just might not have

Kalee Boisvert: 00:17:47

come to mind because you're like, Well, I'm already saving.

Kalee Boisvert: 00:17:50

But Saving money is money that you get to keep for you. So at

Kalee Boisvert: 00:17:54

the end of the day, the person that benefits is you from saving

Kalee Boisvert: 00:17:58

more. No, it's not going to some, you know secret person or

Kalee Boisvert: 00:18:03

someone snatching it behind the scenes, it's really saving more

Kalee Boisvert: 00:18:07

money is just for you. And so that's, that's fabulous. So pay

Kalee Boisvert: 00:18:12

yourself first, whenever you make money, automate it, so you

Kalee Boisvert: 00:18:15

have some going into your savings bucket. So it's a good

Kalee Boisvert: 00:18:18

idea to just have it automated every paycheck, have a portion,

Kalee Boisvert: 00:18:22

go into your savings buckets or whatnot. But again, automating

Kalee Boisvert: 00:18:25

is very helpful. Because it's just happening in the

Kalee Boisvert: 00:18:28

background, less tasks for you. And then you're more inclined to

Kalee Boisvert: 00:18:32

just make sure that that's happening. So that's number

Kalee Boisvert: 00:18:35

three. Moving on to resolution idea number four, it's all about

Kalee Boisvert: 00:18:41

having or building your rainy day fund. So some people might

Kalee Boisvert: 00:18:46

call that also an emergency fund, it can also be known as

Kalee Boisvert: 00:18:50

that. I don't like to say that because then we're putting it

Kalee Boisvert: 00:18:53

out there. You know, well, coming in emergencies, we don't

Kalee Boisvert: 00:18:57

want emergencies happening in our life. So let's say a rainy

Kalee Boisvert: 00:19:00

day or, you know, make your own name for it. But it's that money

Kalee Boisvert: 00:19:06

that's there again, for peace of mind your peace of mind fund,

Kalee Boisvert: 00:19:09

that's a great idea to call it. So how much should you have in

Kalee Boisvert: 00:19:14

this peace of mind account? It's going to depend and of course,

Kalee Boisvert: 00:19:18

it depends on things like your your job income security, from

Kalee Boisvert: 00:19:22

your job, your expenses, how much you have his monthly

Kalee Boisvert: 00:19:26

expenses. I mean, if you're in a state where you're already have

Kalee Boisvert: 00:19:29

paid off your mortgage, your monthly expenses are probably,

Kalee Boisvert: 00:19:32

you know, lower than some people that do still have a mortgage

Kalee Boisvert: 00:19:35

and things like that. So, you know, maybe it's a bit lower

Kalee Boisvert: 00:19:40

expenses you have as a result, so it's going to be different

Kalee Boisvert: 00:19:42

for everyone. Generally, if you can put away though three to six

Kalee Boisvert: 00:19:46

months of expenses in this peace of mind fund that is ideal.

Kalee Boisvert: 00:19:53

Where do I start? So if you're saying I don't have one, I want

Kalee Boisvert: 00:19:56

to build one. Again. Maybe it seems daunting. Well incorporate

Kalee Boisvert: 00:20:01

it into your monthly savings, again, have a realistic goal,

Kalee Boisvert: 00:20:04

don't say, I'm going to have it saved out by the end of this

Kalee Boisvert: 00:20:06

month, and then put yourself in a position where you can't, you

Kalee Boisvert: 00:20:10

can't eat or you can't do something like that be really

Kalee Boisvert: 00:20:14

realistic and say, hey, it might take me a year to accumulate

Kalee Boisvert: 00:20:19

this extra money.

Kalee Boisvert: 00:20:22

You know, in the background as I'm getting paid and things like

Kalee Boisvert: 00:20:25

that, and that's completely okay. So do what's realistic to

Kalee Boisvert: 00:20:28

you, maybe incorporate it with your monthly savings, create a

Kalee Boisvert: 00:20:31

separate account for it. So don't have it though, you know,

Kalee Boisvert: 00:20:34

go into part of your checking account or something like that,

Kalee Boisvert: 00:20:36

because you want to have a separate spot for it. So you

Kalee Boisvert: 00:20:39

really know the progress where it's at where it stands. And you

Kalee Boisvert: 00:20:43

know, when it gets to a point where you feel comfortable

Kalee Boisvert: 00:20:45

enough, as far as balance, be mindful of getting a return on

Kalee Boisvert: 00:20:50

your cash, again, rates are really low right now. Interest

Kalee Boisvert: 00:20:54

rates are low, which means rates that you can kind of get on cash

Kalee Boisvert: 00:20:57

balances, they're quite low. But again, just be mindful of that

Kalee Boisvert: 00:21:01

every little bit helps. So see what your bank has as far as

Kalee Boisvert: 00:21:04

like a high interest, savings kind of idea. Are they offering

Kalee Boisvert: 00:21:08

any promos or things like that, and again, having this rainy

Kalee Boisvert: 00:21:12

day, this peace of mind account? It's empowering, it helps you

Kalee Boisvert: 00:21:17

really feel in control, knowing that you have that. So then

Kalee Boisvert: 00:21:21

you're not on edge about what if something came up? What if an

Kalee Boisvert: 00:21:24

unpaid bill unplanned Bill arises? And if we can relieve a

Kalee Boisvert: 00:21:29

lot of that stress and, and fear around money's money, it's, you

Kalee Boisvert: 00:21:34

know, it's not occupying space in your mind, then because it's

Kalee Boisvert: 00:21:37

the minute we're giving energy to these thoughts, we have this?

Kalee Boisvert: 00:21:40

Oh, what if something came up? I don't have anything extra, how

Kalee Boisvert: 00:21:43

would I pay for it? It's this terrible thought process you go

Kalee Boisvert: 00:21:47

on. And it's not, it doesn't lead to any positive feelings

Kalee Boisvert: 00:21:51

around money, it's stressful, it's you're on edge or anxious.

Kalee Boisvert: 00:21:55

If you can have this account, if anything, it's gonna stop that

Kalee Boisvert: 00:22:00

thought process and just go, Hey, if something were to come

Kalee Boisvert: 00:22:03

up, I got this. So now, I don't have to even think about that. I

Kalee Boisvert: 00:22:06

don't have to worry about that. So it's, it's very powerful,

Kalee Boisvert: 00:22:09

more powerful than just having money stashed away. Like, it's,

Kalee Boisvert: 00:22:13

it represents something that's really important for our mindset

Kalee Boisvert: 00:22:16

around money. So again, that's really important to have in

Kalee Boisvert: 00:22:19

place. Number five, consolidate and simplify. So I love just

Kalee Boisvert: 00:22:25

simplifying things, making things easier, let's not

Kalee Boisvert: 00:22:29

complicate it. Because I mean it we complicate money and have all

Kalee Boisvert: 00:22:33

these different moving parts and moving pieces, it's, it gets

Kalee Boisvert: 00:22:36

confusing, it seems daunting, and it's just like, Man, I don't

Kalee Boisvert: 00:22:41

want to have to deal with it. I don't know how much money I

Kalee Boisvert: 00:22:43

have, I don't know, it's everywhere. So a lot of people

Kalee Boisvert: 00:22:47

say, you know, money's confusing, and but a lot of the

Kalee Boisvert: 00:22:50

time the people that are saying money's confusing, or making it

Kalee Boisvert: 00:22:53

confusing, so it's a true statement for them, because they

Kalee Boisvert: 00:22:58

have made money confusing. If you have 10, different accounts,

Kalee Boisvert: 00:23:02

two different advisors, accounts scattered everywhere in

Kalee Boisvert: 00:23:06

different institutions, then I would agree that it money's

Kalee Boisvert: 00:23:10

confusing. A lot, hopefully, you have some sort of spreadsheet

Kalee Boisvert: 00:23:15

that pulls it all together. Because if you don't, that's

Kalee Boisvert: 00:23:17

confusing. So to start the new year, commit to simplifying

Kalee Boisvert: 00:23:21

things, if you have random small accounts hanging out there. And

Kalee Boisvert: 00:23:25

again, they happen as we go through life and get different

Kalee Boisvert: 00:23:28

jobs and things like that, you might have a work plan, and then

Kalee Boisvert: 00:23:30

you start a new job and, and that account sort of just sits

Kalee Boisvert: 00:23:34

there dormant. And then you you know, there's that's a manual

Kalee Boisvert: 00:23:37

anything, you have a new Sunlife plan, and then you have a new

Kalee Boisvert: 00:23:40

pension, and then you have an RSP and TFSA. And it's all over

Kalee Boisvert: 00:23:45

the place. And you can't even keep track and you forget, you

Kalee Boisvert: 00:23:48

might even have some of these accounts, like that's not a good

Kalee Boisvert: 00:23:50

place to be, we want to, again, we want to be in the know with

Kalee Boisvert: 00:23:53

your money. So bring it all together, bring what you can

Kalee Boisvert: 00:23:56

together, whatever can come together as one i i highly

Kalee Boisvert: 00:23:59

suggest to do so because it does simplify things. It does make it

Kalee Boisvert: 00:24:04

easy, more straightforward. You know, when we talk about

Kalee Boisvert: 00:24:07

diversification, it doesn't mean that you have to be spread

Kalee Boisvert: 00:24:10

everywhere, like diversification is more. So how we talked about

Kalee Boisvert: 00:24:13

investing, and taking an approach where, you know, we're

Kalee Boisvert: 00:24:16

looking at investing in the US and Canada and internationally.

Kalee Boisvert: 00:24:21

And, you know, we're investing in, in household companies and

Kalee Boisvert: 00:24:26

consumer goods and technology. And yeah, like all those things.

Kalee Boisvert: 00:24:32

That's really what diversification means. It

Kalee Boisvert: 00:24:34

doesn't mean that you have to be diversified with every firm that

Kalee Boisvert: 00:24:39

exists in your country. That's, it doesn't have to be that way.

Kalee Boisvert: 00:24:43

Because again, it just gets complicated. You lose track of

Kalee Boisvert: 00:24:46

things. You don't want to lose money, right? We never want to

Kalee Boisvert: 00:24:48

lose money. We never want to lose sight of it or lose track

Kalee Boisvert: 00:24:52

of it. We want to pay attention. We want to know what's out

Kalee Boisvert: 00:24:54

there. So bringing the things can together can also benefit

Kalee Boisvert: 00:24:58

you from reducing fees. Maybe You're saving on annual fees or

Kalee Boisvert: 00:25:01

reducing,

Kalee Boisvert: 00:25:03

like fee rates or things like that, because you oftentimes are

Kalee Boisvert: 00:25:07

going to get discounts for larger balances or bundling or

Kalee Boisvert: 00:25:10

having, you know, accounts at certain places, they sometimes

Kalee Boisvert: 00:25:13

waive certain fees and things like that. So it does benefit

Kalee Boisvert: 00:25:16

you if you can consolidate to and simplify. And it helps with

Kalee Boisvert: 00:25:20

a thorough understanding of your investment allocation. Again,

Kalee Boisvert: 00:25:23

that diversification element. Well, if I were to ask you, you

Kalee Boisvert: 00:25:26

know, how much do you have invested internationally? And

Kalee Boisvert: 00:25:30

how much in Canada in the US as far as, you know, equity

Kalee Boisvert: 00:25:34

exposure? So when I say equity, it's like stock exposure? How

Kalee Boisvert: 00:25:37

much do you have in the tech sector versus in financials or

Kalee Boisvert: 00:25:41

something like that? Those are hard questions to answer. If you

Kalee Boisvert: 00:25:44

have lots of accounts everywhere, so we can bring it

Kalee Boisvert: 00:25:46

together, it's going to help simplify it. So that was number

Kalee Boisvert: 00:25:50

five, resolution number six, I love this one. So anyone that

Kalee Boisvert: 00:25:54

has kids, this is an important one I would love you to commit

Kalee Boisvert: 00:25:57

to, it's all about talking to your kids about money, and

Kalee Boisvert: 00:26:02

raising money savvy kids, that is the best gift you can give to

Kalee Boisvert: 00:26:06

the next generation. You know, we teach kids all sorts of

Kalee Boisvert: 00:26:09

things, and they learn all sorts of things in school. But money

Kalee Boisvert: 00:26:13

is not one of them. Money's not one of them. That's, you know,

Kalee Boisvert: 00:26:16

strongly taught upon or learned or, you know, financial

Kalee Boisvert: 00:26:21

literacy. It's not a big topic in school. And I hope that

Kalee Boisvert: 00:26:24

changes, and I'm really optimistic that that is

Kalee Boisvert: 00:26:27

changing. But we're still in a position where I think there's

Kalee Boisvert: 00:26:31

lots to learn about money. And it's one of those things that if

Kalee Boisvert: 00:26:34

they're not learning it in school, us as parents, we have

Kalee Boisvert: 00:26:38

to really take the lead on that. And it's it comes down to just

Kalee Boisvert: 00:26:42

talking to your kids about money. Money is something we

Kalee Boisvert: 00:26:44

interact with, on probably a daily basis. And so there's all

Kalee Boisvert: 00:26:48

sorts of opportunities to have conversations with them about

Kalee Boisvert: 00:26:52

money. Um, you know, we teach our kids to drive, they get

Kalee Boisvert: 00:26:56

their Learner's Permit at 14. So we're, we're optimistic enough

Kalee Boisvert: 00:27:00

that they're able to drive a vehicle, why can't we teach them

Kalee Boisvert: 00:27:03

about money and trust that they're able to make you know,

Kalee Boisvert: 00:27:06

money decisions and learn about money. It's so so important,

Kalee Boisvert: 00:27:11

probably more important than driving a car, right? They need

Kalee Boisvert: 00:27:14

the money to buy the car. So let's like this is the important

Kalee Boisvert: 00:27:19

lesson, this is the things that have to be taught and that that

Kalee Boisvert: 00:27:22

miracle of compound interest, it's so powerful, the sooner you

Kalee Boisvert: 00:27:27

get started, it's all about time. And when you start, and

Kalee Boisvert: 00:27:32

it's if you can let something compound 30 years, 40 years, 50

Kalee Boisvert: 00:27:36

years, and that might seem like too many years, if you're

Kalee Boisvert: 00:27:39

already in your, you know, 40s, and things like that, you're

Kalee Boisvert: 00:27:42

like, Well, I'm not gonna work till I'm 90, and keep saving and

Kalee Boisvert: 00:27:46

only start spending my money then. But it's very realistic

Kalee Boisvert: 00:27:50

numbers, you know, for your 10 year old, if they can start

Kalee Boisvert: 00:27:52

saving, they can have 50 years of compounding growth, like it's

Kalee Boisvert: 00:27:57

crazy. And the power it makes and what it can create is just

Kalee Boisvert: 00:28:03

amazing. So if you're kicking yourself for getting a late

Kalee Boisvert: 00:28:06

start, well, what can you do? I mean, you can change that for

Kalee Boisvert: 00:28:10

the next generation, you can say, well, I don't want that to

Kalee Boisvert: 00:28:13

happen for my kids, right? We don't need to be that generation

Kalee Boisvert: 00:28:17

that's like, Well, I had to walk uphill both ways. And so you

Kalee Boisvert: 00:28:21

have to do it, too. Let's not do that. Let's be kind and put them

Kalee Boisvert: 00:28:27

on the right path. And, and, you know, get in the way. And if

Kalee Boisvert: 00:28:31

we're teaching them young, like having then just forced them,

Kalee Boisvert: 00:28:35

right, they're getting all this money from their grandparents or

Kalee Boisvert: 00:28:38

things like that. Just say to them, okay, that's going your

Kalee Boisvert: 00:28:41

savings, and you'll thank me later.

Kalee Boisvert: 00:28:45

You know, that's, that's the thing about being parents and

Kalee Boisvert: 00:28:47

having young kids really well, I'm still the boss. So I'm going

Kalee Boisvert: 00:28:51

to tell you where your money goes. But I mean, you don't have

Kalee Boisvert: 00:28:53

to be like mean or a dictator about it. But you can set some

Kalee Boisvert: 00:28:57

boundaries and rules and it's not, you know, they're gonna be

Kalee Boisvert: 00:29:02

thanking you later when that money grows to a million dollars

Kalee Boisvert: 00:29:05

that you saved them. Instead of buying American girl to all they

Kalee Boisvert: 00:29:08

have, they're a millionaire, I'm sure they're gonna be happier

Kalee Boisvert: 00:29:11

that they can buy all the American Girl dolls they want at

Kalee Boisvert: 00:29:13

that point. So teach your kids about money, communicate openly

Kalee Boisvert: 00:29:17

about money, give them control and decision making power.

Kalee Boisvert: 00:29:21

What's great about teaching kids about money is they're in a it's

Kalee Boisvert: 00:29:24

a safe environment. It's when we're teaching them while

Kalee Boisvert: 00:29:27

they're young. We can teach them about budgeting and credit

Kalee Boisvert: 00:29:30

cards. You know, once they first get their paycheck, we can teach

Kalee Boisvert: 00:29:34

them these things and let them kind of see okay, if I spend it

Kalee Boisvert: 00:29:37

all and I run up before next payday, you know, I have to wait

Kalee Boisvert: 00:29:41

and and it's good to learn those lessons when you're young

Kalee Boisvert: 00:29:44

because when you're learning them later on, I mean, it can

Kalee Boisvert: 00:29:48

have a lot bigger, you know, mistakes and risks if you're

Kalee Boisvert: 00:29:52

learning just what a credit card is, you know, in your early 20s

Kalee Boisvert: 00:29:55

Because you got one and maxed it out. And you know, didn't even

Kalee Boisvert: 00:30:00

realizing now you're paying, you know, 18% plus interest on a

Kalee Boisvert: 00:30:04

balance that you're not able to pay down. It's not something

Kalee Boisvert: 00:30:09

that that's a thing that you don't want to have to learn

Kalee Boisvert: 00:30:11

later on, you don't want to learn the hard way it can, let's

Kalee Boisvert: 00:30:14

help them, let's support them. So these diligent behaviors of

Kalee Boisvert: 00:30:18

saving of putting a little bit of weigh each month for

Kalee Boisvert: 00:30:21

themselves for the long term, that they're getting these

Kalee Boisvert: 00:30:25

skills. It's so powerful, so important, if you don't have

Kalee Boisvert: 00:30:28

kids of your own, maybe it's nieces and nephews and other

Kalee Boisvert: 00:30:31

young children in your life, like, encourage it, get

Kalee Boisvert: 00:30:35

involved, answer questions, talk about money, talk about, you

Kalee Boisvert: 00:30:38

know, how we build wealth. And what when investing is, like

Kalee Boisvert: 00:30:43

Warren Buffett, financially successful, and amazing, you

Kalee Boisvert: 00:30:46

know, mentor when it comes to what, what investing, successful

Kalee Boisvert: 00:30:51

investing could look like, and, you know, what did he do, he

Kalee Boisvert: 00:30:55

started buying stocks when he was like, 13 years old. So it's,

Kalee Boisvert: 00:30:59

it's amazing, and it's so powerful. So this one, I stress

Kalee Boisvert: 00:31:03

so much.

Kalee Boisvert: 00:31:06

Resolution number seven, don't be afraid to get help. So not

Kalee Boisvert: 00:31:10

everything has to be a DIY project, I appreciate that, you

Kalee Boisvert: 00:31:14

know, we have the internet available, we have a lot of

Kalee Boisvert: 00:31:17

tools available to us and accessible to us where we can do

Kalee Boisvert: 00:31:21

a lot more on our own, you know, we can go to YouTube and things

Kalee Boisvert: 00:31:23

like that and learn and, but when it comes to your money and

Kalee Boisvert: 00:31:28

investing and and you know, different elements of your

Kalee Boisvert: 00:31:31

money, like you're doing your taxes and things like that, if

Kalee Boisvert: 00:31:34

it's not your passion, know that getting support is fine. It

Kalee Boisvert: 00:31:38

doesn't mean that you're failing in the money game, it doesn't

Kalee Boisvert: 00:31:42

mean that you're going to, you know, be worse off or anything

Kalee Boisvert: 00:31:44

like that. It's just it's you deciding, hey, this isn't my

Kalee Boisvert: 00:31:48

strong, you know, that my strength and I know that my

Kalee Boisvert: 00:31:50

money needs time, attention and needs, you know, that long term

Kalee Boisvert: 00:31:55

care and attention, I just don't have the ability to consistently

Kalee Boisvert: 00:31:58

give it that. And that's why I want to work with a

Kalee Boisvert: 00:32:00

professional. So if you're going through your head and saying,

Kalee Boisvert: 00:32:03

you know, I've been meaning to do this, I've been meaning to

Kalee Boisvert: 00:32:05

start getting invested, I'll do it when I'm, you know, I learn a

Kalee Boisvert: 00:32:08

bit more when I read this book about finances, when I take this

Kalee Boisvert: 00:32:11

investing course, you know, then I will. But if it just keeps

Kalee Boisvert: 00:32:14

being something you're putting off, you know, it's probably a

Kalee Boisvert: 00:32:17

good indication that maybe it is some time to get some support

Kalee Boisvert: 00:32:22

and outsource it. And just asking yourself, you know, what

Kalee Boisvert: 00:32:25

is my time worth? And what do I like? What do I want to do? What

Kalee Boisvert: 00:32:28

am I passionate about, because life is about to doing the

Kalee Boisvert: 00:32:32

things we enjoy not just putting yourself, you know, through like

Kalee Boisvert: 00:32:36

homework assignments. And that's still fun, forcing yourself to

Kalee Boisvert: 00:32:40

do tasks that you don't want to do when there's people out there

Kalee Boisvert: 00:32:43

that you can enlist and, and, you know, have them step in.

Kalee Boisvert: 00:32:48

That's why they exist. That's why these services and different

Kalee Boisvert: 00:32:50

professionals exist. They can provide assistance where needed,

Kalee Boisvert: 00:32:54

there's accountants or lawyers or financial professionals

Kalee Boisvert: 00:32:57

interview, find the right fit for you come prepared with

Kalee Boisvert: 00:33:00

questions. Again, there's so many people out there. And the

Kalee Boisvert: 00:33:04

point of that is that everyone has a little bit different

Kalee Boisvert: 00:33:07

approach, and you need to find the best fit for you. So that's

Kalee Boisvert: 00:33:13

the joy of it. There's lots of professionals out there, which

Kalee Boisvert: 00:33:16

means there's variety, it means that there's going to be the

Kalee Boisvert: 00:33:19

perfect fit for you. Resolution number eight, get out of your

Kalee Boisvert: 00:33:23

own way. This is such a big one when it comes to money. I don't

Kalee Boisvert: 00:33:27

know how you like maybe plan to do this, but let me try to talk

Kalee Boisvert: 00:33:31

through it and we'll figure something out. So getting out of

Kalee Boisvert: 00:33:34

your own way means you know when you're overthinking when you're

Kalee Boisvert: 00:33:37

procrastinating, not taking action, you know, when this

Kalee Boisvert: 00:33:41

happens, then I'll get started, you know, when I get this raise,

Kalee Boisvert: 00:33:44

then I'll start putting money away. When we keep doing that,

Kalee Boisvert: 00:33:48

it's again, it's not doing you any favors. When it comes to

Kalee Boisvert: 00:33:51

money. There's no time like the present to get started building

Kalee Boisvert: 00:33:55

wealth. The best time to start building wealth was yesterday.

Kalee Boisvert: 00:33:58

Okay, so it was yesterday, yesterday is gone. So when's the

Kalee Boisvert: 00:34:01

next best time it's today? If is lack of confidence, take steps

Kalee Boisvert: 00:34:06

to build that up. But don't hold off until you feel like you

Kalee Boisvert: 00:34:10

become the expert. So if you're like, Well, I don't feel

Kalee Boisvert: 00:34:12

confident. I don't feel you know that I know enough about

Kalee Boisvert: 00:34:15

investing. Don't say well, I need to become a genius or the

Kalee Boisvert: 00:34:19

next you know all star investor before I get started, say I'm

Kalee Boisvert: 00:34:23

gonna be taking these steps to keep building my knowledge about

Kalee Boisvert: 00:34:28

finances and investing and things like that. But in the

Kalee Boisvert: 00:34:30

meantime, I'm going to get started. So don't hold off and

Kalee Boisvert: 00:34:35

let that lack of confidence completely sort of derail you or

Kalee Boisvert: 00:34:38

push that timeframe further back, just to commit to saying

Kalee Boisvert: 00:34:42

hey, I'm going to start where I am and continue to build and

Kalee Boisvert: 00:34:45

grow and do what's realistic. If you're stuck in the past with

Kalee Boisvert: 00:34:50

when it comes to money move past that it's not serving you so if

Kalee Boisvert: 00:34:53

you have that, you know hindsight I shouldn't have

Kalee Boisvert: 00:34:55

bought this or I should have invested in this or this regret

Kalee Boisvert: 00:34:58

or money mistakes that are like okay, If I can't do anything,

Kalee Boisvert: 00:35:01

because last time I did this, you know, I lost a lot of money

Kalee Boisvert: 00:35:04

and I just don't even want to be in that position again, I'm just

Kalee Boisvert: 00:35:07

not going to do anything, I'm not going to invest again,

Kalee Boisvert: 00:35:09

because I, you know, this was not a good experience and, and

Kalee Boisvert: 00:35:13

you know, just dwelling on those things, those negative

Kalee Boisvert: 00:35:17

experiences, they're not serving you. And they're not putting you

Kalee Boisvert: 00:35:20

in a good headspace to, you know, being productive and

Kalee Boisvert: 00:35:23

working towards your goals. So, again, when it's getting out of

Kalee Boisvert: 00:35:28

our own way, it doesn't have to be complicated. Let's keep it

Kalee Boisvert: 00:35:31

simple. When it starts to feel not easy or fun. Ask yourself,

Kalee Boisvert: 00:35:35

how can I make this less complicated? How can I make this

Kalee Boisvert: 00:35:38

easier, that's all we can do when it comes to getting out of

Kalee Boisvert: 00:35:41

our own way. So it's really diving into the deeper into the

Kalee Boisvert: 00:35:45

thoughts and mindset that comes up around money. So hearing that

Kalee Boisvert: 00:35:49

kind of inner voice and where it's coming up, and when it's

Kalee Boisvert: 00:35:52

coming up, and sort of writing that down or looking deeper on

Kalee Boisvert: 00:35:56

what is that

Kalee Boisvert: 00:35:58

money shouldn't be stressful. So again, if it is, you need to

Kalee Boisvert: 00:36:02

find ways to simplify it, you need to find ways to make it

Kalee Boisvert: 00:36:05

easier. It doesn't have to be and like I said, there's

Kalee Boisvert: 00:36:08

professionals out there that can support you all sorts no matter

Kalee Boisvert: 00:36:11

where you are in your money journey. So if you feel like,

Kalee Boisvert: 00:36:15

you know, this is a lost cause I don't even know where to start.

Kalee Boisvert: 00:36:18

There's money coaches, there's budgeting coaches, there's, you

Kalee Boisvert: 00:36:23

know, there's investing courses you can take, like, there's all

Kalee Boisvert: 00:36:27

sorts of things or something, like I said, there's something

Kalee Boisvert: 00:36:30

out there for you. So no matter what you think it is, or if you

Kalee Boisvert: 00:36:33

think is the most complicated, or if you're ashamed, or, you

Kalee Boisvert: 00:36:37

know, anything like that, I can assure you that as financial

Kalee Boisvert: 00:36:41

professionals, we've seen it all and there's someone out there, I

Kalee Boisvert: 00:36:45

can assure you, there's someone out there in some sort of way

Kalee Boisvert: 00:36:48

that can help you if you're feeling like I don't even know

Kalee Boisvert: 00:36:51

where to start or I'm stuck or something like that. So that's

Kalee Boisvert: 00:36:54

getting out of your own way. Okay, and that's all I have for

Kalee Boisvert: 00:36:58

you. So thank you for listening to this episode. And I want to

Kalee Boisvert: 00:37:03

wish absolutely everyone listening to this episode. And

Kalee Boisvert: 00:37:06

even you know going beyond that every person out there I want to

Kalee Boisvert: 00:37:10

wish them a positive and abundant New Year. Let's make

Kalee Boisvert: 00:37:14

this the best money year yet. Start taking action right now

Kalee Boisvert: 00:37:19

after you listen to this. You can do this. You got this. I

Kalee Boisvert: 00:37:23

believe in you. Thank you so much for your time and I will

Kalee Boisvert: 00:37:26

catch you on the next episode.

Kalee Boisvert: 00:37:33

I hope you found value in this episode. And because I'm such a

Kalee Boisvert: 00:37:37

proponent of taking confident action, I want to pose a

Kalee Boisvert: 00:37:40

question to you the listener. What is one action that you feel

Kalee Boisvert: 00:37:45

inspired to take after listening to today's episode? If you enjoy

Kalee Boisvert: 00:37:50

listening, please subscribe and share with your friends and

Kalee Boisvert: 00:37:52

family. Thank you so much and I will catch you next time