Episode 71

full
Published on:

30th Dec 2021

Goal Planning and Financial Resolutions for 2022

This episode is all about goal planning and financial resolutions for the New Year! The New Year is always a great milestone to reset/refresh/restart and an opportune time to do some thinking and goal planning around your money! If you are looking to make 2022 your best money year yet then listen in for some positive resolutions that can help you to achieve that goal. Let 2022 be the year of money mastery for you! 

About the Host:

I am a financial professional, who specializes in helping people to achieve their financial goals.  My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families! 

 

I love your questions! Reach out to me anytime at:  

Email: kalee.boisvert@raymondjames.ca

Instagram: https://www.instagram.com/kaleeboisvert/

Twitter: https://twitter.com/wealthandwelln2

https://www.facebook.com/kaleeboisvertwealthandwellness/

  

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Transcript
Kalee Boisvert:

Welcome to the wealth and wellness podcast with

Kalee Boisvert:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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paid off your mortgage, your monthly expenses are probably,

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

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

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

this extra money.

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

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

it represents something that's really important for our mindset

Kalee Boisvert:

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

Kalee Boisvert:

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

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simplifying things, making things easier, let's not

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

two different advisors, accounts scattered everywhere in

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

together, whatever can come together as one i i highly

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

looking at investing in the US and Canada and internationally.

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

That's really what diversification means. It

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

there. So bringing the things can together can also benefit

Kalee Boisvert:

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

Kalee Boisvert:

reducing,

Kalee Boisvert:

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

Kalee Boisvert:

going to get discounts for larger balances or bundling or

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

a thorough understanding of your investment allocation. Again,

Kalee Boisvert:

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

Kalee Boisvert:

know, how much do you have invested internationally? And

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

have lots of accounts everywhere, so we can bring it

Kalee Boisvert:

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

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

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

strongly taught upon or learned or, you know, financial

Kalee Boisvert:

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

Kalee Boisvert:

changes, and I'm really optimistic that that is

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

talking to your kids about money. Money is something we

Kalee Boisvert:

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

Kalee Boisvert:

sorts of opportunities to have conversations with them about

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

savings, and you'll thank me later.

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

thanking you later when that money grows to a million dollars

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

about money, give them control and decision making power.

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

saving of putting a little bit of weigh each month for

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

Warren Buffett, financially successful, and amazing, you

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

so much.

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

investing and and you know, different elements of your

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

professionals exist. They can provide assistance where needed,

Kalee Boisvert:

there's accountants or lawyers or financial professionals

Kalee Boisvert:

interview, find the right fit for you come prepared with

Kalee Boisvert:

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

Kalee Boisvert:

point of that is that everyone has a little bit different

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

procrastinating, not taking action, you know, when this

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

gonna be taking these steps to keep building my knowledge about

Kalee Boisvert:

finances and investing and things like that. But in the

Kalee Boisvert:

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

Kalee Boisvert:

let that lack of confidence completely sort of derail you or

Kalee Boisvert:

push that timeframe further back, just to commit to saying

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

you know, just dwelling on those things, those negative

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

what is that

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

professionals out there that can support you all sorts no matter

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

wish absolutely everyone listening to this episode. And

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

catch you on the next episode.

Kalee Boisvert:

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

Kalee Boisvert:

proponent of taking confident action, I want to pose a

Kalee Boisvert:

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

Kalee Boisvert:

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

Kalee Boisvert:

listening, please subscribe and share with your friends and

Kalee Boisvert:

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

Show artwork for The Wealth and Wellness Podcast with Kalee Boisvert

About the Podcast

The Wealth and Wellness Podcast with Kalee Boisvert
To spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation
The Wealth and Wellness Podcast with Kalee Boisvert serves to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. This all starts with education and shifting our relationships with money. But wealth is just one piece in the equation of living our best lives, and we cannot forget about the important link between our self-worth and net worth. Join as we explore both wealth and wellness topics, with a goal of inspiring you to take confident action in all areas of your life!