$ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ Intentional Investing Newsletter formerly Wealth Healthy Women January, 2004 $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ IN THIS ISSUE: 1. Note From Your Editor, Lynne 2. Article: 2004: Invest in Yourself 3. Top Five Tips for Setting Goals to Get Results 4. Intentional Investing Announcements ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Note From Lynne -=- Dear Reader, Happy New Year! I'm sensing greater optimism -- or at least less pessimism -- in conversations and news reports these days. Aren't you? While we aren't out of the economic doldrums yet, this is a great time to capitalize on your growing optimism and to transform your New Year's intentions into constructive action. After reading the feature article, treat yourself to a FREE teleclass "2004: Invest in Yourself!" Learn how to turn your resolutions into successful self-investments. See the Intentional Investing Announcements section for information. Do you have an idea for a teleclass that you'd love to take? Let me know. We're building our class schedule for March and April and would value your input! Warm wishes for a gratifying, prosperous new year. Lynne ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Lynne Hornyak, Ph.D., Editor e-mail: Lynne@WealthHealthy.com Coaching busy professionals to greater financial freedom and well-being. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Feature Article: 2004: Invest in Yourself-=- The New Year is beginning. Time to look ahead, plan and set financial goals for 2004. How many of us, though, make New Year’s resolutions then forget them by the end of January? If you have, you’re certainly not alone. Why do our best of intentions often end up as just that – intentions, not actions? John, Kim, Julie and Matt illustrate some of the reasons. $ If you don’t look at the details, you won’t see the ugly truth. In 2003, John resolved to review his income and expenses each month. Now it was late December and he only had a vague sense of what he earned and spent last year. Facing his “hard truth,” John admitted that he was operating from fear. He worries that he spends more than he earns. Yet John doesn’t want to change his spending habits. John sought coaching to face his hard truth. In doing so, he discovered that he actually earns more than he thought. And he discovered some creative ways to reduce his spending that didn’t feel depriving. $ If you leave your goals “fuzzy” you can feel good about doing something without having to commit yourself. Kim made several resolutions in 2003 to improve her financial situation but noted it “wasn’t her style to write things down.” What was Kim’s hard truth? She didn’t like to commit herself because she felt trapped and controlled when she did. If she didn’t write her goals down, Kim could feel good about thinking about them without requiring any specific changes or actions of herself. What Kim learned in her coaching was that, rather than giving her freedom, her approach trapped her in a cycle of continued financial insecurity. $ If you leave your goal fuzzy, you won’t be daunted by the task. Julie had little experience handling her own finances, but sincerely wanted to do so. As we discussed her situation, it became apparent that Julie had a whole set of “great expectations” for herself which made the task of managing her finances seem incredibly daunting. In her coaching, Julie learned that if she defined her long-term goal, she could then break it down into subgoals that had specific steps which felt manageable to her. Julie gained the confidence she wanted by mastering one step at a time. $ If you hang in there long enough, someone else will pull you out of your hole. Matt was an artist at heart. He loved his free-lance photography work but never seemed to make a living at it. Each year he set financial goals and talked about finding smarter ways to market his services, but nothing changed financially. It took a while for Matt to realize that wishful thinking was undermining his intentions. He secretly hoped to find a financially successful woman who would support the two of them so that he could focus on his art rather than making money. Matt also realized that his lack of financial stability scared away eligible women, defeating him in both work and love. $ Lessons Learned $ What did John, Kim, Julie and Matt have in common? They all had some form of wishful thinking influencing their relationship with money. Let’s call these “inner obstacles” – internal factors that get in the way of achieving what you desire. There are many kinds of inner obstacles that influence our money patterns and habits. For example, fear of failure as well as fear of loss (i.e., having to change his spending habits), kept John from facing his financial realities. Kim had a fear of commitment, that commitments “trap and control” her. Julie expected a lot of herself; those “great expectations” put tremendous pressure on her that wasn’t realistic but felt overwhelming. Matt wanted to depend on someone else to make the money so he could be free to do what he wanted rather than take on the task of figuring out how to earn his living AND enjoy his work. Julie’s story is a great illustration of another reality: that there are knowledge and skills that you need to have to manage your financial life. Julie was just out of college. She hadn’t yet managed her money independently. After challenging an old “money myth” from her upbringing (ie., “Leave the finances to the men, they’re better at it than we women are”), Julie took a personal finance course at the local community college. She learned how to use a financial software package to track her income and expenses. She joined an investment club and gained confidence in making investment decisions. Julie could not have made progress toward her goals without acquiring financial knowledge and skills. External realities also can affect your money life. John didn’t want to face the reality that living life costs money – and unless you want to live in debt, you either have to earn enough to pay for your lifestyle, or make some changes in your spending habits. Matt wasn’t facing the reality that financially successful women are likely to desire a financially responsible partner. Even if his career choice didn’t yield the “big bucks,” Matt would become a more desirable partner by taking responsibility for his financial life. Finally, what may not be obvious in their stories but became apparent as I coached John, Kim, Julie and Matt, was that they needed to look at their goals in a different light. They needed to shift from an “outside-in” view to an “inside-out” perspective. Let me explain by using Kim’s situation as an example. When Kim talked about setting goals, it was as if her goals were something external to her, out there to be achieved and to measure up to. That’s an outside-in view. And, naturally, Kim rebelled against these “external standards” by doing nothing. Yet, she was the one defining them! Taking an inside-out view, I asked Kim “How do you want to invest in yourself this year? What’s really important to you?” She identified two goals, saving for a downpayment on a condo and finding a partner. >From there, we looked at what it would take to achieve these goals. We then put a dollar value on each step she’d have to take, including steps toward finding a boyfriend. How she was earning and spending her money looked very different to Kim from that inside-out perspective. It also allowed her to make new choices, this time “for herself.” There is a lot more to be said about the inside-out perspective. Interested in learning how to take an inside-out approach to your own 2004 intentions? Join us on January 19 for a free teleclass – details in the Intentional Investing Announcements section. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Like what you're reading? Then send this newsletter to friends, family, and colleagues who are interested in moving toward greater financial freedom and well-being. They can subscribe at www.WealthHealthy.com, or by sending an e-mail to Lynne@WealthHealthy.com with "subscribe newsletter" in the subject line. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Top Five Tips for Setting Goals to Get Results -=- 1. Use the SMART criteria: Make sure your goal is Specific, Measurable, Achievable, Realistic and Time-specific (you set a date for achieving it). 2. Listen to your heart AND head when you're setting your goal. What is rational, logical and realistic AND what feels essential to you. 3. Write your goals down. Post them somewhere where you can frequently see them. 4. Share your goals with someone whom you care about and trust will support your efforts. 5. Set up regular times to check in on your progress. Evaluate and re-adjust as needed. If you are not achieving your goals, consider the services of a coach who can help you sort out the obstacles and get you back on the path of achieving the results you want and deserve. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ If you are interested in coaching, contact me for a free half-hour consultation at Lynne@WealthHealthy.com or (202) 387-5923. Please include your name, e-mail address, phone number and brief description of your interest in being coached. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Intentional Investing Announcements -=- To register for a free teleclass or an II telegroup send an email to Lynne@WealthHealthy.com. Indicate the activity that you are interested in attending and we'll send you the telephone number for the call-in and additional information for the telegroups. $ Free January Teleclasses $ 2004: Invest in Yourself! Monday, 1/19 7:00 – 8:00 pm EST Tired of making financial New Year’s Resolutions that you never keep? Resolve to end that pattern. Join us to learn the secrets of successful self-investment! The Cost of Love Tuesday, 1/27 7:00 – 8:00 pm EST Guest: Kathryn Lord, Romance Coach How does money affect our closest relationships? Curious?? Then join us in a lively discussion of this hot topic. $ Intentional Investing 101 Telegroups $ Daytime: Thursdays, 1/22, 1/29 2/5, 1/12 12 noon – 1:00 pm Evening: Wednesdays,1/28; 2/4, 2/11, 2/18 5:00 – 6:00 pm The Intentional Investing Telegroups are designed for individuals who want to take charge of their money life. Intentional Investing 101 is a four-session workshop that takes place on the telephone. Participants take stock of their current relationship with money, clarify their financial dreams and goals, identify obstacles and possible solutions, and develop an individualized action plan. Registration is easy: Send an email to Lynne@WealthHealthy.com. Indicate the section (day\evening) that you are interested in attending. We'll send additional information including payment options and call-in instructions. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ PLEASE NOTE: Intentional Investing [TM] is intended for informational and educational purposes only. It is not a substitute for financial, legal, accounting, psychotherapeutic, or other professional advice and consultation. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Copyright 2000-2003 Lynne Hornyak. All rights reserved. The above material is copyrighted but you may retransmit or distribute it to whomever you wish as long as not a single word is changed, added or deleted, including the contact information. However, you may not copy it to a website without my permission. Reprint permission will be freely granted upon request. Advance written permission must be obtained for any reprinting of this material in modified or altered form. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ $=$ CONTACT INFORMATION $=$ Lynne Hornyak, Ph.D. LMH Services Coaching and Consulting 3818 Klingle Place, NW Washington, DC 20016 Phone: (202) 387-5923 Fax: (202) 244-3373 e-mail: Lynne@WealthHealthy.com Web: www.WealthHealthy.com www.LMHServices.com