Tag Archives: Sheila Walkington

End Financial Avoidance and Reclaim Your Power Today

By Sheila Walkington, co-founder and CFO Money Coaches Canada and the Women’s Financial Learning Centre

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Most people procrastinate from time to time, it’s human nature to put off tasks we believe to be unpleasant or time consuming. But the habitual putting off of our responsibilities, especially our financial responsibilities, transforms procrastination into avoidance. Avoidance —Stage 2 of the 7 Stages of Financial Well-BeingTM —is one of the most potentially damaging stages on the path to financial fulfillment.

Are you in Avoidance?

It’s essential to understand that financial well-being comes with a deeper understanding of where you stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward. The 7 Stages of Financial Well-BeingTM is a framework that will help you better understand where you are, and what actions to take, as you move towards Financial Fulfillment. Continue reading →

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How to Take Charge and Say Goodbye to Financial Chaos

By Sheila Walkington, co-founder and CFO Money Coaches Canada and the Women’s Financial Learning Centre

Names and identifying details have been changed for privacy. Story used with permission.

Do you remember the children’s game Chutes and Ladders? Players are moving forward and climbing the ladders when suddenly a roll of the die lands them on a chute that sends them tumbling backwards. When we meet clients in Stage 1 of the 7 Stages of Financial Well-BeingTM – Chaos, it is almost always because a major life event (illness, death of a spouse, job loss, transition to self-employment or divorce), has sent them sliding down a chute into Chaos.

7 Stages of Financial Well-Being ChaosThe base of the 7 Stages of Financial Well-BeingTM pyramid represents those furthest removed from feeling in control and empowered financially. For many, Chaos represents their starting point on their journey to Financial Fulfillment.

It’s essential to understand that financial well-being comes with a deeper understanding of where you stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward. The 7 Stages of Financial Well-BeingTM is a framework that will help you better understand where you are, and what actions to take, as you move towards Financial Fulfillment. Continue reading →

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Do 6-figure professionals need a budget?

By Sheila Walkington, co-founder and CFO Money Coaches Canada and the Women’s Financial Learning Centre

new-years-eveHappy New Year!

The New Year is a natural time to look forward and set goals, but it is also a good time to reflect on how far you’ve come. Looking back one year life may not be dramatically different, but if you look back 10 or 15 years, so much has probably changed, especially in terms of your career and income.

When you were starting out you probably had a pretty simple financial plan – pay the bills so the lights stay on. Going out to the movies may have meant you’d have a smaller bag of groceries that week, and you may have dreamed of the day when you’d reach a level of success that you’d never need to budget again. But like the child who dreams of eating chocolate all day when (s)he becomes an adult, it isn’t such a good idea when the moment arrives. Now that you have achieved a good measure of success, you probably have a lot more reasons to stay on top of your finances.

So, do 6-figure professionals need a budget? Not if your idea of a budget is restriction and inflexibility. At Money Coaches Canada we’ve created a Spending and Savings Plan, not as a euphemism for the word budget, but as a tool that keeps you engaged with your money. Engagement fosters informed decisions and informed decisions will likely be in your best interest long term.

What happens to many high earners is that they get busy; they work hard, play hard and are often raising families at the same time, and they lose touch with where their money is going. They don’t have to choose between groceries and a movie anymore, so they may stop worrying about day to day spending in general. The catch is, with success comes different reasons to pay attention. Continue reading →

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Is your financial nest egg at risk of being scrambled?

Sheila Walkington Money Coach Vancouver BC

By Sheila Walkington, Co-Founder and CFO Money Coaches Canada, Co-Founder Women’s Financial Learning Centre

Names and minor details have been changed to protect privacy.

Broken gold egg on white background.

Most Canadians recognize the importance of making plans for their future, creating a nest egg through RSPs, TFSAs, company pensions, real estate and other investments, but as the saying goes; Life is what happens to you while you’re busy making other plans. What would happen to your nest egg if life threw you a curve ball, such as an accident or illness?

Insurance is one of those topics that many people avoid talking or even thinking about. There are so many different types of policies that it can easily become overwhelming to sort out what you need and what you don’t need. It’s not uncommon for people to opt into a group plan at work and then tuck the benefits booklet into a filing cabinet without really understanding the coverage they have. But when it comes to insurance the more you know, the better you can find a product that suits your situation and protects your future.

The two most common insurance products are Life Insurance (either Term Insurance or Whole Life/Universal Insurance) and Disability Insurance. A third insurance, Critical Illness, is newer in Canada and unlike disability insurance, which is linked to your ability to work and paid-out over time, Critical Illness insurance pays out in full usually 30 days after your diagnosis.

A financial settlement from insurance can take a lot of stress off a bad situation

The death of a spouse, an illness that keeps you from working, high medical bills from a life threatening illness; when times are tough, no one needs financial stress as well. Money doesn’t take away our problems, but it can sure make things a little easier at times. Disability will cover bills if you can’t work, life insurance can pay off the mortgage or debt or cover education costs if a spouse dies, and critical illness can be used to cover medical bills or to hire some help if you are sick.

I recently had a discussion about insurance with Glennis Deslippe, who has been a living benefits specialist with Integral Financial Services Inc. for the last 12 years. Continue reading →

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Success Story: Louise – A life changing financial turn-around

All information used with the client’s permission.

In 2010, Louise was a single mom with a teenage daughter and another daughter under age 10. She spent her days working with words, writing sales and advertising copy that garnered her great respect in her field, but at the end of the day, it was numbers that weighed her down.

Despite the outward signs of success, Louise owed $15,000 on credit cards and $10,000 in income tax. She had purchased a duplex and had upstairs tenants to help offset the mortgage, but she was also paying rent of $1,000 a month for her daughter at college. And just over the horizon loomed an income tax bill of $26,000.

“It’s very shaming to be that far in debt,” she says, “so you start hiding a lot of information from family and friends.”

She felt isolated and uncertain about how to turn things around. She read books and blogs about money management, but confidence in her financial skills was so low, she wasn’t able to turn the general information into personal solutions. She discounted the idea of reaching out to a financial planner because she believed planners were for investing and not for dealing with debt.

“I had never heard of a money coach,” Louise says, until she came across the term in a Canadian Living magazine article featuring Money Coaches Canada co-founder Sheila Walkington. The idea that there were financial professionals who could guide and teach her how to manage her money gave Louise just enough courage to break her isolation and reach out. Continue reading →

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Success Story: Robin and James – from knowledge to action

Note: The couple’s names have been changed for privacy.

Debt ball and chain openedRobin and James were young professionals in their 30’s when they contacted Money Coach Kathryn Mandelcorn. They were frustrated because they made a combined income over $150,000 but they had $45,000 in consumer debt and felt they weren’t adequately saving for their future. They didn’t see how they could pay off the debt and invest for retirement, without sacrificing their dream to buy a home and invest in further education. They felt like travel and other leisure activities were completely off the table if they were to have any hope of turning things around.

“When I met Robin ad James, I could see they were a very savvy couple,” says Kathryn. “They knew a lot about investing, they had a good idea of what they should be doing, but they were going in circles financially. They were paying down debt then going right back in. There was a big disconnect between knowledge and implementation.” Continue reading →

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Meet our Money Coach: Tom Feigs

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Tom Feigs, CFP®, CET

Financial planner and money coach Tom Feigs was born and raised in Calgary, Alberta, but his favourite piece of advice for Canadians concerned that they aren’t prepared for retirement, comes from the East, not the West. It’s a Chinese Proverb: The best time to plant a tree was 20 years ago. The second best time is now.

And now is when Tom can help. Tom’s ideal clients are in their 40’s or 50’s and are really motivated to create a retirement plan that they can be excited about.

“One of my favourite moments as a coach, is helping people realize their dreams faster than they anticipated,” he says. “It’s great to be able to tell someone who hopes to retire within five years that in fact they can retire now.”

“There is no single road to personal or financial fulfillment,” says Tom, “and the journey is as important as the destination.”

Tom’s own journey began in the Energy Industry after he earned a diploma in Engineering Science Technology. But outside of work he was studying investing, and reading books on finance. Then, seven years ago, inspired by watching his children follow their unique paths; his daughter is an actor and artist, and his son is a correctional officer, Tom decided to follow a new path of his own.

He started by committing nine months to completing the Certified Financial Planning Curriculum, because it was very important to him to have the CFP® designation and the standard of excellence it represents.

Tom had only one dilemma; he wanted to be a planner, coach and educator, not a salesperson.

“I believe there is an inherent conflict for planners who also sell products” he says. “I want clients to know that my advice has only their needs at its core.”

A solution appeared in the June 2010 edition of Forum Magazine, a trade publication for financial advisors. The cover featured an image of Sheila Walkington, co-founder of Money Coaches Canada and the Women’s Financial Learning Centre. Tom found Sheila’s goal of creating a network of money coaches across Canada appealing and was soon on board.

“I like to get to know my clients, and get them excited about their possibilities,” Tom says. “Once we crystallize their retirement goals we can plant the seeds to achieve them.”

Contact Tom today for a free consultation.

 

 

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The money goal that’s often neglected

By Alison Stafford, FPSC Level 1TM Certificant in Financial Planning

Information Definition Magnifier Showing Knowledge Data And FactsAt this time of year lots of people set goals, and it’s certainly not unusual for one of those goals to be about money. This year I’m going to pay down my credit debt, or this year I am going to spend less on dining out and save for a trip, or, I’m going to put more into my retirement savings. All worthy goals. But there is another money goal that is often neglected, one that would reduce the need for goals that “fix” our past behavior with promises to make better choices this year. That better money goal is: This year I’m going to focus on my financial knowledge.

The more we understand the mechanics of money, the more engaged we are with our finances, the more likely we are to make good choices every day, not just for the first few weeks of the New Year. So what holds people back? Continue reading →

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Money, Happiness and Our Vision for 2015

The end of a year is often a time for reflection. What are we thankful for? What challenges did we face last year? What do we want from the coming year for ourselves, our family and our community? Often the short answer is that we want to be happy. We want those we love to be happy. A simple, common word that can be hard to explain, because while Webster’s dictionary may define it as ‘having, displaying, or marked by pleasure or joy,” ultimately we must each define how we achieve happiness for ourselves.

When we founded the Women’s Financial Learning Centre (WFLC) and Money Coaches Canada (MCC), our vision was, and still is, to help Canadians do much more than pay down debt and plan for retirement. We want our clients to achieve a level of financial well-being and contentment they never thought possible. Continue reading →

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The 5 Biggest Retirement Mistakes You Don’t Want to Make

UNSTUCK Money Book

UNSTUCK – How to Get out of Your Money Rut and Start Living the Life you Want
by Karin Mizgala and Sheila Walkington

(Excerpt from: Chapter 11 –  Don’t Give up on Retirement Yet)

Here are the five biggest retirement mistakes that people make. You’ll want to do your best to avoid them:

1. Avoiding the Conversation—That conversation could be with yourself. It could be with a spouse or it could be with an advisor. Having a conversation about retirement helps to bring some clarity to what your goals are. If the conversation is with your spouse or partner, it will give you a sense of whether or not your spouse is on the same page or if they have different ideas about retirement. It doesn’t mean you have to have exactly the same vision, but it’s very, very useful to have an idea of what direction each of you wants to go.

2. Not being clear about what you want—It’s very hard in our day-to-day frenzy of activities to take that step back and say, “Hey, what do I want now and what do I want in the future?” Clarity provides direction and motivation to make good decisions along the way. Continue reading →

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