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The single most common statement I hear from people after a financial coaching workshop is, “I’m just not disciplined enough to create a budget and live on it.” This is where frustration comes into play with so many people. Immediately I see discouragement and frustration on their face. Is it due to the overwhelming consumer debt they have amassed? Or, is it due to discipline? Courage? Hope? All the above? I really feel for these people. They are telling me, “I’ve given up! I’m throwing in the towel! There’s absolutely no hope!”
I will attempt to address this feeling of hopelessness, the key to becoming “disciplined,” or to engaging money in this article. For the sake of not turning you off with the word “discipline” let’s simply call it “engagement.” In its most general sense, discipline refers to systematic instruction given to a disciple. To discipline thus means to instruct a person to follow a particular code of conduct. I don’t know about you but as soon as I hear negative language like this I emotionally tune out. The term engagement, of course, is closely linked with the marriage process or the new customer “service” concept, customer “engagement.” To engage, or set out on a journey, or simply a meeting or encounter best defines engagement. So let’s stick with the positive, engagement.
The First step in developing financial engagement is simple - designate a coach. The last 20 years of my life I have had at least one or two mentors per year whom are “experts” in their field. I know of no faster or more effective method to develop engagement in any field, especially personal financial wealth building. Whether Tiger Woods, Serina Williams or Brad Anderson, CEO of Best Buy, each understands the importance of maintaining an expert or coach in their field whom can help them achieve the results they seek and plan.
The second step is a clear, personalized written plan with your coach. Brad Shuck, an executive coach for one of the world’s most successful cruise lines recently shared with me how to address the “discipline droop; “I think it is insecurity for some and for others, they are looking too far down the road and need to start smaller. Discerning that though will require you to be face-to-face meeting with a coach or mentor. For example, if someone wants to get fit, the thought of working out for the rest of your life is crazy overwhelming, but the thought of working out this week is doable. If we are writing a dissertation, that concept seems overwhelming. If we say we are writing a paragraph, now that's doable. Start small, take quick, little steps and get some success, taking each week one week at a time.” Another great quote I like is where Dave Ramsey says, “Without a written budget, by HAND, you will go nowhere fast!”
Number three, application! Again, a coach/trainer is key at this stage. I can write down a plan/goal, however, if I have a coach holding me accountable, then motivation, engagement, and yes even discipline increases exponentially! A plan is good, but results are even better.
In this article we looked at three key elements to developing financial engagement: one is a coach, two is a coach, and three is a coach! Have you noticed a theme here? A coach can help us become motivated, develop a CLEAR written plan and implement our personalized plan. And yes, a coach is key to helping build “discipline,” in our lives. Keep pressing forward and I will see you at the financial peace oasis where we own 1992 Ford Pinto’s, a $100,000 home and have a couple of million dollars in the bank for retirement! |
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