Wallet Wisdom

Don't Sell Me a Blue Car

2010-02-02T13:32:00.000-08:00

I personally have nothing against the color blue. It's a nice color – lots of variety and hues, some of them very pretty! Many redheads wear blue. I do not have any blue in my wardrobe, except for blue jeans. I never actually decided, "No blue." There just aren't any blue suits, blue furniture or blue pictures in my house.

I do not have nor have I ever had a blue car. I just don't buy blue cars. Yet one particular sales person insisted that I would LOVE this blue car. He was right. It was a pretty car. Nice camel colored leather interior. The price was within my range. The car had a good reputation and this dealership had been recommended to me. All my buy signals were on "yes." But I began to wonder, what's the matter with this blue car? He really insisted that it was the best car for me, no matter how many times I said, "No, I don't buy blue cars."

He didn't sell it – at least not to me - and I haven't done business with that dealership since. The moral of this story is: Get your agenda out of the way. Listen first, ask questions second and leave your personal "need" to sell outside, away from the prospect.

PS: Please do not send me anything blue – even if it’s a diamond. Well, ok, send diamonds.

Learn how to get yourself out of way.
"The Dreaded Money Step" webinar
February 18th
sponsored by www.jigsaw.com

I am your worst nightmare.

2009-11-09T14:04:00.000-08:00

As a customer, I am your worst nightmare because, as a Business Advisor, I notice the little things that make big spends a big waste of money. One company is currently spending vast dollars on a major TV advertising campaign. I know their jingle and you probably do as well. But when you go to make a deposit using their drive up ATM, the deposit envelopes can't be reached without getting out of the car and reaching around the corner to the envelope holder.

It was such an obvious design flaw that I complained to the teller. She had heard it over a hundred times from different customers. I asked if she had brought the problem to her bosses' attention. She nodded several times and just seemed resigned to keep hearing that complaint again and again. Is this inconvenience enough to make me change banks? No, I must admit the inconvenience of changing banks is more than having to get out of my car.

But I wonder when did the common touch disappear? I once wrote a letter to the CEO of another large company complaining about the lack of a $58 refund. The computer insisted I had received a refund when, in fact, I was standing at the return counter with the item and a receipt for the item – not a small item either. I had to take the item home because, although the manager was working with me, she couldn’t get an authorized override. It took a certified, return receipt letter to get the Guest Services VP to admit the computer error, authorize an override and credit my account. A smart retailer would have also given me a gift certificate for my trouble (they didn’t , and I don't shop there anymore).

In these two recent examples of a lack of common touch two things become evident.

1) As a business owner, it’s the small things that matter.
2) Your employees must be trained and empowered to make reasonable and rational decisions in order to better serve your customers.

My Wallet Wisdom Proved Once Again

2009-10-20T14:24:00.000-07:00

Conventional Money Wisdom
Is not Always
Wise

Time Magazine featured the story "Why Its Time to Retire the 401(k)" by Stephen Gandel (October 19,2009). Written from the employee point of view, it details how doing what they tell you do financially isn't necessarily in your best interest. Mr. Gandel points out that 401(k) was originally set up 30 years ago as an executive perk - one more way to dodge Uncle Sam. Below are a few of his other revealing statements:

"The ugly truth, though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves."

"Even for people who don't have enough money to send their kids to college or buy a house, building their 401(k), they are told, is their first priority."

I have also known of people who would live in their car rather than touch their retirement funds. And I am wondering why anyone should be penalized for accessing their own money should they need it in an emergency.

The writer does go on to point out the positive side of the 401(k) plans. My point is not to bash 401(k) or other plans you may have, but rather for you to understand that what may be a great financial decision for others may not be in your best interest. The good news is that the public is finally questioning what they have accepted as the only truth. To me, that is very good news.

Details, details, details

2009-10-06T14:17:00.000-07:00

Maybe you’re one of those people who loves paying attention to money details, saves receipts and knows exactly where and when money is spent without being anal about it. Yes, there are those people who are so attuned to their money details that they border on being obsessive about money. I am not including those types of people when I say that most of us would rather not take time to run down that $10.00 over-charge on our phone bill. Some even give up trying to read those confusing charges on most bills. Paying attention to these and other money details can be annoying, time consuming and irritating especially when waiting on the phone for customer service.

But, and this is a big BUT, if you truly desire wealth and wisdom then get in the habit of paying attention to small bothersome amounts of money. Organizing and respecting the money you have leads to self-trust, and greater self-trust builds the confidence to steward greater amounts of money.

With money management software, it is so easy to take the annoyance out of the details. If you are not already using one of the popular packages such as Quicken or Money, I strongly recommend you buy one immediately. Make use of the many reports, especially the ones that show the categories in which you spend money. It will make your life much easier and give you greater control and understanding of your money details.

You can find more information about how to be current and complete with your financial transactions in Wealthy U – Seven Sacred Wealth & Wisdom Lessons by Marilyn August (available on www.amazon.com or at www.WealthyU.com. For more information about Marilyn August, America's Leading Expert on Mind Over Money, please go to her website or e-mail her direct at marilyn@wealthyu.com.

2009-07-28T22:30:00.000-07:00

For these many years, I have been saying that we all have a relationship to money. You will hear this on my video clip at www.wealthyu.com as well as in all my speeches and writing. Yet, until now, I had not realized what a profound statement that is for all of us, especially women. As you read the Ode to Mr. Money below, recall how it might reflect personal, business or spousal relationships you had in the past. At the end of the "Ode" a new relationship is declared to be the writer's new truth. Feel free to share this with your women friends and also to write your new relationship to money.

Mr. Money Dearest,
I have been so angry with you
You are so withdrawn and withholding
You only give me what I want when I holler at you; upset and scared
You just don’t understand me at all.

Mr. Money
I have demanded more of you and all you give me is grief
Why are you being so hard on me – don’t you like me!

What would you say if I no longer wanted to play your mean game?
Are you going to punish me for having some fun and being frivolous?

Think again, Mr. Money
I am trading you in for a new model
A loving, caring and compassionate guy who flows with me
Understands and accepts me!
He is generous and kind –
Wow! am I surprised and delighted

It's Almost Over

2008-10-21T16:16:00.000-07:00

I don't know about you or your politics, but I am delighted that we will be passed this presidential election very soon. This has been the longest president election process that I can ever remember. It has been close to two years that the TV and other media has been reminding us almost daily that we are going to have a new president and with that several changes creating an unconscious reaction to uncertainty. No matter who is elected, the average person does not have a positive reaction to uncertainty. They want the illusion of safety and security especially in money matters - both have been in short supply in recent weeks. Relax and keep on moving forward with your plans and action steps! It is almost over.