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Guest post: Is ignorance bliss? How to stop avoiding your finances

By

Mary Waring
Mary Waring
Recovering superwoman | Dog obsessed | Never too old to change

Mary is a chartered accountant and chartered financial planner – one of only a handful of advisers in the whole of the UK with these qualifications. She’s passionate about changing the way women think about finance, so that they are better equipped to make informed decisions about their future.
Mary Waring
Latest posts by Mary Waring (see all)

Are you someone who’s been avoiding your finances? Then let me tell you a story. I remember the first time I had to give unwelcome news to a client. She was a doctor in her late 50s and had come to take financial advice because she planned to retire at 60 and wanted to check what income she would be able to draw.

At that first meeting she passed over a large bundle of statements showing her holdings, a number of which were very out of date. It was therefore impossible at the meeting to determine the value of what she had saved.

The day before our follow up meeting I had a sleepless night worrying about how she might respond to the news I was about to give her.

Would she burst into tears?

Would she just shrug and say “Oh I’m glad I found out now”?

As a new client I didn’t know her well enough to know how she would respond. And I was quite nervous.

You see, not only could she not retire at 60, but it looked as though retiring at 65 was also unlikely. Really dreadful news for someone who thought her future looked rosy and who was planning how to spend her time when she was no longer working.

Yes, as you can imagine, the news did not go down well.

But at least she was then aware of the situation and being aware was able to address it and do something about it. Admittedly the plan we came up with was completely different to the one she had wanted, but at least she did have a plan. And she agreed this was better than being totally unaware of her situation.

Avoiding your finances? I definitely do not hold the belief “ignorance is bliss”!

Ignorance is a head in the sand approach to not dealing with those issues that cause any form of upset.

But, just like the constant, niggling pain you have which you can ignore for only so long before seeking medical advice, ignorance about your finances cannot continue indefinitely. At some point real life will come and bite you on the bum!

You either find out now, which hopefully gives you time to do something about it if needed.

Or you find out when it’s too late. And then you probably regret not doing something earlier and you kick yourself for ignoring it.

“Hindsight is a wonderful thing! But it’s called hindsight because we have it after the event rather than before.”

I’ve been lucky that since that situation I have rarely had to give such bad news. But I was reminded of that first instance yesterday when I had a meeting with a new client. Let’s call her Jane.

When reality hurts

Jane had recently divorced, had received a financial settlement and was planning her future, and feeling very positive about what was ahead of her. She had moved out of the family home some time earlier and was living in rented property. Following her settlement, she felt now might be the right time to buy a property.

However, she was unsure about where she wanted to be based, and was looking at the options of Scotland, Cornwall or London. And obviously the choice of location would involve a significantly different house purchase value.

We discussed in advance what she wanted her financial plan to look like, and decided on three different property purchase prices and a rental option.

The outcome for Jane: only the rental and lower purchase price allowed her to have the ongoing spending she wanted. For the other 2 options she would have to reduce her ongoing spending so much it wasn’t practical.

Was my client disappointed? Yes, of course she was, since she realised various options she had considered (including buying a property in London) was no longer viable. This was a bitter blow to her.

But as we looked at it further, she realised she still had many options. She could still buy a beautiful house and make it a loving and welcoming home for herself and for her children when they visited. She could still have a wonderful lifestyle enjoying holidays and many luxuries. We concentrated on the options that were available to her, rather than the options that weren’t.

As the meeting progressed, Jane started to see how she could use this knowledge to her advantage rather than dwell on the options which were no longer feasible. In many ways it made her choices easier because the London location was no longer an option to consider.

Avoiding your finances? Consider this

I firmly believe ignorance is not bliss. It’s a means of putting off the inevitable until it’s too late to ignore it anymore.

I believe knowledge is key. It allows you to make plans knowing you have the financial means to support your plan. After all, a plan which you can’t afford is simply a wish.

So, how about you? Have you been avoiding your finances?

Here’s a quick exercise to help you turn things around.

  • Think about all the areas of your money – your current spending/daily budget, investments, pensions, savings. How clear are you on your current situation and how clear on where you’re heading?
  • Is there an area you’re completely in the dark about?
  • How can you get the information you need to check you’re on track – print off statements, request an update, make an appointment with a financial adviser like Mary?

Do it today and get one step closer to taking back control.

Let us know your thoughts!

Do you think ignorance is bliss or do you prefer a plan?

If you want to have a confidential no obligation discussion, please contact me on mary@wealthforwomen.biz.

About Mary

Recovering superwoman | Dog obsessed | Never too old to change

Mary is a chartered accountant and chartered financial planner – one of only a handful of advisers in the whole of the UK with these qualifications. She’s passionate about changing the way women think about finance, so that they are better equipped to make informed decisions about their future.

You can find Mary online at the following links:

Twitter: @marywaring

Facebook page: https://www.facebook.com/marywaring

Website: www.wealthforwomen.biz

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Guest blog: Should I leave my job?

By

Jane Lewis
Dr Jane Lewis has over 20 years’ experience as a coach, including working as a career coach. She’s an ordained Interfaiths Minister and her passion is helping women find their purpose and direction, and then release the mental baggage that stops them achieving it. Twice a year she goes to Hawai’i to teach and study Huna – the spiritual, energetic and shamanistic practices of the ancient Hawai’ians. Find out more at https://secretartofhuna.com.
Latest posts by Jane Lewis (see all)

This is a guest blog by Dr Jane Lewis.

In my role as a Career Coach, I am often asked by clients, ‘Should I Leave My Job?’ It’s one of those questions to which the answer can often feel like ‘How Long Is A Piece Of String’, but in this blog, I’ll be sharing a few pointers to help you consider the question, should it be burning a hole in your brain just now.

Why you might want to leave your job

The first question I always ask clients is: why do you want to leave your job?

  • Because you’re unhappy?
  • You want to start your own business?
  • You aren’t paid enough?
  • The people are OK, and they don’t treat you badly, but it doesn’t really fire you up?
  • You’re not being given the opportunities you want?

Depending on the answer, my advice will change.

However, there are a few cases where the answer is fairly clear.

If you are thinking of leaving your job because you’re planning to set up your own business, my advice generally is to stay in your job until you’ve got your new business running and starting to pay you an income. Of course, that isn’t always possible, but financially it can make the transition so much easier.

If you feel you’re underpaid, or not being given the promotions and opportunities you deserve, then, assuming you are otherwise happy, the first step is to have a conversation with your boss.

At One of many we talk about ‘having a conversation from your Queen’: stepping in to your Queen powertype, and making your point in a drama-free, powerful fashion.

But what if you’re unhappy, or over-stressed or feeling demotivated?

One of the techniques I invite my clients to use is to identify their career values to see how far the job is satisfying those values.

Our values provide motivation at a very deep, unconscious level. If your career values aren’t being satisfied in your current job, then it is highly likely that you will struggle with motivation and with performing at your best.

Values are abstract, and they are the product of our life experience together with our early conditioning. So if your family put a high value on professionalism, you might well find you do the same.

Your values are key to making any big decision

One client of mine worked in an engineering environment where the money and benefits were OK, and the people were pleasant. The work was challenging, although it wasn’t exactly the area that my client enjoyed the most. It was all OK, but something was not quite right and my client couldn’t pin down what that was.

We did a value exercise and time with family came out in the top 5. The job involved a relatively long commute, and as a result of doing the exercise my client realised that this value was not being met, and this was the reason they were not content.

The client used their list of values as criteria for evaluating job adverts, and soon found a job nearer home, with less travel and more money. Within a year they had been promoted to Director, which was an unexpected bonus!

How to find your values

The process is as follows: ask yourself ‘what’s important to me about my career (or job)?’ You are looking for single words or very short phrases that you can’t put in a wheelbarrow. Abstract nouns; words like:

  • job-satisfaction
  • professionalism
  • growth
  • challenge
  • fun

Keep going until you have at least 8, but don’t worry if you end up with 15 or 16.

Once you have your list, put them in order of importance, based on the way things are right now. The most important values will be those on which you spend the most time and energy.

Then, looking at the top 5-8, for each value, ask yourself: ‘how far does my current job satisfy this value?’ You can use a scale of 1-10 or a percentage scale.

If your job doesn’t satisfy any of your values, or only satisfies a few values more or less, it may well be time to move, or at least have a serious conversation with your employers about how things need to change.

That’s the exact process I used with my client. It’s such a great tool for clarifying your thinking around your job options.

Need help making a big decision?

If you’d like some support to work through the system yourself, you can find a One of many certified coach trained in helping women explore their values using the online coach directory. Click here to find the right coach for you.

About Jane Lewis

Coach, Minister, Huna practitioner

Dr Jane Lewis has over 20 years’ experience as a coach, including working as a career coach. She’s an ordained Interfaiths Minister and her passion is helping women find their purpose and direction, and then release the mental baggage that stops them achieving it. Twice a year she goes to Hawai’i to teach and study Huna – the spiritual, energetic and shamanistic practices of the ancient Hawai’ians. Find out more at https://secretartofhuna.com.

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How to start a coaching business

By

Joanna Martin
Joanna Martin
Founder at One of many
Founder: One of many. Author. Ex-doctor. Entrepreneur. Sister. Sometime Actor. Baby Wrangler. Personal Chef. Mother.
Joanna Martin
Latest posts by Joanna Martin (see all)

Imagine:

  • Spending your days with inspiring clients, watching them go on to make a massive difference in their communities.
  • Supporting women to step into their power with powerful choices that work for them and their families.
  • Choosing your hours, playing to your strengths and getting paid for what you love to do.

Sounds like a dream come true, doesn’t it – but surely being a coach can’t be all roses?

What do you need to be aware of before taking the leap? If you’ve ever wondered about making the shift to become a coach, but felt like you wouldn’t know where to start, then here are five things to bear in mind.

How to start a coaching business in 5 steps

1. Find your “big why”

Any big transition in life, but especially one like training as a coach, needs purpose. After all, to become a coach you’ll need to invest time, energy and money, and knowing your reason for doing that is what will keep your motivation and momentum going.

In Simon Sinek’s groundbreaking book, Start With Why, he explored how the greatest leaders used their “Big Why” to inspire others. So what’s your “Big Why” for becoming a coach?

For many women in our community, coaching will allow them to make a real difference to causes they’re truly passionate about. Take Anna.

“6 out of every 100 UK people experience domestic abuse. 6.7% of all women. 1 in 4 LGBT women (from their partners). Around 80% of trans people. Half of all gay and bi men (from partners or family members). One of those women is me.

When I imagine the world in 7 generations time, I want to see these figures be drastically different, or even gone.

My next commitment to this future is to complete my One of Many coaching certification to work alongside Newcastle Women’s Aid to offer coaching to the women who access their service, to help them reclaim their soft power and move forward into fruitful, vital, happier lives. To help them lead more change in the world when they can.” – Anna Knight

Playing an active part in building the future we want to create is a huge driver for many coaches. Through supporting and championing their clients, they’re able to create a “ripple effect” that has an impact far beyond their individual contribution.

Your “Big Why” might be about empowering corporate leaders to make courageous decisions, or helping mums reconnect to themselves after having children. It could be something totally different! Get clear on what it is, and you’ll find that every other action you take flows from that well of inspiration.

2. Get qualified

Coaching is much more than a conversation or supportive words. The greatest, and most successful, coaches have a whole wealth of tools at their disposal as well as the confidence to lead their clients through complex and sometimes challenging transformations.

Our One of many women’s coaching certification is a rigorous program designed to give you all the skills you need to become a confident and effective coach. Our graduates are trained in using unique, cutting edge and proven tools to unleash the leadership potential of the women they work with – and through our comprehensive training, have the full support to practice and implement them.

There are lots of coaching certifications out there, and they’re all different – so do your homework before making an investment. Some things to consider might be:

  • What’s the focus of the program, and does it fit with my values?
  • How do the organizers respond to questions? Can I have a conversation with someone to check if this is the right fit for me?
  • What’s the feedback like from previous graduates?

If you could do with a hand comparing the different options, feel free to get in touch and someone in the office will be happy to talk them through.

3. Figure out what you’re selling

So you’ve done your training, got your qualification, and you’re ready to get started. Fab! Now what?

Well, some of our graduates decide they want to use the tools they’ve learned within an organization, to help them manage their teams and lead more effectively. But if you decide to set up your own business, there’s a really key thing to bear in mind. A lot of coaches make the mistake of trying to get clients by selling them “coaching”.

When the truth is, the impact you’ll have on your clients isn’t that you’ll have “coached” them. It’ll be in:

  • The pay rise they’re finally able to ask for (and get!)
  • The connection and trust that’s returned to their relationship
  • The clutch of anxiety they used to feel every day when they wake up has melted away

See the difference? Build a business around the changes you help your clients make, rather than the way you help them get to that change, and you’ll find clients much easier to come by.

4. Make sure you have support

As your work grows and evolves, nothing beats having a group of equally committed and excited peers to keep you on track, help you navigate challenges, and support you as your business expands. (Our coaching grads stay in touch via our private Facebook group – a place to celebrate each other, share challenges and ask questions.)

You might also want to investigate a coaching mentor going forward – someone to help suggest areas of growth and development, and help support you through any tricky times. Ask any training provider how they support their coaches and what network you’ll have access to in future.

5. Plan your transition

You’re inspired – coaching is for you, and you’re ready to sign up and get started. Time to wave goodbye to the day job, set up a website, and watch the clients roll in, right?

Well, we’d certainly love that to be your experience – but the reality is, making any change takes time. All sorts of factors will impact how quickly coaching can become your main focus, including your finances, time, and other commitments.

Take the time to plan the transition, get advice and support when you need it, and reach out to others doing the same thing.

If you’re thinking about coaching and have a question, post it in the comments below! And if you’re already a coach, let us know what lessons you’d share with someone just starting out. Your experience might make all the difference.

Time for a change?

If you’d like to find out more about our coaching training, click here to read the full details. The first step is to book in a no-obligation chat with one of our team so we can find out if this would be a great fit for you. Just click the button at the bottom of the page to schedule a call.

Our intention is simple. To support professional women to handle the day-to-day so they can unleash the bigger impact they feel called to make in the world.

We believe real leadership is less about skill, and more about having a well of physical, emotional, intellectual and spiritual strength to draw on. Every week we support thousands of grassroots leaders globally with our free articles, videos and online trainings with powerful tools and methodologies created BY women FOR women.

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