3 Things I Learned Working with My Mate

Earlier this month, I accepted a freelance writing project from the Hubby. For years I’d been saying we should work together, let me work for you, how can I help you in your entrepreneurial endeavors – and none of those things panned out. However, this time, what he needed was exactly in my wheelhouse. Before I continue, let me put a few things out there: 1- I KNOW he’s an incredible business man (he closes million-dollar deals regularly); 2- Both of us have Masters in Business so we know our stuff; 3 – Our perspectives on business are very much shaped by our own personal experiences (me – education, arts, nonprofit; him – entertainment, corporate). In all of that, I still learned a few things in my encounter with him.

1.       Setting clear expectations to begin with eliminates heartache. In working with my spouse I think the pressure was on to perform well. That’s hard when it’s arbitrary. We started our work together with clear expectations on the project.  Some of the language that was used in our conversations:

a.       This is what needs to be done by this particular date.

b.       When it is completed, I expect the finished product to be…

c.       I will provide updates on the project at the following intervals...

d.       I need your attention to the following details for finalization…

And it worked! Yes, it was formal, but it worked so much better that way. It really was black and white for us.

2.       I am worth my rate. He asked me how much the project would be up front. I told him my typical rate and payment terms, and he didn’t bat an eye. He didn’t ask for a family discount or payment plan. In his eyes, business is business. That spoke volumes to me! Moreover, when the project was completed, I didn’t have to resend an invoice, ask or throw hints. He paid me!

3.       I have to know and respect my limitations. At the end of the project potential for more work came through him. However, that next project would have demanded more of my attention and require us to work a little more closely with him and his client. I had to respectfully decline the offer and provide an alternative resource for him to consider. Guess what? That worked too! There were no hard feelings and more work will come.

Now these may not seem like big deals to you, but they were major to me. It allowed me to see my spouse in the way that others see him. As well, it allowed him to see the back and front end of the way that I do business. As a result, I think that we have better understanding of one another. I can appreciate the work he does from another angle and vice versa.

Have you worked with your spouse or another close family member? What was your experience?

Preparing a Financial Foundation for Our Children’s Future: 4 Key Take-aways from a Financial Smarty Pants

Years ago my husband told me that I wanted people to pay me for my professional services and knowledge, likewise, I should return the favor and pay people for their expertise. As I plan to leave a financial legacy for my children, I heeded his advice (shhh…don’t tell him) and sought out someone smarter than me on the subject. Enter, Latrisa Pugh, founder of the Educational Cash Flow Youth Program and the brains behind the blog Makes Cents. My approach was wide open – “Hey lady, how do I save a substantial amount of money for my kids’ future?” Apparently, I was a bit too broad in my request. However, she was patient and walked me through a more streamlined process. Here are a few nuggets that I picked up along the way (and obtained permission to share).

1.       Ask Questions First

·         What is the goal? Be specific.

·         How do you want to do that? There are many ways to approach it. What options have you heard of and explored?

·         Where does your family currently stand in regards to finances? You must ensure that you’re good in your current state before saving yourself poor for the children’s future. No sense in paying for your kids to go to college if you don’t have your own later life provisions in place.

·         Where/how are you currently spending your money? Bills are predictable so where’s the rest going.

2.       Make a Budget

·         Make a monthly budget.

·         Write down the bill due dates and pay periods BEFORE you get paid.

·         Set aside at least an hour and think of all possible expenses (bills and seemingly random).

·         Give every penny a place to go.

·         Put savings in the budget.

3.       Create an emergency fund.

·         This should be 3-6 months of expenses.

4.       Tackle Debt & Savings

·         Create a plan to pay down your debts.

·         Move your savings somewhere you can’t look at it daily and have to make a little effort to make a withdrawal.

I was so excited about creating a massive master plan for my kids. I anticipated some highly involved investment into some savings plan to get started. But the truth is, it was much simpler than that. It turns out that, creating a plan for your own financial stability is the best foundation you can create for your kids’ financial legacy. You are their first teacher on finances, and they learn most by observation. Do you have an attitude at certain times of the month that is not attached to your hormones? Are you reckless with your spending? Does stress accompany you on every store visit? Finances used to be a major stressor for me because I lacked knowledge. However, admitting my shortcomings and seeking advice from knowledgeable sources has empowered me to know better. When I know better, I do better. And when I do better, I am better.

To get started, pop-on over to Latrisa’s blog and subscribe. She’s currently in a series on Managing Debt. No this isn’t a paid plug, it’s literally me being generous and not keeping the knowledge and freedom to myself. I want you to live authentically in your finances too. Remember, authenticity in EVERY area of life is what it’s all about.