I am so excited to have Leanne Jacobs, an internationally recognized author and holistic wealth expert, share with us some of her best strategies for wealth. These wealth strategies are intended to help us stop stressing and achieve “family financial bliss.” Well, who doesn’t want that? I am all ears because I am definitely still learning that department! Leanne Jacobs takes a mindful approach to money she enjoys sharing tips, insights, strategies and guidance for creating wealth in an authentic, joyful way through her website, books, and money podcast. She also works with clients around the world, helping them to cultivate the daily habits that lead to optimal wealth and wellbeing.
Her newest program, The Beautiful Money Course, uses her expertise in finance and leadership to teach people how to achieve their goals, find fulfillment in their work, and align themselves with what they truly value in life – all while creating more cash flow and financial freedom than ever before. Her upcoming book, Beautiful Money, will be released in January 2017 (Penguin). Here is a sneak peak from Leanne on how to improve your family finances. I hope you enjoy her guest post on strategies for wealth and learn as much as I did!
Stop Stressing and Start Flowing into Family Financial Bliss
By Leanne Jacobs
At 35, I was a single yogi, entrepreneur and gypsy. I travelled wherever I wanted, whenever I wanted and other than my business and personal responsibilities, I was free. I developed great money management habits and saved more than I spent. I was in my groove financially, spiritually and physically.
And then my soul mate walked in the door. A handsome musician (currently recording in Nashville) stole my breath and my heart instantly. Within a few short months, we knew we wanted a family together. That’s when the blissful craziness began! I recently turned 40 and am now a mother to four fabulous kids (my 9 year old stepdaughter and my 3 boys who are all 3 and under).
As hectic as family life can get, there is one thing you can do to set a peaceful and grounded foundation for your family- Make Financial Bliss a priority. Money is the leading cause of stress in America and when we’re raising a family, it would be so delicious if we could be present and connected with our kids instead of stressing over money. Here are 10 simple strategies for wealth that will help you flow into family financial bliss.
10 Strategies For Wealth
Commit to 3 core values as a family.
Make a commitment together that as a family you are committed to leadership and greatness. Teach your kids the importance of being clear on intentions and core values. Examples of core values include: faith, freedom, integrity, leadership, success, contribution, joy, etc. Once you select the 3 most important values for your family, share them and commit to living them every day. What does this have to do with money? Everything!
Have a ‘save more than you spend’ philosophy for your family. As early as possible (4 is a great age to start), start teaching your kids the value of money and how to respect money. Teach them to save half of everything they receive. Teach to respect what they get in exchange for money but also what they will give in exchange for the money they receive.
Start creating your family legacy today.
Today is a perfect day to commit to clarifying and growing your family legacy. A great starting point is to ensure you have all of your financial affairs in order. Make sure you have your wills in place, a power of attorney in place and enough life insurance to cover any liabilities that you could leave behind. I have seen this happen many times when a family is forced to deal with major financial burdens while grieving a loved one because their estate was in disarray. The day I got pregnant, I hustled to my lawyer’s office to get all of my affairs in order.
Have Life Insurance
The important strategies for wealth, include talking to an insurance specialist about the value of term life insurance, of course, but also of whole life (or PAR) insurance. I set up each of my kids with whole life insurance plans as newborns to set them up for financial success from day 1.
Talk About Finances
Make Money an open conversation in your household. Avoiding talking about money makes it a topic that becomes uncomfortable. As parents, we want to empower our children to step into their leadership and confidence around money from a young age. Be mindful of the language you use around money. Keep language positive, empowering and abundant (especially around your children). Remember that kids who hear ‘we can’t afford it’ or ‘there isn’t enough money’ often repeat these money patterns as adults.
Automate wealth creation.
Even if you haven’t saved a penny, today is a perfectly new day. I always recommend opening a no-fee online account where you can automatically contribute funds to monthly (or my preferred weekly). If you leave saving money up to your own control, you likely won’t get to it. Automate everything so your savings happen without you having to lift a finger. Automating investment contributions is fairly common but also consider opening a no-fee bank account where you can set up automatic online contributions either weekly or monthly. In the beginning, it’s not about the amount, it’s about the new saving habit you’re creating. Start with an amount that is simple and doable- even if it’s $20 a week).
Empower your kids to manage their money.
Bring your kids to the bank and teach your kids to make money transactions as young as possible. Empower them to lead in the area of finances so they are empowered to make solid money decisions. Taking care of everything for children can often lead to them not being able to make decisions for themselves and getting into significant debt when they hit the university years. Read books on money together and make learning about finances a family affair.
Make Cash Flow your priority.
Building assets, buying properties and building a family legacy is great but if your cash flow situation is in the toilet, you’ll be chronically stressed. Make sure you evaluate your current cash flow situation today. If you’re living from your overdraft or using your credit to pay your bills, it’s time for a financial reset.
Start to sleep wealthy.
There are many ways today where you can earn more money as you sleep. Interview someone you admire and who is financially well about their preferred methods. Direct Selling Businesses, Rental Properties and online businesses are booming across the globe. Find at least one way to make money while you’re sleeping.
Make Health and Wealth a priority for your family.
Being stressed about finances takes a toll on your health but not taking care of your health makes the vicious cycle worse. Create an action plan for you and your family each week that includes simple actions for health, nutrition and money management.
Let’s commit together to be parents who walk the talk and don’t just talk. Let’s lead by example by showing our children what it means to lead from a place of authenticity, empowerment, integrity and abundance. This tips are not just for short term enjoyment. They will help you build generational wealth for your family when you are gone.
Which of Leanne Jacob’s strategies for wealth hit a note with you? Which family financial strategies will you implement first?