Financial Coaching Network

1. Financial Coaching Network October 12, 2017

2. Welcome & Announcements

3. Ice Breaker • Do not share your words with anyone at the table • You have 4 random words.  Use 3 them as inspiration for a monster that you may come across with a sci fi series.  Use one word as inspiration for the name, one for it's special attack or power and one for it's weakness. • You have 5 minutes to draw a picture of your monster without using any words.

4. Share your words and describe your monster at your table. • What did you learn?

5. Financial Impact on Health • Impacts people across all income levels; especially high for people who are in poverty. • It is estimated that stress related medical issues makes up 75% of all visits to their primary care provider. • Anxiety and Depression are the two most common effects of financial stress. • People who are financially stressed report twice as much physical pain.

6. Lost Sleep • Unhealthy Coping Behaviors • Unhealthy Relationships • A leading cause of divorce • Fights with friends and family • Makes people short sited.

7. What can we do? • Reach out for help when we need help • Talk to our clients about this… Be proactive • Create Goals • Learn to live on less • General Stress Management

8. Money Habitudes • We are going to read 30 statements. Mark on your sheet of paper if: • That is Me • Maybe … Sometimes • That is Absolutely Not Me • After we read the statements, we will let you know which habitude each statement is associated with.

9. Money Habitudes • I have money secrets about: How much I spend, or how much I owe, or how must I lose, or how much I give away. • I stop and think about my choices before I spend my money. • I think most people can manage money better than I can. • I like to buy things that are useful and practical. • I will pay more for a brand name that others will recognize.

10. I will hide the fact that I am having money problems. Even if I can’t afford it, I will spend money to keep up a good image. • Sometimes I regret the way I’ve spent my money or the risks I’ve taken. • Ask for a raise? Ask for a better deal? Not me! • I have to pay late fees because I do not pay my bills on time. • I change my plans to do what others want me to do.

11. I give up things I want so I can help others. • I know the difference between what I need and what I want. • I give money or buy things I don’t need when someone asks me for support • I know a lot about my (our) finances. • I save or invest a set amount of money each month.

12. I owe money after the holidays because I spend a lot on gifts. • When I go shopping, I have to buy something. • I feel I should pay the bill when I eat out with others. • I like to keep my options open. I do not want to be tied to a plan. • I like giving to others more than receiving gifts or help.

13. I spend on others buy I don’t spend money on myself. • If I’m upset, I go shopping; or If I want to avoid something, I go shopping; or If I feel great, I go shopping. • I research high-priced things. That way I can compare quality and price. • I like to get separate bills when I eat out with others. I only want to pay my fair share. • I only buy what I planned to buy. I will not get extra items or extra features.

14. It seems most people I know are better off than I am. • I will spend a lot of time and energy to get a better deal. • I will buy things that cost less instead of getting what I really want. • I like to give gifts that come from a special store, have a brand name or look expensive. • I have “fun” money to spend any way I want.

15. Answers Planning Status Security Security Status Spontaneous • Giving • Planning • Security • Giving • Spontaneous • Status • Carefree • Giving • Giving • Spontaneous • Planning • Security Spontaneous Planning Carefree Security Status Status Spontaneous Carefree Carefree Carefree Giving Planning

16. Score yourself • Total up all of times you said ‘This is Definitely Me’, and add up those habitudes and indicate how many time you identified with each habitude.

17. What does this mean? • We are all different • Everyone of these characteristics have positive and negative associations • Let’s take a look at each… (Alphabetically) • Write down the pros and cons of your top 2 habitudes

18. What does this mean? • We are all different • Everyone of these characteristics have good and bad things about them • Let’s take a look… (Ordered alphabetical)

19. Carefree • Easygoing, Flexible, Immature, Irresponsible • Advantages • Optimistic things will work out, not distracted, adapt easily, easily share • Challenges • Unable to support yourself, lose track of $, frustrated when things don’t work out.

20. Giving • Thoughtful, Charitable, Enabling, Martyr • Advantages • Strong values, live simply, act ethically, appreciated for being thoughtful • Challenges • Use giving to control, Intolerant of other with different values, resent when giving is expected, sacrifice your needs for others.

21. Planning • Responsible, Accomplished, Driven, Conservative • Advantages • Make intentional $ decisions, have reserves for ‘in case’, set and accomplish goals • Challenges • Expected to help others, miss out on new opportunities, cannot let go of plan

22. Security • Thrifty, Prepared, Suspicious, Cheap • Advantages • Have a budget, goals and savings, buy things that will last, have an emergency fund • Challenges • Save too much (no $ for today/fun), buy based on price only, sacrifice activities or relationships because of cost.

23. Spontaneous • Daring, Open-minded, Impulsive, Unconcerned with consequences • Advantages • Enjoy adventure, get a lot of attention, first to get things, have many friends • Challenges • Go into debt easily, do not have savings, keep money secrets

24. Status • Generous, Impressive, Superficial, Insensitive • Advantages • Positive first impression, give gifts, don’t burden other about money issues • Challenges • Create false image (hard to keep up), feel entitled, spend unwisely, no savings

25. COACH Model • Competencies • Outcomes • Action • Checking in

26. Triad of Coaching • One person is the coach, one person is the client and the other is an observer. • You are going to coach the person based on their habitude score

27. Questions to get your started • Which advantages and disadvantages do you associate with? • Are you overusing a Habitude? • Are you missing a Habitude? How is this impacting your life? • What will you do differently?

28. BREAK

29. Money Stories • Understanding your relationship with money • How it impacts how you relate to others and live your life • May be direct or indirect • Your values, thoughts and emotions drive your actions

30. Where to start • The first thing to do is become conscious of your money story • Tradition / Legacy / Absolutes / Truths

31. Table Questions • Did your family experience a defining moment around money? • What memories do you have of your parents discussing money? • What was your earliest memory about money? • How would you define the status of your family growing up?

32. Activity • First paragraph - ”My current relationship with money is…” • Second paragraph • “I am happy with my money story because…” • “I want to change my money story because…” • Final paragraph • “I am going to do these things to change my money story” • “My life will be different when I make this change because…”

33. Triad Coaching • Money Story coaching • Coach each other on their goal to make a change to their money story.

34. Working with Clients • Table discussion • How can we use this when working with our clients? • Why is it important to know our story when we are working clients?

35. Upcoming Events • Webinars • November 17th & February 16th • Quarterly Meeting • January 11th • Coaching Refresher • February 13th

36. Contact Information • Becca Fritze – United Way rfritze@unitedwayhouston.org 713.685.2720 • Richard Simonds – Family Houston rsimonds@familyhouston.org 713.867.7740