$ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ Intentional Investing Newsletter January, 2005 $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ = $ IN THIS ISSUE: 1. Note from Your Editor, Lynne 2. Article: Committing to Be Intentional 3. Intentional Investing Announcements ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Note from Lynne -=- Dear Reader, Happy New Year! Welcome to a new year of Intentional Investing. Personally, I don't make New Year's resolutions. In fact, the idea rather annoys me. It evokes images of taking stock of my failings and deciding with grim determination to "clean up my act" during the coming year. Those resolutions tend to be forgotten within a matter of days. When I want something to be better in my life, What works best for me is to make a commitment. Did you know that the word comes from 'committere' meaning "to connect, to entrust"? Entrusting myself to act on something I want and value is much more compelling than cleaning up my shortcomings. What do you think? I invite you to read the feature article "Committing to Be Intentional" if you think like I do. And, to support your journey, commit to taking a free Intentional Investing class - or two or three! - this Spring. For those of you who have been enjoying our series on choice, money and happiness, we'll continue with that topic in February. And, as always, I enjoy receiving your comments and suggestions for future newsletters. Warmly, Lynne ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Lynne Hornyak, Ph.D., Editor e-mail: Lynne@LMHServices.com Coaching successful professionals to greater financial freedom and well-being. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Feature Article: Committing to Be Intentional -=- Do you occasionally: * Wonder if your salary is comparable to others in your line of work * Think about calculating how much you spend monthly * Wonder if you could save money by shopping around for better rates on your mortgage, insurances, telephone service, etc. * Want to open a retirement savings account * Think about investing the money you have in your money market account ...but haven't taken action? If the answer is yes to some or all of these activities, then you're one step away from being intentional. First, let's appreciate that you are at least AWARE of your money life - earning, spending, saving, investing. Being intentional takes awareness to the next level: designing a plan of action. An effective plan requires knowing where you are starting from, defining what you want, and clarifying what you expect to gain from taking action. The word "commit" comes from the Latin word 'committere' meaning "to connect, to entrust". A commitment involves connecting to something you value. When you make a commitment you put trust in yourself that you will honor what you value. So, when you commit to being intentional, it means that you value being aware, being conscious of how you relate to money. Relating to money refers to how you think about, react to, and act upon earning, spending, saving and investing. And, committing to being intentional about money means that you don't value this approach just on New Year's Day. It becomes part of your EVERYDAY outlook. Does that sound overwhelming? Depending on how unaware you are about your money life, becoming more conscious and intentional COULD feel overwhelming -- if you expect yourself to do it all at once. And, if you fear swinging to the other side -- becoming a money obsessor and losing the fun of spending -- be assured that's not what is intended. Here are 10 ideas for starting on the path of being more intentional with your money. Pick one or two ideas to begin. As you enjoy the good feeling of success, test out additional ideas. -$- Ten Tips for Being More Intentional in 2005 -$- 1) Count the money you have in your wallet at the beginning of the week and at the end. How much did you spend? Is that amount surprising? If you use credit cards, call or check your credit card webpage for your unbilled activity. For example, I have my credit cards with Citi Bank. I can go their website, type in my account name and password, and print out my unbilled activity whenever I want. 2) Building on item 1, write down every purchase you make for two weeks. At the end of two weeks, analyze your expenses in a way that will give you the most helpful information. For example, sort out necessary expenses such as parking or work-related transportation from discretionary expenses such as buying lunches. Or, add up all the small cash purchases you make - that daily latte, pack of gum, extra tube of lipstick. How much do you spend in two weeks' time on those "little treats?" Is this how you want to be spending your money? 3) Over the course of one week, observe yourself. Where are you conscious about money decisions, and where are you not? For example, a friend of mine is terrific at shopping for the best deals on computer equipment. Yet, he never reads prices on a restaurant menu and typically is surprised by the size of the check. 4) Building on item 3, look for patterns of awareness and lack of awareness when making money- related decisions. What do the patterns let you know about yourself? For example, Is it that your family never paid much attention to money, so you haven't learned to do that yourself? Is it that you confuse being aware with having to deprive or restrict yourself? Where would it benefit you to be more aware? What attitudes would have to shift in order to do so? Commit to "grooving" that new attitude over the next month. 5) Make a list of 3-5 things you do well with money. Be specific. For example, "I am proud of the way I pay my bills on time." "I'm proud of the way I paid off my credit card debt in 2004." "I'm proud that I didn't spend more than I earned each month." Commit to continuing these activities - or do more of the same on a regular basis for the next month. 6) Make a list of 3-5 money-related habits, behaviors, or avoidances that you're not pleased about. For example, "I'm not proud of borrowing money from friends and never repaying them." "I'm not proud of pretending I have more money than I actually do." "I'm not proud of spending all my discretionary cash on clothes I don't need." Pick one behavior and decide what you could do to feel more satisfied. Practice that new action for a month. 7) Decide to read one personal finance magazine each month to increase your financial knowledge. (See the Resource Spotlight section for ideas.) If you prefer, make a list of personal finance- related websites. (See the Resource Spotlight section for ideas.) Visit one website every two weeks. Explore the resources available to you on the site - for example, informational articles, calculators, financial products, advice.) 8) Take 20 minutes of quiet time to think about your deepest values. Perhaps it's closeness with family, or adventure, or learning, or social justice. How do you express your values in the ways that you earn, spend and invest your money? What could you be doing differently to be in greater alignment with your values? 9) Take an hour to dream about where you'd like to be in 5 years, 20 years, 40 years. Put dollar figures on each goal, to give you a more realistic picture of what it will require financially to reach your dream. 10) Develop a "Finance Team" for yourself. Think about who you'd like on your team - an accountant, financial advisor, finance savvy friends and relatives, a money coach, your local investment club - and how each one can help you learn to be more financially fit. Contact them one by one, and get your team in place. What suggestions do you have about becoming more intentional about money? Send your comments to Lynne@LMHServices.com, and they'll be published in the next Intentional Investing issue. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Like what you're reading? Then send this newsletter to friends, family, and colleagues who are interested in moving toward greater financial freedom and well-being. They can subscribe at www.lmhservices.com, or by sending an e-mail to Lynne@LMHServices.com with "subscribe newsletter" in the subject line. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ =- Resource Spotlight: Personal Finance Resources for Becoming More Intentional -=- Looking for a few good magazines and websites? Check out the following. Magazines: * SmartMoney * Money * Kiplinger's Personal Finance * Bottom line\Personal * Fortune Websites: * www.SmartMoney.com * www.Money.cnn.com * www.Kiplingers.com * www.Fortune.com * www.worth.com ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ If you are interested in coaching, contact me for a free half-hour consultation at Lynne@LMHServices.com. or (202) 387-5923. Please include your name, e-mail address, phone number and brief description of your interest in being coached. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ -=- Intentional Investing Announcements -=- $ Free January Teleclasses $ Be Intentional! Thursday, January 27 7:30 - 8:30 pm Eastern FREE Facilitator: Lynne Hornyak, Intentional Investing Want an extra boost to get going on your money intentions? Take this hour to sharpen your goals, clear out obstacles that get in the way, and leave with an action plan for yourself! Lynne will coach the group through key steps that take you from start to finish. Register by January 26 by sending an email to Lynne@LMHServices.com with "Register Intentional" in the subject line. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 4Love+Money – “Talk to the Coaches” Series The Costs of Love Tuesday, January 25 8:00 – 9:00 pm Eastern FREE Facilitators: Lynne Hornyak, Intentional Investing and Kathryn Lord, Find-a-Sweetheart.com Are your holiday bills coming due? Would you like to start an assertive mate search this year? Are you wondering about the costs and how you will pay for it? Join Romance Coach Kathryn Lord and Money Coach Lynne Hornyak and get some fresh ideas on the oldest of topics -- love and money! With Lynne and Kathryn, and a group of like-minded singles, discuss the big picture questions: How do I approach my money in general? How do I set priorities for myself? And the details: How can I get my finances in order? How am I going to find the money to date? What does a mate search cost anyway? Register by January 24 by sending an email to Lynne@LMHServices.com with “Register Jan 25” LOOK FOR INTENTIONAL INVESTING'S SPRING 2005 TELECLASS SCHEDULE. COMING SOON TO YOUR EMAIL BOX! ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Have you been to the Intentional Investing webpage lately? Go to www.lmhservices.com and click on "Changing your Relationship to Money." On the Intentional Investing webpage, you can take a self-quiz on Your Relationship to Money, participate in a survey on gender and money, access articles written by Lynne as well read previous editions of this newsletter! ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ PLEASE NOTE: Intentional Investing [TM] is intended for informational and educational purposes only. It is not a substitute for financial, legal, accounting, psychotherapeutic, or other professional advice and consultation. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ Copyright 2000-2005 Lynne Hornyak. All rights reserved. The above material is copyrighted but you may retransmit or distribute it to whomever you wish as long as not a single word is changed, added or deleted, including the contact information. However, you may not copy it to a website without my permission. Reprint permission will be freely granted upon request. Advance written permission must be obtained for any reprinting of this material in modified or altered form. ^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^`^ $=$ CONTACT INFORMATION $=$ Lynne Hornyak, Ph.D. LMH Services Coaching and Consulting 3818 Klingle Place, NW Washington, DC 20016 Phone: (202) 387-5923 Fax: (202) 244-3373 e-mail: Lynne@LMHServices.com Web: www.LMHServices.com