Communication is so important in any relationship. When we have our monthly review meetings with our Spouse or significant other one it can be a stressful time when money is involved. Seems hard for some couples to be able to openly discuss money and finances.
That is why I suggest to people if they have problems communicating with their spouse then maybe have a third person at their monthly and yearly review meetings.
It is so important that both people in the relationship are on the same page when it comes to finances and working towards Financial Freedom.
I am sure you can tell early on by their tone of voice or lack or talking to what mood they are in when you are reviewing your numbers. Not all communication is speech though. A look or a certain way they hold their body can communicate volumes also.
Communication is the key to our existence, and this higher ability to communicate is what separates us from other animals in the world. While other animals have rudimentary communication skills, our skills are evolved to the point in which there are many different languages spoken, written, seen, and drawn. Not all communication is speech or writing.
Learning to listen is a huge component in clear, productive communication. The way my dad communicated was to speak less and listen more. This is one of the skills we try to teach our boys so if they are in a relationship later in life, they will be able to communicate clearly with someone else. We also suggest that they take NLP Classes. NLP stands for Neuro Linguistic Programming. NLP can help anyone communicate better with others.
Chief Justice John Marshall once said “To listen well is as powerful a means of communication and influence as to talk well.” I know I need to constantly work on this because I like to jump in at times and say my thoughts.
Sometimes, unconsciously, we try to shut off hearing what others have to say, assuming that we already know the answer to any questions that might come up, and when this happens we become so wrapped up in our selves that we risk missing vital clues as to what is truly being communicated.
Even if the boys take classes on communication and NLP skills, they could still need to get a third person to sit down with them each month. They could have a family member, friend, professional advisor to a Financial Coach like myself.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
We do Profit and Loss (P&L) recaps each month and each year. Plus, we cover how we are doing towards our Yearly goals that we had set back in January.
We suggest to our boys to make it a party? We do in our house for sure. We work hard working towards our Financial Freedom goals and it is fun to celebrate when we achieve one of our goals along the way. It used to be easier to do before Logan was in the working world. Seth gets to have the fun times since he is four years younger and not in the working ranks yet.
It is good to take time in your own ways to celebrate your achievements when you hit a goal, finish a Mills Way to Financial Freedom Action step to your monthly review meetings.
We don’t always make progress each month due to something comes up. We can always find a lot of things that we did hit with our budget, goals, action steps and more each month to celebrate. We don’t have balloons or confetti but maybe we will in the future.
There are many ways that you could celebrate your successes after each milestone. Even if you are single, I believe you should have a monthly celebration party and be grateful for what you achieved during the month and then make a plan on how to attack things this next month. Here are some ideas;
- Pizza and Snacks for a dinner celebration at home.
- Rent a movie after the celebration at home.
- Go out to eat after the celebration for a really good month.
- Ice Cream party at home for the celebration meeting.
- Homemade Pizza night with the family. Our kids love this one.
- Let each member of the family plan out an upcoming celebration meeting themselves. For instance, if you have four in your family, then each one could do a different month for the next four months.
Those are just a few things that you could do by yourself or with your family. I am sure you could add many more ideas to this list. Those above are things that our boys have liked to do in the past.
Things that we like to review at our Celebration review meetings are;
- Month ending Income results vs last year.
- Month ending Passive Income results vs last year.
- Month ending Expenses results vs last year.
- Month ending Cash Flow results vs last year.
- Month ending Net Worth results vs last year.
- Month ending College Savings Account balances for each of our kids. Money, they invested in a brokerage account for college. The pick the stocks and like to see how they did.
- Year running totals vs last year in all the above areas.
- Review our goals progress and make plans to achieve more.
- Finish up with any concerns or comments. Then we set the date and time for our next month’s meeting.
By making your celebrations fun it can keep yourself and if you have a family to do monthly celebration review meetings. Communication is a huge key to making these meetings a success and not just one sided.
These meetings are so very important to help you keep on track towards your Financial Freedom goals. We like to celebrate our Wins for the month and then get a plan for areas we didn’t do as well in.
Without these meetings, tracking and goals review it is easy to get off track and possibly move away from your Financial Freedom goals instead of heading towards them.
We hope our boys will learn from our examples of communication skills to the importance of reviewing each month their P&L’s monthly and continue to do them when they are adults and living on their own. One of my dreams is that our kids will all reach Financial Freedom at a young age.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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