The Difference

I often get asked the question, "How can I help my friend/child/sibling/parent who is struggling with their finances?"  The answer to that question often depends on the person or people in question because no matter how badly you want something for someone, you can't do it for them.  I know first hand how frustrating this can be.  This got me thinking about the people I have coached over the last 2 1/2 years since I became a financial counselor.  I've had quite the range in client's ages and circumstances.  From the young newlyweds to the retired or nearly retired couple, those with very modest incomes to those with six figure salaries.  Some have turned out to be my success stories, while others have struggled to get things together.  What really has made the difference?  I've come to the conclusion that those who are successful with what I teach have some common characteristics.

1~ Be Teachable:  If you want to be successful with what I teach, you have to be open and ready to learn.  Not everyone is ready to learn or make the changes necessary.
2~ Realize You Need Help:  This is probably one of the hardest steps because it requires you to swallow your pride and be open and honest with not only yourself, but me.
3~ Be United with Your Spouse:  If you aren't on the same page or can't get on the same page with your spouse because of trust or communication issues, you will not be successful with your money or your marriage.  Fighting about money is a symptom to those deeper issues and must be addressed first.
4~ Be Determined to Follow Through:  The mechanics of budgeting isn't difficult, but having the follow through to actually do it is another story.  Not giving up even when things start to unravel is what it takes sometimes.
5~ Be Proactive:  Ignoring problems will not do.  No matter what your circumstances, you have to be in the driver's seat and take control.

So when it comes to trying to help yourself or those you love, keep these qualities in mind.  They transcend both age and income and are more important in determining the outcome.   These aren't something developed overnight but through patience and diligence even the worst of circumstances can be turned around.  When they all come together nothing will stand in the way of achieving success.