What's the real challenge/issue?
The mentee wanted to know how to achieve financial stability
Me: Define Financial Stability.
Mentee: I don't have to worry about day to day daily expenses and have a buffer of 6 months to one year of saving
Me: Where are you now on the above definition?
Mentee: I have about 4 months of savings (& growing) but I am ok with daily expenses.
Me: So what's the real challenge/issue?
That's when the mentee shared that a few years ago, he had a big quarrel with his wife concerning money and investing.
The wife saw how her uncle lost a ton of money years ago through trading and is fearful of that happening to them. Therefore it is now hard to invest and grow the spare cash.
After a longer and deeper discussion, he developed 3 action plans:
1 Plan and track spending to determine where he can save more.
2 Live within monthly salary and view all bonuses and yearly increments as savings/investment monies.
3 Most importantly, have deeper and longer conversations with the wife about money. Showing how and where the money is spent and invested to ally her fear and build confidence.
#MentoringRocks #CoachingRocks