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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

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