Of course I thought that whole comparison to cigarettes was overkill. Kind of like comparing arsenic to the dangers of a circular saw. Both can hurt you for sure. But the saw can help you safely accomplish tasks faster and better if you learn how to use it, while arsenic is just poison.

I feel lines of credit are one of the most functional tools for ridding one’s self of debt—when a structured cash flow plan is used. I don’t agree with this rather consistent message that lines-of-credit products are only good for “disciplined” people. For starters, discipline is not a natural human behaviour; it is learned, and anyone can learn it. Education and a functional spending plan is the key when it comes to using a line of credit. Fearing something powerful rather than learning how to properly use it hurts us all!

Finally my husband turned to me and said, “What will you do when you run out of things to write about?”

I get variations of this question all the time. How are you coming up with topics twice a week every week? Don’t you get stuck? I guess a little, sometimes. But I assign myself a time in my schedule to write my blog posts. I also keep a running list of articles, topics, and books to keep the blog post ideas flowing.  I always need a place to turn for inspiration on the weeks when nothing comes to me. I can also draw on what’s happening in my life and the lives of those I spend time with.

Creating content has been the cornerstone of building my business. Some say you have to wait for inspiration to write, or that creativity comes and goes. The truth is that your writing muscle is something you have to start exercising, if you want it to get stronger. You can’t get any better if you don’t practice, and irregular practice would be pointless, so I write regularly. The more I write, the easier the ideas flow. It’s a “vicious circle” in the right direction.

If you are thinking of writing a blog or regular articles, for whatever reason, start an idea bank now. Whether you store your ideas in the “notes” of your smart phone, a Word doc, or a paper notebook, keep a running list of topics. Creating content can be a powerful boost for your business, and practice makes perfect, so start NOW!

This is the deal with lines of credit. Dig out your own line of credit agreement and look. You’ll see a term or condition that states the conditions under which they can raise rates, usually a spread from zero to a specified maximum percent above prime that you, the borrow, have agreed to. This is also the case with HELOCs and all-in-one mortgage accounts. Many of these accounts raised their rate from a previous level of matching prime to prime plus one in most cases. Some of your clients, or even you, may have experienced this. Some of these accounts have relaxed back to prime plus a half, but some have stuck to the prime plus one percent.

This is why lines of credit of any kind should be used as tools to pay debt down rapidly rather than to carry debts indefinitely. Lines of credit are financial power tools; use them to make the work of paying down debt more efficient, not to dig a bigger hole!

I will reveal the results in a few weeks. Please vote!

Please join me for a Preview call about Money Finder Bootcamp on Monday February 13th at 1pm EST. I'll be addressing the following common concerns you may have:

• It seems expensive, I often don't spend this much on a full day session
• I don't want to attract clients with debt issues
• I don't want to babysit my clients
• If I start talking about debt and cash flow my clients will constantly need my attention
• I don't believe that many of my clients have debt
• I already talk to my clients about debt and spending, it's exhausting and doesn't work very well
• I already cover debt and cash flow using a questionnaire, or data collection forms, what more is there to do?
• People don't listen about this stuff anyway that's why the economy is in this state
• If I bring up my clients debt issues they might cash out assets or stop contributions, I don't want to rock the boat
• I deal with high net worth clients they don't need this sort of service

Let's just get it all out on the table.  I know this is what a lot of advisors are thinking and I can understand why.  During this FREE preview call I'll share with you:

• Why your language around debt and spending is probably leading to your clients leaving out a lot of details when it comes to debt and spending
• How a high asset client can still have debt
• How you can improve protect client wealth by dealing with debt
• Why the average client who comes to me for a debt and cash flow plan has at least $300,000 in investable assets and an advisor who doesn't want to talk about debt
• Why even high income, high quality clients who likely fit your ideal profile still want their debt included in their plan
• Why millionaires come to The Money Finder for a cash flow structure
• Why debt and cash flow as part of your planning process can revolutionize your practice and increase your share of your current clients, and increase your average sale
• Why your high net worth clients would be very unhappy if they find out you don't want to help them save thousands in interest because you don't think its a skill you need to learn. High net worth clients often have debt it's just not an issue, but that doesn't mean they want to pay more for it than they have to.
• Why investing in real training that gives you an actual marketable skill is worth it!

The LIVE call is highly recommended but if you can't make it a replay link will be sent to everyone to listen at your leisure.  I hope you'll join me to find out what Money Finder Bootcamp is really about!

Let’s explore that. How should people know better? The way I see it, we are doing exactly what we are supposed to be doing. We are doing what the system has trained us to do. Walk in to a bank and tell them you are having trouble managing your debt. What happens? In most cases you walk out with a new type of debt, if you qualify, and maybe if you are extra lucky a budgeting sheet. There, all fixed right?  WRONG!

Review advisor training material or the CFP program. Do you see the part about debt and spending? No? That’s because its not there. So how about we stop wagging fingers and start dealing with the problem. First, accepting many people DON’T know better. They know they should be doing something differently, but they don’t really know how to accomplish that. Second, let’s agree that telling people they should know better is likely to send them into hiding rather than encourage responsible financial behaviour. How about that?

I’ve been getting a lot of emails from advisors who are being told they can’t do this or that based on X rule, except that’s not what the rule says. Turns out the compliance people,who often have no experience with social media themselves, are unclear about social media platforms, let alone how said rule applies. The rule seems to say when it comes to social media in financial services, when in doubt the answer is always “no.”

So let tell me, what would you like to do with social media that you’ve been told is not allowed? If it makes sense why you aren’t allowed, I probably can’t help because they are probably right; but if it makes no sense I want to hear about it. You can comment below or email me at sholmes@themoneyfinder.ca

This April 27^th in Halifax, Nova Scotia, the local Advocis Chapter is holding a world-class event, A Taste of MDRT. While we’ve had this event in past years, the last official one was in 2008. We are working very hard to ensure that this one will be the best Taste of MDRT yet. Speakers are being flown in from around the world to share their riveting stories of challenge, and triumph. We will channel the challenges that have been brought to the industry and use them to make us stronger.

This year’s event is all about using what has happened to the industry to rebuild ourselves, better, stronger and more focused than ever. Be sure to join us at Pier 21 in Halifax, Nova Scotia, for a full day of inspiration and learning.

Why not make it two for one?

Have you wanted to attend a bootcamp? I’m holding a Money Finder Bootcamp in Halifax April 26^th. Not local to Halifax? No problem. Why not travel in for bootcamp and spend the next day at Taste of MDRT? Make an investment in yourself, improve your skills and be inspired to use your adversity as your advantage. Make 2012 your best year ever!

I have:

• Rented an individual office from a branch
• Owned a building to work from and rented the rest to a tenant (hated that)
• Worked solely from home (using a bedroom as an office), seeing clients in their homes or borrowing another advisors meeting room downtown when I needed it
• Leased a private office from a business centre
• Worked from home (separate floor, washroom and entrance), renting a meeting room from a business centre when I needed it

Right now I have a home office (which takes up an entire floor of my home; well it shares with the garage but no family space) and use a business centre for meetings. This way I only pay additional office overhead (besides my home-office expenses) when I actually have a meeting for which I am earning an income. I find this last option has been the most balanced. The business centre gives me a space away from home when I need to focus without distraction. I can use the common space as part of my membership, and meeting space is a nominal fee per-hour on top of that.

I have to say that I feel this is the way many service-based industries could be going, especially smaller operations. Only you can know what is right for you and your business, but don’t get caught up in tradition or what others say you need to project your image. Be open-minded when it comes to how you work. Make sure you aren’t paying for things all of the time if you only use them 20% of the time. The better you manage your business cash flow, the more options you can create, both to invest in your business and to enjoy the money you work hard to earn.

As a young mother the freedom to work anywhere without having a huge overhead allows me to take risks with my business that I otherwise could not. I can write a few blog posts while my son naps on Fridays (which I now spend with him rather than working). I can throw dinner in the slow cooker during my lunch break in my own kitchen and then get right back to work—no commute. I can keep my two worlds separate but close and most importantly efficient. It’s a new day. How is your workspace evolving to meet it?

Then I thought to myself, why would I assume that the wholesalers knew any different if advisors, and even many clients, made the same assumption, that to benefit from debt and cash-flow planning one must be in trouble, have a low income and no assets? Of course people in this category exist and that’s why I write free blog posts and articles and affordable books; however there is a whole sector of the population who have saved for retirement but still have debt. These people can afford my help; I can be exponentially valuable to them by changing their debt structure and giving them a cash-flow theory to follow. I can show them how to increase their wealth by hundreds of thousands of dollars just by making these changes. These people also incidentally meet most advisors’ definition of an ideal client. Many quality clients would benefit greatly by ensuring their debt structure works as efficiently as possible and knowing how to manage their spending while still enjoying their lives.

I know my value and I can prove it. So NO, I am NOT a charity, I am NOT not-for profit. I am a businesswoman, I am the primary bread winner in my household and I am NOT cheap, but I AM valuable and I promise to be worth more than my cost.