How To Talk Money!

How To Talk Money!

3d logo gifMoney questions will be treated by cultured people in the same manner as sexual matters, with the same inconsistency, prudishness and hypocrisy. Dr. Sigmund Freud. 1913

Introduction

Welcome Music Retailers & MI suppliers to Part 1 of a three part series, which explores the technical and emotional roadblocks for conducting effective money conversations, key to successfully building and selling your business.

Let it be known that I come with a bias- I previously was a music educator and owned an MI store. My name is Jaimie Blackman and today with 15 years’+ experience as a financial life planner and wealth manager, I created an “artful” way to talk about money using  music metaphors to help you learn quickly. Whether you are a music maker, or music lover, music has much to teach us about money. Because I capsulized dozens of issues of wealth down to 7, I call this language of money, MoneyCapsules®.

And since many of you are familiar with the Do-Re-Mi or the language of music, learning to use the MoneyCapsules® tool, will help you learn how to speak the language of money, while making sure your financial decisions are in tune with your personal values. Kind of like using a guitar tuner- Green- you’re in tune. Red- you’re not.

This language of money will work equally well with your spouse, children, or team of financial professionals. Weather you just opened up your first MI business, or you are planning your succession plan, staying in control of your financial conversation will make sure everyone is singing from the same page. And while having a written personal financial plan, or succession plan for your business is the best place to start, it is only the start. Being able to engage in real-time effective conversations separates those who will succeed, and those who will fail.

Business owners often under great duress have to make fast, irreversible decisions. It’s best to heed the advice of former heavyweight champion Mike Tyson- Everyone has a plan until they get punched in the mouth. Being able to ask good questions at the right time requires confidence, and language skills. Often there is no time to check with your “plan.   What’s the solution? Learn the language of money.

ORGANIZE. Turning Chaos Into Harmony.

When you know the notes to sing, you can sing most anything.” “Do-­ReMi,” The Sound of Music

It may surprise you that a great deal of music, which sounds very different on the surface, is organized using the 7 note scale which makes up the building blocks of music.

Many of you learned the names of these 7 notes when you were in school -­‐   Do-­‐Re-­‐Mi-­‐Fa-­‐So-­‐La-­‐ Ti-­‐Do.  Instrumentalists and singers who can play or sing these 7 notes can create an infinite variety of music which may include all music styles such as Jazz, Rock, Classical, or Pop.

These 7 notes reveal a deeper meaning of music, and they exist in dynamic relationship with each other to create a beautiful melody, a sweet harmony, or a hot, burning rhythm. Knowing these key 7 notes helps us to better engage in musical conversations, which ultimately leads to greater music understanding, an ability to share, and a refinement of our music-­‐listening choices for greater listening pleasure.

Similarly, whatever type of financial decision you are struggling with, whether it is saving for retirement, funding college for a grandchild, or ensuring funding for long-­‐term care for yourself or your parents, it might surprise you that financial decisions which sound very different from each other on the surface, are in fact organized using the same 7 financial notes.

How do people orchestrate the large quantity of financial combinations into sound financial decisions? In three simple steps: Organize, Understand, and Decide.

Music is organized sound. Organization is key because without it, music is just noise. A guitarist organizes all the potential sound combinations through a system of scales, arpeggios and chords which are used to re-­arrange the sound pallet. Now think about your financial life. Is it organized? Does it sound like music, or more like a cacophony?

Sound financial decisions happens when your financial life is organized. To help people organize the many different aspects of their financial lives, I have encapsulated key issues of wealth into what I call MoneyCapsules®. Instead of Do-Re-Mi-Fa-So-La-Ti-Do, we use Values-Cash-Return-Tax-Risk-Time-Giving

These 7 MoneyCapsules® help organize our finances the way the scale system helps organize the billions of potential sound combinations into music. The process creates a capsule for each of these financial notes.

To learn more about the language of money visit, Sound Financial Decisions on bhwealth.com.

 

 

Written by Jaimie Blackman

Jaimie Blackman

Jaimie Blackman president of BH Wealth Management and Financial Life Planner, created Sound Financial Decisions™ powered by MoneyCapsules®, to help guide business owners through the complexities of succession planning.

Jaimie is a featured writer for Music Inc. and Canadian Music Trades magazine. He has spoken at NAMM U Idea Center, and at Yamaha’s Succession Advantage.

As a financial literacy educator he has taught at New York University and has lectured at the 92nd Street Y,
Marymount Manhattan College, and CUNY.

He is a licensed Financial Advisor, and Certified Wealth Strategist® who helps his clients implement investment and insurance solutions which are aligned to their personal values.

To subscribe to Jaimie’s Succession Success: Insights for Music Retailers newsletter, visit bhwealth.com.

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