By Kelley Reynolds

One of the most consistently lively discussions during facilitation usually occurs early in the program.  The provocative discussion topic is “What are appropriate and inappropriate motivations to get into leadership?”  Specifically, why money is not a good motivation.  Of course, money is a factor since we do not work for free.  However, money in and of itself, is not a good reason to promote into leadership for a variety of reasons.  For example, the value of the pay raise is short-lived as you will soon become accustomed to living at (or above) the new rate of pay.  Also, the new responsibilities expected of you usually outweigh the pay received to perform them.  And not by a little!  The discussion usually concludes somewhere around the point that if you are promoting for the appropriate reasons, money will come.  Money will follow you.

Recently, after conducting this facilitation, the discussion remained on my mind.  The class conversation meandered, as they do, but my mind settled in this:

What do I want my kids to know about money? What changes? How can I help them make smart decisions with the money they will earn and become financially secure?

My background is in public service, not finance, banking, investments or accounting.  However, I am very fortunate to have access to a handful of people who, combined, have several hundred years of experience with money; wealth accumulation and management.  They represent the fields previously mentioned and more. So, I set out to seek their counsel.

This is not an article containing investment advice.  Nor containing strategies to replace your current program.  It simply contains the responses I received when I asked, “What do you want your kids to know about money?”

Pay yourself first. Right off the top. This must be done consistently; just like your rent or car payment.  You have to make this payment to yourself a priority. Start small because you want to set yourself up for success.  Maybe $25 per paycheck. If you start off too large, you may be tempted to skip the payment to yourself when you need a set of tires or to replace your hot water heater.

If your employer has a retirement program through payroll deduction, take advantage of it.  If they offer any sort of match to what you contribute, utilize and maximize the match. 

Ride the highs and lows.  Take advantage of dollar cost averaging. Invest a constant dollar amount each paycheck.  Say $100 dollars.  When prices are high and the market is expensive, you will buy fewer shares.  When prices are low, you will be buying more shares.  Over time, the average cost will be much lower than the average price. 

Create a simple budget.  Stick to it. Do not sacrifice but make thoughtful choices before spending.

Compare an interest-bearing account to cash.

Instead of buying a bunch of junk for your kids, deposit money into an account for them.  Start this early. 

Also, purchase a stock for your kids in some business, like a favorite sports team or restaurant. It will generate an interest and a sense of ownership.  Plus, you will teach your kids about investing money instead of just buying stuff.

Set a limit on usual purchases like movies and make-up for example.  For any amount over that set limit, create a 24-hour cooling-off period before allowing the purchase to be made.

Realize the value of your money and the real level of satisfaction.  Will spending $80 on a video game give you the same level of satisfaction for years to come as an $80 baseball mitt?  One may keep your attention for a month or two.  The other may be useful to you for years.

Teach them about interest, earning and paying. What do you get for the interest you pay? For a mortgage, you get a home as well as possibly an investment and a tax write-off. Student loans may provide you with an education.  Then there is credit card interest.  What are you really getting for that interest? What is the real cost of the stuff if purchased with a credit card and paid off over time? 

Also, make them aware of scams and get-rich-quick scheme, especially online when you have no idea with whom you are really interacting.  There is no Nigerian prince who needs your help to get their money, priceless wine inventory or dragon gold out of any country; or needs you to prepay tax on the winnings; or needs your help to get a nationally recognized business to pay their debt through your checking account, or social security number, IRS warrant or jailed grandson released. etc. Many of the technology-based payment options can be reversed within 24 hours of payment.

Past performance is not indicative of what the future will bring.

Finally, and most importantly, do not allow money to change you.  Remember your values and who you are. Donate to charity. Not everyone had the same opportunities, assistance or guidance as you. Stay humble and kind. 

Thanks for reading until the end.  I hope you found the research helpful and interesting. Please feel free to share with me any suggestions or successes you have had.

THANK YOU.  THANK YOU.  THANK YOU.

With three months still to go, 2019 has been nothing short of spectacular.  Through September, we have had the best year in 27 plus years in business and have been able to serve more people, connect with more participants, use more DiSC assessments and maintain a 100% participant satisfaction rate.

We cannot thank you enough.  Without you, none of this would be possible and we appreciate you greatly.  

To show our appreciation, and have a little fun along the way, we will be giving away a little gift every Friday in November.  All you have to do is follow our Facebook Business Page, and like the Friday contest post.  You will get two entries if you like and share that post.  We will be using some highly sophisticated picking method involving dogs, cats and/or children to draw the winner each week.  Our weekly prizes will include:

• Everything DiSC Assessment (36 Page Report Plus Access to MyEverythingDiSC.com – $64.50 Value)

• LeadWell-The 10 Competencies of Outstanding Leadership (Book – $12.00 Value Plus Shipping)

• Beyond Engagement (Book – $14.00 Value Plus Shipping)

• Five Behaviors Personal Development Assessment ($107.50 Value)

• GRAND PRIZE – 1 Week EduCode 2020 Leadership Track Attendance ($800.00 Value – Includes Social Events and Materials)   

Team members and family members of team members are not eligible for the drawing (not that they would want to anyway). 

By Kelley Reynolds

In your career, have you ever been faced with a situation where you think you possess enough experience to handle it?  You’ve taken classes and continued your education to be ready when the opportunity presents? Where you run, excitedly and headlong into it; a defining moment of your career?  Only to find yourself ill-prepared in uncharted waters.

Some time ago, early in my career, I found myself in such a situation.

The opportunity was a business social event.  One where you are not “on the clock” but a work-event, nonetheless.

The invitation was for a business dinner.  Attending, was my boss and a C Suite level executive from a well-known organization.  I was over the moon to be invited. Yes, I am going to be sitting at the table!

An important tidbit, I’ve never been to cotillion.  Honestly, my friends and I were more red-solo cup people. Although I have received no professional training on etiquette, I have performed some research on Google.  I am confident I can navigate a dinner table place setting. Work from the outside in.  Any doubt, just watch what other people are doing, right? Easy!

A few evenings later, I found myself at a high-end restaurant which boasts a world recognized name, and I do not mean McDonalds.  They serve Japanese food.

One look at the place setting and my concerns over salad forks and which bread plate is mine were gone.  I quickly glanced around the other tables at the restaurant.  All I saw were chopsticks and this was a brand-new set of problems for which I am unprepared.

After observing my dining companion’s ritual of separating and sanding the chopsticks, I mimicked their actions.  I can do this! 

The first course, the chef, thankfully, sliced the lettuce into small pieces.  Without attracting attention to myself, using the chopsticks to pick, slide and stab, I was able to successful eat this course.  I’ve got this!

Meanwhile, the relationship strengthened as the conversation easily meandered from hometown to family to strategic goals.

Because of certain dietary needs, what was served to me next was different than my companions.  It contained olives.  Okay, it was a dirty martini.  But at this point, it really was a need! 

Grateful to be holding something other than the chopsticks, I swirled the olive skewer in the drink.  Feeling sure of myself, I popped the tip of skewer into my mouth and gracefully slid one of the olives from the stick. Yep, I am sitting with the big boys!

With the first bite I realized in horror, the olive contained the entire pit.  According to the rules of etiquette, you use your fork to properly remove the pit from your mouth.  I did not have a fork and did not think with my 20 minutes of experience I had mastered my chopstick technique to use them for this job.

While my boss and C Suite were discussing multi-million-dollar business strategies, I contemplated available discreet options for removing the pit in my mouth. A plan was formulated.  Listening to the tone and cadence of their conversation, timing for just the right moment, I swiftly performed the napkin trick.  Crisis averted!  I’ve so got this!

A course or two later, I carefully used my napkin, aware it concealed the pit.  With the napkin in my lap, I touched the edges and could no longer find the pit. It must have leapt to its death under the table! Problem solved!

The remainder of the meal was incident free.  We thanked the chef for his inspired culinary artistry. The three of us left the restaurant and walked through the casino to leave.  At the exit, we shook hands and said our goodbyes. 

The evening was incredible. We discussed tactics for rebranding, organizational restructuring and opportunities to increase market share.  I had just successfully navigated the high-powered business dinner!! Wahoo! Fist bump!

As I walked away, I felt something.  On the back of my pants. A wet spot with an olive pit embedded.  At that moment, there was nothing else for me to do but hold my head high and wear it with pride!

As leaders, we will be faced with new challenges. Our previous successes will help guide us.  However, some missions will not go as planned.  To adapt to changing landscape, expanding our knowledge base is critical. Embrace growth. Take every opportunity to learn something new.  We do not know what opportunities lie ahead of us or what tools we will need. It is better to be prepared than allow our leadership skills to end up in the pits!