Everyone needs support. And with money and personal finances being such taboo subjects, this can often be hard to come by. However, with the Savings Challenge community and our additional services and support, all the help you might need is on hand.
Money Is The Last Taboo
In an email conversation with a Moneystepper Savings Challenge participant, he recently told me:
“Whenever I mention net worth, assets/liabilities and money to friends and family, I usually get the glazed over look. I’m not sure if it’s because my friends don’t like to think about it, like to bury their heads or just think it’s private / not cool to discuss.”
Well, he’s not alone in being faced with an uncomfortable shift when bringing up personal finances with friends, family or colleagues.
According to a 2013 survey 44% of people asked said that “personal finances” was the most challenge conversation topic that you could have. That made personal finances more taboo than topics of death, religion and politics.
However, money is such an integral tool in your arsenal in achieving the life you want. As such, you can’t afford to be worried about speaking about it.
At Moneystepper, money and personal finances aren’t taboo. Quite the opposite.
We found that there were two reasons that people shirked away from conversations about personal finances:
- People find personal finance boring
- People are worried to speak openly about money
The first issue shouldn’t be a concern. You are here reading this, and hence I’m sure that you don’t find personal finance boring, and no one in our challenge does either.
Then, concerning the challenges about speaking openly about money, we have found that the challenge has helped in the following ways:
- Every person in the challenge is working towards the same goals
- Transparency and accountability are fundamental aspects of the Moneystepper Savings Challenge
- We are all trying to learn from each other: the more you speak, the more you learn
People Are Scared To Ask For Help
The only thing harder to discuss than money are money problems. People hate to admit that they are in trouble, they don’t want to seem like they don’t know what they are doing and are generally resistant to ask for help.
Again, this is where the Moneystepper Savings Challenge community comes in. We’ve all been there (in one way or another), and we are all here to help.
The Moneystepper Savings Challenge thrives through us all learning from other peoples’ successes and challenges, so that we can emulate their achievements in the future.
How Have Participants Benefited?
I promised you that the Moneystepper Savings Challenge would help you achieve more than you thought possible without the challenge.
How can I measure whether this was the case?
Let’s take a look at 2015. The average participant set two goals:
- Annual Net Worth Improvement Goal: 25%
- Annual Savings Rate Goal: 37%
This was based on their objectives at the start of the year. In setting these goals, I asked participants to set SMARTER goals and to set the above percentages as “stretch goals”. This meant that if the average participant had achieved these goals, they would have been absolutely delighted!
This was also established with the understanding that the stock and housing markets would have an “average year”. However, the global stock markets (based on the Vanguard All-World ETF) fell in the year, instead of increasing by the expected 5-8%.
However, despite that, the average participant in 2015 achieved:
- Annual Net Worth Improvement: 40%
- Annual Savings Rate: 50%
The participants in the Moneystepper Savings Challenge in 2015 therefore exceeded their stretch goals for their net worth by 60% and their savings rate by 35%.
How Could You Benefit?
Think about that for a second. Take a look at your net worth and savings rate goal. Then, take a look at your net worth and savings rate from a monetary perspective.
Let’s imagine you earn £25,000 per year after tax and you currently have a net worth of £50,000. If your goals in the challenge matched the average person from 2015, this would mean that:
- you would be saving an additional £325 than you expected from your paycheck every month
- your net worth would increase by £7,500 more than you expected in the year
For an initial entry fee for £99, these benefits pay for themselves in a matter of weeks!
Additional Services & Support
The Moneystepper Savings Challenge is a fee-only product. There are no hidden costs and our only objective is your success.
Moneystepper will never suggest any products or services from which we will receive any financial compensation. By following this rule, we can ensure that we are aligned in our objectives, which is you achieving your financial dreams.
If you want even more help with your finances and want to achieve everything you can in the challenge, then we offer one-to-one services with Moneystepper founder Graham Clark.
Graham has vast experience in the finance world (both personal and professional) and has the heart of a teacher, not a salesman.
As a money coach, he will walk with you along your journey to financial independence, providing the required education, accountability and support that will help you progress more quickly towards achieving your financial and life goals.
Once part of the challenge, we offer the following additional services:
- Personal Review (£299)
Personal finance is personal. Everyone’s financial situation is different. Whilst you can learn a lot from the books, the internet and podcasts, none will address your own personal financial situation.
This is where our personal review can help.
- Submission of completed Tracking Template to Graham for review
- Graham will send back a list of questions for the participant to answer
- Answers will be returned via email
- A one-on-one meeting will be held over Skype/Facetime/etc to discuss all the answers to the questions and every aspect of the Tracking Template and your personal finances
- Follow up summary document highlighting the discussion and the key action points for the participant
- Follow up discussion after an agreed amount of time to discuss the progress on these action points
- Monthly Coaching (£39 pm)
For participants taking advantage of the one-off review, they can continue to obtain monthly support to help them on the path to financial freedom.
How does a financial coach help?
Whilst you are still responsible for taking the action required to achieve financial success, a financial coach provides the education, insight and encouragement to get you there.
Just think about the benefits of a personal fitness trainer/coach. Well, a financial coach does the same, but makes your finances fitter!
In addition to the one-off review, the monthly support includes:
- A priority service where all questions will be answered in under 24 hours
- An agreed teleconference every month to discuss the prior month results in detail. This helps you maintain focus and gives you direct accountability on a consistent basis.
- Help with setting of future budgets
- Increased self-awareness which will lead to more effective decision making
- Help to understand the underlying reasons for repeated financial issues
- Get a second opinion on your thoughts from an experienced coach in finance, business, entrepreneurship, personal growth and investing in property and shares.
This is paid one month in advance and can be cancelled at any point.
Join Us Today
If you wish to take advantage of either of the services above, you can contact us at email@example.com, or order the service via the buttons below and we’ll be in touch shortly after.
I look forward to working with you personally and accelerating your journey to financial freedom and achieving your dreams.