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Lifestyle July 20, 2018

Serendipity – 6 Tips to Shine it Your Way

It happened again. This time, I was out for a drink with my daughter’s boyfriend’s dad. (How many of us can say that!) Great guy. He brought it up first. He is transitioning from the bicycle industry to real estate. “It’s like serendipity”, he said, “I just keep meeting the right people at the right time who are there to help me.” I smiled and nodded, “Go on”. He offered story after story. He has tapped into the power and is in awe of the possibilities.

I have seen it non-stop since I left the land of the quarterly earnings. I am living a constant Field of Dreams moment. My car dealer friend introduced me to another self-published author and speaker who agreed to share his secrets over a coffee. I couldn’t type fast enough into my iPhone. He laid out his whole business model for me and has followed up with emails to keep me on point. No charge, no consulting fee, no catch. Just doing it for the goodness of paying it forward. But it’s not just him. Old friends are reappearing. Colleagues offer introductions that pave the way for new possibilities. Sometimes it is me, sending drops of serendipity their way. And finding oceans of it washing back in return.

Where is all of this serendipity coming from?

And the serendipity breeds more serendipity. The speaking engagement leads to a newspaper column. The blog post leads to a speaking engagement with the clients of a financial advisor, which then leads to an employee financial wellness session at a different firm.

Was it always there and I missed it? Are we rising toward peak serendipity? Just yesterday, at a client meeting we talked about what we could do together on social media. One idea flowed into the next. Some would help my business, some would help theirs. Didn’t matter. There was a “pull” feel to it. No pushing, no demanding, no measurement. Just people helping people and the results flowing in. In fact, it seems to happen the most, the further I get from the command and control corporate world. Speaking with entrepreneurs, they look at me like I’m from Saturn. Of course that is how things get done. They have known about it all along.

How to open the serendipity tap?

So how can we all grow some more serendipity in our lives? I am no serendipity expert, but let me share what I have seen so far:

Do Good – Choose a vocation that is about helping others. Define a great quest. It feels good and draws in others to help.
Be Open – Accept the invitation even if it’s not clear why you should go. It could be a dinner in Toledo or a coffee in Portland that opens up completely new possibilities for you.
Seek to Help – Meet new people with a mindset of how you can help them in their journey. Seek to understand, then to be understood.
Look for the Synergies – Is there an elegant meeting of needs somewhere that can accelerate what you both are doing? What unique properties do you each have that can help the other?
Loosen the Strings – in the corporate world, it is often about bolting down timelines and deliverables. Let them flow for a while and see what happens.
Connect Others – we are all just a connection or two away from meeting those who can help our plans soar. Keep bringing your contacts together and those synergies will flow among them. And back at you.

Do you find Serendipity is rising? Or are we becoming more attune to it? Share your thoughts!

Photo credit Louis K on Unsplash

Lifestyle July 12, 2018

Is There a Better Way to Buy Clothes?

In the epoch prior to Netflix there were 2 ways to get a men’s suit. Once was off the rack, a fantasy-based method that assumes that your dimensions are aligned with a mythical standard. With mid-sized shoulders, mid size arms and mid sized paunch all was good. For the rest of us, these are more commonly known as “ill fitting suits”. The second approach is to go made-to-measure, hand fitted over several appointments with pricing mentioned only if requested and then in hushed tones accompanied by sage nodding. Is there a better way to buy clothes?

Actually, let me back up. Prior to Netflix there was more call for suits in general. We festooned ourselves in them, complete with big shoes, fancy belts and power ties. Work fashion has morphed to jeans and polos or even cargo shorts and rock T shirts with concert listing dates on the back. So who cares about suits? Who knows, you might have a wedding, a fancy dinner out or a kid’s graduation to attend. Or maybe you just want a shirt or dress pants that fit properly. And if you are looking for savings on casual clothes look here.

I may have found a clothing gnome

Some guys love the trip to the mall to fuss over the fabrics and the styling details and enjoy getting up close and personal with a measuring tape. I don’t know any of those guys, but I’m just saying. The rest of us hope for a clothing gnome who magically restocks our closet with suits, shirts and pants that fit, look good and take no shopping time.

In a perfect world you would get measured once, pick fabrics from a web site, order new suits, shirts and pants from your iPhone while watching the Patriots. Click on your saved credit card and, Presto, your clothes show up at your door. No parking, mall trips or hassles. No embarrassing encounters with measuring tapes. Well OK, but just once.

The last mouse click sent a digital Gord to China

There is such a place and it is called Indochino. Brilliant. I put them to the test when replacing my ancient tuxedo – pleated pants, circa 1980’s NFL shoulder padding and inexplicably, a mustard stain on the lapel – don’t ask, it had to go. I booked my appointment via their online calendar. Boom. They greet me at the door by name and set to work. Lots of prodding with tape measures and everything carefully noted in the computer system. I wouldn’t have thought that there were that many things you could measure. Tape extended, move here, mouse click, keyboard. Repeat. About 30 minutes worth. Years of careful rum drinking and Breaking Bad binge watching were boiled down to a set of numbers. Then some try ons of sample jackets and pants. More measuring and clicking. Finally done. Time still left on my parking meter app. The last mouse click sent a digital Gord to China to get cut and sewn into exactly the tuxedo I spec’d. $699 plus taxes. I could get 3 for the price of a made to measure tux from a high end retailer.

A better way to buy clothes

About a week and a half later, a big box waited at my door. Inside was something that looked a bit like a tuxedo that had done a red eye flight from China. After a bit of closet time it came back to life. I would too, under those conditions. I slipped it on the jacket and wow, did it fit. Nothing bunching or stressing. Brilliant. On to the pants. Hmm a bit tight in the seat and waistband. Bad measuring? Excess rum? Who knows. I called my Indochino friends and they suggested I take it to a local seamstress. Then they ask me to take a picture of the receipt, send it to them and they will credit my account. And, they adjusted digital Gord so the next suit is perfect. OK, now this is service! Check them out at Indochino.com.

So have I bought more clothes from them? Not yet, but I know that Digital Gord is ready whenever I am. I will be back.

So how does this help my female friends? Ladies contribute! Is there a better way to buy clothes for women? Let me know!

Photo credit: Ruthson-Zimmerman on Unsplash

Lifestyle June 26, 2018

Hearing Loss Solution for Free

My iPhone didn’t have quite enough volume. Meanwhile, Hollywood was going a bit loud on the special effects and music, making it hard to pick out the dialogue. And with a nod to Jerry Seinfeld, what is with all of these soft talkers?

About 20 years ago, I had a hearing test that showed some high frequency hearing loss. But I mean, come on, the beeps were so soft I could barely hear them. What could that test show? Another test, several years later, included a section on repeating spoken words. I did well until the technician covered her mouth with a sheet of paper and re-ran the test. I had no idea how much I relied on lip reading to understand speech.

Like most people with hearing loss I waited a good 7 years to get help. Actually that is the average, I likely waited more like 12 years. Why do people wait so long? Two reasons: vanity and the high cost of hearing loss solutions. But with a bit of digging, I found a hearing loss solution for free. If you suffer from the issue, blast out the family with the TV, or ask people to repeat themselves constantly, read on.

Start with a hearing test from a doctor

I began with a referral from my GP. Good to start with a doctor in case there are any other underlying causes of the hearing loss. After a comprehensive test with lots of very quiet (or absent) beeps, I got the results. Normal age-related hearing loss that arrived about 10 years early. Likely too many construction jobs in my youth before hearing protection was in vogue.

I left with an audiogram that showed good hearing at low frequencies, good for male voices, drum beats and doorbells. The high frequencies were the issue and they impacted the sounds of birds singing, water splashing and leaves rustling. Vowels are spoken in low frequencies, but consonants are high, which is why I can hear someone say “cat” very clearly. Unless it was “bat”. Or could it have been “that”?

The search for a hearing loss solution

I began at a well-known chain and was pleased to see that the aids were on a buy one, get 50% off on the other discount. The tiny machines were slick as can be. Barely visible and once in place, my hearing was nearly bionic. Incredible. So was the price at $6,500. Including the discount. The technician helpfully noted that the price included 3 years worth of batteries. Hmm. The battery savings could be a big deal. But these units were awesome and even connected right into my iPhone. I could take calls directly in my brain. Amazing. Could this be my hearing loss solution? Not so fast.

On to the next provider. Lots of gear plugged into my ears and more whispering beeps. Same results – significant high frequency loss. And significant high cost at about $6.500 for the pair. They recommended a different brand, but didn’t have a live set to try out.

I like to use Consumerreports.org to research major purchases (more on that here) and they showed that Costco was highly rated as a provider, so I made the pilgrimage. Yet more ear testing with a very similar result. The tech popped in a set of their house-brand Kirkland Signature 8’s. Yes, there is something a bit weird about buying hearing aids that share a brand name with courderoy pants, frozen broccoli, tool chests and Tilapia loins, but hey, they sounded great. Incredibly they were also Made for iPhone and even included a Lindsay Wagner type app (google it) that lets you check battery life, change the microphone focus and even use your phone as a remote mic. Very slick. Until I found the catch. No free batteries. What? How much for the batteries? $11.50 for 6 months of batteries, or $23 for the year! That first retailer that “included free batteries” wasn’t looking that great.

So what is the hearing loss solution for free?

Turns out that the Costco Kirkland Signature 8 Hearing Aids are only $1,900 for the pair. No tax. As in 1/3 the cost of the other quotes. Here in Ontario, there is a government grant of $1,000 for aids and I had enough benefit coverage to pick up the other $900. So the only real cost was the gas to get to Costco. I had a couple of fitting issues but they gave me an appointment one day later and got everything fixed. And yes, they are all licensed audiologists, just like the other retailers.

They have worked great for the first couple of weeks. I can understand speech in TV shows and the waves in Lake Ontario have a “swish” sound now as well as a “whoosh”. Leaves rustling are loud enough to scare me. No more lip reading and I can understand people on the first try. Great to reconnect to the world. And no one knows they are there. Except my Cashflow Cookbook readers!

I saved enough to get a spare pair or two or just about make a whole TFSA contribution. Will they keep working this well? I will do another blog post in a couple of months with an update.

If you have hearing loss, don’t wait, get your ears checked. And there is a reason that Costco Hearing Centres are opening faster than Costco outlets overall.

Update – the results of my 6 month test are available here.

Do you have hearing loss? What have you found with hearing loss solutions?

Photo credit Ken Chan from Unsplash

Financial April 12, 2018

6 Simple Steps to Financially Launch Your Graduate

If you have any university or college almost-graduates in your family, they are about to be launched as young professionals in their chosen field. However comprehensive their program, it likely included everything they need to succeed in their career, but little to nothing about how to succeed financially once they start to earn. They are nearly defenseless against thousands of marketers who are cleverly looking to prey on their paycheques. Although they don’t want your advice on dating, clothing, or music, they do need your help getting set up financially. Mom and Dad, I am talking to you.

Step 1. Start their financial library

Get them on the habit of reading a good personal finance book a month. Spend a hundred bucks to get things started. Best investment ever. The right books will shape their thinking and build good habits from the start. Here are some great ones:

The Richest Man in Babylon – George Samuel Clason – timeless lessons about how to make money work for you, vs the other way around. Cool Babylonian vibe. Great for history majors!
Rich Dad Poor Dad – Robert Kiyosaki – turns around the notion that the rich people are the ones with the BMWs. They’re the ones with the payments. Who knew? Dads with small hats are often the ones with the cattle.
Wealthing Like Rabbits – Robert R. Brown – a whimsical and fun tour through everything about personal finance. Perfect all-in-one starter kit.
Moolala – Bruce Sellery – Simple, unintimidating five-step plan to get your grad started on a great financial path. His podcast on iTunes is also worthwhile.
Mr. Money Mustache Blog – Best blog on inspired living through frugality. Personal favourite post – “How to move heavy appliances on your bike”. Strangely addicting. Bad ass vibe. And free. Subscribe your kid.
Carrick on Money Newsletter – sign up here (scroll down) – great survey of the freshest personal finance thinking on the web. Everything from frugal tips to mortgage rules and that great Canadian enigma: To TFSA or RSP?
Young Money Podcast – Tracy Bissett – has guests with every angle on how to set up young people for financial success.
Cashflow Cookbook – I know, I know – a bit shameless. But 60 easy financial “recipes” to save your grad a fortune on every kind of recurring expense. Wish I read it in my 20’s. Bonus: enough cooking puns to fill a roasting pan.

Step 2. Help them with the big decisions

After 4 years of enduring cold pizza, smelly roommates, grimy clothes and crowded buses, junior may want to rebound with some well-earned luxury. A new car, a one-bedroom apartment, a high-end gym membership. A Roomba on 5 easy payments. Kidding on the last one. At least my kids never longed for cleaning gear.

But these recurring expense decisions can have a big impact on their wealth over the coming years. A common mistake is to look at what can “fit” into their paycheck vs what will optimize their wealth (and financial freedom) over time. Shared accommodation can save $1,000 a month vs living solo. Living in your basement for the first year can save another $500 a month while they get started. (I told my kids that zoning laws don’t allow it, am hoping they never check the local statutes). A 3-year-old modest car can save $500 a month vs a new, more luxurious one. Skipping a car and walking or biking can save another $500. Learning to make a few easy meals can save them another $200 a month or more on dining out.

Together these tweaks can free up a thousand or two a month toward their TFSA and/or student loan pay down. Getting these habits in place can spare them from being chained to paychecks into eternity.

Step 3. Set them up a net worth spreadsheet

Lots of people talk budgeting. Not sure how many people actually track to one. Not my idea of fun. And good luck selling the idea to your kid! A better approach is to track net worth: what you own minus what you owe. Very simple. It may well be negative when they start, but that’s no problem. Have them update it each month as they carve out funds for debt payment and savings. It’s gratifying to see the numbers go from red to black over time, or to see more commas emerge in the bottom line. It’ll give them the freedom to start their own company, take a world travel sabbatical, buy a house, or retire early and help people halfway around the world. Seek meaning instead of seeking a living.

The act of tracking net worth makes everything look different. Buying a new car plunges their net worth the day they drive it off the lot. A used car likely increases both what they own and what they owe, but their net worth doesn’t change. Hmm. A mall splurge on clothes they don’t wear takes a toll on net worth. Quality stocks growing in their TFSA increase their net worth without them doing anything.

Tracking net worth provides new lessons all the time and gets them thinking different. Maybe some lessons for you here as well! You can download a simple free net worth tracker in the Utensils Section, and check out my blog post that will help you learn to use it.

Step 4. Get them all the accoutrements

No need to even go to a bank branch. Charge up your wireless mouse and have at it! Help them get set up with a chequing account, credit card, TFSA and a savings account. Get automated bill payments set up for rent, cell phones, and gym memberships. It’s critical to get some automated savings in place right from the start. Something like payroll deductions for RSP or stock purchase plans, or biweekly chequing account deductions that head straight to their TFSA. Start the savings habit early! As they find ways to save, encourage them to increase their contributions and watch their net worth grow.

Step 5. Do a student loan review

If junior racked up some loans in the pursuit of knowledge, help them assess the right payback schedule and options. Are there cheaper ways to borrow? How can they optimize their expenses to pay it back sooner?

Be sure that the student loan is included in their net worth tracker and that they avoid adding more debt while whittling it down to size.

Step 6. Help them understand their company benefits

If they have been successful in finding a job, it’s time to review all of their company benefits with them. Company savings plans (401K, RSP matching, stock purchase plans) offer a great way to start their savings and it can be worth some sacrifices to fully take advantage of these plans. Many young people leave this free money on the cubicle.

Company medical and dental benefits are also worth a read. Most new employees can get their teeth around the dental plan, but they may miss some of the other benefits later in the booklet like eyeglass plans, massages (what the heck?) travel insurance, and prescription medical. Read the benefits book with them. Kind of like you used to with Harry Potter. Less magical. More profitable.

Above all, help them get a great start on their life

After all they have an asset that we don’t have. Their youth. Make sure they get the most out of it.

Photo Credit: David Marcu