budgeting (3)


A great article on forecasting, some valuable insight in how this can improve your future, be it your personal financial plans or your business projections , worth a deep look and plan of action  - TLR


The creative process makes building a financial forecast very rewarding. You work within a framework of the client’s business model, but you also add your own financial instinct and know-how. Sometimes, your drive can push a business beyond where they thought they could go, and also help an owner understand the financial potential in their business. This is what makes forecasting uniquely different from budgeting. Budgeting is usually very conservative, and it’s much more granular. Forecasting is about potential. What’s possible? How can we get there?


article link

Financial Forecasting: The Foundation of Strategic Advising http://bit.ly/2NOkKrl [Source: @LivePlanSA]


Then I got a great chart that looks at some mistakes we make by simple cognitive biases 

dig deep to learn more at this link



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Budgeting Tools - Personal Finances

Digitizing Your Money

Came across a neat video from Telus and there was some real great tips in it. One item caught my eye and it dealt with budgeting.


Stephen recommended a couple online tools.  The first  was You Need A Budget, it cost $83.99 USD a year , they give the average per month, it's unfortunate that they don't simply charge monthly, it would be a better business model in my mind.


Check out the 4 rules

1. Give Every Dollar A Job

2. Embrace Your True Expenses

3. Roll With The Punches

4. Age Your Money

Money Coaching , great idea, a couple hundred dollars a month for coaching, buy the book option as well, some great blogs and tips




I had some thoughts about the video, about digitizing money and specifically that you don't need to pay fee's section of the video, see below, no guarantee that they will not hid my thoughts. Interestingly they had 47,716 views of the video but only 3 comments over the last 5 days, and I was the third, so what does that mean ? I don't know, just an observation.

Timothy Ross 1 second ago Nov 28 2017 6:30pm

Great video series, love the flow and the encouragement in them, they touch on a lot of great stuff, however the negative side is it discredits the value that a good financial advisor brings to the equation, it's not just about the numbers. Some of the claims in the video's are not really true, they are frankly and needlessly shaded,. The premise that the index is an exact mirror is simply not true, the cost of the ETF's that are ultimately being promoted if you did a little deeper are around  .15%  for expenses and the management fee is .40% , so total is .55 % MER as per one of the ETF's being promoted. Not sure why they don't just say it will be .55% or some range , less that the market every time is interesting. Yes human's make errors, but robots never make error's and markets are very rational, so there is a few parts to the equation that you got to take with a grain of salt, the realty is human's the people investing will make errors when markets fall and the robot is not going to cut it, you need an advisor to help you from making big mistakes.  The websites are beautiful, flow nicely, very slick and inviting. The purpose of the video series is probably to promote robo-advisors, etf funds , sell books for the speaker, get some money coaching from a fee for service advisor program,  Telus is maybe even getting a small participation fee. All of which is ok, just figured they would be more straight forward about it. Again, love encouragement of people to get started and to do it, just be more straightforward and don't bash those that work hard to serve their clients and communities. IMHO    Tim Ross #ImprovingFutures

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