Denver Money Matters
Money Matters in Denver
 MSNBC.com |
It’s hard to discuss money. In fact, that alone is one of the reasons why so many of us have issues with our finances — we are simply too embarrassed, too scared and too ashamed to talk about the subject. It’s considered taboo to ask about a friend’s saving and investing habits, bad form to ask a neighbor what they spent on their house, outright rude to ask a co-worker’s salary and when it comes to debt — nobody wants to talk about that.
That’s why I started a money group — because it’s considerably easier to have these conversations when that’s the reason you’re there. Liken the concept to a book group without the books — a bunch of friends, neighbors, or even couples who get together regularly to talk about their financial lives. You can ask questions, compare insurance plans, ease each other’s worries about saving for college, and garner tips to help you ask for your next big raise. It’s different from the investment clubs of the 1980s because the focus is to learn, and talk about your financial life.
My group’s not the only one of its kind out there. In fact, they’re popping up all the time. I recently talked to one (on “The Oprah Winfrey Show,” and my Oprah and Friends radio show on XM Satellite Radio) based in Vancouver, Canada. This particular group, made up of five women who call themselves the Smart Cookies, has been meeting weekly for the past year. They hash out their financial goals, work to reduce their debt and exchange money-saving (and money-making) tips. By making small changes to their lifestyles and sticking to a budget, all together they’ve managed to save $15,000, pay down $15,000 in credit card debt, and grow their income by another $15,000 — all in less than a year.
My goal for 2007 is to get you to start a money group of your own. I want you to come together, support each other, hold each other accountable when you mess up and cheer each other on when you do well. I want you to use your close circle to work through your financial problems, one step at a time. It’ll boost your confidence, and your account balances at the very same time. In a nutshell, here’s what I want you to do.
“You want to have people you trust around, but you can also build the trust. The first time we got together, we did have to build trust — it wasn’t immediate. But now we’re all are really close.” The most important thing is to make sure all members are truly committed to the process, and to gather up people from all walks of life — mix working moms with those who stay at home, younger members with older, and single people with married. Why? You’ll learn the lessons the others have already struggled through.
The idea is to brainstorm together so that you cover topics relevant to everyone’s lives, from retirement and college loans to credit card debt, insurance, and investments. Come up with a list of subjects you’ll focus on, and in what order they’ll be discussed. “We set tangible, specific goals each week,” says Andrea Baxter, another Smart Cookies member. “We focus on things that we know we can tackle in a week.” The group also allows time at the end of each meeting so that members can share any tips they’ve come across, like inexpensive cell phone plans or store sales.
Keep it simple — this is not the place for books. Focus on recent newspaper or magazine articles, or research found online. That way, everyone can come to the meeting prepared, but they won’t feel too overwhelmed to participate. If no one in your group wants to tackle an especially complicated topic, invite an expert in to speak.
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