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AroundTheWorld

Be in the Moment
Speedway Pass
Jul 24, 2007
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Do you keep track of where you are going, your goals, your plans, your lessons, etc.? We have found that keeping track of these things in a "formal" way really helps propel our financial and professional life forward.

We have two key "tools" that help us track our activities, goals, and plans.

1. Family Meetings

We strive to have a family meeting once a week (we do occasionally miss a week)

During this meeting we:

  • Check in to see how each member is doing... do they have needs? wants? how are their individual goals going? What is next for them?
  • Check in with our family goals. How are they going? What is next. Use our Family Business Binder.
  • Do something fun together.

2. Family Business Binder​

This is a three ring binder with dividers. We have this binder handy at every meeting. We read from and add to the binder as needed.

The COVER: We printed off our Vision Board and slid it into the cover

The SECTIONS:

1) Mission and Vision. We put a lot of time into developing our Family Mission Statement.... mostly following the suggestions of Steven Covey in his Highly Effective books. I can write more about this if anyone is interested.

2) Goals. We have our long term (for us about 5 years) goal here as well as our annual goals. We also have our monthly "to do" activities that lead us to the goal in this section. The pages are chronological. We write about our goals on the front of the page, and we write about our lessons learned on the back of the page. As we set new goals - we review our old goals, write about the lessons we learned and we review old goals and old lessons.

3) Tracking. Here we track our financial progress. We record a balance sheet and the return we are getting on each of our investments here. If we need to make some changes to our portfolio, this is where we track that. The info is put into a spreadsheet form, then printed and put in the binder.

4) Business Beginnings. Here we record ideas - that we just don't have time for... yet. Sometimes it is nice to just have a place to get those ideas that are rattling around in our head down on paper.

5) Resources. We record notes from financial books we read here. It has been invaluable to have all those "ah-ha" moments we have had from books in one place. Notes about "ah-ha" moments from this forum would fit in well there too! Or from any classes or seminars attended... We also record attorney data, accountant data, info about Wyoming Companies, Nevada Companies, Land Trusts, etc. here.... or atleast the go-to people in areas of interest such as this.
 

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Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
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Napa Valley, CA
Great post, Sonya.

KT's a bit too young for this (she'll be 16 months old on Christmas day). But I really like your ideas and will look at implementing them.

Rep speed for you. :)

-Russ H.
 

AroundTheWorld

Be in the Moment
Speedway Pass
Jul 24, 2007
2,909
1,897
550
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Christmas Day birthday, huh? You have a busy December in your family!

This is something that has evolved over time for us. When the kids were younger, they didn't participate - so the "family" meeting was the two of us. As they grow, the level of participation and interest in the process changes.

Keeping track of progress in this way can be a useful tool for an individual or for a family. Sometimes, just one of us will pick up the notebook and take a few quiet minutes to browse through it, get our bearings, remember, and envision the future.
 

kurtyordy

Bronze Contributor
Aug 28, 2007
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PA
Awesome ideas. I would love to implement this. At this point my wife has moved from being adversarial about my ventures to being somewhat supportive of my ventures. I hope that in the next few years we can become a team on these things, that would be very cool.

My oldest kid is 4. She is not there yet, but it is neat to see her learning about money. She is very generous about her money which is cool. Last week she had just given her brother some money and then she said to me that I am going to have to give her some money for S.S. because she is starting to run out. I hope I can keep that spirit in her.
 

AroundTheWorld

Be in the Moment
Speedway Pass
Jul 24, 2007
2,909
1,897
550
.
A note on the tracking section.

We just added a few new sheets to this section, so I thought I'd share what we have in here now.

  1. Net worth. This includes a property sheet with income, expense and return on each property. We keep old sheets here as well, so we are able to see the change over time.
  2. Cashflow and Projected Cashflow
  3. Miles Driven*
  4. Money Spent at Grocery Store*
  5. List of loans: provider, rate, term, balance.

* These are the two items from our budget that we have decided are particularly important to us.
 

AroundTheWorld

Be in the Moment
Speedway Pass
Jul 24, 2007
2,909
1,897
550
.
We had a little preview of "empty nesters" last week - - - the kids went to South Dakota with Grandpa.

So... we got a lot of work done.
Got a lot of project around the place done.
We even went on a date... (huh? what is that?)

And...

We still did our "family meeting" - just the two of us.

This method works for singles, couples, couples with kids, and grandmas and grandpas too!
 

^eagle^

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Read Millionaire Fastlane
Mar 17, 2008
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Awesome ideas. I would love to implement this. At this point my wife has moved from being adversarial about my ventures to being somewhat supportive of my ventures. I hope that in the next few years we can become a team on these things, that would be very cool.

My oldest kid is 4. She is not there yet, but it is neat to see her learning about money. She is very generous about her money which is cool. Last week she had just given her brother some money and then she said to me that I am going to have to give her some money for S.S. because she is starting to run out. I hope I can keep that spirit in her.


Hey, Kurt,

How are things going with your wife?

I am having a similar situation with my Girlfriend. I was wondering if this has helped you.

Have you implemetned this? I noticed that this was written six months ago. :thumbsup:
 

DeletedUser394

Bronze Contributor
Read Millionaire Fastlane
Mar 24, 2008
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3 year old bump. This is some cool stuff :)

I'm going to apply this to my life, even though I don't have any kids. (lol)

I need to have a system, because I've just begun and I'm all over the place. This will help anyone focus!!
 

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