changebrothers.com€¦ · Web viewStress-Free Money Mastery Course Workbook. Course Objectives: Deep understanding of your financial past AND how to be accountable for it. Deep awareness

Stress-Free Money Mastery Course WorkbookCourse Objectives:

Deep understanding of your financial past AND how to be accountable for it. Deep awareness of your daily financial environment AND how to create your own environment. Create powerful and clear money related goals for the future that are in line with your values. Build a simple, easy and automated view of your money that maximizes freedom and minimizes choice

& stress.

Course Instructions This course is separated into 17 audio tracks, most only a few minutes long. Each tack has a corresponding homework assignment in this workbook. Each part has specific instructions which you will see below but here are a few general instructions you should know before getting started:

Listen to one audio track at a time and complete the matching homework before moving on to the next part.

This is not a timed course so take as much time as you need to complete the homework. Some work requires you to spread the work across days or weeks.

In many cases, we’ll ask you to do a fair bit of writing. We tried to provide you with enough space in the workbook but feel free to go beyond and write more if needed.

Lastly, much of the homework is best done with a partner; like a spouse, close friend or mentor. Please include someone in your homework as much as possible to get the most out of this course.

Part 1 Homework: Dive deep into your financial past

To get the full picture of your financial past, answer each question below in as great a detail as possible. Don’t write simply “yes or “no”. Pretend you’re being interviewed by a biographer and allow yourself to indulge in either the happy nostalgia or the painful memories these questions may bring up. The more you write down the more you’ll learn about your financial past.

How was money discussed in the home you grew up in? What specific memories do you have about your family’s finances? What kind of gifts did your family give and receive? At what age, if any, were you allowed to know the family’s financial situation? Was there a big difference between your family’s finances and that of friends or extended family

members? If so, did it impact your relationship? Did your spouse or significant other enter your relationship with very different financial views? If so,

how did you deal with it? Did it cause any issues? If you have in-laws, how did their financial habits and situation impact you? Did your parents intentionally teach you financial lessons of any kind? Did you learn any financial lessons from school at a young age? If so, what did you learn? Did you take any college level courses or major in something about money? If so, what did you learn? Do you remember any economic news from your childhood? What kind of attitude did your parents have toward money? What did you do with the money from your first job? Why? Did you receive money before the age of 10? If so, what did you do with it? At what point did you become financially independent? Was it planned or unexpected? What is the first thing you remember buying with your own money? What is the financial decision you are most proud of and why? What is the financial decision you regret most? What would you do differently now? Have you ever had a financial experience that frightened you? Have you ever been embarrassed by something you own? Has another person you know manipulated or lied to you to get your money? Has someone you don’t know stolen money from you? Have you ever lost or made a lot of money all at once through an event that was not entirely in your

control (i.e. stock market, inheritance, lottery, loss of property, etc.)

Answer these questions here:



Part 2 Homework: Find themes & organize your past

Find the themes in your past experiences. Themes are money related experiences, emotions or events that occurred more than once. Name each theme you identify. Complete this following for each theme you identify:

In my past, I had the tendency to... (fill in the blank).I’ll refer to this theme as … (fill in the blank)

In my past, I had the tendency to…I’ll refer to this theme as …










Part 3 Homework: Define the impact of your past

Describe the impact this theme has had on your life to this point. The impact could be positive or negative or both. Complete this following for each theme you identify:

The (fill in the blank) theme has impacted me positively byThe (fill in the blank) theme has impacted me negatively by

Theme: This theme has impacted me positively byThis theme has impacted me negatively by










Part 4 Homework: Build awareness of your environment

This homework requires access to credit card statement, receipts or some other kind of record of expenses. For every expense you can find going back at least 30 days answer the following questions:

What did I spend money on? Where was I? Who was I with? Why did I buy it? Was this something I had planned to do? Do I regret spending it?

What? Where? Who? Why? Planned? Regret?

Other Notes:

Part 5 Homework:

Build awareness of your environment Part 2This homework takes at least 7 days to complete. Every time you make a financial decision (this means buying something OR deciding not to buy something) for the next 7 days answer the questions below. We suggest you use your phone or paper you can carry with you to take notes throughout the day.

What did I spend money on OR Think about spending money on? Where was I? Who was I with? Why did I buy it OR not buy it? Was this something I had planned to do? Do I regret spending it?

What? Where? Who? Why? Planned? Regret?

Other Notes:

Part 6 Homework:

Find themes & organize your present

Find the themes in your present-day experiences. Themes are money related experiences, emotions or events that occurred more than once. Name each theme you identify. Complete this following for each theme you identify:

In my present-day, I have the tendency to... (fill in the blank).I’ll refer to this theme as … (fill in the blank)

In my present-day, I have the tendency to…I’ll refer to this theme as …










Part 7 Homework:

Define the impact of your present

Describe the impact this theme has had on your life to this point. The impact could be positive or negative or both.Complete this following for each theme you identify:

The (fill in the blank) theme has impacted me positively byThe (fill in the blank) theme has impacted me negatively by










Theme: This theme has impacted me positively byThis theme has impacted me negatively by:

Part 8 Homework: Design your future

Use the following questions to get you thinking about your future. Don’t dismiss anything that comes to mind. Write down everything even if it seems crazy for now.

Imagine you’ve lived to the ripe old age of 100, what will you want to have accomplished? Imagine you are at your funeral and your friends and family are describing what you did with your life.

What would you want them to say? Imagine if money were no object, what would you do with your time? If your income tripled, what would you do with your money? Imagine that you were told you had just 24 hours to live. What would you regret leaving undone? What do you fear about the future? Could you avoid the fear coming to pass? How will you know you’ve been successful? What frustrations and obstacles do you want to overcome? What is something you’ve always wanted to do, but it didn’t seem realistic?



Answer these questions here: Answer these questions here:

Part 9 Homework: A future money can buy

Now sort your goals and dreams into two categories: one’s money can buy and those that money can’t buy. Generally, those money can buy have little to do with people or relationships and have more to do with objects and experiences.

Goals money CAN buy:

Goals money CAN’T buy:

Part 10 Homework: Dream tools Part 1

Let’s address first the goals that money can’t buy. If money can’t bring them to pass, then, what can? For each of the goals in this category, complete the sentences below. Refer to past and present themes if needed.

In order to (fill in the blank goal), I won’t use money. If I tried to use money, it could damage my chances by… (refer to past and present themes)

Instead of money, I will do (fill in the blank).

I won’t use money to…. If I tried to use money, it could damage my chances by… Instead of money, I will...










Part 11 Homework: Dream tools Part 2

Now let’s address first the goals that money can buy. For each of the goals in this category, complete the sentences below.

My best guess is that (fill in the blank goal) will cost me (fill in the blank amount).I need to have (fill in the blank money) by (date).

My best guess is that will cost me $I need to have that money by:










Part 12 Homework: Make your future bigger than your past.

Refer to your past and present themes and answer the following questions.

In regard to my money related goals, which themes will help me going forward?What will I change to maximize their influence in my life?

In regard to my money related goals, which themes will hurt me going forward?What will I do to minimize their influence in my life?

In regard to my money related goals, which themes will help me going forward?What will I change to maximize their influence in my life?

In regard to my money related goals, which themes will hurt me going forward?What will I do to minimize their influence in my life?

Part 13 Homework: After enlightenment, the laundry

Hopefully you’ve learned a lot about yourself and feel inspired about the future. Great! But you still have to do laundry. You still have to make it happen. Not just today and tomorrow, but next year. Everything you’ve written as a result of the course thus far should be revisited and revised for the rest of your life. Commit to doing so!

Part 14 Homework: Never budget again Part 1

Find your monthly expenses that represent your “past”. This is anything that you agreed to spend in the past for which you are still paying for. Or anything that if you weren’t to pay it, someone would call, mail or visit

you. Automate the heck out of it.

***Note: These steps may not work with the major banks (Chase, Wells Fargo, Bank of America, etc.) which have more rigid account structures. If you don’t have a local credit union you like, we recommend Ally Bank.)***

1) Open a checking or savings account for each one of your past expenses & rename each account after the past expense (i.e. rent, electricity, insurance, etc.)

Most credit unions and online banks will allow you to open up many accounts at once and rename them anything you want.

Checking accounts are typically better for past expenses because savings accounts usually have a limit on the number of monthly transactions you can make.

If your bank asks you if you want checkbooks with these accounts, decline unless you want a ton of checkbooks! Also decline paper statements to avoid being overwhelmed with mail.

2) Automate the funding of these accounts. Use your bank’s transfers option to fund these accounts with the amount you need on the 1st day of every month.

Call or email your bank if you need help with their online system When possible set up the transfer down to the penny. The source of these funds should be yet another account named “Source”. You can have your

paychecks deposited here if you wish.

3) Automate these expenses. Log onto the websites of the companies to whom you owe money and enter your banking information: account or routing numbers

Your routing number will be the same for all accounts at a given bank. Make sure you are using the right account number for each expense.

Specify the automatic payment option.

4) As needed adjust the monthly amount funded to each account.

For example, I generally have to put in $50 more into the Electricity account during the winter than I do during the summer.

Do not budget or touch or otherwise divert funds from these accounts for any reason.


Find your monthly expenses that represent your “present”. These are expenses that you have each month but are not bills. They are “ongoing” expenses like groceries, gas, fun, diapers, etc. We’re going to limit the choices and therefore the stress that you have in this exercise.

1) Using the information from Part 4, determine how much you spend on present-day items over the course of a month.

Add up all costs from these expenses into one large number. Divide this number by 4 to determine the weekly amount. For example, if your total present day

expense was $500, then your weekly amount is $125.

2) Automate the funding of your weekly money

Create two more checking accounts. Call one “Weekly Money” and another account “Rest of Month”. The “Weekly Money” account should be connected to a debit card and checkbook.

Add another monthly automatic transfer: transfer the total monthly amount from your: “Source” account to the “Rest of Month” account.

Pick any day of the week and set up a weekly automatic transfer from “Rest of Month” account to the “Weekly Money”.

For example, if your monthly amount is $500, then first, $500 should be automatically transferred on the first of the month from the “Source” account to the “Rest of Month” account. Then on the same day each week, $125 is transferred automatically from the “Rest of Month” account into the “Weekly Money” account.

3) Do not go over your weekly amount

Avoid credit cards. Some weeks you may have leftover and other weeks you may have $0. Staying within your weekly

limit will almost certainly require a change in your routine. You may find that you have only $15 left but want to do something that costs $40. $15 is your hard and fast limit.

It may take a month or two to figure out if the weekly money amount is realistic. If you find that the weekly amount is not sufficient, you may need to adjust.


Find out which expenses or planned expenses that represent your “future”. These are funds you intend to spend one day. It includes practical things like emergency funds or taxes or annual insurance payments. But it also needs to include your goals. You need to look at these accounts and know where you stand on all your financial goals.

1) Use a different bank from your past & present day accounts and set up savings accounts for each future goal or expense.

Use a different bank to ensure that funds cannot be easily mingled with Past & Present money. Include Emergency Spending and annual expenses like property taxes or insurance premiums. You may also use investment accounts, 401ks, HSA accounts, etc. instead of savings accounts. It won’t make a big difference on your money, but shop around for savings account interest rates.

But if your money is sitting in a savings account, any interest is better than no interest.

2) Transfer leftover money from the “Source” account automatically to the new bank.

Create another account at the Future bank called “From Other Bank”. Set up an automatic transfer from the “Source” account into this “From Other Bank” account.

Manually transfer funds from the “From Other Bank” account into each of your future accounts.

3) When you are done you should have the following account set up.

Appendix A: Emergency Fund WorksheetYou need an Emergency Fund. But how big and what is it for? Use this quiz to determine your personalized Emergency Fund amount.

For each question, choose the answer that best fits your situation. Add up the point totals to determine your score. Add up the total points at the bottom of this page.

1) What is your annual income? For each $20,000 you make annually, add 1 point to your score. Round up to the nearest factor of $20,000.

2) What is your age? 18-25 – 1 point26-34 – 2 points35 & up - 3 points

3) How much do you spend in a typical month? Less than $2,000 – 1 point$2,000 - $3,999 – 2 points$4,000 - $9,999 – 3 points$10,000+ - 4 points

4) How many dependents do you have? Add 1 point for each dependent. So, if you have 3 children and a spouse who does not work, your score for this question is 4 points.

5) How likely is it that you could lose your job/income in the next 12 months?Extremely unlikely, give yourself 1 pointAbout as likely as any other job, give yourself 2 pointsExtremely likely/Inconsistent income, give yourself 3 points

6) Would your expenses go up dramatically during an income loss? If yes, add 3 points

7) Does the thought of financial emergencies stress you out? If so, add 3 points

8) Are you very comfortable with financial risk? If so, subtract 3 points

9) Do you have adequate insurance coverage for your health, car and home? If not, add 5 points.

10) Are you a Landlord? If so, add 2 points

Emergency Fund Calculator

Point Total Emergency Fund Size10 points or less 1-2 months of expenses

11-15 points 3-6 months of expenses15-20 points 6-9 months of expenses20-29 points 9-12 months of expenses30+ points 12-15 months of expenses

Example #1: Carol = 14 points College Professor (1) $120K income (6) 60 years old (3) Spends 4k a month (3) 1 dependent (1) Average risk tolerance (0) Insured (0) Not a landlord (0)

Example #2: Bob = 17 points Executive Assistant (2) $40K income (2) 35 years old (3) Spends 3k a month (2) 2 dependents (2) Low risk tolerance (3) Insured, but would need to buy

insurance if lost income (3) Not a landlord (0)

Example #3: Pam = 12 points IT Professional (2) $130K income (7) 35 years old (3) Spends 4k a month (3) 0 dependents (0) Comfortable with risk (-3) Insured (0) Not a landlord (0)

Example #4: Fred = 7 points Waiter, Part time (3) $25k income (2) 22 years old (1) Spends less than 2k a month (1) 0 dependents (0) Average risk tolerance (0) Insured through parents (0) Not a landlord (0)

Example #5: Alex = 27 points Entrepreneur (3) $300K income (15) 40 years old (3) Spends more than 4k a month (3) 4 dependents (4) High risk tolerance (-3) Insured (0) Landlord (2)

Example #6: George= 44 points CEO (1) $600K income (30) 50 years old (3) Spends more than 4k a month (3) 2 dependents (2) Low risk tolerance (3) Insured (0) Landlord (2)

Appendix B: Recommended ReadingThese books are supplemental material to this course and reviews and reinforces many of the concepts this course is based on. Reading through even a few of these books would help you get the most out of this course over the long haul.

Bonds That Make Us Free: Healing Our Relationships & Coming To Ourselves, by C. Terry Warner

Willpower Doesn’t Work by Benjamin Hardy How to Think: A Survival Guide to a World at Odds by Alan Jacobs The Inner Game of Tennis by Timothy Gallwey Yes or No: The Guide to Better Decisions by Spencer Johnson Crucial Conversations by Kerry Patterson The Seven Habits of Highly Effective People by Stephen R. Covey Triggers: Creating Behavior that Lasts by Marshall Goldsmith Your Brain at Work by David Rock Happiness is a Serious Problem by Dennis Prager

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changebrothers.com€¦ · Web viewStress-Free Money Mastery Course Workbook. Course Objectives: Deep understanding of your financial past AND how to be accountable for it. Deep awareness