So today I’m interviewing Personal Financial Planner and my own personal finance guru, James Justus, owner of Objective Planning. One thing that James Justus and I have in common, is that we help people “get what they want”. I help people create a home that expresses their “cool” and fits their lifestyle – and James helps people access the financial means to get that “cool factor”.
Marcelle: So how do you help people “get what they want”?
James: One of the golden rules of wealth is: You have to deny yourself. If you don’t, you’ll never have the wealth to build.
So there are only four big needs:
food and water…..
and medical attention as needed…..
Everything else is just….. nice. I put it in the category of “wants”. That’s where our opportunities lie.
Marcelle: How so?
James: I get in front of people and help them identify “here are your wants” and “here are your needs”, and areas of opportunity to save. So that you can have the money to start to address your wants.
Marcelle: One of the things I really like about how you do this, is you have your clients put together “dream notebooks” with images and words that describe their ideal life.
Marcelle: And then when you meet with folks, you really talk to them, to get a feel for what their ideal life is.
James: Yes, correct.
Marcelle: And what’s cool about that, as I’ve found out myself, is that it really motivates you to put that budget together, and save. Because I see what I’m saving for. I’m not just “not spending” or “not doing something”. I’m really putting it off, so that when I do have the money saved up, I can go forward with no regrets. You really help me pull back and see the big picture – and that little notebook sitting on my home office desk reminds me what it is.
The financial plan you help us make supports that dream, and directs us towards it.
James: Yes, that’s how it works.
Marcelle: One of the coolest concepts James has introduced me to is the “filter account”. It can be a regular savings account or a money market. But instead of putting your paycheck right into your checking account, and then having to withdraw money from that into savings, you do it the other way around!
You deposit the paycheck into the “filter account”, and then have your monthly “allowance” automatically deposited from the filter account into your checking account. So there is always a portion of that deposit left in the filter account, and gradually building up as a cash savings. It’s just like when you have your 401K contribution automatically taken out of your paycheck – you never even notice it. But when you’re self-employed, as I am, this is a nifty tool to leverage back that concept.
Then once you have that money saved, the neat thing is James helps you carve out what’s “fun money” you can spend on anything you want (guilt free! reference that dream book again), and what needs to go into various “investment vehicles”. Then those vehicles begin to generate wealth that you could never have done before – which makes those goals ever more attainable.
For more clever and often entertaining tips on how to grow your money , take a look at James’ blog, www.objectiveplanningllc.com.
1. Via americanfamily.com
2. Via re-nest.com
3. Via thepastwhispers.com
4. Via thetrendtribe.com
5. Via Marcelle’s iphone pics
6. Via James Justus