Margaret’s spreadsheet listing her daily expenses contains some very interesting lines. As you will recall from last month, she developed the habit several years ago of penciling in every expense at the end of the day. Although her friend Paul thought she was going a little too far in counting every penny, he reluctantly admits that he’s become addicted to the habit.

Indeed, he’s gone so far as to tailor his own tracking sheet by adding a line at the top for Income. He has a running total of what’s coming in and what’s going out. Sometimes it’s not easy to look at the numbers in black and white, he admits privately, and then consoles himself that at least he knows where he’s at financially.

Running his finger down Margaret’s list, Paul’s at a loss: “Margaret, you’ve lines for banking charges and ‘gifts for self’! And what’s this with funeral expenses?”

Margaret recognizes his tone, and faces him calmly, hand on hip. “Banking fees are a part of life so every month I check the amount on my statement and make a note. I was able to negotiate a better deal with the bank because I’d kept such good track,” she’s beaming again. Paul remembers his business manager doing the same for his company yet somehow he missed the connection when it came to his personal banking.

“Gifts for myself,” Margaret went on, “they’re the things on which I splurge, like the red scarf with the lion emblem that I couldn’t resist, and the set of art nouveau glasses I found in an antique shop. These are things I don’t need, but fall in love with at the moment and want to own for my own sanity.

“As for funeral expenses,” she went on, “I’ve long been of the opinion that one of the greatest gifts you leave to those that love you is to make your own funeral and burial arrangements. I went so far as to chose the wine that should be served after the service. Understand that I’m not a control freak. On the other hand, I’m practical about wondering how any one can arrange anything immediately after death. It’s such an emotional time.”

Paul isn’t quite ready for this conversation and so, once more, is silent. 

For now, he knows that tracking his expenses for several weeks has given him an incredible sense of control. He’s realized how much he’s spent and can’t believe how much of it was on things that didn’t matter. Just paying attention has made a huge difference on what he wants to spend less on and what he can afford to do more of. Why didn’t he do this years ago?

“Because you were busy,” Margaret somehow has all the answers. “You were running a business with a million things to do all the time. No wonder you paid little attention to your personal affairs. It’s not too late. The next step is to make an appointment with my money manager, the Adena Franz Group. She’ll work with you on getting some super growth into your income. I’m sure you’d like that, eh?

“Seriously, she’s very good, and you won’t waste your time by at least making the appointment.

“Moreover, I believe her Group is hosting a session on catapulting your income. It’s on the 19th, either in the morning or the afternoon. Come on, Paul, let’s reserve right now. I’m dying for you to meet her and her Group.”

Paul nods. Margaret makes a lot of sense, and even if she’s little pushy with her friends, it’s because she wants them to succeed, as much as she has.

“Yes, you’ll see that there is a way to have long-term capital growth with steady secure income that grows by at least 10% a year. All it takes is a little patience, discipline, flexibility and a competent money manager.”

The Adena Franz Group has over 16 years’ experience of successful portfolio management and is with the independent firm
MacDougall, MacDougall and MacTier Inc.
1010 de la Gauchetière West, Suite 2000
Montreal, Qc  H3B 4J1
Phone: 514-394-3771
Email: ptria@3macs.com

The information contained in this article is for general information purposes only. It does not account for specific investment objectives or the financial situation of any person reading it. Opinions expressed are those of the author and do not necessarily represent the opinions of MacDougall, MacDougall & MacTier Inc. Investors should seek professional advice regarding the appropriateness of investing in any securities discussed or recommended here and should recognize that statements regarding future prospects may not be realized.