Cents & Sensibility

Every year in the U.S., just before the April 15 tax day, I ask myself this question: Why do companies and organizations invest serious money in 401(k) plans, employee benefits, bonuses and annual salary increases--but virtually nothing in helping team members become effective money managers? Wouldn't this be a better idea? "Attention All Staff! AFTER you have successfully completed the Money 101 course, offered once a month, THEN we'll contribute up to five percent, on a matching basis, to your 401(k) or 403(b) plan." That's why I encourage every organization to give a "Money 101" book each year to each staff member. Help your team members with money management and they will be indebted to you, not their credit card company! For married couples, or those thinking of marriage, I highly recommend Bethany and Scott Palmer's very practical book that helps couples discover their money personality type. The authors have a "Palmer Pow Wow" (30 minutes only) on money matters around the fifteenth of each month. Their goal: a stress-free chat about money and the five financial "hot buttons" that torpedo relationships. One benefit of the pow wow: you're not talking money issues all month. Imagine this! Your organization can bless every staff member with money management tools! It's all part of serving your team members--a key element of The Team Bucket, one of 20 buckets in my book, Mastering The Management Buckets: 20 Critical Competencies for Leading Your Business or Non-profit.