I Heart Money

By David Campbell Lester

I've never understood the notion that money is dirty. I love money. When I get paid I sometimes will check my account in the middle of the night, transfer my set amount into savings and then sleep well knowing that it is now accruing the highest level of savings I can find in the market. I look at my investment portfolio three or four times a day and get shivers when dividends are paid into my account on a monthly basis! I might be a bit much, but if you ask any high net worth individual--they achieved it by respecting their money.

It starts with the way you carry your money, if you keep it all bunched up in your pants or wallet, don't carry any, or if it is folded neatly, same side up in a fancy money clip like I do. Do you waste it on things, make sure you get the correct change from a vender, make sure idle money is making the highest interest rate possible, do you pick it up on the street if you see it, or walk an extra block to your bank to avoid the service fees? These all seem like simple things, but they all clearly depict how you view money and people who respect their money end up with a whole lot more of it.

The essential idea of my book is that a dollar saved on something that I didn’t really need or want can be contributed towards something that will truly make me happy. Be it a bigger better material thing, a tastier dinner or wine with family, a more desired vacation with good friends or all encompassing retirement. Discretionary spending and saving can lead to a freer, better, more fulfilling life. A sweater that you never wear sitting at the very back of your closet with the tags still on will not get you to scuba dive around the Greek islands--but a dividend paying investment might!

• Language: English
• Publisher: David Campbell Lester
• Release date: Dec 14, 2011
• ISBN: 9780986525612

David Campbell Lester

Author and President of DCL Capital David Campbell Lester recently launched the United States version of his successful Canadian book I (Heart) Money. After seeing the tremendous response and countless success stories about lives being transformed as a result, Lester has decided it’s time to reach a broader audience. David’s fusion of humor, positive reinforcement, and tangible tips that work, make managing your finances something you love. He is now a personal finance writer and President of DCL Capital. Lester writes for his blog iheartmoney.ca that breaks with traditional attitudes towards finance and describes his own philosophy towards money and life that he has gained through his personal and professional experiences. His philosophy on money applies to many areas of everyday life including: banking, investing, goal setting, shopping, and entertainment. David is a repeat guest as a Financial Relationship Expert on FOX and CW6 San Diego as well at CTV in Canada.

Book preview

Enhance Your Relationship with Money to Live Your Ultimate Life

by David Lester

I Heart Money

by David Lester

Copyright © 2010, 2011 by David Lester

www.iheartmoney.com

www.iheartmoney.ca

Smashwords Edition

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Cover designed by Niall Kelly Edited by Catherine Leek of Green Onion Publishing Interior designed and formatted by Kim Monteforte of WeMakeBooks.ca

I love working with Dave. He encourages his clients to dream big and provides us with the skills to actually achieve those goals. His detailed approach to finances has taken the mystery out of building wealth and makes it fun. i heart money is not only a guide to managing your finances, it’s a priceless handbook for living your best life.

Ngozi Paul, Actress, Ngozika Productions

Dave has helped me evaluate and refocus my life as well as set and achieve goals both personally and financially. This new perspective has projected me into the next level of living my ultimate life.

Daniel Faria, Director, Clark & Faria

Discovering what you want out of life requires reflection, internal commitment and the right financial foundation. What’s unique about Dave’s approach isn’t just his perfect arsenal of tools that make all this hard work a ton of fun, but his financial acumen that makes your perfect life feasible. Thanks Dave for helping me get here. What an incredible difference!

Lynn Sivec, Strategic Planner

When I hired Dave Lester to help guide me with my business, I had no idea our weekly meetings would be so beneficial in all other aspects of my life.

I’ve run a small, successful business for almost 20 years. I was looking for a smart business coach with financial experience to help motivate me and to help my business move into a bigger and better market.

After each meeting with Dave, I feel inspired, organized, focused and disciplined. I see solutions clearly and feel my goals are attainable. I feel an incredible energy in my professional and personal life.

I can’t say enough good things about Dave. His life is a perfect example of what he teaches. He is a joy to work with!

Wendy Tancock, Wendy Tancock Design

Time and Money are the two things I used to fret over. Investing today for tomorrow’s future is a big responsibility in this crazy economy. Dave enabled me to create a plan and showed me how I can live BIG while still planning and saving for the future. He’s taken all the pain out of the process. I feel free.

Sharon Sehdev, Vice President, Cognition LLP

This book is dedicated to

Elspeth Lynn and Lorraine Tao.

Thank you both for encouraging

me to do what I love.

ACKNOWLEDGEMENTS

I want to thank my family who have contributed so much to this book. My brother Gord helped to edit this book with a minimal amount of grumbling. I also want to thank my mom for teaching me the value of family, and my dad for teaching me the value of integrity.

PREFACE

Let me tell you a love story.

According to my mother, my first word was Penny. As a kid I would sit in front of the TV, rolling coins for my papa—for a cut, of course. How many six-year-olds sit through Bugs Bunny rolling coins with a smile from ear to ear? One of my favourite games growing up was to play the Sheriff of Nottingham, where I would go around collecting taxes from all my stuffed animals. It was in the cards at an early age that I would be a Financial Coach.

I love money.

When I get paid, I sometimes check my account in the middle of the night, transfer my set amount into savings, and then sleep well knowing that it is accruing the highest level of savings I can find in the market. I look at my investment portfolio three times a day and get shivers when dividends are paid into my account on a monthly basis.

All this might sound a bit obsessive, but if you ask any high net worth individual they will tell you that they achieved their wealth by respecting their money. Your relationship with money will be one of the longest and most important ones you ever have. It will help you live the life you want to live. It should be like Romeo and Juliet—but without the poisoning and stabbing and weeping.

This book will show you how to love your money and finances by utilizing strategies that increase both your self-worth and net worth, while decreasing the feeling of being overwhelmed and confused by financial matters. I will show you how to use simple practices to reduce the stress that money can bring.

TABLE OF CONTENTS

Love Your Money!

CHAPTER 1 Love Your Money

SimplifyYourFinancialLife

MoneyIsPower

Autopilot

Auto-Finance

Auto-Goals

YourPlatonicForms

CHAPTER 2 Live Like You’re Already Rich

How the Rich Become Richer

How the Poor Become Richer

Limiting Beliefs on Money

What Does Rich Look Like?

What Do the Rich Do?

What Rich Looks Like to Sir Richard

CHAPTER 3 Setting Goals for Your Ultimate Life

Dream Big!

Life Status

ValuesExercise

PrioritizeYourLife

PuttingthePlanintoAction!

GoalsCosting

Goals Folder

Keeping Motivated

CHAPTER 4 Budgeting for Your Goals

Budget Box

The Art of Budgeting

Fixed Cost Budgeting

VariableCostBudgeting

Retirement Savings

HowMuchIsEnough?

HigherEducationPlan

Goal Budgeting

Budget Finalization

CHAPTER 5 How to Use Money and Credit

Cash is Back

Everyday Banking

Automatic Bill Payments, Savings, and Cash Withdrawals

Online Banking

Credit Cards

What’s the Points?

UseYourCreditWisely

Getting the Best Rate

Department Store Cards

CHAPTER 6 Investment Portfolios

Open a Discount Brokerage Account

Zero Effort Million Dollar Portfolio

Index Fund Portfolio

MakingYourOwnIndexPortfolio

Building a Portfolio for the New Economy

I (Heart) Options!

SellingCoveredCallstoDouble YourYield

Building Your Positions by Selling Puts

CHAPTER 7 Wealth Equals Income Streams

SupplementingYourIncome

StartYourOwnBusiness

BenefitsofIncorporating

Rethinking Registered Retirement Accounts

Dividends Are the Key to My Heart

DividendRe-investmentPlan (DRIP)Programs

ResearchYourDividendStocks

CHAPTER 8 Mortgages and Investment Loans

Mortgages—A Special Kind of Loan

VariableVs.FixedRate

PayingPropertyTaxes

Investment Loans

Get Creative with Loans

CHAPTER 9 Insurance

How Much Insurance

What Kind of Insurance

Mortgage Insurance

Disability

Shop Around

CHAPTER10 Shopping

Efficient Shopping

Grocery Shopping

ElectrifyYourSavings!

VacationShopping

Always Buy Luxury Cars

Leasing Is for Losers

Get the Market to Pay

Sell Everything Before You Throw It Out

CHAPTER11 Money and Relationships

Dating and Money

SummonYourMoneyMatch

Creating Financial Abundance with YourLifePartner

CHAPTER12 Financial Checkups

Financial Coach

Contingency Fund

How Will You Know When You Are Successful?

Love It Forever

Exercises

Glossary

LOVE YOUR MONEY!

Financial independence is liberating.

Taking control of your finances allows you to map out your own destiny and achieve all the financial and personal goals you can imagine. If you can dream it, you can achieve it!

Money, however, often causes a great amount of stress in people’s lives. We are bombarded by messages concerning retirement, savings, credit card points, mortgages, credit ratings, etc. Many people turn away from the stress of having to deal with their finances and avoid them at all costs. This negative association with money causes many people to see money as a great inconvenience. Some cultures consider it impolite to publicly discuss personal finances.

I, on the other hand, LOVE money.

Growing up, I wasn’t imprinted with the negative associations that people can have with money. Instead, I am always thinking about what is best for my money, and this attitude has been very profitable for me financially and personally.

It is human nature to avoid things that we do not want to do. This is called procrastination. People put off doing things because they don’t think they know how to do them, or because it seems overwhelming to do them. Sometimes they do things they know how to do first, but then never get around to doing what they should have been doing. Procrastination is often caused by misconceptions or old beliefs learned during childhood that hold us back from our true potential. This book will show you how to slay these personal gremlins and live a life based on your core values while being financially sound.

Helping people overcome feelings of being