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As a financial planner, I have always tried to get people to see their finances as a business, in which they were the CEO and their financial planner was their CFO (Chief Financial Officer). Their tax guy/gal was their Treasurer and yet they were the quarterback in charge of their “financial team”.
When it comes to your finances no one is going to care more about taking care of things than YOU!
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I also always stressed the fact that they need a business model, just like a company. We have all heard a lot of talk about (GM) and Ford (F) and Chrysler and how they have business models that don’t work. GM for example needs to sell about 15 million cars a month to be profitable, and this is only really possible in a booming economy. This is why GM has so many problems right now. They can only keep their heads above water when the economy is “red hot”. (Many Americans manage their personal finances this way too!)Many oil companies, like Exxon Mobil (XOM) who are hated for another reason, they have great business models, and make a ton of money. Now that the price of oil has come down, I don’t mind talking positively about the oil companies. Their business models are awesome and they are prepared to make money when oil is at $30 a barrel.
What is your personal business model for financial success? Whether you know it or not, you have a strategy for your financial security. For most people it is home ownership, and homeownership is great but it is not nearly enough. Also, check out this article for more along these lines: Investing in Yourself!
For others, it is to just keep developing themselves in their career to try to make more and more money. Again this is great, but it is not enough!
Everyone needs to be an Investor!
An ideal personal business model, is one in which saving is at the foundation, and you are making the most of all your purchases and resources. Replacing $2,000 TV’s and $30,000.00 cars every three year is just un-imaginable and insane, in a proper business model unless of course these are just fractions of your net worth and income.
Homeownership is preferred over renting long term, but it should not be the nucleus of your business model. Human capital (career management) is high priority too, but again this is just a big piece of the puzzle.
Investing is usually the missing link for way too many people. I can speak from real experience that most people do not have a long term investment strategy.
When I would meet with clients as a financial planner, one question that I would never ask someone is: “What is your Investment Strategy?” I would just say to them, “Let’s develop an investment strategy for you!” After doing this about thousand times, I haven’t had anyone say to me, “Wait Bob, I already have one.”In the rare case that they did have one, they would never interrupt because they wanted to make certain that their strategy was similar to the one that I was going to provide for them.
Not only do you need to develop an investment strategy, but you also need to develop an appetite for financial education in order to test your strategy. Testing your strategy will make certain that it does not become obsolete over time, and it also allows you to have renewed confidence in your strategy.
This is exactly what Sean and I help you do in our online Investing Course. So sign up online today for just $25. Remember, it comes with a money back guarantee and live instructor access. It’s much cheaper than a book AND it gives you a way to get your personalized questions answered from the instructors.