Why don’t people seem to get that life is a business?
Two paragraphs, different audience, same concept…….
To business owners and entrepreneurs:
What kills most business is cash flow and profitability. To help avoid this you should develop a business plan that will allow you to streamline your thoughts and put your ideals down on paper. This makes the direction of the business “tangible”. As a business owner you are visionary and may see the “big picture”. However it benefits you if other stake holders also see your “vision” or at least how you plan to maintain it and make it profitable. When you are looking for financing whether at a bank or from angel investors they want to know how the company plans and will “pay them back”.
Above paragraph translated to Personal Terms:
What will directly affect the quality of life of most families and individuals are finances. To help avoid this you should get a firm understanding of your financial house. How much you owe, what is your monthly cash intake, how much do you actually have to spend on living expenses (after taxes), how much for retirement, saving, etc. Information written down helps make your finances tangible. It also helps you see the “big picture”. It allows you to visualize how to get from A to B, how to buy a home and how not to waste money on items that do not hold value. The first time you look at your retirement portfolio should not be within 5 years to retirement. You should be analyzing your retirement from the day you start your first job. One should be analyzing how to increase their legal earning potential from the day they step foot into 9th grade and should definitely have some type of framework by high school graduation.
We must stop avoiding the discussion of money and finances. Teach your kids about it. Research it and apply your findings.
Be engaged in the conversation! What are your thoughts, ideals and suggestions on how to get ones finances in order and to increase their financial positioning?
Keep it GC, Gentleman’s Counsel.