Personal finance includes the following important facets:
- Rate of return
- Market risks
- Estate planning
- Wills and trusts
- Debt elimination
- Retirement planning
- Emotional control
- Communicating about money
- Good money habits
- Understanding the time/value of money
- Lost opportunity
- Compound interest
- Tax issues
- And much more!
How is it possible for one person to have a command of all these complex issues? Reason would tell you it is not possible.
Over the years I have watched wealthy people in action. They all have one thing in common: they all have team players and expert advisers who specialize in each of the varied issues relating to their personal finances. To assist you in your quest to manage your personal finances more efficiently, I suggest you search, interview and select the best person to manage each one of these areas. As you learn to be a leader on your own team, you may well become one or several of the people needed to keep things rolling as they should, but you should never expect to fill all the roles. You will always need others who have more knowledge and know-how in specific areas for which you do not have the time nor inclination to manage on your own. As you continue to improve your financial team, keep testing new members until you have at least nine people who will work on joint projects with you, and who can teach each other.
Henry Ford is a good example of a person who understood the value of building a great team. In some of his interviews he was highlighted as a man who had good know-how in all ways financial. In one story, Ford was asked by the news reporter interviewing him who was the smartest employee in his organization. He answered confidently that it was himself. The reporter then challenged Ford to prove that he was the smartest of all his thousands of employees. Ford then brought forth an auto part taken from the transmission of one of his new automobiles and asked if any of his assembly line employees could tell him the specifications and where it belonged in the car. No one could answer. Then the reporter turned to Ford and asked him what the specifications were He lifted the phone and called his auto-parts manager to come to his office. When this parts expert arrived, Ford presented the part and asked for specifications and where the part belonged in the car. The parts manager answered the question easily and returned to his work. The reporter then asked if Ford did not know the answer, why did he think himself so smart? Ford replied that he knew where to get the answer at any moment in time.
This story makes the point that as long as you can get the information you need any time you need it, regardless if it has to come from someone else, then you are acting in the wisest, most efficient and responsible way possible.
I strongly suggest you gather qualified team players around you, so you have access to the best information at any time. For information on how to find the best people, contact me: (801) 292-1099, ext. 2, firstname.lastname@example.org.