Money Management Concepts - Part One

Prerequisites: None

Forward

This will be the hardest course in the series for a lot of people. I expect that some will get partway through it and say this is hogwash. Others will realize months later the value it contains. And there will be a few of you who 'get it' and your life will never be the same. I will warn you that some may find offence because I'm not always 'politically correct', but your ultimate success or failure does not depend on what others think. It only depends on what you do.

Introduction

You can do everything discussed in all of the previous courses in this series and build a very good business. But, unless you know how money works and how to handle it, you will build a house of cards that will eventually come crashing down around you. I know this not only from personal experience, but from the dozens of small business people that have come to me for their final business tax return to see what I could salvage.

Regardless of the legal format you decide on for your business, the one thing you have to remember as a small business person is that your business finances will only be as good as your own personal finances. Even through your keep use different account to keep the money separate, your personal life and your business life are intertwined. An economic downturn in your business will affect how much food you can put on the table and an unexpected personal emergency is going to affect how you run your business to compensate for it.

Therefore, if you want all that hard work of building a business to truly bring you the security, happiness and future that you desire; then you must penetrate the lies that have had drilled into our brains for years and address your money habits in both your personal and business lives. Only then will your personal life and your business be able to weather any storm that rages against them.

The Looking Glass

In the Time Management Concepts Course, I discussed personality traits that can prevent you from bringing efficiency to your work and how you need to change them. This time I am going to ask you to look in the mirror again, and the traits that I am going to ask you to look for in yourself, you may not like to admit are true.

The ultimate goal is building enough wealth to be able to live off of it, but wealth building is more than just making more money. You will never reach true sustained wealth building until you understand that it is 80 percent behavior and only 20 percent knowledge. Our grandparents knew this. It isn't rocket science. They simply took responsibility for their financial situation. They didn't blame the banker, the mortgage company, race, or the government. They made the hard choices and did what was necessary.

Today, most of us act like the spoiled brat you see in the store that is screaming, 'I Want It. I Want it NOW.' For decades now, we've had the money lenders beating into our brains Buy Now, Pay Later. Lately, we've had governments telling us it is our patriotic duty to spend our way out of a recession. We've had all these financial 'advisors' telling people how to invest their money, which has only brought so many people to ruin. What happened to common sense?