It’s Your Money- Manage It!

By admin
29 Mar

Too often accepting responsibility for you money isn’t easy to do. Over the years I have joked with investors that the number one reason they hire an advisor, is to have someone to blame. Take the time to think through this process. How much time do you spend involved in the process of managing your money? How often to you meet with your advisor? Do you understand the strategy by which you are managing your money?

First you have to make a decision to accept the responsibility of your money. In talking with investors over the last 28 years this concept of responsibility has become a decision process we walk people through before helping them manage money. The importance of accepting and agreeing to managing your money is vital in the process. This may sound like semantics, but you would be amazed at how many people want to blame others versus accepting the task of successful money management.

It is easy to blame the market or economy for the losing money. The reality is you can lose money in a good market as well as a bad one. Equally you can lose money in a good economy as well as a bad. Stop worrying about the market, economy or whatever else you can blame, the focus has to be on your money and the management strategy you implement.

We avoid responsibility because we lack confidence in ourselves. This is a direct response to not have a plan. If you define what you want. Build a discipline strategy for accomplishing the goal. Learn, practice and rehearse the process. You will have the confidence you need to manage your money!

Don’t get overwhelmed by the magnitude of the task, KISS! Keep it simple to start and learn one day at a time. I find it very much like riding a bike, driving a car or playing a sport – learn, practice and rehearse and you will be riding, driving and playing the way you want to get what you want out of your money.

This all applies to the process buying a house, paying for college education, traveling around the world or any other goal you have for money. Learn how to finance a home and you won’t have to worry about the mortgage broker selling you on the wrong loan. Learn about options versus following a newsletter. Whatever you want that is related to money is easy enough to learn and implement relative to your goals and risk tolerance.

Money ranks and one of the top three most important things in an individuals life. God, Family & Money are the three top rated in surveys. The priority is different for everyone, but one thing is for certain, money plays a key role in every one’s life. Isn’t it time we learn to rule our money versus letting our money rule us? Accept the responsibility – IT’s Your Money – Manage IT!

Categories : Money Management

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A Note From Jim

Money management is  about passion. As with anything in life, we are successful at the things we  have the most passion. Why? We are willing to invest time, energy, and effort  to achieve the end result. If you have heard me speak publically, or talked  with me individually, you know I am passionate about money management. One of my  primary goals in life has been to make money by removing the obstacles that  keep investors from achieving financial goals. The lack of passion is an  obstacle. Without passion we may know money is important and know we should  learn more about managing it, but we lack the desire to do so. Thus,  we procrastinate, or in our spare time we attempt to learn more  about the process. In the end, we either delegate the responsibility to  someone else or we do nothing at all. I cannot give you the passion to manage  your money, but I can give you the alternatives needed to accomplish the goal  of managing your money.

When asked the  question, "Do you manage money?" the simple answer is “Yes”. Money  Strategies was founded over 25 years ago on the premise of developing  strategies for money management that achieves a predefined goal. Sounds great,  doesn't it? The reality is Money Strategies is a money management firm focused  on making money for its clients. We have built disciplined strategies focused  on that primary objective. Those strategies are outlined on our websites and  you are welcome to review them at your leisure. Our goal is to manage money,  not markets, and by doing so we focus on risk management, which is as a flowery  way of saying we don't like to lose money.

I spent more than  twenty years of my career attempting to teach individuals, business owners, and  corporations how to plan for the long term. We designed elaborate financial  plans and business plans only to watch them accumulate dust. What I came to  realize over time was making money is the only goal that really matters. If you  make enough money over a period of time you can accomplish all of your  goals. When it comes right down to it, that's  all that really matters.

The key to any successful business  relationship is finding a person or company that is passionate about delivering  a service or product that meets your specific needs or desires. At Money  Strategies we are passionate about managing money to make money by avoiding  unnecessary risk. If you are passionate about making money with your money, but  lack the expertise, time, or passion, we may be the firm you want to talk with.

I understand we are  not right for everyone, but I also know that in a sea of minutia we are a  breath of fresh air. Our goals as a company are simple.  Our strategies for delivering money management  is simple, and we have fun doing what we do every day because we are passionate  about money management. If we are a fit for you, we look forward to speaking  and working with you. If we are not a fit for your needs, we hope you have  learned and benefitted from the experience of our workshops or websites.

Dare to Dream

Jim Farrish  Founder -Money  Strategies, Inc.

"The difference between a successful person and others is  not a lack of strength, not a lack of knowledge, but rather a lack of  will."   Vince Lombardi.