Getting the most out of your Money - Lesson 1
Here is your first lesson from our mini course “Getting the most out of your MONEY”.
What I will share with you through this mini course will allow you to maximize the value of your current income and also let see how to plan financial goals which you know how to achieve. There are just a few keys in life which , if you find them, will help you open the doors to financial success and freedom.
One of them is the key of wisdom. Making sure that you “seek advice from those competent to give it” So how do you determine if someone is competent? Look at their track record. Do they walk the walk or just talk the walk? Do they have demonstrated success in the specific area you are seeking advice from them? You wouldn’t take advice on bricklaying from a plumber and neither would you get your toilet fixed by a bricklayer! However, before taking any advice you will need to gain enough education so that you can ask the right questions when interviewing potential advisors.
Remember that everyone is normally dialed into WIIFM (What’s in it for me) and therefore if you have no financial education you can easily become bamboozled by financial ‘mumbo jumbo’.
The first question I always like to ask financial advisors is ‘How are you getting paid from my business?” This will help me determine what WIIFM looks like for them and help me ask questions which are more slanted in my favour. In these situations knowledge is power and advisors forget that the language they use is not clearly understood.
Terms like debt equity ratio, return on capital, and interest cover can be quite intimidating if you’ve never encountered them before. Get your self educated so you can ask the right questions and also know if you are getting good answers.
Where’s the Money Gone membership and using The Financial Fence® gives you a great framework from which you can ask intelligent questions more easily. You can get in the driving seat instead of often feeling as though you’re being carried along. You can get the peace of mind you’ve always longed for.