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A Fearless Financial Inventory Is Required
“Unless commitment is made, there are only promises and hopes . . . but no plans.”
—Peter Drucker
When we talk about financial plans, some people roll their eyes and think, Good grief. That sounds so boring! But having a workable plan is essential to a life of peace, contentment, and fulfillment. Blundering along in life without a plan is a sure way to raise levels of anxiety, fear, confusion, and tension between family members. It takes a little work, but the benefits are enormous! Before you can take the first step to meeting your goals in life, it’s more than a good idea to take a “fearless financial inventory”.
As you read Steven and Suzanne’s stories, think about your own journey. Feel free to call or email and share your story or just let me know you’re listening.
Buried in Debt, Diapers, and Cigarette Butts
Suzanne is a single mom who was buried in debt. She was raising two children on a job that didn’t pay well. She came to my office and shared her hopes and dreams. As we talked, I asked her about her goals as well as her assets, liabilities, and expenses. One of the things she really wanted to do was to take her sons on a nice vacation to Europe. That was her dream, but she didn’t see any way that could happen. Her first goal was to get out of debt.
One of Suzanne’s expenses was smoking cigarettes. We calculated that she was spending $40 a week on cigarettes. “I’ve tried to quit,” she told me, “but I guess I haven’t been too motivated.” I showed her that by saving the $40 a week, she’d have over $2000 in a year. For some reason, this reality had never dawned on her. Actually, we found several other expenses that she could eliminate, like cable television and some magazine subscriptions, and in the end, she chose to keep cable but drop the magazines.
As the year went by, Suzanne was able to pay off $1500 in debts, and a year after she came to see me, she took her boys on a vacation to the beach in Florida. When she got back, she called to tell me, “Jim, it wasn’t Europe, but we had a great time together. And I feel even better because I’m not in debt any more. Thank you!”
Committing Financial Suicide
Six years ago, Steven was in his mid-30s, and he had a dream. He always had a knack for technology, and he had been tinkering with a new device that would make offset printing cheaper but with higher quality. He patented his invention, and he took his concept to investment bankers in New York. They loved the idea, and they backed him in creating a new company.
Steven was, to say the least, dedicated to his new company. He flew all over the country meeting with printing companies, and he often flew to New York to meet with his investors. When he was in town, he regularly worked 16- or 18-hour days, 6 or 7 days a week. His company was doing well . . . very well.
When Steven came to see me, his company was five years old. That year, it had grossed over $100 million, and his personal net worth had skyrocketed to $50 million. But the day before, his wife had contacted an attorney to start divorce proceedings, and his children despised him so much they refused to talk to him. Steven was distraught, but he was so immersed in running his business, his cell phone never stopped ringing during the hour we talked. From the look on his face, I realized he needed more than a little financial advice. He needed a complete change in his life’s priorities.
I met with Steven several times to talk about what matters most to him. He realized that his preoccupation with his career and money was costing him the people he loved most. The reality of their hostility shattered him, and one day, he called to tell me he was thinking of taking his life. A few minutes later, we met, and I took him to see a counselor. In the weeks that followed, some amazing things happened. Steven mustered the courage to make changes—not superficial ones, but drastic ones. He hired someone to take over his business as the CEO, and he became the board chairman with far fewer responsibilities. He asked his wife and children for forgiveness, and he made it his aim to earn their trust and respect again. That road had many ups and downs, but eventually, his marriage was restored. One of his children now cherishes her father, but the other hasn’t yet found the faith to trust him.
No amount of money and no level of business success could fill the hole in Steven’s soul. He had almost lost everything, but a hard look at his life enabled him to make decisions to reclaim what mattered most to him.
Sometimes Hope is a Strategy
From time to time, people come to my office who inspire me. When I ask them the questions about their life’s purpose, their eyes light up, and they tell me about the passion that gets them up each morning and keeps them from sleeping at night because they are so excited about it. Charles and Diane are like that. When I met with them, they told me about their work with the homeless. They don’t just donate money. They give generously. Not just money, but they give even more of their time and their hearts. Diane told me, “Jim, you have no idea how it thrills me to be able to help a young mother on the street who desperately needs food and medical care for her baby.”
Until next time – Make Your Money Count
Jim
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By Jim Munchbach“Unless commitment is made, there are only promises and hopes . . . but no plans.”
—Peter Drucker
When we talk about financial plans, some people roll their eyes and think, Good grief. That sounds so boring! But having a workable plan is essential to a life of peace, contentment, and fulfillment. Blundering along in life without a plan is a sure way to raise levels of anxiety, fear, confusion, and tension between family members. It takes a little work, but the benefits are enormous! Before you can take the first step to meeting your goals in life, it’s more than a good idea to take a “fearless financial inventory”.
As you read Steven and Suzanne’s stories, think about your own journey. Feel free to call or email and share your story or just let me know you’re listening.
Buried in Debt, Diapers, and Cigarette Butts
Suzanne is a single mom who was buried in debt. She was raising two children on a job that didn’t pay well. She came to my office and shared her hopes and dreams. As we talked, I asked her about her goals as well as her assets, liabilities, and expenses. One of the things she really wanted to do was to take her sons on a nice vacation to Europe. That was her dream, but she didn’t see any way that could happen. Her first goal was to get out of debt.
One of Suzanne’s expenses was smoking cigarettes. We calculated that she was spending $40 a week on cigarettes. “I’ve tried to quit,” she told me, “but I guess I haven’t been too motivated.” I showed her that by saving the $40 a week, she’d have over $2000 in a year. For some reason, this reality had never dawned on her. Actually, we found several other expenses that she could eliminate, like cable television and some magazine subscriptions, and in the end, she chose to keep cable but drop the magazines.
As the year went by, Suzanne was able to pay off $1500 in debts, and a year after she came to see me, she took her boys on a vacation to the beach in Florida. When she got back, she called to tell me, “Jim, it wasn’t Europe, but we had a great time together. And I feel even better because I’m not in debt any more. Thank you!”
Committing Financial Suicide
Six years ago, Steven was in his mid-30s, and he had a dream. He always had a knack for technology, and he had been tinkering with a new device that would make offset printing cheaper but with higher quality. He patented his invention, and he took his concept to investment bankers in New York. They loved the idea, and they backed him in creating a new company.
Steven was, to say the least, dedicated to his new company. He flew all over the country meeting with printing companies, and he often flew to New York to meet with his investors. When he was in town, he regularly worked 16- or 18-hour days, 6 or 7 days a week. His company was doing well . . . very well.
When Steven came to see me, his company was five years old. That year, it had grossed over $100 million, and his personal net worth had skyrocketed to $50 million. But the day before, his wife had contacted an attorney to start divorce proceedings, and his children despised him so much they refused to talk to him. Steven was distraught, but he was so immersed in running his business, his cell phone never stopped ringing during the hour we talked. From the look on his face, I realized he needed more than a little financial advice. He needed a complete change in his life’s priorities.
I met with Steven several times to talk about what matters most to him. He realized that his preoccupation with his career and money was costing him the people he loved most. The reality of their hostility shattered him, and one day, he called to tell me he was thinking of taking his life. A few minutes later, we met, and I took him to see a counselor. In the weeks that followed, some amazing things happened. Steven mustered the courage to make changes—not superficial ones, but drastic ones. He hired someone to take over his business as the CEO, and he became the board chairman with far fewer responsibilities. He asked his wife and children for forgiveness, and he made it his aim to earn their trust and respect again. That road had many ups and downs, but eventually, his marriage was restored. One of his children now cherishes her father, but the other hasn’t yet found the faith to trust him.
No amount of money and no level of business success could fill the hole in Steven’s soul. He had almost lost everything, but a hard look at his life enabled him to make decisions to reclaim what mattered most to him.
Sometimes Hope is a Strategy
From time to time, people come to my office who inspire me. When I ask them the questions about their life’s purpose, their eyes light up, and they tell me about the passion that gets them up each morning and keeps them from sleeping at night because they are so excited about it. Charles and Diane are like that. When I met with them, they told me about their work with the homeless. They don’t just donate money. They give generously. Not just money, but they give even more of their time and their hearts. Diane told me, “Jim, you have no idea how it thrills me to be able to help a young mother on the street who desperately needs food and medical care for her baby.”
Until next time – Make Your Money Count
Jim