I'm going to FinCon18! FinCon is where money nerds like myself go to become even better money nerds and better business people... #iLoveMyNerdStatus
This year, I have taken my investment in Facing Finances, LLC to a higher level and have been laser focused on getting results. The returns have come back in the form of an expanded client base, deeper client penetration, increased profitability, and some additional things that are in the works. When you dedicate resources to something, you have to assess the impact and determine if it's a good investment.
As I plan for 2018 and look back at the investments I have made, I can see what has yielded the greatest returns and those things that have been duds. I should continue to focus on and even consider diving deeper into those investments that have garnered great returns. As far as the duds go, I need to determine why they failed. Was it the level of effort, was it timing, were they just bad investments? This is the process that will allow for Gaby and Facing Finances to be financially sustainable.
Assess the investments that you are making (purchasing) and determine if they are yielding the appropriate level of return for you. Evaluating returns is something that should be personalized. If my friend and I both make an investment in Stock A at the same time and for the same dollar amount, our return will be the same. If Stock A goes down by 3%, during the month, I am okay with that, but my friend who does not want to incur any losses will not be okay with the 3% loss. The raw number is the same, but “appropriate” is subjective.
This is a conversation about how we invest our resources. Money, time and energy are resources. This is a conversation about opportunity costs. Investing in some things require that you forego other things. This is a conversation about business (planning and sustainability).
Where can you invest to yield the results that you want?
I share this story because you are in the business of you and it’s your responsibility to be successful along your journey. Here are 7 tips to help yield the results you desire while on your journey to success.
- Assess your situation.
- Evaluate the results.
- Make a decision on what you want to do / where you want to go.
- Develop a plan to hit your targets.
- Give. Be wise in giving, but know that if there is no seed in the ground (good ground), there can absolutely not be a harvest. This is the law of reciprocity or the law of sowing. To say it in finance terms, if you don't make the investment, you won't get a return.
- Be flexible in the "hows" of hitting your target.
- Routinely evaluate your effectiveness.