It’s the 4th week of the month, so Chantal and I only have 4 meetings all week (vs. 5 per day normally).
So that means I’ll have the bandwidth to work ON my business instead of IN my business.
This concept was first presented in a must-read book for entrepreneurs called “The E-Myth”.
The premise is simple: a baker who owns a bakery can’t ONLY bake (work IN his business).
He also has to invest time working ON his business – hiring employers, managing his books, and creating new recipes.
If you’ve ever watched The Profit with Marcus Lemonis on CNBC, you’ve seen what happens when business owners only work IN their business.
Their books are a wreck, their employees and culture are uninspired at best, and their once great product/service has been run into the ground.
(Oh, and they’re usually operating at a loss.)
Now, I know most in our Financial Zen Community are not small business owners, but that doesn’t mean the same lesson doesn’t apply to you.
Investing time IN your money includes:
– Your J.O.B.
– Paying bills
– Contributing to your 401k
– Anything tactical
Investing time ON your money includes:
– Setting and reviewing progress towards your financial goals
– Analyzing your cash inflows and outflows
– Developing ways to better leverage your time and money
– Anything strategic
So if you’re not already, set aside time to regularly work ON your money.
I recommend doing 25 minutes a week (your Money M.O.R.S.E. Code sessions) and then set aside at least 1 hour per quarter to zoom out even further to critically evaluate the current state of your financial business.
(This is OUTSIDE of any time Chantal and I spend with you. Give yourself some space to think without other people in the room.)
I can tell you anecdotally that the FZ members who do this regularly are the ones who are furthest down the road.
Okay, time for me to get back to working ON my biz…
I was at a networking event last week and my fellow financial advisors couldn’t wrap their heads around it.
“You guys do what?! Seriously? How’s that even possible? What do you even talk about?”
That was the gist of the conversation.
Here’s what’s normal:
Traditional financial advisors meet annually or sometimes even twice a year (whoopty doo) with their clients.
That review meeting usually centers around some form of a PowerPoint presentation on investment performance.
It’s riddled with industry jargon that the client doesn’t understand, but won’t admit to, so they just pretend and shake their heads for 60 minutes.
I’m hoping the more I explain our model to my colleagues, the more it will catch wind.
Sure, for now it’s nice to have it as our competitive advantage, but that’s not why we’re doing it.
We’re doing it because it best serves our members.
Have a monthly interaction:
– Keeps momentum high
– Presents ample opportunity to raise Financial IQ’s and
– Continuously elevates the level of financial decision making
– (Not to mention just maintaining an orderly financial house)
So maybe our peers think we’re nuts, but our Financial Zen Members just think we’re “crazy good”.
