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Money 101:
Personal Money Planning's Newsletter
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Howdy!
This week, I'm checking in to the business side of things in my soapbox, and it's a little long, so I'll keep this short. Money 101 links to an article that explains a bit of what would happen to taxes and entitlements if some of the proposed budget changes go through.
--Gary Silverman, CFP |
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Gary's Soapbox:
Spending Money to Make Time
Many of you are business owners and managers. I'm about to share our dirty little secret. The bulk of our days are not spent on time management, goal-setting, strategic thinking and all that other wonderful stuff we learned about in college. Instead, we are focused on the here and now. We're fighting the daily fires that flare up and wondering how we're going to finish what has to be done today and still prep for that meeting or project that happens tomorrow.
So, yes, it would be fantastic to restructure my time, goals and strategy, but tomorrow doesn't really matter if I don't survive today, now does it?
That's the reality of business (and life, for that matter). We have a lot more things to do today than we have time for, so planning or doing for tomorrow gets set aside. Yet you know that preparing for tomorrow and next month and next year and next decade is important. So what should we do? I haven't figured it out when it comes to life yet, but business is a bit easier.
Generally, I find that the solution involves either trading money for time (so that later you can make more money) or establishing priorities-which means you leave some stuff incomplete.
For instance, take my computer systems. I've talked about these before (hard to avoid them). For some very good reasons I and the four people who work for me have access to nine work computers, a server, five iPads, and some really smart phones. To keep this information technology infrastructure from falling apart, I give money to Net Essentials (a local tech firm). They take care of things, and I get to use the time I'd otherwise use on figuring out computer "stuff" on other tasks. Note that I'm not saying those other tasks are necessarily more important, but this one can easily be hired out while many of the others cannot. Another place you can trade money for time (for your time or that of your more critical employees) is to bring more help in-house. This is known as "hiring someone." I'll let Venture HRO's Penny Miller tell you how to go about the hiring, but I will say this: If your top marketing person spends hours licking envelopes or your best spreadsheet person is doing basic Google searches or you're picking up the mail in the morning and emptying the trash at night, it may be time to hire someone less busy and cheaper for these mundane tasks. Yes, I know that costs money. I know you can't afford it. But if you are picking up the mail when you could be reaching out to a current or prospective client, then you are giving up a lot of future money for a little bit of cash today.
And then there's just not doing stuff. The last three seasons we didn't decorate the office. Pretty Christmas things have been ignored, collecting dust in boxes. It's not that I don't want to decorate; it is just that there are better uses for my and my staff's time, and better uses of money than to pay someone else to do it.
With the time you save by hiring out or re-prioritizing, you can start working on those forward-looking projects that you've been putting off. For me that has included restarting and then revamping my seminars. I find them a good source of growth for the firm. And that in itself is aimed at the future. You see, while I welcome new clients, that is not a pressing concern for me right now. But since I am training and mentoring an employee to take over some of the advisory duties we perform (another use of my freed-up time), I need to plan for an increased client base for her to grow into.
So, in the midst of your daily tasks and interruptions, take yourself out to breakfast or lunch and ponder how you are going to free up time now, for the health of your future.
--Gary
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Gary's Latest Articles
From Times Record News
The Balancing Act
The federal debt is out of control because the spending cuts and increased taxes are not nearly enough to get caught up. What can we learn from this for our own financial planning? Read More...
Taking Candy From A Baby No matter how cute talking babies look on TV, they still don't know how to successfully navigate the markets. Read More... |
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Money 101:
The Upcoming Debt Limit Debate
What is "chained CPI" and what could it mean for the future of Social Security? Find the answer to that and more about tax and entitlement changes that could be coming up if certain budget changes take place. Read More... |
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FINAL THOUGHT
When I'm not "playing" with money, I'm often playing with ISK. What is that, you say? Well, it's the currency used in EVE Online. This Bloomberg Businessweek article can tell you all about the game, in case you aren't one of the hundreds of thousands playing already. Read more...
Have a great weekend!
Gary Silverman
Personal Money Planning |
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DISCLOSURE
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