Motivation by results

Lately I am working on starting some new businesses. Traveling, meeting new people, trying to understand new business models, checking the chances and considering risks.

Now when I am busy with all those exiting activities I have to think of the words spoken by my father in law. He used to say that when you have a drawer full of contracts, money in the bank and an agenda full of meetings with prospects, you can survive any crisis.

What are the lessons my father in law was trying to teach me? I think the lessons are about:

  • Rendering a good service
  • Being prepare for an opposition
  • Being persistent in getting new customers.

You can’t have a drawer full of contracts if you are not able to render better service than your competition.

You can’t have money in the bank if you spend more than you earn! It is amazing how often people do not understand this simple principle and spend more than they have!

Then when the opposition comes, and it will come sooner or later, they are not ready for it and can be beaten down!

You can’t have an agenda full of meetings with prospects if you do not do your prospecting on a daily basis.

It is very easy to get sucked into activities that are urgent for someone else but not important at all for the goal you are trying to reach!

Another very important value of these lessons is that it gives you clear goals for your business.

Goals that are easy to visualize!

Can you see the power in visualizing a drawer filled with contracts, a bank account full of money and an agenda full of meetings? I certainly do!

Now all you need to do is to decide how many and how big the contracts are, how much money you want to have in the bank and what kind of prospects you want to meet!

When you do that, you are ready to go for it!

When you will really go for it, I can promise you, you will reach this place! And when you do, you will not need to worry about one aspect – motivation! You will be motivated by the results!

I wish you plenty of good changes that will help you to get where you want to be!

Money management – not only for teenagers

I wonder what happened with financial education. Children can use the most sophisticated calculators and understand complex mathematical formulas, but when they become adults they do not have a clue about basic principles of managing money. The FQ (financial intelligence) is generally much lower than IQ and EQ…

How come? Could it be that the available message about money management is quite cryptic and difficult to understand for a normal person? When confronted with the reality one can be confused…

  • In Europe politicians are happy when countries are losing each year about 3% of money, so why not me?
  • Bankrupt countries are getting by, so why not me?
  • Banks are being supported by tax payers, so why not me?
  • The debt of some countries is so huge it is impossible to comprehend, so why not my debt?

I can go on and on…

The point is that basic principles of managing money are not “highly popular”.

So to be unpopular, here are the top 7 principles about managing money from my personal experience:

  • Don’t spend more than you earn…
  • Don’t borrow money you can’t pay back…
  • Don’t lend money you need yourself…
  • Don’t lend money unless you are also prepare to give it away…
  • Don’t invest money you can’t miss…
  • Don’t invest in ventures you do not understand, unless you can afford the risk of losing it…
  • Don’t trust people who are not using the financial product they propose to you and are not willing to show how much they earned by using it…