You are your own CFO!

You Are Your Own CFO

YOU ARE YOUR OWN CFO

Look around. Is there any volunteer willing to take responsibility for your finances?

No? There is nothing to despair about. Quite the opposite: a partner might be busy or not fit for the role. Your family has already done what they could in the past. Government programs won’t always answer your current needs. It is not that simple to find the right financial advice: friends are always available for tips, but you are ultimately the most qualified and accountable person to take control of your own finances. You must be your own CFO (Chief Financial Officer).

The fact that you might not have studied finance or business is not a limit. It is also understandable if you have never taken a particular interest in prosaic “money matters.”

However, as life evolves, needs and responsibilities arise, and government programs worldwide tend to reduce resources dedicated to welfare (public education, pensions, and healthcare). There is always a moment in someone’s life when we need to control our financial future. As usual, the sooner, the better.

In such moments, it is good to view the household as a small business and take advantage of entrepreneurs’ tools and resources. In business terms, you are your own CFO; this is a good thing. Congratulations!

It is up to you to know where you stand with your finances, ensure the correct use and allocation of money and resources, arrange to live within your means, avoid unnecessary risks, and develop a clear path towards your financial goals.

You can take advantage of tools commonly used in business to monitor and control your finances: Budget, Profit and Loss statements, Balance Sheets, Cash Flow, etc.

Even if financial jargon can sound intimidating, sound financial principles are utterly simple, and their application requires few tactics and hacks.

Like in every market, some financial providers tend to make things sound more complex than they are. Complexity causes extra costs and delays; it is the enemy of execution: no one needs that. You don’t need that.

If the principles and required set of actions are simple to understand, their execution does not come easily. That’s common law in life and business: any achievement requires 20% inspiration (knowledge) and 80% perspiration (execution). When going outside our comfort zone, we must make an effort to learn new things and methodically apply them. This often requires the creation of new Habits.

Overall, knowledge is not enough; it is necessary to implement that knowledge. Knowledge itself is not power; applied knowledge (wisdom) is.  Quoting Michael DELL:

Ideas are a commodity. Execution of them is not”.

So, are you ready to be your own CFO? On this platform, I share monthly content on mindset, entrepreneurship, money and investing. You will find timeless principles and tactics to help you take action and secure your financial goals.

Embrace your role as your own CFO and…Sweat Your Assets!

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