Print This Page
By Alan K Rudi
Effective business leaders have to manage both personal and business resources. How you manage your personal resources is a precursor to how you will manage business resources. Regardless of your age, the best thing you can do is to make personal financial plans for income, spending, taxes, savings, investments, insurance, etc. (primarily for yourself, but as part of your business skill development). The sooner you start at an early age, the better off you will be throughout your life. The reason is simply the power of compounding and having money work for you. But, it takes desire and discipline. Sadly only about 5% of the population ever has the desire and discipline to make personal financial plans and stick with them, and guess who they are.
In the book Think and Grow Rich, Napoleon Hill says…
“Desire is the starting point of all achievement.
Faith is the visualization of, and belief in attainment of desire.
Develop specialized knowledge thru personal experiences or observations.
Imagination is the workshop of the mind.
Organized planning is the crystallization of desire into action.
Decision is the mastery of procrastination.
Persistence is the sustained effort necessary to induce faith.
Happiness is found in doing, not merely in possessing.”
If you have the desire to at least achieve a healthy personal financial position, then you need to make sure that you learn the basics of personal finance. They can be found, and are explained well, at the Kiplinger Personal Finance information website (they have been doing this for 80 years and are a great resource; I have no relationship with them other than as a reader). They have many articles, but below are the most relevant ones for you. Gain this knowledge and put together your personal financial plan.
How to create a budget
Prepare your balance sheet, income statement
How to start investing
Investing over time should be a habit, build assets
How to boost your savings
Practice good money management habits
10 questions before saying I Do
Arguing over money is big cause of problems
Max out your 401(k)
Start now to make a $1 million goal at retirement
Life insurance made simple
When should you buy life insurance, how much
Health insurance options
Health insurance is complex
Auto insurance guide
Types of coverage, how much determine your costs
20 small ways to save big
Beware using credit cards to excess
Tax plans for life’s major events
Taxes are one of your biggest costs, manage them
Retire a millionaire
At 25, to reach $1 million, you need to save $286/month
Seven sins of first-time renters
Don’t make a mistake over paying
Home buyers survival kit
Know the buying process before you start
Pocket the best credit card
Credit card features and options, they’re not the same
Print This Page
