I was never much of numbers person, which may sound like a contradiction coming from a Financial Planner.
I happen to have the viewpoint that the attainment of REAL financial freedom is achieved primarily by your consistent good habits, attitudes, and actions while having the persistence to plow through the barriers which challenge you along the way. However, through my experience, I have observed a common missing ingredient that prevents people from consistently achieving their financial goals: Most people don’t keep the CORRECT financial analytics for their Household.
Almost every Private Practice owner with whom we work is implementing some kind of a business management system in his or her practice. If you ever want to have an owner-independent business—one you can leave for an extended period of time (say, 60 days) and have no attention on the business meeting its income and profitably targets–then you must implement a workable system run by competent people. After all, a system is only as effective as the trained staff running it. But that system MUST be managed by correct analytics. This type of system is used to measure and objectively assess the current condition of the business in order to then proactively make decisions for its betterment. Most successful practice owners evaluate analytics weekly or monthly so they can look at trends and see what areas need the most attention for improvement. Proper planning can then occur to make these important improvements.
The GLARING QUESTION: How many of these same practice owners are keeping financial analytics for their Households? The ANSWER: Not very many unfortunately.
When I ask practice owners what kind of financial analytics they are keeping for their households I get some alarming answers:
- Well, I looked at my bank statement last month
- My mutual fund was up 2% last quarter
- I saw my mortgage and credit card bills were going down a bit.
Hardly inspiring measurements! Most of these are wholly incomplete or irrelevant towards the achievement of an Optimum Financial Condition. Are your analytics boring? Then it’s time to start measuring the RIGHT numbers!
One of the basic principles of the Econologics® system is that your household is a business. Therefore you MUST keep relevant and accurate financial analytics to measure the progress of that household towards its Optimum Financial Condition. If you are uncertain as to what type of financial measurements you should keep, call us and we can help you through the delivery of our Econologics Road Map® and our ARMOR (Annual Road Map Renovation™) services which contain Econometry® Analytics, a proprietary collection of over 18 financial metrics to help keep you on track achieving your goals.
Having an owner-independent business is a goal for most private practice professionals, having an owner-independent household—MEANING YOU ARE COMPLETELY FINANCIALLY FREE—is the dream of most. Keeping good financial analytics is a key to FINANCIAL POWER and becoming the Private Practice Millionaire I know you can be! YOU CAN DO IT & WE CAN HELP!