Managing

A good point on which to end a book on personal and business finance is with advice not for the management but for the manager. How does one best navigate perilous financial waters in the important role of a household or business financial manager? The book Results Oriented Financial Management gives the following tips to business financial managers:

  • accept that the producers with whom you deal may be smarter than you and likely believe that they are;

  • advocate vigorously only on financial issues that you discern are critical, not on trivial matters;

  • treat everyone kindly, equitably, and fairly, whether producers or non-producer staff, and performing or non-performing;

  • expect rejection of at least some and perhaps many of your financial proposals;

  • work as long and diligently as the most diligent of your partners or owners;

  • listen to and learn from your most vigorous critics more so than your most ardent admirers;

  • do not expect everyone to like you because they won’t, wherever you go and whatever you do;  and

  • treat new associates as if they may someday be your supervisor because they might.

⤠  Living for luxury only prepares one for slaughter. ⤟

Perspectives

Results-oriented management like that just recommended for business financial managers is a sound approach. Yet do not overlook other perspectives and approaches. The Bible, for example, has hundreds of admonitions about money, about which Jesus spoke often in his parables and other teaching. A business and personal life are not only about results. We could measure good lives and good businesses by the journey they foster more than the destination they reach, by their means and relationships rather than by their results. While following the principles and pursuing the practices this book recommends, at the same time place finances in its broader perspective. We grow and unburden ourselves when we give sacrificially to others. Mind your household and business. Be wise and prudent about finances. Then bless your family and others with the prosperity your prudence produces. We are less owners and more stewards of things here. Make your legacy more than money, while knowing that ignoring money can affect your legacy. Keep your focus on eternals, while not letting finances go untended. Ignore finances, and legacy and eternity may elude you.

Checklist

Reflect, research, investigate, and act until you are able to confirm each of the following statements summarizing the advice and counsel in this section:

  • I have assumed an active, positive, and well-informed role in the financial management of both my household and my business, about which I maintain a good attitude and substantial level of comfort.

  • I am able to articulate deep personal commitments and beliefs on which I base my financial goals, principles, practices, and planning.

Conclusion