I had a client ask me yesterday “Sue what is the ROI (Return on Investment) we will have if we work with you?” It was a great question. They were looking for clarity on whether their financial plan was a good one or not. The truth is the answer to that question is “it depends.”
How we do money is how we do everything: the way we make purchasing decisions, if we have debt or not; if we invest directly in things like business and real estate or if we invest indirectly in things like stocks and mutual funds; whether we hire a team or do it all ourselves depends. Each decision will be unique to us, based on our end goals, and our money principles.
Without doing the work to know what our goals are and how we go about achieving them, it is impossible to know if a plan is a good one for you or not. There is no one plan that fits all. Sure there are rules to certain games like investing in real estate or building a business but how you do it and when depends on you, your goals, and where you are on your path in wealth creation.
From my years of experience I could see a number of areas in the plan my client had created that would warrant further thought, but that truly meant nothing without getting to know what was important to them, why it was important to them, and where they were at in their level of financial management skills. I actually would have done them a disservice if I had just begun adjusting their plan without first inviting them into a process of discovery.
ROI is of course a very important thing to track when it comes to investing. Unfortunately, too often I see people pushing for a specific financial ROI that is impossible for them to actually achieve without first doing the work of learning solid financial management skills and knowing how and why they are making the decisions that they are making. Then, there is the ROI in your life: how you do money is also how you do relationships, how you spend your downtime, how you manage your health.
In the 30+ years that I have been working with clients, I have seen people at every stage of wealth development stall out until they learn these baseline skills. You will continually chase the latest idea or method but will always come back to bump up against this wall until you choose to learn it. Make a decision and invest in yourself. Take the time to build this solid foundation to create from and then keep me posted on your ROI! I love to hear these stories!
In Abundance,
Sue Thompson
Financial Management Expert
P.S. If you know that you are ready to launch your wealth creation from a solid foundation contact me to see if we are a good fit. I have 2 spots left for private coaching with me in 2014 at the 2013 prices!
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