Winning The Outer Game of Money
Winning The Outer Game of Money
A question that we often ask clients who come to us is “Do you think you’re playing a game when it comes to money? And, if you are, are you winning?” We get a variety of answers to these questions. The thing that surprises us are the people who never get that they are playing a money game.
The money game doesn’t begin when you hit a certain net worth. It starts the moment you’re old enough to earn money. And, it never stops because you are always interacting with money. So, with that mind, we should give you some tips to win the outer game of money. Here are five strategies the wealthy use to create massive wealth.
Tip #1 | Know Who You Are
You would be surprised how few people understand their current financial picture. They’re blind to the ways they utilize money and unwilling to look at themselves to assess their habits. If there’s any recipe for disaster, it’s a lack of self awareness mixed with an unwillingness to develop any. Here’s a simple solution you can employ today: pull out your financial records (or create them if they don’t exist). Determine how much money you spend each month. Build a budget based on how you’re currently spending money. How much debt do you have? Make a plan to repay that debt, especially if it’s bad debt (i.e. it doesn’t put money in your pocket). Review your current financial vehicles (401K, Roth IRA, etc) and connect with a financial advisor to make sure you’re using the best vehicles possible to grow your money.
Tip #2 | Assess Your Strengths
It’s really important to know where you’re strong and where you aren’t. Many people suffer from the urge to be good at a lot of things. But to truly win and win big, you must learn to play in your zone of genius. We have an assessment to help you understand your personality and where and how you play the money game best. Are you the decisive type or more inspirational? Are you someone who likes to dig into the details or put together systems? Follow this link to get our C-Suite Coaching. We use this assessment in our Wealth Habits Academy and in all our hiring processes. It helps us identify and choose the best people and to make sure they’re placed in their zone of genius. There’s nothing worse than playing the outer game of money in a way that doesn’t consider your strengths. Our C-Suite Coaching will make sure that doesn’t happen to you.
Tip #3 | Plan Your Way to Victory
Do you have a clear financial plan? If not, you need one. Those who do not plan, plan to fail. You would be shocked to know the number of people who are losing the money game but refuse to get help from someone who knows more. If you do not have a real expertise in investing, then it’s important to find an advisor you can trust. A firm we work with and can vouch for is EFC Wealth Management. Give them a call at 310-645-0001 for a free consultation. They can help you look at your financial blueprint and build out one that can achieve your goals.
Tip #4 | Create a Circle of Champions
No one succeeds alone. To win the game of money, you need a team. We’ve already talked about the importance of having a good financial advisor. It’s also important to enlist the support of friends and family. If you’re married, it’s a good idea to get your spouse on the same page so that you’re building in the same direction. You can also create a mastermind group with others who desire to build wealth. Here’s something simple you can do today to create your own circle of champions: Find two people who will meet with you on a weekly or bi-weekly to check in with you on your financial goals. Make sure you choose people who will not let you slide if you don’t follow through on what you promised to do.
Tip #5 | Celebrate Your Successes; Fix Your Mistakes
Along the path to winning the outer game of money, you will meet success and failure. What you want to do is study what worked and what didn’t work. All successful people study themselves. They look back over their journey and study the places where they succeeded and the places where they didn’t. We recommend doing an assessment at the close of every major project and also on a monthly basis to close out the month. Here’s a set of questions you can ask yourself to celebrate your successes and fix your mistakes:
- What was the most memorable part of this past month (or project)? Describe it.
- What were the three biggest lessons you’ve learned this past month (or project)?
- Look back over your work (or the month) and assess the way you prioritized your time.
Are you happy with how you spent your time? If not, what steps can you take to adjust for future projects? - What did you accomplish? What are you most proud of?
- How are you different between this past month and the month before? Or between this project and the one before?
- What or who are you especially grateful for this past month (or with this project)?
- Name three things you can improve on this upcoming month or for the next project. What are concrete actions you can take to work towards these improvements?
- On a scale of 1-10, how do you feel overall about this past month (or this project).
Winning the outer game of money is about taking decisive action and not letting up off the gas. It’s okay to stumble and begin again. But just keep going. Keep refining your approach. Keep studying your habits and keep taking action.
Before you go, let us know which tip for winning the outer game of money resonated most with you. Put your answer in the comments. You never know whom you might inspire with your insights and takeaways.