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Would You Be a Profitable Company?

April 16, 2015 by Brendan Mullooly, CFP®

I read a post today on the CFA Institute’s website written by William C.G. Ortel. William asks the question, “Have you made a profit on your life?”. I think this is an interesting way to think about spending and saving habits.

We all allow ourselves to get so consumed by things like earnings announcements, the latest Fed minutes, and the financial media’s flavor of the week. The reality for most of us is that our savings habits are far more crucial to our financial well-being than any of that. Will put it nicely writing:

“Investment media occasionally does a poor job reminding its readers that, as far as their wealth is concerned, the most recent high-profile earnings announcement is a passing distraction compared to their savings pattern.”

We’ve all been told to “focus on what we can control”. We know it’s the right thing to do, but it doesn’t make it any easier to actually follow that good advice. Sure, investment returns are important. But if you’re piling up credit card debt every month or spending more than you make, I’d argue that your IRA’s return is the least of your worries.

William broke it down like this (emphasis mine):

“Imagine that your personal life is a business. Are you profitable? If you’re neglecting your loan balances and buying expensive things on credit, consider how you would react if one of the companies in your portfolio was doing the same thing. What about a company that managed to go a whole lifetime without ever generating a meaningful amount of cash?”

So think about it, would you be a profitable company? If not, you may want to reassess your financial plan. You can start by getting to know yourself financially.

Source:

http://blogs.cfainstitute.org/investor/2014/05/15/have-you-made-a-profit-on-your-life/

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Filed Under: Financial Planning, News Tagged With: Financial Planner, personal finance

About Brendan Mullooly, CFP®

Brendan Mullooly is a CERTIFIED FINANCIAL PLANNER™professional with Mullooly Asset Management, Inc.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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