Have you ever told someone to mind their own business? The saying, “Mind your business” is usually a response to an annoying invasion of privacy. However, when placed in a financial context, “Mind your own business” can serve as an important reminder—even a mandate—for our lives today.
What is your business? When speaking before a group, I asked the question, “How many of you are entrepreneurs?” In response, only a few people raised their hands. I suggested to them—and I suggest to you—that we all should consider ourselves entrepreneurs and manage our households like profitable business ventures.
To mind your business, you must change your mindset. To be mindful is to be aware, focused, and engaged. When you mind your business, you are financially conscious and determined to succeed.
Knowing what’s behind your financial decisions and determining what you value most are critical. Whether your goal is to enjoy a certain lifestyle, follow your passion, pursue advanced education, participate in charitable giving, fund retirement, leave an inheritance for children and grandchildren, or care for parents—when you are mindful of your business, you can define your own success.
You also must examine your attitude about money. People hoard it, hide it, or squander it. Some are enslaved by it. Others fear it, thinking that it carries a corrupting influence. However, money is not evil; it is the love (or worship) of money that is the root of all evil. Money is simply a means of financial measurement, exchange, or purchasing power that is useful in achieving your goals.
How well are you with managing the money you earn? Are you turning your income into wealth?
Taking a non-emotional look at your finances enables you to accurately assess and take steps to improve your financial condition.
The following questions can help you evaluate how well you are minding your business.
• Do you know much money you need to run/operate your household per month?
• Do you have adequate savings to cover expenses for 3-6 months in case of emergency?
• On a scale of 1 to 10, with 10 being the highest, what rating would you give yourself for financial decision-making and financial management to include investing for now and the future?
If you find yourself with answers that are not satisfactory, don’t let FOG—fear, obligation, or guilt—stop you from seeking the help you need to get your business on track. Take this opportunity to figure out how to mind your business. Follow this blog series and engage deeper into operating a profitable household which allows you to achieve your goals and realize your dreams.