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Posted by Cliff Locks On June 6, 2018 at 10:06 am


There are moments that I really wished I have the private services of a chief financial officer (CFO) to take care of things for me. Many executives are preoccupied with the management and sales & marketing part of their business that they don’t really create any plans for the incomes they generate.

Well, there are occasions when wishes do really come true, I’ll share how we can reduce and even stop our financial blunders, so let’s begin with the common errors we are prone to in our expenditures.

The mistakes can be quite numerous, and I would categorically state that the problem is that we don’t monitor how we actually spend our money, we don’t put down what exactly is it we are spending money on or effectively utilizing other good resources at our disposal such as Quicken or It’s just like having water passed through your fingers and then trickles down to no specific direction. Another thing I would also like to mention is that there is big delusion we have that when we spend money, it makes us feel more fulfilled.

Probably you had such maybe day at the office, and while going back to your home, you stop at the Mall, and you come across this beautiful pair of women shoes or a gentlemen’s sport’s jacket, and then you decide to buy it, honestly speaking, you will definitely get a momentary satisfaction, just like when you take a candy bar, nevertheless that feeling is short-lived.

On the contrary, it is by having financial security that you can really get permanent financial happiness. And this can be achieved by having an emergency fund saving together with making longterm savings for when you will retire.

All right, let’s talk about savings, how do we get it wrong?

For me, where I think we get things wrong is with our attitude to savings, we usually have this nonchalant attitude towards it and our approach is let’s take care of our needs first, and then we save whatever is left at the end of the month, but then, it doesn’t work that way, and you can’t get anything achieved with that. Rather, you need to be a lot more serious about your savings, and moreover, you need to plan it in such a way that it coincides with when you receive your paycheck, and then you instantly send a pre-determined amount into an emergency saving fund, a part of it into your retirement, send some into your savings for vacation or home down payment. You have all these commitments, and you must continuously contribute to them. This is very important in assisting you to make progress and achieve your financial goals. As I say, pay yourself first.

All right, now I want to believe that you feel you’re expected to invest some of that money also, so what are the wrong notions we have adopted as far as is working our money is concerned?

I’m pretty certain that you will find this myth surprising and you’ll equally find it surprising that it is not usually the best to be a conservative more especially in our 30’s and 40’s. We need to get our portfolio to be very effective since they have to last to a minimum of 95 years and if there is anybody in your family who is 95 years and above, then you may have to make savings that will more than 95 years.

You maybe you’re asking yourself 95, that is giving you a little concern since I have this feeling that I will outlast my money, is there something we can do to soothe this anxiety?

I think that’s really a good problem and to be candid, it’s something I’m worried about as well. Therefore, we have to be a whole lot better at saving, start our saving much earlier and putting down more money into savings, such that we will have a much bigger retirement nest egg by the time we eventually decide to retire, may be at the age of 65 or 67, it should be much bigger than that of our neighbors. And to cap it all, we need to get more familiar with the way our money is invested. What fraction is invested in bonds and what fraction invested in stocks, what is the ROI we are provided with? We need our dollars to work extremely hard for us since we need them to last really long. A certified Financial Planner can help put a plan together.

The idea is to ensure that our money is working as hard as us.

Please keep me in mind for full-time and consultative senior executive engagements and board openings. If you hear of anything within your network that you think might be a positive fit, I’d so appreciate if you could send a heads up my way. [email protected]

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