Monday, July 21, 2008

Wikipedia Approach to Financial Health Fitness

Who doesn't feel like they're falling behind these days? Financially speaking I mean? Money doesn't go as far as it used to.

Money is short in a whirlwind of change sweeping the country. It's a complicated mix happening at the unbelievable blink of an eye. If you've had that adrenalin rush that you don't have time but still gotta fix this....

You're not alone.

That's why I know you'll understand completely when I tell you that a few first year medical sudents recently, under this same feeling of REAL pressure --with tons of work still to do --in the wee hours of a thankless morning, turned to an easy frame of reference: the most straightforward source of medical knowledge they could get their poor numbed eyes locked on: Wikipedia.

Of course these students are not yet doctors. But as a lay person I do admit I find it a little bit unsettling, a wee bit funny, and a whole lot dangerous to imagine professional medical students turning to Wikipedia as an authoritative medical source.

Especially when others of us may be looking to them in the future to provide guidance.

"We don't have time to do it your way." the students say to their bewildered instructor, " (I'm getting the story over dinner) "Doing a proper clinical review your way is too hard. We should be able to do it the way we want."

If it's easy to see the short comings of this approach for a medical review, but not always easy to find our short-comings to our finances we seek remedy.

How is it many of us, make these choices? Without too much critical wind swept thought in the space of a 60 minute lunch hour between running an errand to the post office find 20 minutes left to troll the internet. In 20 minutes we pick highest, fastest, hippest brightest new promise out there. We set up shop, next week for it's easy to do moving traffic to our website. It's a beginning. We say.

Who am I to pinch your fabulous balloon? Wouldn't I love that kind of a system for myself?

When our time, effort, and hard-earned money are at stake, why is it so many of us seem to take a "Wikipedia", and a one-stop-shopping approach to financial fitness?

It's so human to think that somehow we will be different; that we will be tiny half percent that achieves the mother lode, that up to $8,000.00 in three months. Have you ever asked someone recently:

"by the way, who has done that coming from the same place I'm at now? Can I talk to them, would you give me a referral?"

Many of us are caught somewhere in the middle. Spending $400 or $500. It is surprising what $400 dollars buys today besides a few months gas depending on where and how you drive. In the case of a small home business owner I talked to last week, that sum gave her a business partner in another country she could not contact while another she learned suddenly lost interest.

Do your homework:

When searching for home-based business your objectives need to be clear. You need to know the real reason you are looking to be in a home business in the first place. It takes time to sit down with yourself for an afternoon. Put your heart felt reason down on paper with a few gobs of sweat. It will feel good. I promise. Write down your hopes and dreams for you. Who else but you is that important?

Write down what you're realistically looking to earn per month. How much money do you have to invest? How much for start up? How much for ongoing expenses? Yes, you'll need a budget. How much time will you have per week to devote to your business? You'll need at least 8-10 hours a week if you want to get off the ground.

When searching for a business ask how much is required to get in? How much volume or how many customers is required to trigger a sales bonus? What will be my training? What will be my return on my investment?

If anything this is rudimentry. It is sadly surprising how many people skip this oh so very important step.

Ask yourself, if Wikipedia wouldn't be good doctor for your lung infection, why would that same kind of approach be good then for your long term bank account?