[Think As Inc.] November 12, 2007 Newsletter http://ezezine.com Your life is a business. You have a: MISSION: the reasons you live your life; BRAND: the message you project to the world; PRODUCT LINE: the skills and qualities that are your unique assets; BOTTOM LINE: your financial picture; CLIENT BASE: professional, personal, and don’t forget, yourself. Your life is YOUR business, and you are its CEO. IN THIS ISSUE Something to Think About: IT’S NOT ABOUT MONEY Something to Do: RUN THE NUMBERS Inspirational Quotes: BILLIE JEAN KING News and Upcoming Events IT’S NOT ABOUT MONEY Businesses often ask their consultants how to make more money –e.g., grow revenues, develop new products, expand market reach. A good consultant first asks why: does the company want to be a certain size, go public, or make itself an acquisition target? It might seem obvious that a business wants more money, but the actual goal is not about money. Likewise, individuals desire to make more money. Does being a member of the six-figure salary club mean a level of achievement for you? Does a certain level of cash tucked away mean security? Do you want enough to quit your job because you crave more time off? Achievement, security, and time off are the real goals then. It’s not about money. By focusing on your bottom line in each case, you actually distort your focus. This doesn’t mean that money does not play a role in achieving achievement, security, or other goals. However, by focusing exclusively on money, you miss other opportunities to work towards your goal. Security means having the right insurance, people to support you, and good health. If you focus on hoarding cash, you may not invest in any of the above. As you work towards getting your target cash, you leave yourself completely insecure. If you miscalculate, you may find out you don’t even have the right amount of money. Therefore, it’s what you want money to do for you that needs to be your focus. Then, you can work on getting the money and other means to that end. What would you do with this money? Be specific in your goal. Then double-check: is the amount of money enough to get that goal? Do I need to be doing other things than making money? Minding your bottom line is not just about working for money, but also about ensuring that money works for you. RUN THE NUMBERS Running the numbers means quantitatively measuring what’s important. If a company wants to develop a new product, it might run revenue numbers to see how big the market is for the product, run cost numbers to see if they are bearable, and run profitability numbers to see if the new product is worth pursuing. As CEO’s of our careers and lives, we should run the numbers: Run your revenue numbers to understand your market value. What are jobs in my industry paying? What about similar jobs in different industries or different jobs in my current industry? Am I generating the right revenues for my experience, skill set, work load, ambition? Run your cost numbers to manage your expenses. What do you spend on necessities (e.g., food, clothes, housing) and luxuries (e.g., cable, dining out, entertainment)? Are you withholding properly for taxes and taking advantage of tax-deferred retirement offerings or flexible spending accounts? Do you have updated insurance quotes for your home, car, life, and other policies? Are you getting the best rate on your mortgage, car loan, etc? Run your profit numbers to optimize your personal bottom line. Do you save each month or spend more than you earn? Do you need to start or increase your emergency fund? How are your investments performing? Do you need to increase revenues or decrease costs to feel better about your personal finances? Successful businesses don’t just pick strategies randomly. They run hard numbers. Likewise, don’t manage your life without quantifying those measures that are meaningful to you. If you expect a raise, know exactly how much you require to be ecstatic, satisfied, or ready to leave. If you want to purchase a house, know exactly how much you’ll need. Run the numbers, and make proactive, informed choices. INSPIRATIONAL QUOTE Be bold. If you’re going to make an error, make a doozy. -- Billie Jean King NEWS AND UPCOMING EVENTS SixFigureStart, a career coaching practice I co-founded for students and recent graduates, is hosting a series of teleclasses in the next few weeks. Effective Networking Wed, Nov. 28, 2007 at 9pm EST This 45-minute teleclass will be led by Connie Thanasoulis, another of the founding coaches of SixFigureStart. Connie has 25 years in financial services and pharmaceuticals, most recently as the head of campus recruiting for Merrill Lynch. The teleclass is free, but you may incur long-distance charges to access the conference phone line (in Iowa). Spots are limited. Please email cenizalevine@yahoo.com to reserve your place and receive the call-in details. If you have friends who may want to join the distribution list, please have them visit http://home.ezezine.com/2034/ to sign up. You can also see the past 12 months of newsletters at that link. All information is copyright © Caroline Ceniza-Levine 2007 www.thinkasinc.com