bankers | Bigg Success

thinking_money Forbes recently published an article on fifteen ways that your laziness is costing you money. It’s an interesting list and well worth your time to check it out.

One of their examples is not sending in rebate offers. We must confess to missing out on this opportunity before. But how long does it really take to fill out the form and send it in?

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Manufacturers know that a lot of us will figure that rebate into the price when we buy the item. However, we’ll never actually get around to sending in the form.

It’s a promotion without a deal!

One behavior may look like another

Have you ever noticed that people who are shy often get labeled “stuck up”? The two can look very similar on the surface.

The author of the article blames this on laziness. We wonder if it could be something else. Using the rebate example, what really caused you to miss out on that rebate?

Was it laziness or disorganization?
Maybe you got home, set down the rebate form and then it got buried underneath a pile of papers. It wasn’t laziness that caused you to miss out, it was lack of organization.

Was it laziness or different priorities?
Maybe there were fifteen other things on your to-do list. The next thing you knew, the rebate period had expired. It wasn’t laziness; it was that other things were more important.

Was it laziness or inertia?
Perhaps you have a routine and filing this rebate in a timely manner doesn’t fit it. Or you’re not good at following up on things in general. The ebb and flow of your daily activities doesn’t allow time for these intermittent events.

Was it laziness or a lack of understanding?
Could it be that you haven’t translated that $50 rebate into dinner out? You don’t see the benefit of filling out the form. If we were talking about something more complex, maybe you just don’t understand the task at hand.

Was it laziness or too much ambition?
It’s interesting that the reason you didn’t fill out the rebate form and mail it in could be the opposite of laziness. You may be so busy pursuing your goals that you really don’t have time for anything else.

You have to diagnose properly to find the right prescription.

Seek to discover the real underlying reason why you aren’t accomplishing something. Be careful with labels. When you come up with a label, ask yourself if it could be something else in disguise.

Price isn’t the only factor

“Getting the best rate on your savings account” was first on their list. To get the best rate, they advise you to check with online banks because they often pay better rates than local banks.

It’s reasonable advice, except it strikes us that this article was written for entrepreneurs. It makes price (or in this case, return) the only issue.

What about that local bank that supports your local community which supports you?

Doesn’t that count for anything?

Our advice is to build a relationship with a banker so, when you need money to grow your business, you’ll have a place to go.

We understand this mindset of maximizing returns. But you have to be careful not to see the world too simplistically. There are more factors at play.

This doesn’t just apply to local banks. How about local stores and local restaurants? We have nothing against chains, many of which are franchises with local owners.

Local business supports local communities. Shouldn’t that be part of your buying decision?

We’re coming out of a period of time where we put profit above people. Isn’t it time that we all think about our community along with commerce?

If you’re a local business person or just an engaged member of your community, that’s a part of bigg success!

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Thanks so much for reading our post today. Please join us next time when we’ll discuss charging more for your services. Until then, here’s to your bigg success!

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(Image in today's post by svilen001)

we_the_people We usually talk about money on Mondays. As we discussed possible topics for today’s post, we realized there was no bigger issue than what’s going on in Washington and Wall Street. Our apologies to our international listeners, but we’re going to be domestic today. But as we’ve seen, it obviously affects everyone worldwide.

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We usually don’t talk about politics. We won’t be partisan; there’s plenty of blame to go around. We know that we may upset everybody today; that’s not our intention.

We think it’s time to look at the facts so we can make the right decisions here in a few weeks … who are we going to hire?

Not just for President, but for government at all levels. It’s time that we, the people, take back our country, our states, and our cities.

We’re sick and tired of the blame game and passing the buck on personal responsibility. Leadership is about taking responsibility. The leaders of our biggest companies aren’t taking responsibility, but even more sad, our elected officials aren’t bearing it, or requiring it, either.

We, the taxpayers, invested $85 billion in AIG. What was AIG’s response? They threw a $440,000 “party”. Sure they called it a “planning meeting” or an “executive session”. But how can you justify spending that kind of money for a retreat when you’re using our money and you’ve been on the brink of financial collapse?

It was a complete slap in the face and our leaders should have seen it as such. But what did they do? Turn around and give AIG another $38 billion two weeks later!

How many of us could walk into a bank two weeks after we borrowed a bunch of money in desperation and get more?

How successful would we be at getting more money if we so grossly underestimated how much it would take the first time around?

“Oh, and by the way, Mr. Banker, we know you’ve heard that we wasted some of it on a spa getaway, but we need about half as much again as we borrowed the first time. Will you lend it to us?”

Can you imagine the response?

Fortunately, AIG scrapped plans for another “party” after news got out about the first one. Of course, we’ve also learned that they tinkered with the idea of spending some of our money running an advertising campaign to apologize for the first “party”.

Some insight into the mismanagement

Warren Buffett was interviewed by CNBC’s Becky Quick back in August. Part of the conversation turned to Fannie Mae and Freddie Mac. We’ll paraphrase …

Congress set up the Office of Federal Housing Enterprise Oversight (OFHEO) back in 1992. The sole job of this agency was to evaluate the soundness, accounting practices, and the like of Fannie Mae and Freddie Mac.

Two companies … that’s all OFHEO had to oversee. Buffet, of course, notes that he does more than that all by himself.

It took 200 OFHEO employees and a $65 million dollar a year budget to do that.

Year after year, OFHEO reported to Congress. They stated that the accounting was sound. The directors were great. Everything was just fine. There was nothing to worry about.

Well, we all know what happened – two of the greatest accounting misstatements in the history of the stock exchange caused by management misconduct. What was OFHEO’s response?

A report to Congress blaming the management, the directors, the audit committee. Everybody but themselves.

200 people with a budget of $65 million overseeing just two companies. Yet they assumed no responsibility for this huge blunder.

The problem we have is that everybody blames anybody else every time there is a problem. It needs to end now.

How to put an end to it

The solution may surprise you. It starts and ends with us. We need to take personal responsibility. We made mistakes too. We bought in.

We saw government borrowing and living beyond its means, so many of us borrowed and lived beyond ours. From this day forward, that ends. We won’t forget this lesson. We will bailout ourselves. We will get back on our feet. We will prosper.

We also delegated too much. We voted, but we didn’t pay close enough attention to what our elected officials were doing. Well, Mr. or Ms. Politician, you have our attention now. And we’re going to keep paying attention.

What we can’t control

Here’s what paying closer attention has shown us – we see a complete vacuum of leadership. You’re not a leader if you don’t take responsibility for your mistakes. You’re not a leader if you don’t solve problems; you only assign blame to others. You’re not a leader if you can’t tell us where we’re at, why we got here, and what we’re going to do about it to make tomorrow better than today.

We can’t personally do much to change the leadership on Wall Street. We can’t do much to change who reports our news, because the media missed the boat on this one as well. We can’t choose the bureaucrats, like the ones at OFHEO, who oversee key agencies and put policy into action.

What we can control

We do get to choose who we hire to represent us. We have important decisions to make in a few weeks. Not just for President. Not just for the Senate or the House in Washington, D.C. We get to choose who will represent us at all levels of government.

So here’s how we put an end to it now. Quit thinking like a Democrat or a Republican. That’s another trap they’ve led us into and we bought in.

No, we will hire the best person for the job. We need to do our homework: What’s their record? What have they accomplished? How have they handled their fiduciary duties in the past?

The past is the best predictor we have of the future when it comes to human behavior. That’s how we would hire anybody else. Why would we hire our elected officials any differently?

We have access to the records of our current elected officials. We can know what they’ve done. We need to start paying closer attention.

Resources

Current legislation before Congress

Votes Database by The Washington Post

Records of the U.S. House of Representatives

Official site of the U.S. House of Representatives

Official site of the U.S. Senate

List of government agencies – federal, state and local

Find the official sites of state, county, and city governments

We the people

We’re looking for public servants, not party servants or power servants. We the people are taking our country back.

Go ahead, Mr. or Ms. Politician … take that special interest money. But you better be clear about who you serve. We the people.

Mr. or Ms. Elected Official, go ahead and listen to your party leaders. Just know that, on Election Day, we won’t vote for the person who serves the powers that be. We will vote for the person who serves us. We the people.

Combined, we’re more powerful than Washington can ever be when we are educated and informed. We will take personal responsibility to learn who best serves our interest, and the interests of our children and grandchildren.

We the people are taking back our country.

What do you think?

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