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Your Relationship with Money on Facebook

Written on February 21, 2012 by George Krueger & Mary-Lynn Foster in Money

BIGG success is life on your own terms. Money is one of the five elements of BIGG success.

We gladly display our relationship status on Facebook. What if Money reported its relationship with you in the same way?

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Your Money might say that it is Single. It meets up with you from time to time.

But it doesn’t feel any sense of commitment. You play around, but Money soon departs to meet up with someone else.

So Money comes and Money goes.

Eventually, you meet up with Money that seems like it wants to hang out with you. This Money reports that you are In a Relationship.

It’s still new…you’re still getting used to having Money around. You’re still getting to know each other.

But at least this Money doesn’t run off with another person every chance it gets.

At some point, you and Money get Engaged. You make an initial commitment to each other.

You begin making preparations to make it all legal. You start to trust Money.

But then, Money calls it all off.

That’s when It’s Complicated. You’re not sure what happened.

Money seemed devoted to you and your future. But it got cold feet and ran off.

You know it’s not you; it’s Money. But you still wonder…what did you do wrong? If you examine the situation, you’ll realize that Money wasn’t giving you what you really needed.

Sure it was fun. You would go out. You would have a great time. But you weren’t building the foundation for a lasting relationship.

So you learn more about relationships with Money. As you discover how to maintain a healthy relationship, you and Money decide to get Married.

The wedding is an informal ceremony. Few people attended. Of course, there was a loved one or two. No minister was necessary.

Just your professional advisors. They were there to help you get what you want out of your relationship with Money.

You’ll want to check in with them from time to time, just to make sure you and your Money are fulfilling all your desires.

Everything is wonderful. You love Money. So much so, that you get possessive.

You don’t let Money out of the house. You try to save Money just for yourself.

But you feel empty. And Money isn’t at its best either. Money doesn’t do well holed up at home.

So you and Money come to an agreement. You will be In an Open Relationship.

You’re still committed to each other. Money wants to help you fulfill your heart’s desire. It likes to get out with you and explore the world.

But it also wants you to willingly share it with other people.

Money is a tool. And not the bad kind unless you turn it into that. Money can be a force for good. But it needs your help.

Money follows your lead. And a healthy relationship with it leads to BIGG success!

What is your relationship status with money?

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Tags: audioblog, bigg success, facebook, five elements, george krueger, mary-lynn foster, personal finance, podcast, relationship status, Relationships, the bigg success show

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4 Strategies to Optimize Your Money Stream Now

Written on February 8, 2012 by George Krueger & Mary-Lynn Foster in Money

We’re always looking at models here at BIGG success. Recently, we’ve been thinking about our prehistoric ancestors.

Here’s the progression: BIGG success is life on your own terms. You own your life. You’re the entrepreneur in charge.

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So what if you thought about the family unit like an enterprise? We’ll call it the family business.

Our ancestors had well-defined roles for their family business.

The men largely hunted. The women gathered. The children didn’t just play; they helped. They contributed. They learned about their future jobs.

Everyone was involved in the family business. And there was a genius to its organization.

Hunting

Hunting was a risky activity. If the right thing went wrong, you could pay the ultimate price – your life.

The returns were intermittent. Some days, there was a BIGG payoff. On other occasions, there was none.

But make no mistake – the payoffs had to come frequently enough for the family unit to survive.

When they came, the family feasted. When they didn’t, the family survived on the gathered items.

Gathering

Gathering was a low-risk activity. You may get hurt, but you weren’t likely to lose your life from it.

It yielded steady returns. These returns were a nice addition to the family feast when the hunt was successful. On days when there was no kill, the family could subsist for a period of time on what had been gathered.

Two types of income

Modern finance theory works much the same way. It suggests that investors should allocate a portion of their portfolio to riskless assets (i.e. treasuries).

For the rest of it, hold risky assets (e.g. stocks).

Like the family unit of the past, modern investors use this hunting-gathering mindset. Risky assets hunt for intermittent, high returns while the risk-free assets steadily gather income.

The rationale for this is to optimize your money stream. You earn more money given the risk by balancing your portfolio between the two types of assets.

It’s also a clue to optimize your money stream now.

4 strategies to optimize your money stream now

As we said before, BIGG success is about entrepreneuring your life. As the person in charge, you can use the hunter-gatherer model to optimize your money stream now.

Here are four ways you can do it:

Keep your job and start a part-time business

While holding down a job is not risk-free these days, it provides a steady money stream. It’s gathering. You do the work. You gather the income.

In your spare time, start a business. It’s the hunting side. The income you make may be intermittent until you get established. But it will allow you to feast once it takes off!
Build a portfolio career as a business

This is a ramped-up version of the first one. It seems to work particularly well for people in mid-career and beyond.

Instead of trading time for money as you would with a job, turn your expertise or talent into a business.

Instead of only having one customer (your employer), build a business with multiple clients.

Just be sure to not just sell time for money. Sure, it’s a career but why not think BIGG and build a business, too!
Start a business full-time while your spouse holds down a down

Another alternative if you have a supportive spouse is to start a business full-time now. Your spouse can provide the steady income from his or her job.

This is how many couples get started in business. Once the business takes off, the other spouse can work in the business too or start their own.
Do one of the above and invest in businesses

This is the BIGG play. Combine this strategy with one of the others to put your progress on steroids.

Money and time are two of the five elements of BIGG success. They are your two resources.

You only have so much time. You can leverage your time with money.

Instead of working a business yourself, invest in one with someone who does the work. Get your money working as hard as you do. That’s BIGG success.