Think of Your Life as Your “Core Business”

One of the founders of Sunstone Bookkeeping spent over two decades negotiating debt restructurings for medium-and large-sized companies.  Over time, it became clear that regardless of industry or location, the same factors tended to lead to the companies’ financial woes.

1. The company ownership had incurred debt that it didn’t need for a venture that detracted from the core business, and
2. The company ownership had depleted cash reserves on extravagances (the second corporate jet or vanity offices, for example).

Then, when the company faced a crisis, it was too vulnerable as a result of the poor financial decisions made by company ownership, and they had to seek outside help to avoid bankruptcy.

How does this relate to you and your family?  Think of your life as your “core business”.  Without a clear vision on what is important to your life, these same two factors can lead to your own financial woes:

1. Going into unnecessary debt by spending on things that detract from your life’s vision, and
2. Depleting your cash reserves on extravagances (expensive cars or lavish vacations, for example).

So how can you avoid these problems?  Take some time to create a clear vision for your core business, then create a plan to use your finances to bring that vision into reality.  Focusing on that vision will help you to avoid spending on things that don’t meet your true needs and desires.  And yes, it’s important to include little splurges in your plans – as long as you keep your focus on your vision.

Want to learn more about how we can guide you in creating the best vision and plans for your “core business”?  Contact us today!