Most people think it would be great to suddenly come into a large sum of money. They dream of what they could do with all that money and fantasize about being set for life! But more than half the people who come into sudden wealth lose it in a few short years. Unwise decisions, bad habits, and sadly, unscrupulous advisors can cause wealth to quickly erode. Whether sudden money becomes… Read More
The Master’s Minute – What Constitutes Good Advice?
Being in the business of advice-giving, we are continually thinking about the most effective way to advise our clients. How do we communicate most effectively? How can we increase the success rate of the implementation of that advice? How can we learn the art of when to speak and when to listen? I think a few tenants of advice-giving can serve us well in solving this puzzle. Advice is Personalized… Read More
The Master’s Minute – The Importance of Diversification
The Business of Money – What is Your Exit Strategy?
It may not be an overstatement to say that it is never too early to start thinking about your business exit strategy. Your exit strategy can influence how you manage your business and what strategic decisions you make to get closer to your end goal. The closer you get to a possible exit without thinking through your end game, the more you are leaving things up to chance and allowing… Read More
The Master’s Minute – Prudent Cybersecurity
I remember during my teenage years, before the internet, when the only forms of electronic media were television and radio. Back then, the main battle was to be thoughtful and intentional about the choices of media I invited into my life. Today, it’s not only about our media intake; it’s also about protecting access to our personal and confidential information. We take cybersecurity seriously at Master’s, and I will share… Read More
The Master’s Minute – Quality Over Quantity
My son, Marshall, has had a long-standing enthusiasm for collecting sports cards. He is like a kid in a candy store when he can open a new pack of cards. Naturally, he loves to physically open his own new pack of cards and see what cards he gets, but he will regularly watch YouTube videos of other people opening packs of cards. I recently offered to help him be a… Read More
The Business of Money – Retirement Savings and Risk
If you own a successful business, you may wonder why you would do anything other than continually reinvest back into that business. It is most likely the best investment you have ever made! When we think about investing, we need to take into consideration the risk/reward tradeoffs of our decisions. When we see more potential reward in an investment, we should immediately begin to identify what additional risks are coming… Read More
The Business of Money – What Valuation Method Are You Using?
Unless you are thinking about retirement soon, you probably do not spend much time thinking about your company’s valuation. Frankly, it doesn’t seem relevant unless you are buying or selling a company, at which point it matters…A LOT. Most of us do have a valuation for our company in our minds or on our personal balance sheet, and it usually takes one of the following forms: What I Think It… Read More
The Master’s Minute – Our Core Values – Conscientious
It is not uncommon these days to receive less than exceptional customer service when trying to get something corrected or accomplished. We’ve become accustomed to poor service and, for the most part, expect it. This is number three out of a four-part blog series discussing Master’s core values, and today we are looking at Conscientious. We describe conscientious as pursuing nothing but our best work with diligence. Being conscientious means… Read More
The Business of Money – Introduction
Welcome to the first interaction of the The Business of Money blog! Along with the launch of our new Total Wealth Management – Corporate service, The Business of Money will focus on how business owners can successfully and consistently manage their businesses to optimize their personal financial goals. We will discuss principles, concepts and strategies that help you synergize what is happening in your business with what you want to accomplish personally. Together, we will learn,… Read More
