#3 Fundamental of Money: Build A Team

Building a team of experts to help make financial decisions is one of the main fundamental steps to taking control of your personal or business finances. My tendency in times of struggle used to be to isolate and try to make decisions in a vacuum. This can lead to poor decision-making because we can all get caught up in our bubble or echo chamber of opinions and beliefs that don’t challenge us to approach decisions soundly. Negative emotions tend to take over when we isolate ourselves. You must commit to listening and learning from these experts and following up with proper execution.  

The Roster

Your team should be made up of experts in different fields and disciplines. This team will serve as a “board of directors” to your household or business finances, even though they are not on the “payroll.” I recommend building relationships with the following:

• Financial Coach (Fee-based coaching to teach about the fundamentals of money)
• Financial Advisor (Expertise in investing and detailed investment planning)
• CPA/Accountant (Expertise in taxes and proper record keeping)
• Insurance Agent (Expertise in risk management: Life, Auto, Homeowners, etc.)
• Lawyer/Estate Planner (Expertise in wills, estate planning, and business agreements)
• Real Estate Agent/Broker (Expertise in home sales or real estate investment)

These experts can help you with accurate information to make sound financial decisions.

How to Build Relationships With Your Team

I always recommend working with and building relationships with experts who have the heart of a teacher. Many people who are driven by sales and not service work in the world of finance. It is our responsibility to take the time to get to know each expert to decide if they share our values.  Never follow the advice of a team member if you feel rushed into making a decision and questions seem to be discouraged rather than welcomed. We all work too hard to turn our decision-making to people who don’t share our priorities or values. “I don’t have time,” “I’m no good at this stuff,” “I hate math,” and “I just need someone to take care of it for me or just tell me what to do” are no longer to be spoken if you are serious about taking control of your finances. 

While I may use the 80/20 rule as a general term, I understand the importance of dealing with each situation on its own merits. This is why the bread and butter of FiscalDad Coaching is person-to-person individual coaching. Click on the “Book Now” button to schedule a free, 30-minute no obligation meeting to decide if we can connect on a personal level.

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