Finances are both a tangible factor of life and a complex idea as a measure of a person’s success. Your finances are tangible and visible when you open the banking app on your phone, check your retirement savings, or bust open the rainy day fund piggy bank. However, your financial health, or lack thereof, can mean a lot for your self esteem, the picture of your year to come, or how you think about the rest of life through your working years into retirement and beyond. It seems that there are two executive positions that can take over your financial future: as a manager or as an owner. Each perspective and tactic comes with it’s own set of responsibilities and degree of success. Factum Financial wealth advisors want you to go into this new year asking yourself one question: are you managing your finances or owning them?
Managing Your Finances
Managers are people with responsibility and the demonstrated ability to lead and maintain a team in the daily workings of some venture. If you are managing your finances, you’re probably saving a little bit from each paycheck, paying into a retirement account, responsibly taking care of a bank loan for a car or a mortgage and dutifully saving for college for your children. Being a manager when it comes to your finances isn’t a bad thing. You’re being responsible and giving 100% of your attention to the task at hand. However, in the end, even with diligent management, someone else “owns” part of your wealth anyway. This could be banks, the government, creditors, or even the university. While all the wealth is yours, when you live within the system that a majority of Americans live within, you are only managing money for someone else to get rich and never fully owning your wealth.
Owning Your Finances
Owning your financial well being is considerably different. Where a manager might need to rely on the market for growth in a 401k or other qualified retirement savings plan, owners find other means to save for retirement that remove that massive taxation burden and the consistent market volatility. Where a manager might look to the bank and their control of interest rates for the major purchases they want to make for their own good or the good of their family, owners find a solution that puts them in charge of the capital for major purchases. Owners are different from managers because they don’t manage the wealth that they use. They put all their efforts into owning every aspect of it.
Leading The Pack Instead Of Following
The question then becomes: are you ready to stop managing your finances and start owning them? If you’re ready for that energizing leap from manager to owner, you need to implement the Infinite Banking Concept into your financial planning. IBC will give you the freedom to save and grow wealth without the jaw dropping effects of market volatility or taxation. Rather than owing the bank, you can own it. Factum Financial can show you how. Contact a wealth strategist from Factum Financial today to schedule your free 30 minute wealth strategy session. Call 480-525-8180 now.