Build A Team

by Dennis Perry on January 22, 2012

I believe one of the biggest mistakes we make in our quest to develop a truly rich life is trying to do it all by yourself.  I have been guilty of this and even now struggle with it occasionally.

I can hear what you are saying, “No one can do it as well, or as fast, or as complete, or as (insert your own thoughts here) as I can.  I know, I have felt that way myself but in reality it is simply not true.

Developing and working with a team is one of the best and shortest paths to living a full rich life.

No one is good at everything.  We all have out strengths and our weaknesses.  When you build a team that is composed of people who are strong where you are weak, it greatly compliments your strengths and can really magnify your progress.

The specific types of skillsets you will need on your team depends on the types of activities you are involved in and what your particular strengths are.

 

Involve Your Spouse

 

Let me give you a specific example from my own experience.

For years, I thought my wife was not interested in our family finances so I took care of it.  I never really discussed it with her and she never asked about them.

Part of my personal story involves hitting a very low point when I couldn’t help out a family member in need.  When my wife asked me why I couldn’t help I had to admit that we didn’t have any money, just a mountain of debt.

She was understandably upset that she had not been made aware of our true financial picture.

As an Oral & Maxillofacial Surgeon, I made a very healthy annual income.  The problem was I spent every penny of it and more on the “stuff” that was accumulating in our lives.

She had believed us to be in great shape when in reality we were probably one or at most 2 missed paychecks away from financial ruin.

As we faced the hard reality of our situation, we made a decision to work together to find a solution. Together we studied various systems and methods of money management.  We settled on one that made sense to us and began to implement it.

We found mentors whose philosophies we could embrace and we studied under them and learned.

Our initial method of money management has been altered a bit over the last few years and has evolved into our own system that we teach in our coaching and other programs.

Now, every financial decision is made as a team.  We spend a few minutes every Friday updating QuickBooks and paying our bills.  Once a month we spend a bit more time and look at various reports such as our Profit and Loss Statement and Balance Sheet.

Every quarter we look at our investments and monitor their progress.

Since we have been working as a team, our financial picture is dramatically different.  We have built a reserve of funds for investing, for emergencies, and for other expenses both planned and unplanned.

Both of us are on the same page as far as financial goals are concerned and we work together to see them through.

If you have a significant other in your life and you don’t currently work together on your financial picture, I encourage you to have a deep discussion about this today.

Working together on this aspect of our lives has brought us closer together and has opened the door to new opportunities and activities that I am convinced would not have happened otherwise.

 

Other Critical Team Members

 

In addition to having your spouse on your team you will also need other professionals to help you and provide proper guidance.  Most of us could benefit from a good CPA and/or tax advisor.

The US Tax Code gets more complicated every year.  There is no way that we as individuals can keep up with the changes.  The final tax code for 2011 still has not been fully agreed on and may not be until the last possible moment.

If you own investment Real Estate, you would benefit by having access to an attorney that specializes in real estate law and perhaps another whose focus is on evictions and the associated laws that govern this unpleasant aspect of real estate investing.

If you have no skills in investing and don’t want to learn (a mistake in my opinion) look for a good financial advisor who can provide some guidance for you in this area.

If you are not quite as fit or as healthy as you wish consider working with a trainer.  Interview several to find the one most compatible with your personality and your needs.

Get spiritual guidance.  Find a teacher or coach who can teach you to meditate or help you learn Yoga or other spiritual discipline.

There are many other potential team members depending on your personal situation and your personal strengths and weaknesses.

Don’t limit yourself to only the financial and investing aspects of your life but involve all of the key areas: spiritual, mental, physical, social, relationship as well as financial.

 

The Steps To Building A Great Team

 

I suggest that you start by spending a few moments analyzing the types of activities that you are involved in both personally and professionally.  Make a list of your strengths and, equally if not more importantly, your weaknesses.  What are your needs?  What do you want to learn more about or learn to do better?

Locate areas of exposure or areas that are not as efficient or productive as they could be and then begin looking for qualified people who have the strengths and skills you need.

Interview them.  Tell them a bit about your goals and find out what their experiences are.  How can they help you and how have they helped others with similar issues or concerns.

Be careful about hiring friends and family as consultants.  For one, they can be difficult to fire if you are not happy.  They also may not have all the skills you need.  Not every CPA is a tax expert and not every attorney is qualified to answer you estate and real estate or entity questions.  Quite far from it actually.

If the issues in this article apply to you, I urge you to begin building a team right away.  Get your spouse or significant other involved.  Don’t assume that they are not interested.  You just might be surprised.

If you want to continue this discussion, I would love to hear from you.  Enter your comments below, I read every one of them personally and will respond when appropriate.

Till next time, make this day a great one and make your life truly rich in every way.

Dr. Dennis A Perry

The Wealth Doc

 

 

 

 

 

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{ 3 comments }

Jerry Pinney January 26, 2012 at 1:37 pm

Dennis,

Very good thoughts and ideas. I relate to most of your stories. Thanks for sharing. I have learned that when you start the problem solving process by asking the question “Who can help me solve this problem?” or “Who knows more about this problem than I do?” you are beging to develop the team that will solve the problem.

The big change for me was affirming that there are some people out there that ARE smarter than I am. Those are the people I want on my team.

Again, thanks for stimulating my thinking.

Jerry

Debbie Mrazek January 26, 2012 at 12:42 pm

One thing I have learned about forming teams is that they do not have to be a team for a lifetime. You can have different teams in your life for different projects. So a team can be for a very defined period of time. Thanks for this great post!

Clare Delaney January 25, 2012 at 2:24 am

Well done Dennis on a great article! The courage it took to discuss your own personal situation at one stage of your life, results in a greater trust from your readers.
I agree, a team is hugely important – in the last year I’ve been realizing just how important it truly is, so thanks for the reminder!

EcoExpert
Eco friendly initiatives to save New York $100 million each year!

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