I believe that each one of us is an individual and has something unique and valuable to bring to the world. (I call it Soul Purpose.) However, I've also discovered that there is more to finding success in your work and living a fulfilled life than merely following what you love.
We currently live in a very confused age of humanity. Each of us is constantly bombarded with articles, news, videos, social media, and more on a daily basis. Even worse, this mass of information is often so conflicted that it leaves us wondering what to believe and what to ignore.
I've experienced this myself, and I've come to a simple yet profound conclusion around how to increase your quality of life and (even more importantly) how to maintain that higher state of living. This means increased fulfillment, wealth, confidence, and happiness.
I often talk about how to increase production and profit by pursuing your passions, and I firmly believe that following what you love is the cornerstone to increasing wealth in all areas of life. However, the part of attaining wealth that is often ignored or downplayed is that you must still be personally accountable for all of the important areas of your life—not just the ones you enjoy.
In short, you cannot delegate self-reliance. Just as no one can exercise for you, develop and cultivate the truly important relationships in your life, or be responsible for determining what makes you happy, there are certain financial responsibilities that must be handled to find success with your monetary wealth.
The most common mistake that I see happening is people working hard at what they love but then ignoring the fruits of those labors. Unfortunately, this leads to a state of frustration as the lack of financial resources begins to taint what you are passionate about in the first place. In other words, the "business" of what you love ruins what you began the business for in the first place. I've seen this happen far too often, and it's got to stop before it shackles even more people into its self-made prison.
At my firm we see that most docs love what they do, but they want as little as possible to do with their taxes, tracking cash flow, accounting, insurance, etc. Unfortunately, this means that most docs suffer because they pay too much in taxes, leak cash, and are susceptible to the type of catastrophic events that insurance would ordinarily cover. In the end, this lack of 'taking care of first things first' undermines the business and ultimately personal fulfillment and passion.
The key to breaking this well intentioned yet misguided process is to begin paying attention to the components that make up the "must do's" of running your business. This doesn't mean being mired in a bunch of things you hate, but it does mean making sure that you have a plan and that you monitor it as it is implemented and carried out.
To do this properly takes a team, but the good news is that having a team also means you don't have to do it by yourself. Ask yourself if you have a team that helps you in these seven essential areas of self-reliance:
- Cash flow
- Insurance: life, health, disability, auto, home, and liability
- Estate planning
- Corporate entity structuring
- Overall business strategy and life fulfillment planning
These are all things that, if not handled, can undermine your confidence and success. However, with them in place, you're in a position to maximize your vision and impact on the world at the highest level possible. If your vision and lifestyle are important to you, then taking time to create structure and accountability in the 'must-do' areas of your finances can make all of the difference in the world.
Garrett Gunderson, founder of Freedom FastTrack, is a financial advocate to chiropractors and the author of the New York Times, Wall Street Journal, USA Today, and Amazon.com bestseller Killing Sacred Cows: Overcoming the Financial Myths that are Destroying Your Prosperity.
Get a free hardcover copy of his book at www.freedomfasttrack.com/livingwealthy/fbo_chirotouch/#.