Alan Weiss’s Monday Morning Memo® – 05/17/2021
I’ve helped a great many people improve their incomes. I’ve advocated “paying themselves first” as revenue comes in and establishing reserves. Depending upon one’s situation, there may be education, new houses, vacations, eldercare, weddings, philanthropy, and so forth in the future. And then there is always the need for funds to see one through crises, as we’ve recently experienced.
Some people who have been diligent with this practice have seen these reserves as “set in cement” and untouchable! They’ve saved six figures (or more) and refuse to touch the money, no matter what the exigency. It’s as though it’s art, or property, or some other non-liquid asset. When I ask some people in my events what they would do if they suddenly had an additional $500,000, quite a few say, “I’d put it in the bank and never touch it!”
There’s a difference between saving money (for worthy occasions) and collecting money (as if you’re accumulating art or fine cars). I don’t “collect” my cars, I drive them. I don’t “collect” money, I use it and leverage it.
Great generals have won pivotal battles by knowing when to commit their reserves. Alexander the Great, at the Battle of Gaugemela, held back his cavalry in reserve, using it first to deal with Persian flanking movements and later to exploit a gap in the enemy line and win the battle. When there is a turning point or a great threat, they don’t say, “Well, I can’t use those troops, they’re my reserves!” Reserves for what? If you lose the war, they’re pretty useless.
I’ve had people tell me they can’t invest in development with me because they “can’t touch their reserves.” Well, if you can’t invest in yourself, your “reserves” aren’t going to be of much help paying off the debts you never tried to prevent.
All the art of living lies in a fine mingling of letting go and holding on. —Havelock Ellis
Every man dies. Not every man really lives. —William Wallace
Lessons from the End of the World: Harvard psychology professor Dan Gilbert—of the tens of millions of TED views, author of Stumbling on Happiness, and host of the PBS show “The Emotional Life”—and I are presenting “Lessons from the End of the World.” Do we really want our “old” lives back? What have we learned that will lead to a better life? Welcome to the age of No Normal.™ Join us for some quick videos and to register: https://alanweiss.com/growth-
Master Class: A 2.5-day “Ph.D.” in professional services and entrepreneurialism. We’ll discuss new markets, remote best practices, concierge trusted advisors, scaling your business, client evangelism, and much, much more. At a world-class property, Castle Hill Inn, in Newport, RI, Nov. 2-4. Maximum 16 people, one seat remains. Fee ($14,500) includes lodging and meals. https://alanweiss.com/g
The Fishbowl: Watch me coach two individuals, each for 30 minutes, in real-time (or you may watch the recording). Afterwards, we’ll engage in conversation about what happened and why, the techniques, and the next steps. This is a four-week experience, once a week, with a man and a woman at different levels of experience and needs. Observer participation, including the interactive discussions, is $500. Apply the learning to your own coaching endeavors. June 8, 15, 22, 29. https://alanweiss.com/grow
Turbo-Charged Mastermind: I’m putting together a small group of global practitioners earning in the high six-figures and beyond. We have three so far for monthly Zoom meetings and 2-3 optional in-person meetings as restrictions are lifted. This includes unrestricted access to my help for a year. We’ll begin in late June. Write if you’re qualified and interested in the best thinking of your peers: [email protected].
