Elite by Nick Hays

Author:Nick Hays
Language: eng
Format: epub
Publisher: Wiley
Published: 2018-11-22T12:43:50+00:00

Middle Circle: Personal Board of Advisors

Accountability breeds response-ability.

– Stephen Covey

Since separating from the military, I have identified a need to bring people on as advisors in my life. In the military the rules are different, and those rules do not apply nearly as much out here in the world. I quickly realized that I needed help to make the transition as smooth as possible. I needed to establish my middle circle, a personal board of advisors (PBA). I see it in the same light as the president of the United States sees his own cabinet or a company’s board of advisors. I have a small group of individuals who have become trusted friends, whom I have allowed into my life.

Although I may seem outgoing, I’m really quite private. Allowing people to see me, the good and the bad (and even the ugly), has been a challenge, but it has also yielded significant results. I’ve been able to consider a wide array of input on various professional and personal decisions in my life, and it has produced excellent results.

Think about what type of people you want to put in your advisory board. I highly recommend a diverse group of people with various strengths, with plenty of experience, and who have made sound decisions themselves.

I don’t know your particular situation, what your decisions will entail, or your constraints. What I will say is this: diversify. When you’re building a stock portfolio, you have a distribution of investments categorized by those with high risk and those with low risk. As I’m sure you know, this is the definition of diversification. If all of your holdings are bonds, you don’t risk your life savings, but you also have no hope of a high return. Conversely, if you’re only investing in startups hoping they become a proverbial rocket ship, you’re taking an incredible risk, and you could lose it all, but there’s also a chance you’ll reap extremely high rewards. A solid financial plan involves using both strategies simultaneously. By diversifying your portfolio, you can enjoy the peace of having some safety and stability built into your plan while still accepting some risk for a healthy return. Why not apply this same practice to your personal advisory board?

Choose one person who is inclined to give bold advice – a risk taker who doesn’t mind shooting for the stars and has demonstrated his own ability to do so. To balance that individual out, choose another person who prefers a more stable strategy designed to provide a modest return over time without accepting much risk. The advice that these two individuals give you will present two opposing viewpoints that you can learn from.

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