The Next Millionaire Next Door_Enduring Strategies for Building Wealth by Thomas J. Stanley & Sarah Stanley Fallaw

Author:Thomas J. Stanley & Sarah Stanley Fallaw [Stanley, Thomas J. & Fallaw, Sarah Stanley]
Language: eng
Format: epub
Tags: finance
ISBN: 9781493035366
Google: ck1nDwAAQBAJ
Publisher: ROWMAN & LITTLEFIELD
Published: 2018-10-01T04:00:00+00:00

The Job Analysis of the Household CFO

If we forget about windfalls and inheritances for a moment, we can consider the characteristics that are most conducive to building wealth over time. What characteristics predict or are related to net worth, regardless of how old you are or how much money you make? To do this, we first considered personal financial management as a job, one that has a distinct set of responsibilities and activities that go along with it. To illustrate how this works, imagine you had to hire a professional to manage every financial transaction or task you had in your life, not just “financial planning” or investing. Everything from paying bills to interacting with your spouse or significant other about money would have to be done by this new hire. A combination of science and common sense would help guide your decision-making process to find the best candidate for the job. What would this job posting look like?

WANTED: Household CFO

Description: The role of the Household CFO is to ensure his/her household is building wealth in order to ultimately achieve financial independence.

The Household CFO will oversee the household’s budgeting and financial planning. He/she will be required to create, manage, explain, defend, and negotiate household budgets annually, and monitor spending and saving related to said budget. He/she will be required to plan for the financial security and longevity of the family, focusing specifically on retirement planning, college savings planning, and other large expenses in the foreseeable future. The Household CFO will be required to balance checkbooks, file tax returns, pay bills on time, create financial plans, create estate plans, research investments, monitor investments, and generally run all financial matters for the household. The Household CFO will serve as a check on household spending, and thus will work closely with the following individuals: Household Chief Procurement Officer and his/her team members (read: spouse/self and/or children). The Household CFO may choose to outsource any number of his/her responsibilities to trusted advisors, and therefore, part of the Household CFO job may include the ability to research and hire quality professionals who act in the Household CFO’s household’s best interests.

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