The way to prosperity is to run your household like a company

By Christopher Music

Where does the lack of control start regarding finances begin? Closer to home than you might think!

One of the biggest errors in the field of personal finance is the lack of a position within the household “company” who is ultimately responsible for the economic condition of the group. This is the Household Chief Financial Officer (HCFO).

The household as a group has agreed-upon goals and objectives related to financial matters. These goals can include raising and educating children, maintaining a home, charitable interests, creating retirement income, growing a family business, travelling, and many other worthwhile endeavors. These are goals of the group, and not of any particular individual in the group. However, for these goals to be realized, one person in the group must have the responsibility of ensuring that the economics of the household are managed to those ends.

First, let’s define “economy” (and therefore, “economics”) to clear up the confusion of what the HCFO is doing. According to Webster’s Third New World Dictionary © 2002,

Economy: 1 a) obs.: an art of managing a household.

b) archaic: the management of affairs of a group, community, or establishment with a view to insuring its maintenance and productiveness.

Author's Bio: 

After 15-plus years of being a financial planner, Christopher Music decided there
had to be a better way. Witnessing financial debacles of big industry and
government-driven economies caused Christopher to take action, developing an
instrument that measures the success of any financial plan. The Financial
Security AnalysisTM (FSA) is the back bone of Music’s firm, Wealth Advisory
Associates (WAA). WAA is a financial planning firm focused on helping private-
practice physical therapists understand and implement the most effective
strategies to achieving financial success and security. With rampant
misinformation and immorality on the subject of money in today’s world,
Music’s system has been described as “easy to understand,” allowing
a professional to do what he does best – his profession.