Do You Wear The Pants...Or Is Your Budget Controlling You?

From the Desk of Ben Nadler
Troutdale, Oregon

Hey there,

Today I’m going to talk to you about roles. Yep, every individual has different roles they play in life – and one of them is the Household Financial Officer (HFO) - whether it’s just you...or you, a spouse and 4 kids. 

Now, I’ll tell you a little secret that probably 99% of people don’t know. The purpose of a Chief Financial Officer in a big business is the same as the Household Financial Officer. 

That’s right! I know, you don’t believe me, but it’s true. 

No matter whether you’re a CFO in a Fortune 500 company, or the Household Financial Officer and it’s just you and your dog, you have the exact same purpose, and that purpose is:

"To keep track of cash flow and financial planning as well as analyzing the financial strengths and weaknesses of the person, group or company, and proposing corrective actions."

That’s not my imagination or opinion. That’s just straight out of the dictionary!

 For those who are new to the blog, Ben Nadler is the inventor of The Financial Grip system of personal money management. A climber with 20 years of experience ascending thousands of rock faces, he leverages the adventurer mentality when analyzing the gap between wealth & expenses for his clients.  

Managing your finances without a system and a plan can be really stressful. Without one, there is so much uncertainty as to where your money is going and whether you’ll have enough to cover the various household expenses.

Fortunately for you, we’ve got your back! Traveling along the Financial Journey requires a map. We’ve created checklists and spreadsheets that act as your map to get you started, so that you can be sure you’re on the right track and not deviating off the path.

I’m going to give you a tip: in addition to the financial tracking, the most important part of being a good HFO is understanding one important principle:

Money spent MUST buy something valuable to you that has the potential for producing more money.

What do I mean by that?

Well, you have to know when it’s OK to spend money on non-essential items / experiences and when you have to put your foot down.

The judgement call is partially cash flow (can I afford this now)

...and partly it’s a question of whether the return is worth it.

A vacation is only worth taking if the relaxation, experience and amount of self-care recharges your battery enough to help you get back out there and make more money than if you hadn’t spent the dough.

If you’re single, well then the role of Household Financial Officer is on you.

And if it isn’t your strong suit to tell yourself no some of the time, well then honestly you’re going to need to either pull up your big-kid pants, or hire somebody like an accountant to do all your financial planning for you. Or hire a fee-based financial advisor to help you build a trust fund that just totally takes the responsibility out of your hands!

But seriously, there really is no other way around this. Financial responsibility is something that each of us has to practice, if we’re ever going to get out of the rat race.

Now, if you have a spouse, maybe you can share some of the work.

The HFO for your household should be the one who not only can say no more easily when needed, but has a proven track record of paying bills on time and so forth.

This isn’t to say that you’re off the hook. You still need to be responsible too, you just might be off the hook regarding some of the work. 

Now that you’ve established who the HFO is, the next step is to form some agreements. Agreements make everything flow more smoothly in a home, especially when it comes to finances. 

I don’t know about you, but I see more arguments about finances than probably just about anything else in a relationship. And before Sarah and I figured out our system, we were in that boat too.

With our system and agreements in place however, life is incredibly smooth, and honestly a lot more fun! That’s why we do what we do, here at the Financial Journey.

If you’re reading this article right now, wondering how the heck you’re going to implement this, fear not. Sarah and I are pros at helping people just like you get your foot firmly planted on the financial path to freedom. In fact, we LOVE helping others figure this stuff out, because we both know what it was like to be under a pile of financial rubble. 

So, take our hands and climb out of that pile and up to new heights! We’re here to help you get there!

Happy travels.


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