our favorite client
We have been asked many times in our practice, “Who is our favorite client?” Before we answer that question we always preface our answer by talking about an article that we read. It was written by a personal trainer, who was asked the same question and his answer might surprise you. His favorite client was NOT the one with the biggest muscles or the one that can lift the most weight or even run the fastest, but it was the client that knew what they wanted and was able to follow instructions.
Our answer is very similar in that our favorite clients are NOT necessarily the ones with the most money, but are the ones who know what they want and are willing to follow instructions. When you practice uncommonly like we do and put such a huge focus on cash flow, you tend to see things a little differently.
For example, let’s look at a couple of our clients who might appear to be on opposite ends of the financial spectrum but look again. One is a surgeon and the other works a job that makes minimum wage. Our surgeon has a lot of income coming in, but they also have a lot of expenses, which means they have a lot of cash flow going out. On the other end of the spectrum, the person making minimum wage doesn’t have a lot of cash flow coming in, but they also don’t have a lot of expenses going out.
For both examples, if you take the income coming in and subtract the expenses going out you will come up with a number. You take that number and divide it by the income coming in and you will find that these two clients aren’t so different after all.
Surgeon… $400,000 (Income)– $280,000 (Expenses)=$120,000
120,000/400,000=30%
Minimum Wage…$15,600 (Income)–$10,920 (Expenses)=$4,680
4,680/15,600=30%
They are both left with the same percentage of disposable income after their expenses are paid. They both have the same problem and residual income can help them provide them with more disposable income. This is just one example of how our uncommon way of looking at and doing things can make a difference no matter what your income.
So, our favorite clients are the people who know what they want and are willing to do what it takes to get there. Once we know what people want, we can help them achieve their goals. Problems arise when we meet a potential client that doesn’t know what they want and are looking for us to tell them what they want. We can’t tell you what your definition of success is, and if you go to an advisor who is trying to tell you what your definition should be you need to run. That’s not our job.
If you are a person who doesn’t know what you want, start with what you are passionate about. Ask yourself what do I love to do that doesn’t feel like working at all? What have I always wanted to do with my life? How do I impact others? Ask your friends and family for their opinions. You’d be surprised by some of their responses. Take a day by yourself or with your spouse and work through these things. It can start you down a path that will show you a plan for success that you can get excited about!