Author Archives: Craig Bailey

Jun 20 2014
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Financial Success

Can we retire (early) — as a Millionaire?

Let’s get real – about retirement.

First, let’s realize that we do NOT need to wait until 62, 65, 70 or older to retire. It is possible to retire much sooner than that. And, better yet, do so as a millionaire!

This does NOT require that we win the lottery, score big on an IPO, receive an inheritance or participate in a get rich quick scheme. In fact, getting money for nothing may be the worst thing that could happen to a person (the topic of a prior post).

During my daily check-in at Yahoo! Finance, I came across a video: “How These Average Joes Retired Millionaires.”

In summary, two “average Joes” share their real-life stories and strategies that allowed them to get there. As outlined in this blog, these strategies include: raising the bridge (incrementally increasing one’s career income), lowering the water (reducing expenses) and investing conservatively. If you have ANY doubt about early retirement (as a millionaire) click here to watch this short (< 4-minute video).

Second, retirement does not mean that we pull up a rocking chair and burn-off the remainder of our years. I don’t ever see myself sitting still (for too long); I’d go crazy. To me, retirement means not “having” to be anywhere or do anything related to earning money to cover expenses.

By following the crowd, most people in our society are destined to retire in their 60’s or later — if at all. There is another way: apply the simple strategies to make this happen much sooner (in one’s 30’s, 40’s or 50’s). Doing so allows us to invest our freedom and flexibility for a much longer period of time on things we truly enjoy and causes that make a difference in the world!

All it takes is focus and discipline.

Following are 2 recommended readings for getting our finances under control in such a way that places early, active and productive retirement (as a millionaire) well within reach.

ERE  YMOYL

Don’t be safe (by following the crowd). Be Brave. Step out, take charge of your financial future. You too can be free from the bondage of debt and employment (sooner rather than later).

Have a great day!

Jun 15 2014
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Leadership

The Powerhouse PM – Applying Domain Knowledge

My experience tells me that, all things being equal, a solid Project Manager (PM) can effectively lead a team to build a bicycle or a rocketship. While these “projects” vary significantly in risk and complexity, a key factor is gathering together the subject matter experts into a cohesive team to formulate the plan and execute.

That said, a PM provides increasingly more value with knowledge of, and experience in, the domains s/he is working. Domains may include:

  • A specific industry
  • Process / functional area
  • Technology (hardware, software, infrastructure and/or applications)
  • Business administration

The PM has an advantage when s/he has:

  • Significant depth in a particular niche / domain; or,
  • Reasonable depth across multiple domains; and, most importantly,
  • The wherewithal to leverage their domain knowledge on projects they manage.

If a PM lacks domain knowledge (breadth or depth) or doesn’t apply this experience on their projects they can be “perceived” as a detached participant. They may be seen as present in form but not in spirit. Viewed as a meeting scheduler, planner, status checker and note taker. A project administrator. While this may be all that is needed in certain cases (small/short/narrowly focused projects) those aspiring to be a “Powerhouse PM” must bring so much more to the table.

So, in addition to acquiring the foundational / prerequisite skills necessary for Project Management (outlined in a prior post), aspiring Powerhouse PM’s are encouraged to develop SIGNIFICANT domain knowledge. You pick the domain or domains, and the depth/breadth. This can be accomplished a number of ways:

  • First, and foremost, by performing in a job relative to or within the domain
  • Attending training including night/weekend courses at a local college
  • Reading trade rags and books on the topic
  • Joining trade associations; taking on a volunteer / leadership position

Many of these will qualify as training that an employer will pay for. The alternative, for any that don’t qualify: pay for it “out of pocket.”

Whether the PM has domain knowledge pertinent to the project being managed or not – THEY MUST EXERT THEMSELVES. They must question everything. Asking “why?” a lot! They must make sure they “get it” and that right (business and project) decisions are being made. We must ask ourselves: “If this business problem was mine personally (vs. my company’s or client’s) do I understand the direction / decision? Does it sit well with me? Or, am I being complacent and letting it go for the sake of expediency or for fear of asking a dumb question?”

There are NO DUMB QUESTIONS! I’ve found that, more often than not, the question I’ve asked was in the mind of one or more of my teammates (or should have been).

If the PM didn’t previously have the domain knowledge (or the desired depth) this method will certainly help to acquire it. This approach will also add SIGNIFICANT value to the team as others learn in the process (expanding their horizons) while making it even more likely that the project will succeed.

In closing, the advice given here is for those aspiring to be a Powerhouse Project Manager: An indispensable, sought-after resource that a client or company will be hard-pressed to ever “let go.”

More to come. I’m just getting started 🙂

Click here to view the next article in the series.

Jun 11 2014
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Financial Success, Successful Kids

The Cost of Kids’ Clothing – If Only We Had Known

We’ve all heard the reports of how much it costs to raise kids. And, if you have kids you know all too well.

One of the primary expenses relates to clothing.

When the kids are young we (the parents) have undisputed control over what they will wear and the associated cost. As they get older, however, there is a strong desire for brand name items which cost far more than the basic utility (and often more durable) version of a particular article of clothing.

There are a number of ways to manage this process. One of the most obvious is to set a budget (i.e., we shall only spend $150 for your clothing to start the new school year). They can then make the decision regarding how many articles of clothing that they would actually like to purchase with that budgeted amount. And, if they want more they can contribute their own funds…

But, there are ways to get so much more for your money!

Recently, on one of our vacations, my wife and our 4 sons (ages 17-24) passed by a Salvation Army store. One of the boys asked my wife: “What is in there, anyway?” She said something to the effect of, “Used clothing and other stuff.” Being that it was a rainy vacation day, they had time to burn and decided to stop in for a visit. The boys went nuts. For less than $50 they all had numerous articles of clothing (shirts, shorts, sunglasses, etc.) that they were extremely excited about! The same stuff new would have cost hundreds of dollars!

Since that experience the boys have frequently visited, on their own, other Salvation Army and Goodwill stores consistently coming home excited about their bounty of clothing. The reality: when spending their own money they get the most for it!

My wife and I acknowledge that if we had taken this route early on we would have saved thousands of dollars over the course of the last 20+ years.

So, if you have (or are thinking about having) kids, don’t look down your nose at the Salvation Army or Goodwill. You would be surprised at what is available for ridiculously low pricing. Shopping for clothing this way is a great lesson to teach the kids the value of money. And, the (HUGE) savings can be invested towards that debt eradication plan and/or towards a college education.

Of special note: When purchasing clothing from the Salvation Army the proceeds are used to fund their Adult Rehabilitation Centers. So, in addition to benefiting your family’s finances, you are supporting a GREAT cause!

Give it a try. You can do so by starting simple: t-shirts for the kids. Watch where it goes from there.

Enjoy!

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