Timeless Money Wisdom from Willie Sutton
Image sourced by Clayton Robbins @claytonrobbins
A bunch of years ago, I learned about Willie Sutton.
Before we dive in, let me mention one thing. . . Not for one second are we suggesting that you do anything unethical or illegal!
Sutton was born in Brooklyn, New York on June 30, 1901.
Actually, I was born there too but decades later. . . ☺
In fact, Sutton was a bank robber, master of disguise and escape artist.
As the story goes, on one occasion after the Police arrested Sutton for robbing a bank, a journalist asked Willie, “Why do you rob banks?”
He answered, “That’s where the money is!”
In other words, to Win the Prize you have to Go to the Area Where the Prize is Located.
In other words, Where the money is.
In Sutton’s case, he wanted money so he robbed banks which was where money was stored.
The logic is good while the ethics are flawed, at best.
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Here’s how you can ‘Find the Money’, Your Money:
12 key questions to ask yourself to put yourself in the best position to succeed and achieve your goals and objectives!
What is your desired prize, your goal?
In other words, what do you want to achieve?
Where is the money [for you] located? In other words. . .
Be painstakingly specific.
For example, “I want to paint my house white with Sherman-Williams paint Alabaster (SW 7008).
Or, “I want to retire from my job on December 31, 20XX with $1,000,000 in retirement assets in total in my brokerage accounts; 401k retirement plan accounts; and Individual Retirement Account (IRA). In addition, I want to retire my mortgage – fully pay it off.”
I want to pay off my credit card debt within three years.
I want to improve my relationship with my brother, partner, parents or children. And, I will do that by doing X, Y and Z.
To achieve your goal and ‘find the money’, what do you have to learn? And. . .
What skills do you have to build?
What action steps do you have to implement?
When money is involved, set a specific dollar amount!
For example, “Save $1,000,000 in total on or before December 31, 20XX when I will retire.”
Break down the dollar amount of your final financial goal into smaller, more manageable amounts.
For example, it’s a big challenge to accumulate (save) $1,000,000 in one shot.
But over your entire career of say 30 years, accumulating $1,000,000, a little bit every paycheck and a bit every year, with investment income and capital appreciation, it’s much more reasonable to achieve your $1,000,000 goal.
Write an action plan and be extremely detailed – step by step. And if applicable, assign dollar-amounts to each step. For example, “Contribute 9% of my salary to my 401k retirement plan account every pay period. In addition, save $500 every month or $250 per paycheck.”
Assign a time deadlines to each action step – when you will start a task; when you will finish, etc.
Every few months, monitor your progress against your goal.
Modify your action plan in light of changing goals and your progress against your goals.
Celebrate your progress and success along the way!
The more clearly you crystallize your goal(s) and the more specific action steps you create, the more likely it is you will achieve your goals and desired life.
Between now and next week, please take a moment or two to think about whether you are where the money is for You. So you can win the prize.
Do some planning. Take some action!
Have a good week,
Arthur VanDam, CPA MBA
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Disclaimer: OH and Please Remember, we are Not financial advisors, financial planners, attorneys or accountants and are Not providing any specific financial, tax, accounting or legal advice here. Be sure to conduct your own due diligence and consult your own professional advisors to get sound professional advice that’s specific to your financial and personal circumstances, risk tolerance, time horizon and investment goals and objectives among other key factors!
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