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August 15th, 2012 - The Straight Shooter
I Want You to Be Rich
Over the past 23 years I know I have made the above statement at least a couple times, but I don’t think I say it enough. So, I’ll say it again, “I want you all to be rich." Boy, that felt good. So how do I make you all rich? Well, I can’t make you all do anything, as you all well know, but I can help you hear things about the money game that you may not have heard.
Most importantly, know that it is not how much you make that helps you get rich. It is how much you keep. So how do you know what to spend your money on and what not to? Well think of it this way. Some things you buy are assets and some things you buy are liabilities. Assets put money into your pocket. Those are things like rent houses, stocks, bonds, interest generating accounts. Liabilities on the other hand are things like utilities, food, taxes, clothes, jewelry, vacations, etc. Those things take money away from you.
Hold on folks, I know that many of the things I listed as liabilities are also essentials. Of course, we have to have heat, A/C, food, and clothes as well as pay taxes. Vacations are also helpful to our attitudes, which is very important to having a good life. Heating and/or cooling the house more than necessary is just money out the window, though, and so is buying clothes we don’t need. Just think of how much more money we would all have if we didn’t buy so much. We would all have a lot more. What if we all put as much money as we could into the Stambush 401K? That would not only be more money in our pocket as a result of us paying less in taxes, but we would also buy assets (stocks, bonds, mutual funds etc) which would hopefully grow even more…tax deferred homies! The earlier we start, the better our chances of overcoming market downturns are because we will have so much time to recover. After all, markets go both up and down.
Some of you may say, “What are you talking about Scotty Boy? You are not young. You are 54 years old and close to retiring, and we can’t all be swinging for the fences like the young people." My response is that we cannot be too old to save, and the 401K will at the very least help minimize our tax bill. Granted, older people should put their money in more conservative investments or maybe just a money market that pays some interest. That depends on you and your circumstances. Also, even young people should be careful about where they put their money. Some stocks never recover, and that is the way it goes. But like Wayne Gretzky once said, “You can’t score if you don’t shoot." Additionally, I have no intention or desire to retire anytime soon. That’s right, even when we win the lottery and we are all multi-millionaires, I will still be working to teach by example that our business practices are what is best for our customers, our professions, our patients, and ourselves.
Let's Be Clear
Susan and I created Stambush so that we could do well by doing well. In other words, yes, we wanted a successful business, but we also wanted one we could be proud of, put our name on, earn respect with from smart people, and raise the bar so that other staffing agencies would follow suit. Well, that last part hasn’t worked out so well. To this day, we are the only agency I know of that requires a minimum of one year experience to join and competency tests everyone. Apparently, the other agencies find it way too lucrative to hire the new grads. After all, they are cheaper. However, cheap new grads is not only bad for the profession as a whole, but it is also bad for the experienced therapists who get paid more because the agency has a corrupt profit motive to place their cheap new grads first. Consequently, even if a therapist does not care about supporting an agency that hires new grads, they should still be clear about the fact that cheaper people could lead to them not getting work even though they may be the most qualified. After all, their agency wants to be rich, and getting rich by doing the right thing may not be too high on the priority list.
One of you wonderful people suggested a PTO lotto, and we like the idea. We will try to get the details ironed out as soon as we can so we can start with our second lotto. This is a lotto, by the way, that will be much easier to win than the Mega Million Lotto so many of us play now.