What Do You Want Your Net Worth to Be (In 10 Years)?
When the year 2022 rolls around, what type of net worth do you want to have? Once you pick a number, is there a way to design a year-to-year business plan that moves you toward your financial goal? TruMethods CEO Gary Pica will work to solve that riddle for MSP executives during the IT Nation conference (Nov. 8-10, Orlando, Fla.). Here’s what I’ve heard so far.
Pica and I had a brief phone chat today. A former MSP himself, Pica and his organization now coach MSPs. Generally speaking, Pica views business as a math problem: Start with your end goal, then reverse engineer the math problem from there. He’ll share more details during an IT Nation pre-conference session in a few weeks.
Funny, but I think somewhat similarly. I remember when I was about 24 years old, I had some clear long-term goals involving my 40th birthday. Indeed, I wanted to be debt free, own two pieces of real estate outright and be free from big business bureaucracy. From age 24 to about 30, I kept a net worth spreadsheet — which I updated monthly. It wasn’t a big number but at least I knew I was in the green — and the figure was growing ever-so-slightly each month (until the dot-com implosion arrived).
Fast forward to the present. I concede I haven’t achieved a lot of my goals but it always helped to have longer-term targets ahead of me. And while financial goals are important it’s clear that my life goals have ultimately become more important to me. Spending more time with my wife and fast-growing sons is chief among them. But I do think about building up net worth, especially as my kids’ college years approach.
Back in the MSP market, can Pica really help entrepreneurs to set — and achieve — 10-year net worth goals? Also, what roles do a 2013 business plan and quarterly reviews play in that longer term 10-year goal? I suspect Pica is going to share some timely answers down at IT Nation.