How Much Money Should you be Making?

Jenny Dutosme:

Hi, guys. So today, we’re going to be talking about how much money you should be making. I’m Jenny and this is Adam where we talk about how much money should be making. What we’re trying to get to really is why you do what you do, which basically leads onto the purpose of your wealth, succession, and then eventually, planning your business to suit the purpose of what you are doing. So basically, what we’ll come to is how long is a piece of string depending on why you do the things you do that will drive your purpose and then succession and your business planning overall.

Adam Stannett:

Yeah. So pretty much what Jenny’s getting through there is if you just want to be nice, comfortable, have a little house just in the suburbs and that, our purpose of wealth is very much different to someone who wants to maybe create a multi-generational family business and maybe even look at charitable donations. Obviously, that is going to heavily impact business planning because to afford a house in the suburbs, is a lot more simpler than us trying to build a multi-generational business, possibly even an international business if you want to look at listing and obviously, all the bits and bobs that go with it. So with that, obviously, you purpose that wealth. That is probably one of the biggest drivers we need to look at. So what is the wealth? Therefore, what are you creating wealth for? Are you creating for your kids or are you creating for your great grandkids?

Do you want to have a very nice house? Do you want to be able to go on holidays a couple of times a year and basically, have a lasting legacy, which basically feeds into the succession. So if you were planning on basically just you and your partner or just go yourself and you want to build something just for you, that’s going to be vastly different to building a business for the next five, 10 generations. And again, that’s all about why you do it, instill Simon Sinek’s quote, “You got to find your why,” and that’s going to be your main driver along with the purpose of the wealth. So we can do that in a multitude of different ways. So basically, what we like to do here at Wescott is we like to get you in for a chat and then basically, we’ll get you to create your three futures in a sit down meeting.

And that’s basically, your absolutely worst case scenario, how life’s going to look in 10, 15 years, your mediocre version, like, “Yeah, I’m doing okay, but it could be better,” and then your amazing rainbows and unicorns fantasy basically. And then basically from that, we help you to business plan out and project out how you’re going to get there with milestones. Obviously. We can’t everything ourselves. Obviously, we have a multitude of networks that we can use to help. So if you don’t have a lawyer and you need to look at some legal stuff, we can recommend a few there and basically, we just set up accountability check-ins to help you get there.

Jenny Dutosme:

That’s it really. I guess if you are looking in to coming in for a chat, just check in with us to see if there’s anything else you could be doing to achieve those why’s. We’ve got lots of advisors available that can help you out with that. We also do some tax planning, which is very important coming up. And basically, what we do is just go through your position and set you up for the next year. Yeah. That’s really helpful.

Adam Stannett:

Thanks, guys.

Jenny Dutosme:

Cool.

Adam Stannett:

Thank you.