Wealth Building Information

The Parthenon Principle

Have you seen a picture of the Parthenon in Athens, Greece? I will never forget walking up to the massive granite ruins. The size and power still remaining in a building constructed 2500 years ago is overwhelming!

Although the roof lies on the ground, in pieces, most of the columns that supported it are in place. There are a lot of columns!

I think of the Parthenon's roof often. If its' roof had not been supported by all those columns it never would have lasted as long as it did. By any standards, it lasted a long time.

I have a roof, which shelters my family and I call it a financial or revenue roof. It provides for all our basic needs. Revenue or income also emotionally supports us, and provides the extras we enjoy in our lives.

I do not want my roof to fall in. My Parthenon Principle is to support this financial roof with as many columns as possible. If one column of income collapses (and they always do) there are others to take the weight so that the complete revenue structure will not crash on our heads.

Another way to look at this is - do you have all your eggs in one basket? Is your entire income dependant on one source? What would happen to you if that source disappeared?

Last month, I lost my largest corporate client. It happens. This client had grown over the last five years, slowly utilizing more of my services and representing over eighty percent of our revenue.

I had let it get disproportional large. Fortunately, we were prepared with backups, and other 'standby' pillars of revenue, ready to be rushed in, to support the revenue roof.

Think about your income and revenue, and prepare for worst case scenarios. Make the choice today to support your revenue roof, and your income streams by using the Parthenon Principle.

1. Build an emergency fund of at least three months of expenses. Not only will this fund provide emergency support if needed, you will have a sense of financial freedom just knowing it is there. Think of it as a spare column for your roof. You might not need it, but it feels good having it!

2. Consider additional sources of income. Can you create something to sell? Is there somewhere you can add on part time work, doing something you enjoy, which would provide you with added income? Even a small amount of money will build a financial reserve, and give you an income if your primary source fails.

3. Eliminate your debt as much as possible. You can manage without income far longer if there are no monthly payments to be mailed.

Think Parthenon Principle!

Your online friend and Coach,

Miami Phillips
Helping others find their path - and stay on it.

Quotation of the Week

"Failure to prepare is preparing to fail." Mike Murdock

About The Author

Miami Phillips is an ANSIR Certified Personal Coach and the founder of Creative MasterMinds who believes personal growth is an essential ingredient to being happy and contributing to this world. While his main focus is affordable personal and business coaching, he also offers motivational teleclasses, ebooks, reading recommendations and much more. To find out more visit his site at http://www.creativemasterminds.com or send him an email at coach@creativemasterminds.com

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Wealth-Building Stock Ideas from Gordon Pape
SmallCapPower (press release)
Canadian author Gordon Pape talks about the impact U.S. President Donald Trump is having on North American stocks and offers up three Canadian wealth-building stock ideas. In this interview with SmallCapPower at the MoneyShow Toronto, Canadian ...

FinalCall.com News

Conference focuses on Black economics and wealth-building
FinalCall.com News
Jade Arrindell in attendance from Brooklyn noted the information presented on long-term wealth-building strategies, insurance options, aggressive stock market options, ways to build generational wealth, entrepreneurship as a means for creating freedom ...

Montgomery Newspapers

Philadelphia Metropolitan Board of Realist hosts Community Wealth Building Day in Mt. Airy
Montgomery Newspapers
MT. AIRY — While Northwest Philadelphia families often have a reputation for living in their own homes, some in Mt. Airy, Germantown and West Oak Lane are no longer homeowners. Some local residents desire to put down permanent roots but cannot seem ...

The Philadelphia Tribune

All-Black National Convention focuses on wealth-building
The Philadelphia Tribune
In its third year, the Convention included classes, panel discussions and speeches centered on entrepreneurship, technology and wealth-building strategies for the Black family. “Not understanding the power of money cripples us, we must, as a mandate, ...

Money Morning

Gold Prices Are Reminding Us of the Metal's Wealth-Building Potential Again
Money Morning
But investors are finally getting a reminder of gold's wealth-building potential. In the past week, gold has demonstrated its safe haven properties, rising with the U.S. dollar as Italian budget issues became a serious concern. What's more, gold stocks ...

and more »

Vail Daily News

Ask a Realtor: Working up to your dream home is a step-by-step journey (column)
Vail Daily News
You will love having your own home someday, and you will realize it is almost always the first step for everyone for wealth building for their family. The process, or journey, however, usually involves buying something smaller and more affordable as ...

The Chicago Cusader

Mayoral candidate Dorothy Brown releases Comprehensive Economic and Community Development Plan for City of ...
The Chicago Cusader
The plan entitled, “Tide that Rises: Promoting Community Health and Wealth Building in Chicago is taken from the quote by President John F. Kennedy that said, “A rising tide lifts all the boats.” Candidate Brown offered to the crowd “That is what fair ...


Mark Cuban: 'If you use a credit card, you don't want to be rich'
Self-made billionaire Mark Cuban has advice for those looking to build wealth: Don't use credit cards. "Cut up your credit cards. If you use a credit card, you don't want to be rich," the "Shark Tank" star wrote on his blog in 2008. "The first step to ...


The hidden fees hurting your wealth that not even index funds want you to know about
It costs time and money to invest in these wealth-building tools, and that is not money wealth managers are likely to invest if they are being evaluated solely on investment returns instead of the reason investors actually invest money: to build wealth ...

and more »

Richmond Free Press

City moves homeless shelter from Downtown
Richmond Free Press
The Conrad Center, which currently houses job development programs operated by the city Office of Community Wealth Building, was chosen because it has suitable restrooms, reliable heat and enough sleeping space to accommodate 150 to 175 persons, ...

Google News

home | site map
© 2007