The Law of the Farm
When it comes to my financial planning approach and philosophy, I follow many elements of Stephen Covey’s Law of the Farm. Beyond the fact that my office is in a barn, I believe many principles of the Law of the Farm apply to the financial services industry:
You Plant in Good Soil
Plants grow best in nutrient-rich soil, not rocky or weedy environments. With thousands of investments and financial strategies from which to choose, finding the right soil in order to grow deep roots is critical to the harvest.
You Reap What You Sow
Just like farming, financial success requires discipline and hard work on an ongoing basis. Essentially, we reap what we sow. You can’t plant seeds one day, water whenever you remember and expect an abundant crop in a few weeks. In pursuing your financial goals, it is beneficial to implement a comprehensive strategy and stay on track, monitoring your progress on a regular basis. I believe that, through focused and consistent efforts on a regular basis, you may have the potential to reap a great harvest.
You Harvest What You Plant
If you plant corn, you’ll harvest corn. If you want to harvest more corn, you have to plant more corn. Your pursuit of financial success largely relies on the strategies you implement and the investments you make.
There Are No Shortcuts
We all hear about the “get rich quick” schemes, but the truth is, there is rarely such a thing as instant wealth. In order to harvest in fall, you have to plant in spring and tend to those crops for months on end. The same goes with your financial strategy - there are steps that must be taken as you pursue your end goal. If you try to take a shortcut, your harvest may suffer.