I attended a Enrolled Agent’s conference recently and there was a good discussion of the various ways people charge fees. Now EAs like other small business owners consistently undercharge for their services. I liken this to other habitual patterns that we do thinking that it makes our life easier. It may make it easier to do financial tasks but it also makes us less wealthy. Check out some of these habitual patterns that you may identify with:
Use the same mortgage broker to refinance your loan even though you can get a better rate elsewhere
Put your savings in the same bank as your checking even though you can get more interest in a money market mutual fund
Buy another rental property even though the one you have is not making money
Dollar cost average into the same mutual fund that has been losing money for you for years
Don’t change the beneficiaries on your accounts post divorce so you don’t have to be reminded of that unpleasant experience
Don’t try to consolidate your debt but keep making payments on high interest credit cards
Individuals and small business owners can benefit by reviewing what habitual patterns you are doing to keep you poor. Make the extra effort to look at what’s possible to get more cash.
Change is good and changing patterns can help you make more money. Embrace it.
(Don’t forget to check out the great articles in this issue of Mindful Money Magazine.)