Mackey's Insight Client Focus: Selina Yoon Lessons from Warren Buffet Thanks Buy the Book    Dear , I was awestruck by the generosity of the charitable gift recently announced by Mr. Warren Buffett.  Based on the current stock price, the value of the Berkshire Hathaway stock that Mr. Buffett has committed to charity is $37 billion.   While I have long been a student of his investment philosophy, the generosity of his gift made me curious about his life.   I have enjoyed your responses to the affirmation, "I am wildly prosperous," in my last newsletter.  In honor or Mr. Buffett and his generous gift, we will happily send a check for $100 to the charity of your choice for sharing your story of a wildly prosperous life.   Alicia Speed, our new Executive Coordinator will choose the winner.  E mail your story to me, or to Alicia at Alicia@CultivatingProsperity.com Read on for this month's article, "Lessons from Warren Buffet."   Living a wildly prosperous life,with gratitude,   Mackey   Back to Top

Client Focus: Selina Yoon   Selina is an entrepreneur, plain and simple.  She created Master Communications, a very unique business, based in Cincinnati, with six divisions of publishing and distribution of multilingual and multicultural educational products and services. The company is most well-known for its Asia for Kids educational catalog and Families of the World series which has aired on PBS. As with most entrepreneurs, Selina's expertise lies in her creative talents, not "bean-counting."  And for a business to survive and thrive, somebody has to be paying attention to the money and the numbers.  Last year, her business coach pointed her in the direction of Mackey and The Advisory Team. "These days, I have a much clearer picture of my financial position right at my fingertips.  The reports generated by The Advisory Team allow me to look at all facets of my business.  Now, at a glance, I can see the areas that need to be worked on." Selina has engaged The Advisory Team's Shared Services program to keep her financials up to date.  Barry Williamson comes to her office as a Shared Bookkeeper once a week to organize the numbers, and Karen Krumml comes once a month as a Shared Controller TM to analyze them with Selina. "Now I'm more conscious about my money.  Tasks such as analyzing inventory levels, reading cash flow reports, and discussing tax implications are even enjoyable!"  Most importantly, Selina can have a keen focus on her bottom line and guide her decisions accordingly without having her expertise in "creating" bogged down in the laborious details of finance.  Sounds like a plan! You can visit her main website at www.master-comm.com and from there, see all six of the facets of her business.  Questions?  Possible synergies?  You can reach Selina at info@master-comm.com.   Back to Top

Lessons from Warren Buffett, American investor, businessman and philanthropist.     Mr. Buffet's recent commitment to donate most of his fortune represents the largest act of charitable giving in United States history.  While most of us might feel very privileged to amass and keep a fortune in the millions, his estate is estimated at $42 billion.  How does Buffett serve as a role model for the prosperous life?  What can we all learn from the world's 2nd richest person?   #1 - Fun first.   In every piece written on Buffett, what shines through is that he lives his passion.  He loves business.  Here is a quote from his recent interview: I was having fun - and still am having fun - doing what I do.  Clearly he first sought to use his talents by building a life and career he enjoyed.  Then through practice and persistence, he became an accomplished entrepreneur and the money followed.   #2 - If you have it, you don't need to flaunt it.   Despite his immense wealth, Buffett is famous for his unpretentious and frugal lifestyle. He lives in the same house in central Omaha he bought in 1958 for $31,500, although he also owns a summer house in Laguna Beach, California.   As a financial advisor, I often know more about people than their physicians or ministers.  I know their goals and dreams, and their net worth.  More often that not, those with the most wealth feel no need to flaunt it.  It's not unusual to find that the wealthier the client, the less likely they are to be impressed with designer fashions, expensive cars, and flashy jewelry.  In fact, that is often the reason they are the wealthiest clients.     # 3 - It isn't what you make, it's what you keep.   In his senior year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in a barber shop.  Each time they emptied the cash box, they didn't head for the malt shop; they saved their cash and invested it in more pinball machines.  In short order, they owned three machines in different locations.  Are you spending your "pinball" profits or are you reinvesting your earnings to build your capital base?     During the calendar year 1979, with a net worth nearing $140 million, Warren Buffet lived solely on his salary of $50,000 per year.   His most recent annual salary of $100,000 per year is particularly modest by the standards of senior executive remuneration in other S&P 500 companies, which averaged about $9 million per year in 2003.  He has often been vocal and critical of his CEO counterparts and what he sees as excessive compensation.   People with skills, talent, and a good work ethic usually have no difficulty in finding ways to earn money.  But only those who choose to save and invest will be able to step away from the livelihood grindstone.   # 4 - a big ego isn't a prerequisite for financial success.  Humility is much more attractive.   In a recent Fortune Magazine article, Buffett is quoted: "Well, when we got married in 1952, I told Susie I was going to be rich. That wasn't going to be because of any special virtues of mine or even because of hard work, but simply because I was born with the right skills in the right place at the right time".   "I was wired at birth to allocate capital and was lucky enough to have people around me early on - my parents and teachers and Susie - who helped me to make the most of that".   Perhaps the practice of humility is connected to the level of good fortune or "luck" that comes through our lives.  Or maybe it just makes life more of an inspired adventure.   What is clear to me is the common thread that runs through these four truths as demonstrated by the 2nd wealthiest man in the world.  It ties into a universal truth - happiness is an inside job.  Wealth is only one facet of prosperity.  And those who are the most prosperous find joy and gratitude in the abundance of love, connections, community, and fortune in their lives.  Imagine finding more joy in giving away a fortune than keeping it!  We can all learn by Mr. Buffet's stellar example.            Back to Top

Thanks!   Our mission is to help you realize your dreams and reach your goals ... to cultivate your prosperity. Thank you.  Your trust and confidence are important to us. We continue to work hard for you. We sincerely appreciate  your referral of friends and associates to us for tax and accounting services, Shared ControllerTM services, personal financial planning, and portfolio management.   Back to Top

Buy the Book   The Intersection of Joy and Money exposes the fantasies and illusions that sabotage your money life, and then offers a step-by-step guide to create a life of prosperity and abundance.To purchase your copy of The Intersection of Joy and Money please click here.   Back to Top