Use Business Principles to Grow Your Personal Wealth
Laura interviews Doug McCormick, author of the new book Family Inc. No matter your stage in life, you'll learn how to use business and corporate finance concepts to maximize your personal finances, make the most of your opportunities, and build wealth.
Doug McCormick is a Harvard MBA, entrepreneur, and author who helps families and businesses create wealth. He’s spent decades managing money for institutional clients such as insurance companies, pension funds, entrepreneurs, and high net worth families.
In this interview we talk about his new book, Family Inc.: Using Business Principles to Maximize Your Family’s Wealth, which is based on corporate finance concepts modified for the family’s personal finance needs. Doug shares how how he began investing at the age of seven when his Dad helped him purchase AT&T stock.
We talk about his belief that every family needs a Chief Financial Officer or CFO. And how, even if you don’t own a business, you are an entrepreneur because you sell your labor, which is your largest asset.
[Listen to the interview using the audio player in the upper right sidebar of this page or on iTunes, SoundCloud, Stitcher, and Spotify; for Spotify, just search the app for "Money Girl."]
Here are some of the important issues that I cover with Doug:
- How to manage your labor and career as an investment and protect it with the right kinds of insurance.
- When to consider going back to school and what types of advanced degrees and skills can pay off the most.
- How education allows you to extend your working career, earn more lifetime income, and have greater financial security.
- Why typical financial literacy may oversimplify the role of debt and hold you back from achieving success.
- Staying focused on the big picture of your long-term financial goals by thinking more like a business owner than an investor.
- How to keep your emotions in check even when the stock market is extremely volatile.
Think like an investor when you choose a job … put your labor into attractive opportunities in industries that are growing and will create advancement and the best compensation. - Doug McCormick
Family Inc. covers a variety of important topics like career, investing, insurance, retirement, charitable giving, and estate planning. No matter your stage in life, it will give you confidence to better manage your family’s finances and make the most of your opportunities.
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