If you want to be rich... (give it away)

Buried deep in many how to get rich books are two underlying principles of many millionaires.  First, it requires discipline not to spend every dollar you make which has been taught to a multitude of lottery winners as well as Forbes Magazine's documentation on how even a billionaires can go broke (Bjorgolfur Gudmundsson).  Robert Kiyoski in his book "Rich Dad, Poor Dad" advocated for spending time in the military or a religious order if you need help controlling your urges.  The second principle is that very few people get rich by trying to do so.  They have a passion for anything from the internet to a new invention and getting rich is a by product of doing what they love and years of practice. 

I propose that many bad financial decisions are made out of fear, but giving to charity can help break that destructive cycle of thinking "what if there isn't enough for me after I give, or I will give when I have/make more money".  My wife's father learned this lesson early when he accepted cash bonus for some breakthrough work instead of an ownership interest that would have made him millions.  Charity not only makes a social difference but helps you as a person break your focus on money so you can focus on your passion which is more likely to make you rich!  Some of the best financial advice I ever heard was "somebody you know makes less money than you- live like them".

Charity consists of giving your time, talent and/or treasure (money).  I will leave you to decide how you donate your time and money, but I suggest that your CFO talents can make a global impact on rethinking how charity works.  The most famous example is probably Mohammad Yunus and his creation of microfinance/microcredit which earned him a Noble Prize in 2006.  While encountering many obstacles, I am currently investigating variations on his theme- specifically looking at how profitable corporations can donate their superior credit rating to provide low interest loans at little or no cost to the corporation (much easier to ask a company for some of its available credit than actual money).  Another idea I am working on is a charity that serves families with medical insurance but can't afford the deductible or copays.  The bulk of the medical treatment would not be paid by the charity, rather the insurance company if only donors helped get the treatment started with as little as $20 for a doctor visit.

I hope you have ideas on how you can accelerate the tired old model of charities asking for money and spending it - many times without the means to measure the impact and decide if they are truly making a permanent difference or just a temporary one.  As talented finance professionals, I urge you to apply those talents and I think you will find yourself thinking less about your networth and more about your passions and talents.

Becoming a more valuable CFO (outsource yourself)

Resumes/CV's are often a historical rendering of where you have been and what positions and responsibilities you were accountable for.  Unfortunately, the part that makes you most valuable to a future employer and your current employer is not what you were accountable for, but the impact you made with quantifiable achievements and often your skills may not always match the business need.  Worse yet, there may be little opportunity to practice your decision making on a new initiative without putting your job on the line resulting in many overly cautious, conservative and less impactful decisions being made by CFO's.  Training does no good if the exposure to new best practices comes with considerable risk of failure.  So how do you polish your skills without the stigma of the inevitable bumps and bruises of sticking of radically new ways of doing things?

Practice...Practice...Practice.  One of the few opportunities that CFO's at successful companies overlook in their own career development is volunteering their expertise to small or middle market companies that are often staffed with a low level general accountant or bookkeeper.  When we as CFO's examine our busy work and family schedule's we sometimes find a way to volunteer to be the voice of financial reason at our church or favorite not for profit charity.  That devotion of your time is often just that- charity.  I am advocating CFO's review their time spent in peer forums, industry training and technical training and examine if some real life experience wouldn't give you better feedback on the skills you need to keep sharp.

Recently I had a business contact tell me a member of his young professionals organization was in need of help negotiating with his current bank and reviewing his forecast and budget.  In less than 20 hours of my personal time I was able to help him develop a marketing document that reflected his current business initiatives, spot flaws in the budget process and challenge spending patterns and unprofitable business lines.  My organization has none of these same struggles and the sharpness of my analysis would wane if not for the opportunity to test my skills in an environment where change is necessary.  My only caveat is that your help is not charity- it may well be the life or death to an organization so make firm commitments to what your deliverables will be and be on time.  Be the same professional for them as your full time job.  When you reach a milestone of achievement with this experience, it will also be worthy of your resume/CV and when they say "Thank You", don't forget to thank them for making you a better CFO (and person).