Killing Sacred Cows: Defeating the 10 most subtle and destructive lies about money and prosperity

These days, everyone is talking about how to cut costs: lay off employees, decrease operating expenses, and pay off debts. It's the primary strategy businesses are using to survive the recession, but it has the unfortunate effect of filtering through to all sectors of the economy. For example, as a manufacturer's financial situation worsens, they have to lay off employees. Since the employees have less money, they spend less at the store. The store buys less product from the manufacturer because revenues are down, so the manufacturer continues to lose money and has to cut costs again, i.e. do another round of layoffs. You can see how this isn't a very effective strategy in the long run; cutting costs alone is too limited.

That's why any successful financial strategy must be two-pronged. "'C.B.,' says [Sophie's dad], his eyes twinkling. 'Or M.M.M.'" (Confessions of a Shopaholic, p. 49). Cutting Back is only half the battle; you must get the right advice and Make More Money.

About a year ago, I was invited to a free consultation at Engenuity, an organization built around the principles taught in a book entitled Killing Sacred Cows, by Garrett Gunderson, and in preparation for the consultation, I received a complimentary copy. It's a very intriguing book, and it taught me the two most important things I needed to learn regarding money: (1) the secret to making more money has very little to do with money, and (2) the importance of getting the right financial advice.

(1) is easier than you might think. One of the basic fallacies that almost everyone believes is that money has value; it actually doesn't. Money is just a unit of measurement. People have value, and the services and products we provide each other have value. So the best way to Make More Money is simply to provide something of value to others. In fact, this concept as it is taught in Killing Sacred Cows is one of the main reasons Backyard Bookkeeper exists today; I realized that starting a business would be a much better way to share my talents.

(2). The fiscal values my parents always taught us at home were very traditional: save, never go into debt if you can help it, pay off the debts you do have as quickly as possible, and save some more. This strategy has worked very well for them, and I'd venture to say they are happy with what they've achieved. However, by the time I became financially independent, I had realized that my goals were not necessarily the same as my parents', so why should I be obligated to follow the same financial plan? As a result, I found myself floundering; the world of money is a bewildering place to be for the uninitiated.

That's why Killing Sacred Cows made such an impression on me. For the first time, I had "permission" to question the traditional values that I instinctively knew didn't fit. I also had some new, thought-provoking ideas to consider, along with the drive to obtain the information I needed to accomplish my goals. It was incredibly liberating.

Now, more than ever, we need to review our personal and business financial practices and see how we're doing. Are our current practices helping us achieve our short-term and long-term goals? Almost all of us have some areas we can improve on. The first thing I recommend is to continue to educate yourself. Avail yourself of the vast collection of resources on the web, in libraries, and in your community. You don't even have to spend anything to get the information you need. Second, look for ways you or your business can provide more value to others. It will be deeply satisfying, and the money will eventually find its way to you.