How Money Works

Look at the title of this article. How Money Works will be the title of my talks for 2020. I’m already booked for the upcoming URG training conference in St. Louis at the Arch. For that conference, which is being held at the Hyatt Regency, you should bring your team to experience this premier event in the Automotive Recycling industry. URG Training Conferences will help bring your business into focus with innovative resources, information, and events. Enjoy two days of expert training, award-winning speakers, networking opportunities, two floors of exhibitors, mixers, and a special night event at Ballpark Village. So, mark your calendars for April 16th­-18th, 2020. Now back to my topic for 2020.

Too many people within the automotive recycling industry are financially illiterate. Here’s what I want for 2020. Every counter person, every driver, dismantler, dispatcher, and every yard personnel should know “how money works”. A lot of owners know this already but some still don’t know how it works. Even if you know how money works, some of your people on your team may not know.

For the past 10 months, I have been going to school and have learned things that have personally helped me. By the end of February, I expect to have completed my computerized presentation so I’m able to go around the country and teach anyone how to get a financial education. To me, financial literacy means knowing how money works because understanding that will allow you to make better financial decisions for your business, your family and yourself.

In years past, people used to work at one company for their entire life. They depended on company pension, their savings, or social security to take care of themselves and their families when they retired. After retirement, if they become sick, was there a plan? Today, there’s no guarantee that retirement, pension, and savings will always provide enough money to live if that should happen because none of us know what the future holds. Most companies no longer provide pensions for their employees. Most savings accounts pay less than 1% interest on your money, so you’re not going to retire rich with less than 1%. With the cost of living continuing to rise each year, depending on what the bank pays, might not be a lasting plan.

Did you ever consider the bank giving you less than 1% on your money sitting safely in their bank while their credit card charges you 19% or more interest when you use it? Maybe, that is why they give lollypops out at the bank counter every day. Yes, look at the name on the wrapper…Dum, Dum lollypop. You’ve seen them. Who’s the sucker now?

Every one of my articles in each volume during 2020 will contain more information about financial problems in our industry and country. Like “How to Create an Emergency Fund”. That’s one I will do next issue. Or perhaps, “How to Pay off Your Credit Cards.” I will give you five tips to eliminate and stay out of debt. I have more immediate tips, like for some of you, drop private mortgage insurance, (known as PMI) as soon as the equity in your home exceeds 20% of your home’s value. This is something you need to find out because the mortgage company will not call you, send alerts by mail or email so you can remove the PMI. They are happy to let you continue paying them. I will have more helpful tips and practical options like these to get your cash flow unstuck.

Friends, 2020 is already here. All of us need to correct our visions…like what URG is suggesting in their theme. Let’s start the New Year the right way. Kick all your bad habits behind you, including the mistakes or poor choices you’ve made. Leave them back in 2019. This is a New Year for a NEW YOU. As URG says, “Bring your Business into Focus.”

I will end with a good quote from our friend, Tony Robbins, “Stay committed to your decisions but stay flexible in your approach.” Here’s mine, “Be so busy loving your life that you have no time for HATE, REGRET or FEAR!”

See you next time.


Correspondence regarding this article should go to:

D.J. Says, 2820 Andover Way, Woodstock, GA 30189

D. J. Harrington is an author, journalist, seminar leader, international trainer, and marketing consultant. He works primarily with customer service personnel, and his clients include such world-class companies as General Motors, DuPont, Caterpillar, and Damon Corporation. He may be reached at 800-352-5252. E-mail: dj@djsays.com. 52 weeks a year, we are as close as your telephone.