Financial Mistakes: Part Four


Financial Mistake #4: Not Having a Personal CFO

This video explains why you get financial decision support from your own personal CFO.

If you would like hear more about how this service could help you then schedule a call with me:


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Video Transcript

Welcome to this third video made specifically to help Managing Directors in Banking, and Partners at Accountancy firms.

Thanks to everyone that has been sending me their comments on videos 1 and 2 – keep them coming as it’s great to get ideas for future educational content.

I just want to take a moment to recap why you are watching these videos.  It’s not really to find out what mistake you’re are making with your finances.  It’s about how you can seize the amazing opportunity that you find yourself in - how can you take the money you are earning and put it to work in the best way possible to achieve your desired lifestyle. 

And a key element of a desired lifestyle is freedom of time.  Freedom around how, what, who with and when you spend your time.

I’m Max Keeling and for the last 2 years I’ve been coaching senior executives and business owners around their finances, working with a number of MDs at banks or Partners at Accountancy firms.

In this video I want to cover the third mistake that I see most of you doing – and that is your approach to investing.

You are the most time-poor group of people I work with – yet you try to invest your own money…and quite frankly you do a poor job of it.

Here are 3 common investing mistakes I see:

  1. You try to pick individual stocks, or country and sector funds – based on some view or knowledge you have.

The problem is you don’t have time to fully research your investment ideas or monitor them once you buy.

So I see people with a mashed-up portfolio of all sorts with no theme or cohesion.

And you know this – this is why you haven’t gone all in – so this leads to you to putting only 10-15% of your net wealth into these funds…and the rest is sat in cash.

You then fool yourself that you are ‘invested’…when in reality 80-90% of your wealth is sat on the sidelines.

Second error is that most of you have large amounts of cash – partially linked to error 1, but also because you are time poor and don’t have the time to investigate the options.

The problems with cash are obvious – inflation is 2-3%, you are probably earning 0.2% in interest, so your wealth is dropping by 2-3% per year.

The less obvious issue is that I see a lot of people in your situation have is that they see this cash pile as a burden and creates anxiety. The cash has built up over time, you aren’t sure what to do, the value is large, so you don’t want to mess it up, you are embarrassed to tell anyone that you are aren’t sure what to do – after all you are working in banking or are an accountant – or both! So, it becomes a burden…which creates action paralysis.

The 3rd mistake I see is that people invest in rental properties.

As an investing option this isn’t necessarily bad, however most of you are doing it because it solves your cash problem…property feels fairly safe and you have an asset that you can touch and feel…but that leads you to buy the wrong properties.

Over the last 2 years I’ve only met a few people that have put a lot of time and effort into buying the right properties and managing them as a business on an ongoing basis.

So, in summary you are approaching investing without any game plan and therefore its difficult to know what the ‘right thing’ to do with your money is.  This creates anxiety…and also means you are missing a massive opportunity to grow your wealth and all the life changing options that come with that.

You are potentially missing out on option around the most important thing in the world – and that is time. Sorting your finances out can give you more options around how you spend your time with the people that matter most in your life.

And that’s the driving force behind why I’m trying help people and ignite their passion for personal finance.

In the next video I’m going to talk about how I can help you to address the issues that I’ve raised in these videos, and why you might want to consider hiring me to be your personal CFO.

I’m only going to be working with 10 new families in 2019 as my approach is high touch and specialised, so if this is of interest to you then please look out for the next video to learn more.

As per the previous video – please let me know your thoughts on your key investing approach issues and how you try to solve them.  Send me a quick email at