So you’ve been wondering a while how you can get financially ahead. Somehow each month you are left with no money… it seems to slip through your fingers… you don’t know where it all went? Does this sound familiar? Then here are 5 tips on how to get back control about your money.
Pay yourself first — always pay yourself first. What do I mean with this? Once you get your paycheck or your commission or whatever, put at least 10% right away to the side. Put it in a seperate bank account and keep it there. Do not touch it for your montly expenses or joy. It should not be lower than 10%. Preferable 20%+ as that will grow a bit faster. What you are doing here is making sure you will always have money left to the side, ready to invest. Once you’ve accumilated a certain amount (lets say 50K or so) start looking into investing. By no means I say stock market. You better look into Real Estate or provide loans for other businesses for a nice return. But the best investment would be in yourself. Educate yourself and start your own business. There’s always a market if you pick the right business.
Wealth is the ability to fully experience life.
Know what you’re spending — keep your creditcards. The gurus that are saying “cut your creditcard” are basically saying that you should live as a poor person. Who wants that? You should have a positive mindset about money, and cutting up your creditcards is not one of them. Of course you can buy some fun stuff for yourself, but make sure you can pay it off the next month entirely and do NOT, I repeat, DO NOT touch the pay yourself first part. What’s most important is that you KNOW what you’re spending. Especially when you start out you should be able to know what you’re spending. If you don’t know where all the money went at the end of the month, go back in your bookkeeping and check what you’ve spent your money in. Is it a lot of crap? Make a change. If it’s for your business — then you’re on the right way. There’s a big difference in spending and investing, although some people don’t seem to know the difference. They think investing is spending as well. Oh, and a new car is not an investment. Don’t lie to yourself. You are putting yourself and your family down this way.
Get multiple streams of income — focus on creating multiple streams of income. How? Create several businesses in different branches. If one goes bad, you at least have cashflow coming in from other sides. You need to build a financial empire that will pay you no matter what. The true successful people get this. The average millionaire has 7 streams of income. How many do you have?
Don’t bitch about money — don’t whine about money. Don’t bitch around that stuff is expensive in the grocery store. You can’t control that so why worry about it? When you bitch and whine about things being expensive you are actually constantly repeating to yourself “i’m broke, I can’t afford this”. Focus on aquiring more income rather than bitching about too less money. Why not turn a negative position in a positive one? That’s all i’m saying. You need to guide your energy to the right path.
The lack of money is the root of all evil.
Add value — you need to add value to the market you’re operating in. People pay for value, they do not pay for time. They want value, and in return they’ll pay you. What’s the difference between somebody working at MACDONALDS and a Lawyer? Why does the guy at the MAC earn 6$/hr and the lawyer 300$/hr? It’s the same hour! Right… the Lawyer ads value to that hour because he does something the guy at the MACdonalds doesn’t know how to do. That’s why you always need to educate yourself and keep adding value for your customers. Everybody is able to transform their live and make big numbers. But you really have to put in the hours and you have to want it badly.
I hope these 5 tips helped you on the right track. On your success!
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