Category: Financial Skills

• Respect money and be indifferent towards it?

• Being self aware and understanding where money comes from?

The 3 basic Laws of Money:

1.Acquire money = Live on less than I earn. Regardless of my job and position at a minimum I must be paying myself (10% and or more) of what I earn first. Develop automatic savings plans!! Identify goals for future investments and rainy-day funds.

2.Keep it = The purpose of a budget is to control the expenses and grow our net worth. Clearly decide what are necessary expenses and desires. Accept responsibility and take a hands-on approach by not frivolously spending your money and consistently choosing poor investment options that lose your principal and pay no dividends.

Seek advice from experts only. However, I don’t recommend other people spending your money on things you don’t understand. I encourage you to make wealth a habit of study. The more you learn you can and will prosper.

Insurance = would it be wise to protect ourselves from unexpected tragedies?

3.Use it = What I save must also earn. Develop the “Investor Mentality” towards tangible assets.

Is money the root of all evil? I believe money isn’t the root of all evil, it would be lack of money. Because lack of money causes health and relationships problems, and a poverty-crime connection. For example; worry, stress, anxiety and ultimately our PEACE of mind. We will only feel completely free when we’re not pre-occupied with money?

I recommend making financial independence a goal, because a feeling of financial freedom assists in the development of our important goals?

For honest self-assessment;

1. Why do I want more money? Do I need it to feel important?
2. Do I really need more money to be free?
3. What do I need to be doing more of, or less of?

To your better future,

Dave

For most people they’re subconsciously trading their time for money. However, to achieve peace of mind and make real progress with your financial goals you must decide to keep a percentage of the money you earn. The “Pay Yourself First” percentage is never to be touched, except to assure your financial future. To improve your financial future, you must create the discipline to delay gratification and restrain yourself from spending all that you earn.

The first step is deciding how much from every pay check you’re going to pay yourself. When you do this you’ll always have money for yourself and your family in your future. This is a skill no matter your age for creating a money machine, and it’s one of your life’s most critical decisions that enables you to feel financial freedom.

How? By making your hard-earned money work for you. This is tapping into the power of compounding interest.  Albert Einstein stated…Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.

For application;

1. Decisive Action: To make the most of compounding interest; set aside a minimum of 10% of what you earn, and more if you can. Once you have decided your percentage. Automate it.

All the Best,

Dave

1.WHAT DO I WANT?

What do I desire? What has inspired me? Put my imagination to work! If you’re frustrated over monetary problems and feel you deserve a better standard of living? Than make the decision to clear away your distractions and FOCUS on creating your extraordinary life.

Why do I want more money? What are my motives? Do I want to own my own home? Do I want to provide for ill family members and health emergencies when they arise? Do I intend to contribute to humanity in some way? Is my goal to attain peace of mind? Or do I want to provide a better-quality education for my children.

Whatever your reasons; life is always more than money it’s about experiences and the emotions we feel. Can money give you more experiences? From having a clear plan and making the most of our opportunities we can create more experiences and live a life without worrying about a lack of money.

2.STRATEGIC PLANNING

When you’re clear about what you want? and you become obsessively focussed about making your dreams a reality, nothing in this world will stop you. This doesn’t mean working blindly off into the sunset, you’ll need a plan and to know when to be flexible with your thinking and adapt what’s not working for you. If your plan isn’t working you need to change your approach.

Once you’ve clearly decided on what you want its important to be strategic with your planning. This means setting your short, medium and long-range goals. For example; a short-term goal could be to save $1000 a month. From setting and consistently achieving the short-term goal, it will create the confidence to continue with your journey and making your dreams a reality.

At this point it’s wise to seek a second opinion. Please be careful who you receive advice from!!

3.GRATITUDE

“Earth provides enough to satisfy every man’s needs, but not every man’s greed.” – Mahatma Ghandhi

The purpose of having a plan is to give you structure, without structure your money will find a way to leave you. Do you have structure around your money?

Because the 3^rd step is being grateful for what you have. It means your demonstrating a level of care for your money. This doesn’t mean you’re always obsessing over money, it means no matter how much you have you appreciate what you have.

What am I grateful for? The more you acknowledge what you already have in your life, instead of ‘What’s missing’ the more you will experience abundance in your life.

To your better future,

Dave