You say you know where your money goes and you don’t need it all written down to keep up with it? I issue you this challenge. Keep track of every penny you spend for one month and I do mean every penny.
You will be shocked at what the itty-bitty expenses add up to. Take the total you spent on just one unnecessary item for the month, multiply it by 12 for months in a year and multiply the result by 5 to represent 5 years.
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A carpenter uses a set of house plans to build a house. If he didn not do that, the bathroom might get overlooked altogether.
Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications. Yet most of us go blindly out into the world without an inkling of an idea about finances and without any plan at all.
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Here are 5 helpful tips to gain financial knowledge:
1. When hiring a person to work for you, hire one who is more knowledgeable in the position you intend to hire them for.
This way, you will have less worry they are able to perform the job. You get to learn from the person, and you’ll have more time to attend to other moneymaking ventures. Don’t think the person might be a threat to your business, as long as you pay them well.
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Many people earn wages that are just enough to cover their basic necessities. However, if you really want to be financially secured, you will need to acquire more money than what you spend. The money can be invested in a business or other ventures that can propel you closer to financial freedom. To do this, you will have to start saving early in life.
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You are what you want to be. Just like you are what you eat, it also follows that you are what you think. If you set your mind to work for somebody as an employee, you will look for a job and you will be satisfied working as an employee. However, if you set your mind properly to attain financial freedom, you will find means of getting wealthy without the pressures and hassles of working for someone else.
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Always keep in mind that you can attract as much money as you desire by knowing that it is all in the mind. It is what you choose to think and act upon that produces the money you want. What you think will be, will be. Take this simple yet very powerful way to attract wealth and prosperity in your life.
First, imagine what life would be like if you are rich. Don’t just see it. Feel as if you’re already experiencing the luxuries and lifestyle of the rich.
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Let’s discuss the 3 different types of income which are;
1. Earned Income - obtained from working for somebody or a company.
2. Passive Income - income generated from businesses.
3. Portfolio Income - income generated from investments in paper assets.
Earned Income comes from having a job in a company or in somebody else’s business. You are paid for your time and services rendered. This indicates that the income an employee can generate from working for an employer is limited.
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