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Simple Steps to Creating Wealth & Financial Freedom
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Simple Steps to Creating Wealth & Financial Freedom
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| Simple Steps to Creating Wealth & Financial Freedom by Odus(m): Wed 13, May, 2020 09:49am |
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1. Establish clear goals – remember, they need to be SMART i.e. Specific, Measurable, Attainable, Realistic and Time Specific.
2.Never forget your goals. It’s easy to get distracted by temptation – regularly bench mark opportunities to spend your money with your established goals. If the planned expenditure does not meet your goals, reject the opportunity. This takes DISCIPLINE – in other words, you may need to sacrifice short term gratification for longer term objectives. 3.Earn more than you spend – this is simple but not understood by many. If you spend more than you earn, it is very difficult to accumulate wealth. This may mean earning more money and/or trimming your living expenses to make your plan work! 4.Ensure that your budget includes an element for now – it’s all about balance. 5. Avoid bad debt. Simply put, this means avoiding borrowing to fund your lifestyle. Borrowing to fund lifestyle is the first step to potential financial ruin. Simply put, it’s unsustainable. 6.Recognise that there is no quick fix for financial freedom. That is, avoid those get rich quick schemes. The only people who get rich under these schemes are the promoters! 7.Be patient – it concerns me that many young people want to emulate the lifestyles of their parents – who in many cases have spent decades battling and saving for the what they have. 8.Invest wisely, giving consideration for capital growth and income. Certainly take professional advice in this area. Look for people who are successful investors themselves. Many “experts†in finance and investments look successful but in reality are all show. Tread carefully! 9.Ensure that you manage the tax implications of your investing. Tax can erode value. However, keep in mind tax is only one component of maximising your investment returns. Too much focus on tax to the detriment of other considerations can result in catastrophic consequences. 10.Run your own successful business. Now this is much more difficult than it sounds – the landscape is littered with business failures that have devastated wealth. However, experience has taught me that true wealth and financial independence is rare amongst those whose source of income over their working life has been working for others. 11.Build your knowledge as true strength and power comes from knowledge. Whether it’s about building a successful business or knowing where to invest – learn as much as you can. And if you feel that you need help, seek it out! That’s it – certainly
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