For one to grow financially, there are certain steps or factors to be considered. In every society there are laid down principles or law governing those who are financially buoyant or successful. Therefore, for one to be in this category of people, you have to study these laws or principles to master them and to abide by them. In other to be financially successful like the few ones who are successful financially, basically you need financial intelligence. This would be revealed to you in a couple of minutes from now.
Read this guide of managing your finance.
The individual
The individual has a lot of roles to play if he or she wants to succeed in managing his or her finance well. First is his or her desire to want to be free financially. Once this is settled, then the stage is set for kick off. The individual has to know he has the ability to achieve the objective or the goal that he set to achieve which is self confidence. The individual should have it in the back of his mind that the dominating thoughts of his mind will eventually reproduce themselves in outward, physical action and gradually transformed into physical reality above all the individual desire must not be that of wish, or hope but keen desire which can go beyond the usual limits of every thing else. The individual must create the avenue for change, progress, self confidence and growth.
The Skills
The skills required to manage your finance successfully is very vital if you intend to succeed in your managerial exercise. Getting a college degree is not enough for the skills required for financial intelligence. You need to seek the help of experts, attend seminars on financial management, read books, leverage on successful managers, have mentors, take professional courses on financial management and do research that is, combine all the skills you have acquired and apply to your portfolio. Note all of this process is not just a year thing; it has to be continued year in year out.
The Strategy That Works
Chances is that you are on a paid job or you are running your own business, fine, lets assume you are earning $5,000 per month, there is this simple but working strategy that I want to show you. Save 10% of your income, invest 10%, Give 10% to God and you have to cut your spending on the remaining 70%. The money you have invested must continue to work for you, the capital and the interest are to be combined and re - invested. That is 10% of the $5,000 you earn at the end of the month will be $500, we invest this $500, let say it yields $50 at the end of the month, you need to invest $1,050 the next month which includes the normal 10% savings every month. Continue to add it up every month for 1 year and add that of the savings and re - invest all. I know you may be wondering why I'm telling you to save 10% instead of investing 20%, it is for the unforeseen situations, you may need urgent money, and this is where your savings comes in. Remember it is not money for buying expensive toys like your neighbors do and you may want to ask why the 10% given to God, it is his due because he was the one that first gave to you so by giving him back will not be a waste of money.
Please read Malachi 3: 10 - 12.
Every one living in the world that is earning income has 90% chance of becoming successful financially but there must be the desire to want to and the zeal to abide changes in the transition period. Learn to sew your suit according to your clothe. It is better to start now or be ready to face the circumstances or challenges ahead. Act today.
© Omokaro Efeobome. All Rights Reserved http://talk-about-wealth.blogspot.com
Read this guide of managing your finance.
The individual
The individual has a lot of roles to play if he or she wants to succeed in managing his or her finance well. First is his or her desire to want to be free financially. Once this is settled, then the stage is set for kick off. The individual has to know he has the ability to achieve the objective or the goal that he set to achieve which is self confidence. The individual should have it in the back of his mind that the dominating thoughts of his mind will eventually reproduce themselves in outward, physical action and gradually transformed into physical reality above all the individual desire must not be that of wish, or hope but keen desire which can go beyond the usual limits of every thing else. The individual must create the avenue for change, progress, self confidence and growth.
The Skills
The skills required to manage your finance successfully is very vital if you intend to succeed in your managerial exercise. Getting a college degree is not enough for the skills required for financial intelligence. You need to seek the help of experts, attend seminars on financial management, read books, leverage on successful managers, have mentors, take professional courses on financial management and do research that is, combine all the skills you have acquired and apply to your portfolio. Note all of this process is not just a year thing; it has to be continued year in year out.
The Strategy That Works
Chances is that you are on a paid job or you are running your own business, fine, lets assume you are earning $5,000 per month, there is this simple but working strategy that I want to show you. Save 10% of your income, invest 10%, Give 10% to God and you have to cut your spending on the remaining 70%. The money you have invested must continue to work for you, the capital and the interest are to be combined and re - invested. That is 10% of the $5,000 you earn at the end of the month will be $500, we invest this $500, let say it yields $50 at the end of the month, you need to invest $1,050 the next month which includes the normal 10% savings every month. Continue to add it up every month for 1 year and add that of the savings and re - invest all. I know you may be wondering why I'm telling you to save 10% instead of investing 20%, it is for the unforeseen situations, you may need urgent money, and this is where your savings comes in. Remember it is not money for buying expensive toys like your neighbors do and you may want to ask why the 10% given to God, it is his due because he was the one that first gave to you so by giving him back will not be a waste of money.
Please read Malachi 3: 10 - 12.
Every one living in the world that is earning income has 90% chance of becoming successful financially but there must be the desire to want to and the zeal to abide changes in the transition period. Learn to sew your suit according to your clothe. It is better to start now or be ready to face the circumstances or challenges ahead. Act today.
© Omokaro Efeobome. All Rights Reserved http://talk-about-wealth.blogspot.com
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