Your
thoughts and actions over time form your habits, and your habit gives direction
to your life. Most people make poor financial decisions in their life at one
time or another, but the ones who realize it early and decide to start making
smart financial decisions have a better chance at being financially successful.
You
need to take the time to create some great money habits that could have a major
positive impact on your life in the years to come.
1. Always ensure your income exceeds
your expenses.
This calls for planning, accountability
and discipline. Habitually try not to bite off more than you can chew each and
every month. The key is to know how to budget and have consistent and realistic
self assessment and self-control in managing your money.
There are a couple basic principles
that allow you to easily live below your means. Such as making sure your rent
is 1/3 or less than your take home monthly income. This leaves excess cash flow
for bills and investments that will bring you funds in the future.
Secondly, spend more of your money
on acquiring assets than liabilities. For every major purchase, ask make sure
you satisfactorily answer the the following question: “what is my ROI (return on investment) on
this.”
2. Have more than one stream of
income.
The most successful people have
several channels of income coming in, usually it is monthly, and for some it’s
weekly, while for some others it is daily. We live in a very progressive
society today and there are a lot of ways to make money. By having multiple
streams of income you minimize your chances of going broke, and increase your
chances of building wealth.
Do not just depend only on the
full-time job and think ok this is the way I am going to make money. Carefully
search out what you’re passionate about, and figure out how you can monetize
it. Opportunities are endless these days, especially with all the technology
out there. And of course, as Robert Kiyosaki always emphasize there is always
Real Estate, a great way to generate passive income.
3. Develop adequate and up-to-date knowledge
of your banking.
Successful people have a full
understanding of their banking! They realize that all the little bank fees a
person can accumulate will add up! Be aware of overdraft fees and monthly fees.
Know all the automatic charges coming out of your account every month, from the
smallest to largest, it all adds up.
Essentially, know your bank
statement like the back of your hand, and be able to recognize every
transaction therein.
Lastly, do not get caught up with
paying interest on your credit card debt. Pay you bill in full and on time
every month! Successful people make their money work for them and focus on
gaining a return.
Watch out for more inspiring post from me. Feel free
to like and share this site with others.
Yours sincerely,
Aminu Sule
08092253255
Account
ID: pub-1261487333331950
Client
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