Financial Management: Staying On Top Of The Money Game
Everyone knows you don't have to be stupid to get into debt. Getting into debt is not hard, in fact it is so easy all it takes is letting down your guard and stop paying attention to your income or expenses. Before you know it you will be juggling the bills, using this one to pay the other in order to buy time. It's kind of like weight gain. You stack on the pounds without much effort but to get healthy and shed the weight it takes a real conscious effort and consistency. It's one thing to say spend less than you make, but what if you live the simple life and don't even make enough to cover the bare necessities? Or what about the constantly changing economy that we live in?
Fair questions, but first let's define "financial success!" My definition of financial success after reading Million Dollar Diva: The Smart Woman's Guide to Getting Rich Safely, is "mastering the mental money game of controlling your habits and emotions." The book also reminds us that we can't always depend on someone else to bail us out and give us a handout, as feelings of entitlement will kill ambition.
"They kill the spirit of creation, of work, of being in control of your life. They make people feel like they deserve something they truly don't deserve."
The truth is, true wealth principles never change! But you must first come to terms with your situation, start making smart money decisions and goal set to keep you on track. So instead of rendering yourself helpless, let's take control of the money game and our lives!
WEALTH BUILDING PRINCIPLES
Here are a few down to earth money principles that I am learning and putting into action to help me restructure my framework, principles that you too can maximize and execute in your everyday life.
- Develop multiple streams of income
- Pay yourself first
- Attain income generating assets
- Leverage money by compounding
- Leverage other people's knowledge
- Leverage the right actions to get desired results
- Leverage time, people and technology
- Give value
- Surround yourself with people who will pull you towards your goal
- Take advice only from those who teach and follow true wealth principles
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**This article is not intended to give any tax, investment or financial advice of any kind. Everyone's situation is unique, therefore seek professional advice from your CPA, financial adviser and or lawyer.