Step into Your Power Day 2: Financial Abundance
It's the start of a New Year, and as promised we are focused on helping you #StepIntoYourPower by sharing inspiration that will move you closer to living a happier, healthier life. And with that said, one of the 8 environments of our lives (see image below) that we are all seeking to improve is... managing our finances. Hence today's topic is focused on financial abundance – simply how to get financially fabulous.
But before I move on, I would like to ask you a few quick questions. What is your financial goal for 2015? How much
money wealth do you want to create this year? What is your financial target for 2015?
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If you have not yet identified your financial goals for 2015, stop right now. Grab a pen and paper or just download the free #TheFABLane 2015 Goal Action Sheet by Toya Rapely of MyFABFinance.com, then identify and write down three personal financial goals.
One of my goals for 2015 is to get very intimate with my money, and so I've already identified the wealth and financial target I would like to achieve by December 31st to get me closer to financial abundance. To aid my money mindset and guide me on my wealth journey, I am currently re-reading a book I feel is one of the greatest resource on building wealth - The Richest Man in Babylon by George Clason.
The 7 Wealth Habits
Below you will find in my own words, what The Richest Man in Babylon calls the Seven Cures to a Lean Purse and which I am dubbing "the 7 Wealth Habits." The 7 wealth habits does a great job of covering the asset classes - equities or stocks, income property and commodities, passive income, and the ultimate asset of all YOU (your gifts and talents).
- Put away 10% of your earnings.
- Budget only the necessary expenses to control your expenditures.
- Convert your money into an asset that can work for you by growing exponentially (compound interest).
- Invest only in products that safe-guards your principal investment.
- Own your own home.
- Insure future income to protect your family against death, illness and old age.
- Develop multiple streams of income by cultivating your own powers.
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A key tip to remember on your financial abundance journey, is to only seek financial counsel or take money advice from those who have proven to be profitable with handling money.
What are your personal financial goals for 2015?