We have recently been looking at the importance of saving in designing a financial success plan. While it is critical to consistently put aside a portion of your income to create an emergency account and build an opportunity fund, the reality is that saving alone won’t make you rich.
Saving is essential to help you develop discipline with money, and it also allows you to focus more attention on accumulating money instead of just spending it. In addition, your savings can give you a head start to pursue more lucrative financial options to create long-lasting wealth.
What Does It Take to Build Wealth?
If you have been saving diligently and you are a little disappointed with the slow growth of your bank balance, you need to start employing strategies that will enable you to boost your results. Unlike the relatively passive act of saving, however, building wealth takes a lot more expertise.
I like to utilise clever Jamaican sayings to help clarify money concepts. Our snippet of wisdom for this week declares, “Wise monkey know which tree fi climb.” An experienced monkey searches for the trees with the best food sources and avoids those which hide potential danger. Continue reading Jamaican Style Money Guide: Wise Monkey Know Which Tree Fi Climb
We have recently been examining some key books that can help you to learn how to achieve a financially rewarding life. Understanding and practising the basic principles of money success are fundamental steps to creating a prosperous future.
As Robert Kiyosaki explained in his bestseller, Rich Dad Poor Dad, “If you want to be rich, you need to be financially literate.”
Reading Kiyosaki’s account of the lessons he learned from the mentor whom he called his ‘rich dad’ was an eye-opening experience, as it revealed some financial concepts that I had never encountered before. It was impossible to think the same way about money after being exposed to the wealth secrets that ‘rich dad’ shared. Continue reading Mind Your Own Business
In nine years of experience in providing personal financial advice, I have trained thousands of persons from all walks of life about the principles of money; I have coached highly paid doctors and lawyers and counselled lower-income workers.
There is one factor that unites the majority of persons who seek my assistance – they are facing financial distress because they are unaware of the basic steps that they should take to successfully manage, multiply and maintain their money.
I can recall the frustration of a professional who earns more money in one month than most Jamaicans will see in a year, as he painstakingly tried to organise his finances to get out of debt. “I can’t believe that I don’t know how to budget,” he sighed, “why didn’t they teach us about this money stuff when we were in school?” Continue reading More Money Lessons I Wish I Had Learnt In School
We have been discussing the three principles of financial achievement – managing, multiplying and maintaining your money. Last week, we outlined the four cornerstones of managing your money, explaining how to make smart decisions with the money you currently earn.
Many people hope that their working income will give them all they need to make ends meet and achieve their goals. The reality is that for most people, the regular job will never supply enough money to enable them to become financially successful. Today, we will look at the steps you can take to earn more money.
Create Extra Income
As we confirmed last week, proper budgeting is vital to all financial decisions. Once you fill out your budget accurately (you can download one at www.financiallysmartonline.com), it will show if you’re spending too much money or not making enough money.
If you’ve cut back on non-essentials and still can’t find enough to pay your basic expenses, then earning more is your only option. Continue reading How To Multiply Your Money