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
Many years ago, while I was searching for strategies to eliminate my money problems, I read a book by financial guru Suze Orman which opened my eyes to an interesting principle that promised to help me achieve a better relationship with my money.
In The Courage to Be Rich, Orman opined that it was important for us to connect to the world with our money, and that charity should be a part of our financial plan. Orman noted that giving money away had many benefits that could not only change people’s lives, but improve our own finances.
HOW GIVING BECAME A PRIORITY EXPENSE
I was determined to fix my money woes, so I usually followed the advice of the experts without question. However, the concept of giving away some of my inadequate income to others left me perturbed. How was I going to survive on less money when I couldn’t even pay my bills? Continue reading A Charitable Route to Wealth
At the beginning of the year, many of us made firm resolutions to make 2012 the best ever. This was going to be the year, we declared, that we finally got our money act together. Reciting our 2012 Money Manifesto pledges, we vowed to make positive changes in 12 areas of our financial life.
If you had made these optimistic declarations to improve your finances, how would you rate your progress three months later? Have you been successful at implementing many of the habits that would allow you to achieve your objectives? Or have you given up on your plans and consoled yourself that next year will be better?
If you’re like most people and have already reneged on your resolutions, don’t despair. Decide to tackle your money problems in the same way you would approach a work or school assignment: assess the issue, research possible solutions, create an action plan and carry out the necessary activities.
Make it your mission to work on a specific money goal each month. Continue reading Money Mission: Become A Money Magnet
As we strive to move up the ladder of success, one of the benchmarks that we can use to gauge our progress is our net worth. Your net worth is a measure of your financial value which is calculated by subtracting your total liabilities from the total value of your assets. In essence, it is the net value of all the things you own, less all the things you owe.
According to T Harv Eker, best-selling author of the Secrets of the Millionaire Mind, net worth is a fundamental measure of wealth. Eker reveals that persons who are determined to be rich will focus their efforts on increasing their net worth.
So if one of your money goals for this year is to build your wealth, you should be paying close attention to your net worth. Continue reading What’s Your Net Worth Really Worth?
When many people think about investing, they have one major question in mind, “How much money am I going to make?”, and they usually don’t consider what they may have to give up in order to get their desired profit. However, natural law dictates that in order to receive, you must be willing to sacrifice something in return.
If you want to create wealth from investing, you will have to make some compromises in order to achieve your objectives. You’re not going to be blessed with wealth from this source without paying a price for it.
While it may be relatively simple to determine the direct expenses that can accompany an investment transaction, there are some hidden costs which may not be that obvious. Let’s look at some of the areas in which you must be willing to give and take in order to get the best from investing. Continue reading The Hidden Costs of Investing
One observation that has both fascinated and frustrated me is that very few people actually attain the financial success that they dream about, while so many people seem to exist without a sense of direction towards achieving any goals.
I have had many opportunities to examine the attitudes and actions of persons who seek my advice about their money problems. Very often, I would give recommendations to two persons in similar situations, yet only one would follow my counsel and achieve success, while the other would continue along a financially destructive pathway.
Many years ago, as I searched for solutions to improve my own money situation, I realised that I had to understand the forces that could help one person to achieve, and the impediments that could hinder another from getting ahead in life.
I thought that if I could learn and follow the habits of success, and identify and avoid behaviours that led to failure, then I too could join the ranks of the financially successful. Continue reading What’s stopping your financial success?
“One year ago I sold a piece of land and received nearly one million dollars. I decided to fix up my house and invest the rest of the money. I ended up investing in some business ventures that didn’t succeed, and now I’m broke again. I believe that money always multiplies for some people, but not for me, because I always fail when I try to make money.”
Over the years, I have done extensive research on the topic of financial achievement. My quest has been to discover why it is that some people make a lot of money and attain personal success, while the great majority of the world merely struggles to get by financially.
Is it a special gene that some people possess that allows them to be wealthy, or is it left to the goddess of luck to determine who makes it and who doesn’t?
Continue reading Are you wired for financial success?