Tag Archives: financial freedom

More Money Lessons from the Animal Kingdom

Goals, , , , ,

A few months ago, I discussed the habits of some ordinary animals, noting that they had many positive lessons to teach us about being smart with money. From the lowly ant to the powerful racehorse, these creatures demonstrate determination and dedication in achieving their goals.

For the most part, the members of the animal kingdom are very disciplined and organised with their instinctual activities. However, I have researched some quirky animal behaviours that could be compared with the destructive habits that many us of have with money.

Here are a few actions that we do not want to emulate in our financial lives:

Don’t stick your head in the sand like an ostrich

It has been said that when frightened, ostriches will hide their heads in the sand to escape harm, but scientific study has debunked this saying as a myth. Although the speedy ostrich will first run away from danger, if it cannot move or defend itself, it will lay its head and neck flat on the ground to evade detection. As its upper body is the same colour as the sand in its natural habitat, it could easily be thought that the animal had stuck its head in the ground. Continue reading More Money Lessons from the Animal Kingdom →

No Regrets

Money & Your Mind, , , , , , , , , ,

Recently, my 25-year-old niece shared with me some of the strategies she was using to secure her financial future. She explained that she had rejected the credit-card consumption culture that was so prevalent in the United States, by only buying things that she could afford.

Saving a good portion of her salary was her main aim, as she wanted to amass a significant down payment before she bought her own home.

Although I was filled with pride as I listened to her reveal her smart money habits, I couldn’t help but reflect on my own financial history, which was quite the opposite. When I was 25, my income was inadequate, my debt was distressing, and my net worth was nonexistent. Continue reading No Regrets →

Eight Essential Money Principles

Money & Your Mind, , , , , , , , ,

Very often, people ask me to provide them with one piece of advice that could help them to be more successful with their money.

Over the years I have learnt that there isn’t just one method to effectively manage your finances, create wealth, or preserve your money for the future. In fact, there are several steps which, when combined, can put you on a solid financial footing.

Here are eight guidelines that can help you successfully traverse the road to financial freedom: Continue reading Eight Essential Money Principles →

How To Maintain Your Money

Retirement & Estate Planning, Risk Protection, , , , , , , ,

Why do some people achieve long-lasting financial success while others struggle with money for their entire lives? After years of seeking the answer to this mystery, I have discovered that the route to prosperity lies in the knowledge and application of some basic principles that govern money.

We have been examining the three tenets of money success – managing, multiplying and maintaining your money. After making smart use of the money you already have and making determined efforts to earn more, the final key is making plans to preserve your wealth for your lifetime and beyond.

Here are the four essential steps to maintaining your money: Continue reading How To Maintain Your Money →

Crazy Consumption Case # 2 – Too Much Money To Spend

Spending, , ,

In our continuing saga of ‘Crazy Consumption’, we have been focusing on real-life stories of this phenomenon which afflicts consumers who spend without control, sometimes to their financial ruin. The silly spending season is fast approaching, and we hope that our readers’ experiences will help you to resist the Christmas urge to splurge.

This week we examine Richard’s experience in the spending cycle. He has a problem many of us wouldn’t mind dealing with – too much money to spend!

Richard’s Story:

Your article on crazy consumption really hit the mark for me. I’m twenty-seven years old and I’m tired of wasting my money. I live at home with my parents, which helps to keep my expenses down. I do save a portion of my salary, but I realize that most months I will spend J$20-J$30,000 on idle activities and things I don’t even need. Sometimes I splurge on big ticket items, other times I buy a lot of small things that add up. Once I have money in my hand – I have to spend it!

I will be on leave from work during the Christmas period, so I’ll have a lot of free time on my hands. I’m afraid that I’m going to waste my bonus on parties and unnecessary stuff, like I normally do. My major frustration is that I seem to have absolutely no self-discipline to stop spending this way. Please help me to regain control over my money! Continue reading Crazy Consumption Case # 2 – Too Much Money To Spend →

Increase Your Net Worth

Wealth, , , ,

“I daydream constantly about being wealthy. I’m fed up with not earning enough money, and tired of having to scrimp each month to make ends meet. What should I be doing now so that one day I can really be rich?”

I believe that at some point, everybody has fantasized about being very wealthy and living like the upper class on “Lifestyles of the Rich and Famous.” While most people never realize that dream, a select few have been able to figure out a way to make the wealth gods smile in their favour.

What is it that separates this small percentage of the population that has achieved great riches from the rest of the world? One of the reasons, according to T. Harv Eker, bestselling author of the Secrets of the Millionaire Mind, is that people who are determined to be rich focus on increasing their net worth. Continue reading Increase Your Net Worth →