I don’t know how 2016 treated you (financially), but if you were like me, you don’t want that to happen again, ever! You probably want to be debt free this year and you want some considerable money in your pocket or account all the time. Yes, all. the. time.
I read an article on ‘secrets’ of millionaires that they don’t usually share with others and I believe that we can learn a thing or two from them.
They will help us not to go broke in this New Year, but most importantly; I’m hoping they will help us attain financial independence in the long run. Don’t you wish to reach a point in your life where you have sufficient personal wealth to live, without having to work actively for basic necessities?
First, we need to be mentally ready.
Here is some wisdom we should never ignore.
- Financial freedom is a state of mind that comes from being debt free. Amazingly, it can be attained regardless of your income level.
- Patience is a virtue. Your wealth will be accumulated gradually by diligently saving your money over multiple decades.
- Money is like a toddler; it is incapable of managing itself. After all, you can’t expect your money to grow and mature as it should without some form of credible money management.
- You have often times heard that – failing to plan is the same as planning to fail. Cliché as it sounds, it is true. It’s not enough to simply declare that you want to be financially free. You need a plan on how you’ll get there, and you have to follow that plan.
Consider the following in your plan;
- Start spending less than you earn. What’s the point of being deceptively poor, yet you could be anonymously rich?
- How about getting a second job or a side business? It not only increases the size of your bank account quicker but it also keeps you busy — and being busy makes it difficult to spend what you already have.
- Save, save, save! The earlier you start the better. This will help you take maximum advantage of the power of compounding growth on your nest egg. And don’t be afraid to think big when it comes to setting savings goals. Financial success demands that you have a vision that is significantly larger than you can currently deliver upon.
- Insure yourself against risk. Remember that the potential for bankruptcy is always just around the corner and can be triggered from multiple sources: the death of the family’s key bread winner, divorce, or disability that leads to a loss of work.
I wish you a prosperous new year!