Money! Everyone wants it. Musicians have sang and continue to sing about it. Some idolize it. Some even die because of it. And by the way, that happens every day. In fact, it’s happening right now as you read this.
The lack of it, the desire or crave for it has been responsible for some of the worst crimes ever committed. It’s responsible for some of the worst action showing man’s inhumanity to man.
It ranks high up there with power and sex as one of the most coveted things by humans.
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Some people can do anything for it.
Of course armed robbers do that every day. And do I need to mention drug dealers, prostitutes and their likes to make my point? No, don’t think so. You’ve got the point. And you know even you have taken drastic measures to get it at one time or another.
Needless to say, money is one of the most misunderstood things on earth, and yet one of the most desired.
How on earth is getting rich not a subject of study in school given the importance and ubiquity of money. It seems everything we do in life is in one way or another connected with money.
From when you are born, bills must be paid at the hospital. Before you were even born your parents had started spending money on you. And every step you go it’s money, money, money required all the way for one thing or another.
And for those unfortunate ones whose parents can’t find the money? Well, the unlucky ones get dumped by the road sides for the motherless babies units to cater for. Others who are lucky get to scrape by, going off to start selling for their parents on the streets as soon as they are old enough to carry some items about. That’s the modus operandi in most African states.
Now let’s talk about you and I. However you got here.
Maybe you are part of the luckiest few that were born with the proverbial “golden spoon” or even “silver spoon”, but you seem to have lost it.
Or you are not anything like any of these; you are living in a world of your own. But you still want to achieve your financial goals as this will make your life all the better.
Okay, here are 7 powerful habits you can develop that will help you achieve your financial goals:
Habit #1 Understand That Money Is Important But Some Things Are More Important
Some people make the mistake of putting money ahead of everything else. Don’t. Because it’s not.
You know that your life is more valuable to you than your money, right? Well, even time is more valuable than money. For the simple reason that when you lose money, you can make it back if you have the time but if you run out of time? It’s all over.
The right relationships are also more valuable than money. The right skills and wisdom will save your life even when money cannot.
Habit #2 Plan Ahead For Your Financial Success
As it is with every other important thing in life, succeeding with money requires that you have a solid plan going for you.
You need to plan how you will grow your money in the next one year, five years, twenty years and your life time. You need to also have a succession plan for the next generation. Yes, life is like a relay race.
For everyday that you wake up or set out for work, you should assess your progress so far. Where are you in the plan, and what do you need to do today to make sure your plan comes to fruition?
Habit #3 Have A Monthly Budget
After you have planned your finances and laid out a clear vision for where you are going, it’s important that you break the plan into small bits based on your current financial situation. That’s the best way to eat an elephant after all.
Planning your monthly expenditure before you receive your income makes it easier to make the best use of your money to support and achieve your vision.
Your budget will reveal where your money is going. It will show you what your spending habits are. This will make it easy for you to know what adjustments you need to make moving forward.
Habit #4 Improve Your Skills, Everyday
This is one of the most important habits you can develop that will seriously affect your finances.
In today’s technology- driven society, skills and even whole occupations are getting outdated by the day. You don’t want to be left behind and looking for how to generate income with your skills to no avail.
You want to be in-demand at every point in time.
By so doing, your income never runs dry. There are new areas popping up in every industry. So you need to be on the lookout for how to improve your current skills and put yourself in the top ten percent of top performers in your industry.
Some whole courses can be taken online for free. There are also paid ones. If you find them important enough to advance your career, don’t hesitate to take them.
Habit #5 Buy Assets, Not Liabilities
One of the biggest reasons most people struggle with money is what they spend their money on, not even how much they earn. Most people use their money to buy liabilities without even realizing it.
Liabilities by the way refer to things that take money out of your pocket on a daily, weekly or monthly basis. It could even be any other period of time. But the bottom line is that you do not get money back for the expense. They are the exact opposite of assets.
Assets are things that put money into your pocket on a regular basis. For any amount of money you spend on your assets, they yield a return. For some assets, you spend once to acquire them and continue to get paid for life. Continuously invest in such assets.
Habit #6 Make Investing A Lifestyle
This right here is one of the most distinguishing factors between the rich and the poor. Two people can start at the same financial position today and in ten years, they are in totally different positions; one is rich while the other is poor.
We’ve seen it many times: a person that was doing very well and seemed to have everything going for them and bang! Something happens and they begin to spiral all the way downward, and nothing can stop them now. Whatever they do things just keep going all the way down. And they have nothing to hold on to.
Those, my friend are people who do not invest.
Some people spend all their money on possessions to keep up with the Joneses. They forget that that same money can be invested to bring them more money in future.
Assets you need to invest in include:
Habit #7 Aim For Passive Income, Ultimately
This should be your ultimate aim as you’re not going to work all your life, at least not at the same level you do today.
You want to make money even when you are asleep. That is the essence of passive income. You work once, you get paid for life. And in today’s world, you should be aiming for that.
But how can you achieve it? Through your investments of course. That is why you need to take investing seriously.
There are several other ways to earn passive income that you can explore. But generally, establishing and building a successful business is one of the very best, if not the best.
Imbibe these habits and you will not have any reason to worry about achieving your financial goals because you will more than achieve them.