Is it true that more money will yield more fortune? Not certain. The life stories and habits of the wealthy doesn't support the popular believe that the more you earn, the rosier your life will become. If money were to create life fortunes, lottery winners could have remained very rich years after hitting the big buck. What about great boxers whose fortunes has suddenly nose-dived? Hollywood celebrities of yesteryear are currently living in abject penury as a result of lack of money management skills. You surely don't wish to remain in the rat race all your life.
Robert G. Allen in his book multiple streams of income emphasize on the need to acquire good money management habits as the wealthy people do so that you can become wealthy and financially free. Your money habits will determine your financial future. Your money habit is the key factor to your character money- wise and your financial destiny. You will continue to experience long term lack and financial short comings as long as you remain unlearned in the skills of profitable money management.
Now back to Robert Allen. His book spoke much about what you should do with the money you earn during your working years...
6 Profitable Ways To Effectively Manage Your Hard Earned Money
Throughout Your Working Years So That You Can Gracefully Retire To Enjoy...
Money Habit 1: Value and Control It
The very first skill you must acquire is to value the money you earn. The money in your hand is likened to a seed. That seed could germinate and grow several money trees that will yield durable fruits in the future.
Do you know that the single dollar in your hand is a potential one million dollars? You call that an exaggeration? Okay listen to this. Recently an analysis was done in the United States to know the actual value of a dollar several years ago as compared with its current value at the New York exchange. That one dollar was estimated to be more than $1 million. The money was put in instruments that overgrew inflation over the years.
You can now see why you must not undermine the value of that naira in your hand?
To practically achieve this goal, you must as a matter of urgency get acquainted with how you spend every dollar you earn.
Strive to know more about your personal account. Categorize your expenditure outlets and spend your income in that order. Have a record of your personal finance in a durable book.
I learnt this lesson very early enough when I started my working career. I quickly bought a hard cover ledger book where I record my money spending habits to keep track of how my income is being spent over the years. The mere knowledge of how I spend my salary in the last 5 years has opened my eyes to several other things like the determination to take my financial future out of the hands of Government. I feel a kind of confidence and measure of power of that knowledge which has helped me to acquire financial discipline. I now know the true meaning of asset and liability.
Anything you spend your money on without the prospect of making more money is a liability. Period!
Money Habit 2: Save It
This one is not new to most civil servants. They know how to do this very well. Nevertheless, I must point your attention to how to do it for maximum benefit. Your savings should be a tangible percentage of your salary. Financial experts suggest you save up to 10% of your income and if you can do better than that, good for you.
One thing you must however work against is to allow your savings to be eaten up by inflation.
Your goal should not be only to save but to ensure that your savings is not left at the mercy of inflation. Keeping devalued money is not worth the effort.
You should adopt the principle of saving sufficient amount capable of sustaining you and your family for 3 months even if you are not paid your salary. The left over should be channeled to the next money management habit...
Money Habit 3: Invest It
This is what most income earners never know how to do well. Some out -rightly avoid it for fear of losing their hard earned money and yet what they did not know is lacking is the right information on how to be smart investors.
I have taken it upon myself to speak to some senior civil servants on this matter; what I discovered left much to be desired. Some who invested put their monies on enterprise that will keep them enslaved after retirement. When are you going to enjoy your life if you still continue the same way you worked for Government after retirement? Your strength diminishes with old age so you must learn to invest your money in money instruments that has the potential to multiply the money while you rest.
Robbert Kiyosaki an American financial expert spoke extensively on the 7 levels of investors that I will share with you briefly to further sensitize and empower you to put your financial destiny in your hands.
Level 0
These people have no money to invest. They either spend everything they make or spend more than they make. There are many 'rich' people who would fall into this category. Unfortunately this zero level is where about 50% of the adult population would be categorized.
Level 1: Borrowers
These people solve financial problems by borrowing money. Often they even invest with borrowed money. Their idea of financial planning is robbing Peter to pay Paul. They live their financial lives with their head in the sand like an ostrich hoping and praying that everything will work out. While they may have a few assets, the reality is that their level of debt is simply too high. For the most part, they are not conscious about money and their spending habits.
Level 2: Savers
These people put aside a 'small amount of money usually in a regular basis'. The money is in a lower risk, low return vehicle such as a money market checking account, savings account or certificate of deposit.
They often save to consume rather than to invest ( e.g. they save for a new T.V., car, vacation etc). they believe in paying in cash, they like the security of money in the bank.
Level 3: Investors
There are 3 different types of investors in this group. This level of investor is aware of the need to invest. Generally they are intelligent people who have a solid education. They make up what we call the middle class. However when it comes to investing, they are often not educated....
Level 4: Long Term Investors
These investors are clearly aware of the need to invest. They are actively involved in their own investment decisions. They invest in their education before actually buying any investment.
If you are not yet a long-term investor, get yourself there as fast as you can. This means that you sit down and map out a plan. Get control of your spending habits. Minimize your debts liabilities. Live within your means and then increase your means.
Level 5: Sophisticated Investors
These investors can 'afford' to seek more aggressive or risky investment strategies because they have good money habits, a solid foundation of money and also investment savvy. They are focused, not usually diversified. They often buy investment wholesale rather than retail. They are well educated in the world of investing and actively seek new information.
Level 6: Capitalists
Few people in the world reach this level of investment excellence. In America, less than one person in a hundred is a true capitalist. A capitalist's purpose is to make money by synergistically orchestrating other people's money, other people's talents and other people's time. It is the capitalist that provide the money that create the jobs, the business, and the goods that make a country prosper. These are the Kennedys, Rockyfellers, Fords, J. Paul Gattys etc.
There you have it; my menu on the 7 levels of investors. Read it over and over again to know where you belong and how you can improve on your money habits. Let's now continue with money habit skills....
Money Habit 4: Make It
Making money is entirely different from investing it. This is the entrepreneurial side of money. If you are not an entrepreneur yet, learn to become one. Everyone will need to create multiple streams of income in the future. The truth is no matter what profession you belong, the present world economy does not favour a monolithic career in a single life time. The crave for downsizing and re-engineering or reform globally by government and private establishments necessitate that you retrain yourself and acquire more money making, marketable skills.
Opportunities abound in computer communication technology for whosoever cares to improve his family financial fortune. You must learn the skills of being your own boss, even if you are working for a solid corporation and plan on retiring there. The world is just too insecure to make long term plan with one company.
You can make money from what you are good at. Get on purpose. Do what you love and the money will follow.
Money Habit 5: Shield It
Making money is one set of skills. Keeping it is another. As you work toward your financial goals, you will need to learn how to preserve the wealth you are creating.
You must learn how to get your homes, cars and business entities out of sight through corporations, trusts and family partnerships to build a financial fortress around your assets. Do not create problems for your wife and children after your death. Make sure they do not fall prey to greedy relations who went to reap where they did not sow.
Money Habit 6: Share It
This is the last money management skill I will share with you. Remember the story of Harvard University which was rated the best in the world. Most of its facilities are not from the American Government but from wealthy Americans. You multiply what you have now through giving. The more you give, the more you too continue to receive. It is better to give than to receive.
Be a consistent giver. Pay your tithe regularly and consistently. Identify the needy around you and show them mercy. Remember that the ultimate purpose of having money is to help others.
Dear friend, here again is the summary of money management skills that will guarantee you a financially free future:
(1) value it
(2) save it
(3) invest it
(4) make it
(5) shield it
(6) share it
These are proven, timeless principles for personal wealth creation and financial freedom. You may decide not to apply these principles if you have inherited a fortune from your parents. If you however want to be a self-made individual, that is the way to go. You owe it to yourself to live a comfortable life with peace of mind.
Monday, August 18, 2008
Concentration-The Magic Key To Success
Success is like a mystery to most folks living on this planet. It is very disturbing to the untutored why some should have everything life offers while others live in abject dissatisfaction and underachievement. You may find yourself in this group of the frustrated. The magical secret to success is what I want to reveal to you in this article so that you too can understand the quiet and powerful tool the super successful have been using to climb the ladder of great achievement. You don’t need to be extraordinary and super to apply this key. Ordinary people like you have used it to achieve extraordinary results. Think about new invention or trend. Think about any new discovery. Think about any new cloth in vogue. Think about any new method of solving a nagging medical problem. Think about any new way to doing things to achieve greater and faster result. This magic key is the secret behind them all. Anyone who will may apply it usefully to transform his life and fortune. This magic key will unlock the door to unbelievable riches. It will unlock the door to fortune and fame. It is very easy to use this magic key to unlock the door to physical health and well being.
This magic key unlocks the door to education and unleash your hidden potential. It is your gateway to any position you may ever think of or imagine in life. This magic key will make you powerful just as it has done to brave men and women who applied it in the ages past. Marie Curie applied it and won the Nobel Prize twice- one in Physics and another in Chemistry.
If you are a messenger presently in a very low position and desire to become great in life and be in a better position, this magic key will help you to achieve that goal. Napoleon Hill used that key. He became a most celebrated author of Think and Grow Rich. His life was transformed from that of an ordinary errand journalist to a super human being who got the attention of political leaders of his age. His ideas still continues to transform the lives of countless people who desire riches and want to run businesses of their own. Bill Gates used this magic and became the world’s richest man at 40. Warren Buffet used this magic key and became the richest investor of all ages. Think about it. What could have been responsible for the widely acknowledged success of Donald Trump in real estate business but for this magic key. All these people accumulated vast fortunes and wealth.
This magic key cuts across all facet of human life. It will unlock the prison doors and turn hardened criminals into agent of change and dependable human beings. This magic key turns misery into happiness.
The question now is what could this magic key be?
This magic key is Concentration. It is a 13 lettered word. Very simple but powerful. It has a tremendous power that transforms life like a tornado in action. Concentration I’m talking about here means your ability to fix your attention on a particular thing you want to achieve and thoroughly familiarize yourself with that subject until you have mastered the nitty-gritty of the matter and move ahead to achieve your goal. You say no to any form of distraction whatever the sacrifice may be. Think and Grow Rich is a world’s best seller today. Very few people are there who know that it took Napoleon Hill 25 years to discover the principles espoused in that life-changing book.
Concentration in your ability to do away with destructive habits and build new ones guaranteed to make your life better. Concentration helps you to achieve complete self mastery. You attain a high level of discipline, have great power to control your thoughts and direct them to a definite purpose in life.
How To Automatically Condition Yourself To Acquire The Power Of Concentration
You need to vital supplementary keys to automatically condition yourself to attain the power of concentration.
The first principle is ambition. You need to be ambitious before you can use the power of concentration. Living aimlessly in life will keep you at the low ladder of success. You will remain a nobody and people will continue to look down on you. That is certainly not the kind of life you want to live. You want your life to count. You want to be a source of blessing to others. You want to have everything you want in life and be comfortable. You want to move to the next level in your career. You don’t want to remain uneducated. Have ambition. Aspire to be great. Take steps to improve yourself then attaining the power of concentration will not be difficult for you.
The second principle is desire. Desire is a chief factor and foundation for any successful enterprise in life. It is like a fuel that drives your car. It is the stimulant that awakes your imagination. Desire starts any good thing you can think of in life. When you combine desire with ambition, you are ready to automatically condition yourself to attain the power of concentration. That is it for you. The magic key of concentration works. Rise up and start to use it to improve your life and future.
To Your Success
Benard Solomon
This magic key unlocks the door to education and unleash your hidden potential. It is your gateway to any position you may ever think of or imagine in life. This magic key will make you powerful just as it has done to brave men and women who applied it in the ages past. Marie Curie applied it and won the Nobel Prize twice- one in Physics and another in Chemistry.
If you are a messenger presently in a very low position and desire to become great in life and be in a better position, this magic key will help you to achieve that goal. Napoleon Hill used that key. He became a most celebrated author of Think and Grow Rich. His life was transformed from that of an ordinary errand journalist to a super human being who got the attention of political leaders of his age. His ideas still continues to transform the lives of countless people who desire riches and want to run businesses of their own. Bill Gates used this magic and became the world’s richest man at 40. Warren Buffet used this magic key and became the richest investor of all ages. Think about it. What could have been responsible for the widely acknowledged success of Donald Trump in real estate business but for this magic key. All these people accumulated vast fortunes and wealth.
This magic key cuts across all facet of human life. It will unlock the prison doors and turn hardened criminals into agent of change and dependable human beings. This magic key turns misery into happiness.
The question now is what could this magic key be?
This magic key is Concentration. It is a 13 lettered word. Very simple but powerful. It has a tremendous power that transforms life like a tornado in action. Concentration I’m talking about here means your ability to fix your attention on a particular thing you want to achieve and thoroughly familiarize yourself with that subject until you have mastered the nitty-gritty of the matter and move ahead to achieve your goal. You say no to any form of distraction whatever the sacrifice may be. Think and Grow Rich is a world’s best seller today. Very few people are there who know that it took Napoleon Hill 25 years to discover the principles espoused in that life-changing book.
Concentration in your ability to do away with destructive habits and build new ones guaranteed to make your life better. Concentration helps you to achieve complete self mastery. You attain a high level of discipline, have great power to control your thoughts and direct them to a definite purpose in life.
How To Automatically Condition Yourself To Acquire The Power Of Concentration
You need to vital supplementary keys to automatically condition yourself to attain the power of concentration.
The first principle is ambition. You need to be ambitious before you can use the power of concentration. Living aimlessly in life will keep you at the low ladder of success. You will remain a nobody and people will continue to look down on you. That is certainly not the kind of life you want to live. You want your life to count. You want to be a source of blessing to others. You want to have everything you want in life and be comfortable. You want to move to the next level in your career. You don’t want to remain uneducated. Have ambition. Aspire to be great. Take steps to improve yourself then attaining the power of concentration will not be difficult for you.
The second principle is desire. Desire is a chief factor and foundation for any successful enterprise in life. It is like a fuel that drives your car. It is the stimulant that awakes your imagination. Desire starts any good thing you can think of in life. When you combine desire with ambition, you are ready to automatically condition yourself to attain the power of concentration. That is it for you. The magic key of concentration works. Rise up and start to use it to improve your life and future.
To Your Success
Benard Solomon
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