Wednesday, November 11, 2009

PRINCIPLES OF WEALTH : Taking the right steps to financial freedom

Like we said earlier on, there are principles that guides the operation of this universe, like the law of gravity. There is a principle that guides the planets that makes them revolve round the sun and keeps each planet in its orbit so that no one clashes with each other and that they maintain the right distance from the Sun. Principles work the same result wherever they are applied.  The Principles of Wealth I want to share here will work for you because they are time tested principles that yield's the same result everywhere.

I was listening to several messages that has to do with Financial Education and Personal Finance, and I have come to understand that the principles of creating great wealth are actually learnable. All it takes is a very serious level of discipline to implement them.  Most people want to be rich but don't want to go through the rigours of financial discipline and learningThe rich have a mindset that is different from the poor that's why they keep on getting richer.  The poor obviously operates with a mindset that keeps them at the poverty threshold.

The poor have a way of thinking about money that is tailored towards "spending" all the money they earned in a month while the rich thinks of how to "multiply" their income by savings and investing it in ventures with propensities of increase, like businesses, shares and real estate.  I have never seen a rich man without a business or a company he is running; I have never seen a poor man who has a company or a business that goes beyond subsistence level.  See, your wealth starts from changing your thinking. Think Big! Think Money! Think how to multiply your wealth! Stop reckless spending! Stop spending all you have and try keeping some part for tomorrow!

If you really want to be rich you should be ready to go the extra mile...develop the hard worker attitudeYou should be thinking of having your own business, you cannot get rich working for somebody may say, are we all meant to be C.E.Os? Yes, I can tell you because not everyone has the courage to be one, if you have the courage, you take that risk! Not taking the risk is a risk in itself! There many principles of wealth creation so we are going to dwell on this topic for sometime. The challenge I have for you is to take these various principles and apply them in your life. You can implement one for the next six months or one year, and see how your finances have actually changed.  Remember it's not what you know that matters but what you do with what you know!

You can be financially starts with a single step and apply certain disciplines! It involves changing your ideology about money and spending. Investment and savings should become important words in your dictionary. Get books on personal finances, shut the door, sit down and read! Get some financial education and improve your financial intelligence.

Stay connected and take charge!

Recommended Reading : How to Increase Your Financial IQ (Robert Kiyosaki), Mastering Money (Praise George),Multiple Streams of Income (Robert G. Allen)