It is one thing to acquire money and yet another thing to keep it. Whether poor or rich it is important that we adhere to some practices or strategies that will help us make more money and also keep the money.
It is not enough to go to school, get good grades and get a high paying white collar job. It is mandatory for everybody who wants to be successful, healthy, prosperous and happy to learn how to make and keep money.
It may surprise you to know that almost every self-made millionaire started out broke. Nowadays, becoming a millionaire is a skill we all need to learn and guess what? We can learn anything we want to.
This is my list of The Ultimate Guide to a Life of Absolute Financial Freedom..enjoy. To your success.
Set a Financial goal for your Life:
In Nigeria here only few have financial goals. They believe that tomorrow will provide for itself. How pathetic!
Let you financial goal be a short term( the goal that is achievable within 6months to 9months), middle term(the goal that is achievable within 2-3 years) and long term (a goal that is achievable within 10-20 years). Now, setting your financial goal this way gives that courage to take it bit by bit without being overwhelmed. Setting a financial goal gives an edge above others and also helps in watching extravagant lifestyle.
Read more>>> 13 Wealth killers and how to Avoid Them
Calculate your net-worth:
Net worth? Sounds familiar? Net worth is simply the total assets minus total liabilities of an individual or company. You may be wondering: why on earth should I calculate my net-worth when I’m not even worth a $1million yet? Ok, you don’t have to wait till you get such amount before you start calculating your net-worth. You can start with the little #10,000 monthly income. Start analyzing and planning on the best possible way to spend that money an increase your income or profit as the case may be.
Set Your Retirement Goal
Ah ah! Retirement kwa? But I’m just 18? Is retirement not for old men? I tell you, if you must be a happy and fulfilled old man in the future you must start planning for your retirement now!
It is the dream of every entrepreneur to get rich quick and retire as early as possible but only very few set a retirement goal. An average Nigerian believes that God will take care of everything. Sure, he can but he will not come down and Set a goal for you. The question is how do I start? You Start by starting. Start with self-development, saving and investing
Evaluate Your Expenses:
They say that a little hole sinks a great ship. Watch that expenses, that might be what is keeping you from your financial freedom. There’s no way you can be financially free if you’re spending more than you earn. It is economically wrong to own a phone worth #60,000 when your monthly income is barely #10,000. Never spend more than you earn. Unsubscribe from invaluable things.
Train in Your Skills:
You know there’s no way you’ll be financially free if you’re a novice in your chosen field. Don’t be satisfied with the status quo, be hungry for knowledge and improvement in all areas of your life. Strive to be a professional in your chosen field and be conversant with the latest technology.
To increase your income or profit, you must increase in your value.
Spend Less Than You Earn:
To have a financial free life you need to pay yourself first by saving/investing before consumption. You should be able to save 10% of your income; however, you can also save 1%, 2% or 5%. It is not always how much you earn but how much you save. Don’t buy it new if you can buy fairly used.
Delay every major expenditure.
Give Immense Value:
I will always insist on giving value to people because all lasting wealth comes from adding value to others. Not from internet fraud or scam. Don’t be just another guy. Give great value to people. Be willing to go the extra mile because great wealth often comes from that extra. Under promise and over deliver.
Let giving value be your highest goal in life and you’ll never be poor again. Ever!