Financial Success Allies

Your Allies Towards Financial Success

Our journey towards wealth will be easy if we learn how to harness the power of these concepts. We should discover our potential and optimize our financial growth through the help of such allies. If correctly used, they will wield for us money and fortune.

Time

Everyday, each one of us is given 24 hours. How we spend it can determine and subsequently cause how we will use our time in the future. If we decide not to go to work today, then we could expect pending jobs at the office tomorrow. If we choose to watch television instead of working out our schedule, then we might not properly accomplish our tasks for the day ahead.

Compound Interest

According to Albert Einstein, the most powerful force in the universe is compound interest. How can a great man of science speak so highly of a mathematical and economic concept? Surely, there must be a reason behind this claim and I’ll try my best to explain it here.

Leverage

In a broad sense, we can apply the principle of leverage in everything that we do in our life. We can start on a personal level and leverage on our mind. The fact that you are reading this article shows that you are already doing that. Simply put, we should learn to invest in ourselves. Read books, attend seminars, join communities and expand your knowledge. By doing so, you will acquire more skills and talents which you can use to efficiently and effectively do more.

Multiple Income Streams

How financially secure is it really to have a job? Yes, being an employee, you are sure to receive regular salaries. You get to enjoy paid vacations and reap social and medical benefits. Most people prefer living this lifestyle and think that as long as they do good at work and manage to live within their means, then they’ll be assured of a stable financial future.

Good Health

I began to think and imagine. Most of these health buffs are probably freelancers or business owners, because they could afford to be at the gym during this time. As I silently watched these people go about their fitness routines, a realization came to me. Health is not only wealth; health also makes wealth.

Due Diligence

Yes, it may seem simple in theory but in reality, due diligence is and should be a thorough and complete process. This means having due diligence is all about validating facts, eliminating assumptions and digging more information about your investment.

Habits That Lead To Success

Habits That Lead To Success

Financial freedom does not happen overnight. It’s a personal journey that will test your strengths and capabilities. By employing these skills and habits, you will be better equipped to reach your goals.

Paying Yourself First

Paying yourself first is the simplest way to save money. I’ve learned about this concept a long time ago but never really did it until a couple of years back. It’s actually very simple but quite often difficult to apply. If you like reading books on personal finance, I’m sure you’ve encountered this advise and I surely hope that you’re able to follow it. If this idea is new to you, then read on and see how you could start investing in yourself.

Tracking Your Expenses

A few years back, I’ve always wondered why I was never able to grow any money in my savings account. It wasn’t until I started to account for my expenses that I realized how much I am actually spending on a daily basis. As we go about our lives, we often only remember the expensive things we bought or the bills we regularly pay. We tend to overlook the small expenses which usually sums up to a significant amount at end of the month.

Delaying Gratification

In the late 1960’s, a psychologist named Walter Mischel conducted an experiment on a group of four-year olds. He gave each child a marshmallow and told them that if they don’t eat it and wait for him to return in the room after 20 minutes, he would give them another one as a reward for being patient. Some children ate the marshmallow right away while a number of them were able to resist the temptation and waited.

Believing In Abundance

Many people dream of financial freedom but is often discouraged by the lack of opportunities around them. I frequently hear this sentiment from friends who say to me that it is not easy for them to achieve wealth because we are living in a country of limited possibilities.

Having A Budget

Do you have the habit of spending more than you earn? Are you finding it hard to get out of bad debt? Is it difficult to live within your means? If so, then maybe you should start a personal budget system to account for your monthly expenses. There are many ways to do this but one of the most effective and often talked about methods is the Envelope System. It’s easy, practical and very effective.

Managing Your Time

To keep my sanity and avoid feeling overwhelmed with my numerous activities, I learned how to manage my time and properly organize and prioritize my ToDo list. One of the most effective ways I’ve found is applying the four-quadrant chart about urgency and importance which Stephen Covey devised and taught in his early works. The concept is simple, almost automatic and motivational.

Committing To Your Goals

Success requires clarity around what’s at stake and what it is that you are committed to doing. Then, whether you feel like it or not, do it anyway. As you develop the habit of honoring commitments, life will take on new direction. Deliberate, focused action toward goals will replace sitting around hoping that your wishes will come true. Successful people are those willing to do what unsuccessful people are not.

Keeping Your Motivation

If you want to succeed in life, I believe that a person needs to be able to learn continuous self motivation. This is what drives us internally and externally to succeed in our endeavors. Self motivation is not only about work and business, it can be about anything that we want to attain in life - you need self motivation to lose weight, break a bad habit and to learn a new skill.

Being Frugal

What’s the difference between being frugal and being cheap? Surprisingly, when I asked my friends about this, most of them have various definitions and only a handful knows the correct boundary which separates the two. Furthermore, when I presented them with several situations and asked their opinion if the example was frugal or cheap. Many of them argued in different points.

Writing Your Goals On Paper

By writing out your goals, they become embedded on your subconscious mind and crystallized in your consciousness… Never lose sight of your goals. Never let the business of the everyday allow you to forget about your life goals. By thinking about them constantly and acting on them daily, you will steadily create the brilliant life you know in your heart you deserve.

SIMPLICITY QUOTES

The ability to simplify means to eliminate the unnecessary so that the necessary may speak. ~Hans Hofmann, Introduction to the Bootstrap, 1993


To poke a wood fire is more solid enjoyment than almost anything else in the world. ~Charles Dudley Warner


Eliminate physical clutter. More importantly, eliminate spiritual clutter. ~D.H. Mondfleur


Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius - and a lot of courage - to move in the opposite direction. ~E.F. Schumacker


Everything should be made as simple as possible, but not simpler. ~Albert Einstein


Life is really simple, but we insist on making it complicated. ~Confucius