As the year gradually comes to a close, I came across this post. It speaks to those who haven’t set goals and who allow the waves of circumstances and problems to determine their financial future. The importance of goal setting (especially a Financial goal) cannot be over-emphasized.
The fact remains that when you set the sails God will send the wind. Here are a few things you need to deal with if you must achieve your set financial goals before the end of this year:
- Mindset: The greatest hindrance to prosperity is believing that only some people can be wealthy. People that are not wealthy must first buy into the error that poverty is default. How so wrong!
- Financial Knowledge: What you don’t know can kill you, ignorance is darkness. A man who is ignorant of his ignorance has achieved the minimum qualification required in the college of fools. Seek financial intelligence, read books, get a coach because everybody needs one and commit yourself to daily learning.
- Poor management of expenses: Inability to manage your expense will lead to poverty. About 90% of the world’s population spend more than they earn and that keeps them on the RAT RACE. If you spend more than you earn you’re simply borrowing from your future to spend now. Learn to live on not more than 50% of your income, most wealthy people live on 35%.
- Lack of Reserves: Lack of savings and investment culture will not give room to wealth. Learn to pay yourself from every income you make, put it away in an escrow account so you can invest in assets that will put money back into your pocket.
- Lack of Passion: Lack of passion and dedication to your goals will also rub you of wealth or God-ordained riches.
- Lack of a Mentor: Everybody needs a coach to guide his/her journey to financial freedom. Seek for an experienced and willing mentor.
- Your Network: I say to people your network determines your net worth. Lack of right association can severely limit your possibilities for gaining wealth.
- Average Mentality: An average or mediocre spirit cannot control great wealth. There is no room for average plans here.
I believe if you can diligently apply all stated above your life will take a new turn.
- Eight Hindrances to Becoming Wealthy (charlesezeh.me)
- What is “wealthy?” (korvingco.wordpress.com)
- Wealth Principle Series (chibuikeblog.wordpress.com)
- Hindrances to becoming wealthy (gbonjubolasanni.wordpress.com)
- 9 Steps to Financial Freedom (chibuikeblog.wordpress.com)
- Where The 1 Percent Really Get Their Money (huffingtonpost.com)
- The impact of wealth (or lack of it) on school exclusions. (itsmotherswork.wordpress.com)
- Dear Wealthy Individual, I Have This Great Idea Regarding How to Spend Your Money in a Better Way Than You Seem to Be Managing To Date (fightaging.org)
- 8 signs the rich have way too much money (salon.com)
Its a new month of August and July went by faster than I expected. As seconds tick into minute and minutes clock into hour, hours becomes day and days become months…the year comes crawling (and for some hastily) to an end. One who has (not) set a goal at the beginning of the year should by now be measuring 58% (i.e 7/12) of his goals (not) achieved. Its pretty exciting when one’s eyes are set on a clearly set goal.
Its a test of one’s financial future. How prepared are you to face your financial future? I’d like to hear from you (drop your comments).
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Use this test to assess yourself. Once you score yourself, you’ll be able to get the interpretations of the answers below. I have also added information showing what you can do once you know your result.
1. At the rate at which you are going, using what you have as savings and real assets as a basis, in how many years would you be able to raise 600m?
1) 0-5yrs 2) 20yrs 3) Over 30yrs 4) None of these represents my answer.
Guide: Don’t deceive yourself. If you have saved N1,000,000 and have worked for 5yr, it will take you another 500years plus to get to 600m. It can be faster, but it’s safe to be modest. We can all get it quickly by a special stroke of favour or luck, don’t count on that.
2. How many Streams of income do you earn?
1) Over 5 Streams 2) 2 Streams 3) 1 Stream. 4) No Income Stream.
3. Which of these resources do you leverage to make more money?
1) People force of over 500 2) People force of over 10 people 3) I exchange my time for money. 4) None of the above.
Guide: Some people earn by converting their time to money in a Job or as Entrepreneurs, some earn more money from putting a lot of money to work, usually over $300,000 and some have an organisation that has up to 500 committed staff working to achieve their set objectives.
4. Which of these terms describe best how you earn income?
1) Passive Income, no activity. 2) Mostly Active Income, but some passive income from rentals, shares, businesses etc. (Don’t count if less than $200 a month). 3) Active income 4) I’m dependent on someone else.
Guide: Passive income is income you earn residually without any present sweat or time. Active income is income that is a direct result of your use of your energy or your time.
Add your answers together and get your total scores. Then check your answers below. Try to be honest with yourself, if you are honest, then recovery is possible, if you are not, your current future can’t be helped.
Scores and their meanings.
Scores less than 5 – This means you are doing well and need no help, at this stage, you should be involved in helping others.
Scores between 6-8 – This means you need a coach, fast, you have potentials of making it. Before you choose a coach, ensure they model your future in more than one way. Ensure their finances and one or two areas of their lives align with your future. There is no point getting help for cancer only to end up getting AIDS.
Scores from 9 and above? This signals DANGER! You need urgent attention and must be willing to shut up listen and take action. Don’t got to your mentor with terms and conditions, whatever you are asked to do, so far it’s ethical and legitimate, do it. Learn for follow a system.
Solutions I am proffering
Scores less than 5 – I will like you to join me in a mentorship and coaching system, that allows us to help 1,000,000 families end up differently. If you have achieved success and progress by duplicable means, please reach out to me, we can do this together. If you however achieved success by a stroke of luck or unexplainable favour, no problem, it means you can’t tell us anything to follow as you didn’t follow anything yourself.
Scores between 6-8 – You need support, you need a system you can follow. Be rest assured that I can lead anybody to a place I have been before, and all that is required from anyone wanting to follow is not to re-invent my mistakes, but simply to follow in good faith, that by following they will get to the same destination. I’m putting together a system of mentorship that ensures that those I have taught can teach those who are just coming behind. The motivating phrase for our objective is love, and it doesn’t matter if your coach is younger or older than you, what matters is they are committed to your development and growth, and since it’s a system that allows me to watch a few people’s back, while they pay it forward to watch other people’s backs, we’ll all still be together.
Scores above 9 – You need to be rescued. No DEBATE. If you continue at this pace, you will find time ticking and your life advancing in the wrong direction. You need to STOP, humble yourself and submit yourself. Many of us like to get to the kings palace without getting through the servants quarters. What you need to do is schedule an appointment with me urgently, I can give you some small books to read, and the appointments can be set based on when you finish reading. Based on my ability and your readiness, we will meet and I’ll assign you a sponsor – someone who will be held accountable for your progress. If you are interested in enrolling for this process, you need to send me your email so I can send you a mail and get you the materials to read.
Whichever number you fall into however, you need to take a snapshot of your current financial position, I have a workbook that helps with that process. Knowing where you are, helps you know where next you need to be. Have no doubt as well, that we can all get from where we currently are, to anywhere in this world we’ll like to be.
Here is my little attempt to help in an area I know I can, and in my little way. I hope this makes all the difference in the world to someone’s financial future.
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A. M. D. G
- 9 Steps to Financial Freedom (chibuikeblog.wordpress.com)
- Financial Mentorship (chibuikeblog.wordpress.com)
- The importance of Passive Income (finneythomas.com)
- Passive Income – Your Ticket to Financial Independence (bobbyedegbo.wordpress.com)
- Gain financial freedom and more (uchesamuel3.wordpress.com)
- 10 Reasons You Should Never Get A Job (financialpeaceuk.com)
Its a good morning.
I woke up strong and feeling refreshed. Got set to work, filled with thoughts of running the day. The big picture and quest to become financially free never skipping my mind. Sometimes, I feel uncertain of what tomorrow holds but I am very hopeful for the best. I constantly keep my psycho-motor in motion by a motivational book authored by the likes of Stephen Covey, John Mason, Deolu Akinyemi (my Mentor) and most importantly any Holy Book (Bibles and the writings of the Saints)… I got to office and stumbled upon the post below. It reliefs the stress to my quest of Financial Freedom, I know the answer but the how is really demanding. My previous post summarises the how.
- “Debt is my biggest source of money stress. I owe so much money that it keeps me awake at night.” Jide – Architect
- “I stress about money because I haven’t got any!” Omowunmi – Receptionist
- “Looking for money gives me stress. As a country, we have money, yet we are all suffering and still lack. The major cause of my daily stress is what I have to go through to have money. John sells Recharge Cards and Engine Oil
- “My biggest help in alleviating money stress is my husband, because he and I always talk about money and about both our short and long-term goals. Over the past year we have been educating ourselves about money and looking for ways to cut back on our expenses and save” Sammy – Teacher
- “…and when one closes in the evening, you usually feel pain, not only because of the search for money, but also because of the situation of the political, social, economic situation of the country”. Israel – Real Estate Consultant
A sample of opinions about money and stress show that financial worries rank as a major cause of stress. This can lead to feelings of insecurity, panic, fear, and anxiety, which ultimately result in health problems and increased medical expenses; the vicious cycle continues.
What aspect of your finances stresses you the most?
Try and identify what it is about your financial life that stresses you the most and then take deliberate steps to do something about it. Is it your debt that is out of control, are you having trouble paying your bills or is the rising cost of education or rent causing much concern? Are there more frequent arguments with your spouse over finances?
By taking definite steps each day towards your goal, you will reduce your stress. If it is debt related, then your priority should be to focus on repaying the most expensive debt first. As always your plan should not be vague or you won’t have the sense of purpose you need to achieve it. It should be as precise as possible; specific, measurable, achievable, realistic and very importantly, time-bound.
Bills, bills and more bills
Bills always seem to arrive at the wrong time. To eliminate the stress of bills, make an effort to settle them as they come in. Are you still paying bills the old-fashioned way? Nowadays there is no excuse for dealing with your most routine bills manually. Several banks offer an online payment system where you can settle your bills without having to issue cheques or carry cash and some service providers have made it more convenient for you to pay your bills through some bank websites.
All you have to do is to activate your internet banking facility, log on to the banks website and set up automatic payments online so that your bills are settled electronically. This frees up valuable time each month and ensures that your bills are always paid promptly and without the stress of being cut off if you forget or are out of town. Be sure to maintain a cushion in your account so that you always have enough to fund the bill payments as they come in.
Do you have a financial cushion?
One of the greatest causes of financial stress is where there is an unexpected emergency that catches you completely unprepared. If you don’t have any cash at all to take care of such expenses or an emergency, you could be forced to liquidate assets such as your stocks at a loss. Do you have an emergency fund for up to six months of expenses in place? Build up some cash savings to give you a cushion and some peace of mind.
Money and relationships
A leading cause of stress in relationships is money; indeed research shows that a major cause of divorce is money. Many couples snipe about bills, frivolous spending and bad investments. Often money matters are not discussed and are left to fester on the back burner until there is a problem. Try to talk about money on a regular basis without blame and in a non-threatening and constructive way. If you are in a relationship, there is so much to talk about that will create common ground for building a financial plan together; this ranges from spending patterns, bills, debt, income, the children’s education, a comfortable retirement, the care of elderly parents, a travel budget and so on.
Taking out even one hour each month to assess where you are as a family and discuss looming expenses will make a huge difference. Even if you haven’t been doing this before now, it is a good time to start to put it into practice. If the family reviews financial goals as a team there is a much better chance of these goals actually being achieved.
Stay on top of your finances
Develop a habit of keeping track of your expenses. By jotting down your daily expenses in a journal for a period, you will have a better idea about where your money is going and you can then identify areas to cut back. It is that loss of control over your finances that causes stress; to regain a sense of control, you need to be more involved. Take some time say monthly to review your finances; go through bank statements, investment reports; you owe it to yourself to keep abreast of this most important aspect of your life.
No one is immune from financial stress, even those who have a lot of it. Those who are struggling for money wonder how they’re going to make ends meet while those that do have it, whilst they may not have to worry about the next rent, often have substantial sums invested and watch fortunes rise and fall with the vagaries of the markets. It is not possible to transform your finances overnight; but by committing to make the necessary changes and with discipline, you will be surprised how much progress you can achieve in a relatively short period of time.
What do you think?
- How To Create A Spending Plan (debtconsolidationusa.com)
- Budgeting for Your Peace of Mind (quicken.intuit.com)
- Homework to Homeowner: How to Repair Credit Before Buying Property After Leaving School (creditrepair.com)
- Stop Money From Wrecking Your Marriage (businessinsider.com)
- Daily Stresses of the Anxious Mind (theroaringtwenties.net)
- Solid Tips For Balancing Your Personal Finances. (finance-411.com)
- Why you stress over money – and how to stop (systematicsavingsbank.wordpress.com)
- Use These Tips To Help With Your Personal Finances (trustedlendingcompany.wordpress.com)
- Financial Stress-Relief Advice From Around the Web (alliedca.wordpress.com)
- Stress Free Debt Relief (debtconsolidationusa.com)
These steps show the route to take to arrive at the point called, financial freedom. What to do with these steps? Determine where you are, and then you can get counsel to help you move from where you are to your desired destination.
Counseling can be as a group or one to one, with attendant costs. Posts are free!
Step 1. Expense is greater than income
At this step, you spend more than you earn because in most cases you have budgeted your in-come before they come-in.
Step 2. Income equals expense
At this step, your plan your expenses around your income and save nothing because you have a good mentality to never exceed your income. “Spending wisely” as some put it.
Step 3. Income exceeds expense, but no real savings
At this step, you save but have no real savings because you save to spend it later. E.g. you have your eye set on that car, that house, that shoe, that necklace…in a word spend in a liability. This takes you back to step 2.
Step 4. Income exceeds expenses and an escrow account has been created for reserves (savings)
At this step, you save very well and now have an escrow (an account reserved to acquire assets).
Step 5. Escrow has been funded consistently as a habit.
At this step, you have formed a new habit of consistently saving into your escrow before spending.
Step 6. Reserve is used to buy asset(s)
At this step, the Escrow account translates to the purchase of an asset. Beware anything bought that does not fetch you in-come is not an asset. If you have to spend on the asset such that the net effect is zero or negative (speaking in mathematics), you have no asset but a Liability.
Step 7. Asset begins to generate passive income
At this step, your asset is now generating income without your sweat (=passive income).
Step 8. Passive income exceeds living expenses
At this step, your passive income takes care of your daily expenses.
Step 9. Passive income is multiples of expenses
At this step, your passive income takes care of whatever you decide to do.
Navigating from one step to the other is not rocket science. It requires some guidance and commitment from your part to succeed.
If you require my help, identify where you are and click here.
To your financial freedom!
Share with your friends and find their levels. Step 0 is no income and Step 10 is teaching someone to follow your steps.
Think again, what would you do with your time if money was not your problem?
- Financial Mentorship (chibuikeblog.wordpress.com)
- What Is Financial Freedom? 3 Finance Bloggers Offer Answers (community.ally.com)
- Passive Income (sayyedawaisullah.wordpress.com)
- Tips for Managing Rental Properties for Passive Income (savingnspending.com)
- Reason For Financial Intelligence PT2 (charlesezeh.wordpress.com)
- The importance of Passive Income (finneythomas.com)
- Gain financial freedom and more (uchesamuel3.wordpress.com)
- The Most Important Thing To Know About Your 401(k) (forbes.com)
- Financial Literacy by Warren Buffett: Start saving with MACS Capital (ruralgroup.wordpress.com)
- Money Tips: 10 Best Personal Finance Books of All-Time (under30ceo.com)
Yesterday I had a great time with like minds. I was amazed at how people have succeeded networking together and talking about their experiences in an evening session with Deolu Akinyemi. Before the meeting I had a sizzles session with a winning team of goal-getters and was amazed at what skills they used in handling such sessions with prospects. In case you are still confused on what I am talking about, I am a network marketer and those who don’t understand network marketing don’t because they probably never tried to understand it or have got their fingers burnt in what is not network marketing – ponzi and pyramid schemes.
It was a calm Sunday evening. All was seated with smiles and even if they were about to begin the week, some had no troubles that the week was going to start because they had passive income source that was out living their living expenses – they had become financially free. Some who were not, still had reasons to seat and learn from those who had gone through the road and I was one of them. I want to share with you some of the things I learned from the evening session:
So many People Pass Over Opportunities Repeatedly:
You may have heard the saying “opportunity comes but once” but this saying as I have come to realize is flawed because those who are successful became successful because they had the mindset to look out for opportunities and grabbed them when they appear. No one who has desired to do something positive will remain unsuccessful as long as his eyes are always on the lookout for opportunities. Look around you they are everywhere, if you can’t see them then you have not desired success well enough.
To be successful, you need a Mentor:
I have been told this severally by people who had become successful. Anyone who truly desires success and wants to go far would need the support and experience of people who have gone through the road. Some indeed had become successful without mentors but ask one if you know any who had achieved this feat, they would tell you the same thing, a Mentor will help you get there faster. Afterall a mentor is already where you desire to be.
Never run the race alone:
The journey of a thousand miles begin with a step, taking the right step is so important because if the wrong step is taken, one may have to run forever or run and return back to take the right step. One may have become too tired to even follow that step from the beginning. A mentor will help you find that right step. Get one and run with his guidance.
I got home quite late last night but it was a session that transformed me in a different way because I was able to climb on the shoulders of Giants and see where I wanted to go to…it felt easy seeing it from their shoulders but the journey has only just started. If you want to run this road with me, drop your comments and let me know what you think. Get to know more about how to become financially free here.
A. M. D. G
I was in a meeting in the course of the week to discuss an opportunity about financial education for children. One of the people in the meeting mentioned that women are a force to reckon with when it comes to influence others. I am sure you agree with that. Women influence their husbands, children, friends and family members who will in turn influence their own families. Interesting! We are a force to reckon with
Now coming to the topic I am passionate about, money. How good it will be for the society if women are more in control of their finances such that they can be good influencers in that regard too. I did a quick review on women and money and noticed that women tend to be insecure about the subject of money. The insecurity is as a result of the following:
Women lack confidence
Women tend to lack confidence in money matters. This is mainly because they do not have the required knowledge. The more knowledge you have about money matters as a woman, the more confidence you have. How do you get started? Review your personal financial statements on a monthly basis so you know where you stand. Know what your income, expenses, assets and liabilities are. Keep a personal-finance book and join like minded people to learn about different concepts that will keep you going on your new journey.
Women worry about the small stuff
Women tend to worry about the day to day spending and the minute details associated with home management that they do not focus on the big picture. We need to move away from worrying about the kobos, cents, nickels and dimes and start thinking big. Even though we are master with finding good deals, we need to help our families to work towards the ultimate goal that will definitely be affected by finances. Begin with the end in mind!
Women wait for someone else to fix the problem
Most women were raised to believe that their husbands would handle the finances. Even though the man is the head of the home and the provider, that doesn’t stop the woman from being the helpmeet who has a good grasp of the financial well being of the home. Many women ignore such issues until they are forced to pay attention. For many, reckoning may come when they are least emotionally prepared to deal with it such as after they lose their spouse through death or divorce. You don’t need to wait for this. Understand your finances and that of your family. Be on top of it!
Women are focused on goals but not the numbers
I have heard women who say they want to have a lot of money. Being financially confident isn’t about making more money just to increase your account balance. Money is a tool that is supposed to help you achieve your goals, take care of yourself and do good things for other people. It is not the end in itself but a means to getting the life you want.
If we are able to overcome the above as women, then we will be able to influence our financial future, that of our families and friends for good. Let’s give this a go!