Tag Archives: wealth

Eight Hindrances to Becoming Wealthy

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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.

Culled from http://charlesezeh.me/2013/07/05/eight-hindrances-to-becoming-wealthy/

A. M. D. G.

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10 Funny Ways to Remain Poor

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Some people (like I used to believe when I was a kid) wish for riches but would not do what it takes to get rich. These words keep echoing to my head every time I am at crossroads with life decisions – “If it has to be, it is up to me” (If I want to get rich, I must work hard to become rich). I cannot recall where I saw this post but I know I copied it from somewhere (possibly a friend’s facebook post or blog, I still cannot recall). It is worth sharing because it tells me not to be lazy or carefree with my resources. Enjoy it and learn along the line.

1. Never wake up early.

Keep stretching & turning in bed until you get too hungry to continue dozing. If there are no bedbugs, why hurry to get up?

2. Never plan how to spend your money.

Whenever you get money, start spending it right away and when it’s finished, you try to count and recall how you spent it.

3. Don’t think of saving until you have real big money.

How can you save when you earn so little?? Those telling you to save are not sympathetic to your burning needs.

4. Don’t engage in activities usually reserved for the “uneducated“.

How can you a [well school, high-class] graduate engage in petty trade or home based production?? That’s for people who never went to school.

5. Don’t think of starting a business until an angel comes from heaven & give YOU capital.

How do they expect YOU to invest before YOU get millions of dollars?? Even though more than half the businesses in your town were started with a few hundred dollar, you as a smart person can only start with millions.

6. Complain about everything expect your own attitude.

Blame the system the government & the banks that refuse to lend you money. They are all bad & do not want you to get rich.

7. Spend more than you earn.

To achieve this, buy consumer product on credit & keep borrowing from friends & employers.

8. Compete in dressing.

Make sure you wear the latest clothes among all workers in your offer. Whenever your neighbor buys a new phone, you get one that is more expensive.

9. Get yourself a nice second hand car that costs more than three times your gross monthly pay.

10. Give your children everything they ask for since you’re such a loving parent.

They should not struggle for anything because you do not want them to suffer that
way, they will grow up lazy & hence poor enough to ensure they can’t help you in old age.

Chase poverty away, embrace riches…

 

What causes you the most stress?

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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.

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  • 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.

Culled from http://www.punchng.com/am-business/what-causes-you-the-most-stress/

A.M.D.G

What do you think?

9 Steps to Financial Freedom

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Financial freedom is the point where your passive income exceeds your living expenses.

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.

Passive Income 3
Passive Income 3 (Photo credit: casperam)

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?

A.M.D.G.

Wealth Principle Series

Wealth PrinciplesGood Day and Happy New Month. I got this post from a friend on facebook, one of the financial experts I admire – Matthew Abolurin. Read through and don’t forget to drop your comments.

The Power of Imagination

Allowing your mind to picture future possibilities gives you incentive to keep on track toward your goal of becoming wealthy. The rich imagine a lot of times. They picture themselves in the realm of affluence and make it happen by craving for the real experience through creative activities. The poor also imagine but fail to think and act in a certain way to make it happen. The POOR will always wish their imaginations come true without doing anything. Are you going to act on your positive imaginations?

You deserve to be Wealthy

The day you realize that you deserve to be wealthy, immediately align your thoughts, words and actions to that belief. The poor justify their poverty that is why they claim that the poor must always be among us. Think, feel, practice and focus completely by placing a demand on what you deserve- to be wealthy. God desires wealth for you that is why He got everything man will ever need ready before creating him. You deserve to be wealthy spiritually, physically, mentally, financially, emotionally and no area of your life should be richer than the other. What are you eligible to, wealth or poverty?

Passion is critical to creating wealth

Passion is the bye-product of success, achievement and performance in life. Passion ignites our purpose to get more result- peace and prosperity. The people wealthy know how to remain passionate about their dreams to creating lasting wealth. The place of passion cannot be over-emphasized in becoming wealthy. Passion keeps us motivated and helps us to persevere in the face of challenges to achieving our goals. The poor is strongly passionate about survival not riches. What are you passionate about?

Give to charity

Three things the rich know how to do very well are: saving, investing and giving to charity. Giving back to the society is an act of gratitude to God. For God so love the world that He gave… If you want to be rich, you MUST practice the three things that the rich knows how to do very well. Learn to give a percentage of your income not less than 10% back to God and give to charity. Are you supporting a child in school somewhere? Are you giving to the poor around you? The things in your house that you have not used for the past six months to one year are no longer your own, give them out. The more Bill Gates gives to charity, the wealthier he becomes. If you are not giving to charity, it means you’re still poor no matter how rich you think you are.

Caution! Giving alone will lead to more poverty. You give, save and invest in your future regularly.

 

Bucket carrier: A Reality

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In case you missed the buckets or pipelines, see my previous post.

Henry has just graduated from school and began his quest for a good job. He applied to several companies which ranged from the Engineering firms to the Banks. Being a young second class upper Engineering graduate, Henry got invited for several job aptitude tests and subsequent interviews. Some he got past the aptitude test stage and others he didn’t get a reply mail. He kept his search on. Being a first son, the daunting responsibilities beckoning him was alarming as he depended on his parents who were taking care of his other siblings.

Congratulations!!! Henry got a job and he was to start as a Bank staff with a fat paycheck. Smiling home daily, Henry began to carry his buckets and woke up very early to come home very late.   The weight of the Family burden made him work harder to get up the ladder to carry heavier buckets (=promotion). All seemed well, Henry went on to carry heavier buckets, got married, had some lovely kids and because the rewards he got from carrying heavy buckets was significantly huge, he sent his kids to the best schools where they had to learn about carrying buckets.

Henry woke up from a lovely weekend treat. He must have really being refreshed because he spent that weekend with his wife and kids – his bucket carrying had extended to the weekends but this weekend was a free one for him so he had to make up for the times he hadn’t spent with them. A weekend spent in a very cozy environment with family. You could envy the sight of Henry and his family on this particular weekend. I leave you to imagine what this means.

“I love you too”, he told his wife as he drove off to work early to beat the usual traffic when so many bucket carriers hit the road – The Monday morning rush. Henry got to the office right on time as usual and then the drama of carrying buckets without the thought of building pipelines began to unfold as he tries to logon to his workstation.

“Kindly, contact the Human Resource administrator if you are unable to logon to your system”, clearly displayed on the HP 19’ flat screen monitor assigned to workers of Henry’s caste. In case you don’t understand what this means, it simply implies he had being fired. A big blow to Henry as He spent the next five minutes gawking in deep thought. One can only visualise the miles covered by the thoughts running through his mind.

”My house rent is almost expired…”; “the school term has just ended…”; “my wife is expecting our third child…”; “the Car Loan has not been completely paid…”, “Mama is still in the hospital…”, “I am still owing John… (about $1500)”, “The month is just about ending (=no more paychecks)”, “Helen (=his youngest sister) has just gotten admission into the University”… every thought running so fast to reach the finish line of the track of his memory lane.

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I bet you don’t want to be in this situation. This is a typical scenario of what happens to so many in this world of ours and the sad news – it still happens. Here is my take on this:

1. This “no-direction” cycle can be broken if you take your future in your hands to build a system that works or as my initial post puts it, it’s called “building pipelines”.

2. No matter what job you take, no amount of active income is ever enough. Always think passive or residual income.

3. Henry may have being considered a failure but he can pick the pieces of what is remaining in his life and bounce back to build pipelines. “A man can fail many times, but he isn’t a failure until he begins to blame somebody else”.

If you are in Lagos, Nigeria and you are reading this post before June 23, 2013, I urge you to hurry now while the seats are still available and go to http://goo.gl/AluPN to enroll for a FREE financial coaching and mentorship class. A detail of the program is as below:   Date: Sunday, 23 June 2013. Time: 2pm Venue: Our Place, 7, Olufunmilayo Okikiolu Street, Off Toyin, Ikeja.

If you cannot attend this, click here to get more info on guidance to creating wealth.

Drop your comments and see you on Sunday.

A. M. D. G.