Start of a Brand New Year “new me “now that you might have said a couple of times in the past but this year I want to empower you on your financial journey and what better way to kick off by actually giving you a STEPS towards your Financial Goals
I want to make sure that we’re as in fitter shape just as we would with our bodies ,we will do with our finances too
8 Habits & 2 Principle what are they ?
Usually, if you wanna acquire wealth in a short amount of time you have to
A, have multiple streams of income and, B, have streams of income that do not rely on you trading your time for money.
I first came across this idea in Tim Ferriss’s fantastic book, “The 4-Hour Workweek,”
Which is really all about how to build these multiple streams of income in a way that doesn’t take over your life.
I’m going to explain steps that I think really will change your financial life if you do them in 2022 I’ll cover the practical things about money and how?
Lets go through some habit now:-
I’m gonna go over eight habits that have helped me become a working from home successfully for last 12 years.
Let’s go for it.
Habit number oneis more of a MINDSET SHIFT, that is most when I started looking at the world in this way and thinking that,”I need to make money through multiple streams of income.”That habit, that mindset change allowed me to see lots of different opportunities in the world that I might not have seen otherwise.
Habit number two I call strategic laziness, andthis firstly relies on us recognising the value of our own time.Time is our most valuable non-renewable resource.It’s the only thing we can’t make more of.
We can always make more money but we can never make more time.
I’ve been try do whatever I can to optimise my time as much as possible.And I call this strategic laziness, right?
Habit number three is to develop an entrepreneurial diagnostic mindset.
Now, this is the sort of thing that if you’re interested in starting up businesses, which you probably want to be because that’s the easiest and quickest way to get wealthy very quickly in this day and age.Again, it’s not gonna be through your job.But if you’re interested in the idea of setting up businesses you need to have a decent idea for what business to set up.
Number one, identifying a problem that people have, and
Number two, figuring out a way to solve the problem.
And three, ideally people will wanna pay you money for the solution.
And so the habit here is that as you’re going out into the world and going about your day-to-day life, you wanna be recognising whenever you notice that something really sucks or that there is a specific problem.
Like for example, if at one point you thought,”Oh, it really sucks that to order a takeaway”I have to phone up a restaurant.”I wish there were a better way to do it.”That might give you the idea for something like Deliveroo or Just Eat in the UK.If you had the idea that, “Oh, ordering a taxi really sucks.”Why do I have to phone up this company”and be on hold for five minutes?”that might have given you the idea to start something like Uber or Lyft.And the more you approach life with this entrepreneurial mindset, you start seeing these ideas in absolutely everything.And I get so many emails from people being like, “Hey, I wanna make money, hey I share me stock and shares to buy now”but I don’t have a good business idea, or research tools”And the reason you don’t have a good business idea is ’cause you’re not looking at the world from this lens of what are the problems?
Habit number four is the growth mindset, which you might’ve come across,
and the way I like to think of this is that everything is figure outable.
Often the non-entrepreneurial-minded people will think about doing something like, I don’t know, approach is a great habit to adopt, which is that your default is to Google something and figure it out because literally everything on Earth is available on the internet and you can teach yourself any skill that you want.
That brings us on to habit number five, which is that although everything is a skill and everything can be learned and you can Google absolutely anything you want,there is a point at which you can accelerate the process of learning or doing anything by asking the right people.
Like when you have a problem you wanna think,”Who can help me solve this problem?”rather than necessarily,”How can I solve this problem by myself?”
But when you get to the point where you have a certain amount of successor if you know people who are entered into this business thing as well, you can really start adopting the who not how habit which will really help you accelerate your results’ cause now you’re taking advantage of your network.
“That brings us on to habit number six which is to make friends with people in real life , networking but additionally, on the internet, the single best way I find for doing this is Twitter.Twitter is an incredible, incredible, incredible invention that you can use to make friends with people all around the world,Twitter is very much based on sharing good ideas than instagram, so Make friends 🙂
Habit number seven is reading and just like we can get wisdom from our real life and our internet friends via Twitter,we can get a lot more wisdom from people who have written books about stuff.You know, if you speak to anyone who’s successful in almost any way, they will almost always say that they read a lot of books
And they will also almost always say that everyone else that they know who’s successful also reads a lot of books.So if you’re telling yourself, “I don’t have time to read,”then you’re kind of hmmm!! 😉
The great thing about books is that you’ve got five, 10, 20 years of experience that someone has boiled down to a thing that takes you a few hours to read.
And finally, habit number eight for becoming a Financial Freedom to acquire financial literacy.Now, this is one of those things that no one teaches us in school or university or college,but it’s just one of those things that you have to learn for yourself or get a mentor.
So much of our life is spent in the pursuit of money and financial freedom, financial independence, that if we don’t have financial literacy, if we don’t understand the basics of saving or investing or how the stock market works or how taxes work, any of that kind of stuff, again, we are just screwing ourselves.
Now what is My 2 Principle to go weekly/Monthly to do task ?
BUDGET & Goal
First key indicator for our financial health ahead i want to focus on is it does your budget how you spend your money actually
reflect what you want to invest in the future so you might have heard of a little budgeting method
it’s a budgeting method that I devise that is based on goals and habits rather than just simply using every pound as best as we can it’s really tailored personal and based on you actually investing in the life that you want starting today so let me explain and really when we talk about money
As a mentor i talk about four pillars of money and what we really need to focus on is thinking about a couple of key areas, so that would be how we spendour money are we spending well,on the things that we want to invest in the future
second pillar being are you saving well so are you thinking about things like maybe getting a new home perhaps even you’re wanting to travel things like that where actually you want to save up larger amounts to do things differently in your life it can also be paying off debt.We then have investing well and investing is literally investing in our future so creating new incomes perhaps with retirement funds pensions investment is we’re investing giving other people other companies money to then get a growth and profit on that for an income for us in future, investing is also in yourself so we’re talking personal development we’re talking even business development you’ve got ideas that you want to invest in really thinking about what am i using my money for to invest and create the better future that i want.Then finally the last pillar is giving well now this pillar is extremely important to me I really encourage everyone this is one of the fundamental habits that everyone should have because it changes you as a person it changed our family considerably through putting it in to action and the giving principle.
I believe that aiming for about 10% is what i feel comfortable with in my own life10 percent of our money every single month we give to wherever we feel uplifted from that past month so it can change it could be a religion, it could be an organization ,it could be a person even you know if you feel that you got some wisdom from the person serving you mcdonald’s or perhaps you know the waitress at a restaurant if they just said the right thing at the right time that inspired you.
Does this actually align with what i want to value in my life and invest in if you’re being honest is there too much on takeaways and you’re concerned about you know looking after your health you won’t be fit and healthy for as long as you can well we need to now, change that habit we need to now change how we’re doing things what about investing you know are you creating additional incomes through investment .
What’s important to you so do that step go through it go through a hard look at actually how true you are to spending your money and start from the word goal so just in the same with losing weight, money has a similar fundamental rules that we have to apply if you were putting on weight you know the calories in what you’re consuming is more than what you’re actually using every day if it breaks even you’re not putting on weight and you know you’re balanced calories and equal out and then vice versa with money it’s as simple as if you’re over spending what you have you’re going to deficit you’re going to date and so you need to flip that you need to make sure that ideally you’re breaking even or making more than what you need and manipulate and actually see what truly is important to you.
Important GOAL is very honest with yourself and say okay what are the goals i want to focus on for the next three months next six months even the next year ahead put them down on a budget even if you’re just assigned let’s say it was travel was important to us, even if it’s literally you’re putting five or ten pounds you’re starting the process of believing you can make it happen and then waiting for additional money to come your way.
ARE YOU THE MASTER OF THE MONEY OR SLAVE ?
To attract money you must, focus one wealth. It is impossible to bring more money into your life when you’re noticing you do not have enough,
Because that means you’re thinking thought that’s you don’t have enough.
The Secret to Money is to attract abundance , every negative thought , feeling or emotions is blocking your good from coming to you that includes Money
Thank you
Chitra Palani @ StockMentor UK
