Are you truly happy with your finances?
If the answer is no, well then you are not alone. Too many of us are dissatisfied with our money, worrying about our income, our savings and our investments. But there is no reason why you can’t take charge of your financial situation and change it for the better. All you need is the right attitude and insights of the self-made millionaire on some simple strategy for mastering money
There were 35 million millionaires in the world in 2017. That’s not a small number. So why shouldn’t you be one of them.
Millionaires come in all shapes and sizes, from investors, rock stars to slinky sellers. What they have in common is that they’ve found a way to tune their personal-wealth, their abilities, skills or passions into financial wealth.
A lot of us are held back from mastering money because we believe some common myths about wealth. One is the idea that money won’t make you happy. Well, this is what you need to know; it absolutely will. Some may say the best things in life may well be free-being in love, spending quality time with your children, experiencing art of nature. But if you want to experience these things, you need to form income that doesn’t rely on you stuck working 60 hours a week. This idea works when you have time to enjoy these simple joys that indeed are free.
There’s also a persistent myth that to be successful, you have to work hard. Really hard. Go the distance make a sacrifice. Man up. Hustle. Sleep is for the weak.
Plenty of us are earning a salary that feels good but ultimately isn’t all that great. Why? Because when you add up your long hours in the office and the amount of money you take home, you are in effect working for a low hourly income simply in the hope that in the longer run you will get a 5 percent pay rise that barely covers inflation.
We should slowly start to grasp and understand that leverage is key to financial success. Find ways to maximize your time, knowledge, resource or skills by outsourcing tasks when expedient.
Many feel overwhelmed by the economic challenges they face and are often ill equipped to get their finances together. Simple steps like learning to budget with passion, structuring your savings account and then taking the plunge in investing a discipline that you are most knowledgeable of say Real estate, Tech, or even typical stocks or bonds can set you up on the road to financial success.
Actionable advice for millennials: Thinking of getting married? Then you and your partner need to bare all. Financial stress is cited as one of the leading factors in divorces. That’s why your “happily ever after” begins with laying numbers on the table. Sit down with your partner and compare your respective debts and savings and credit. Awkward as it may seem having a frank conversation about your financial status, spending habits and saving goals will set you up for a healthy financial partnership with your spouse.