08 Feb Financial Lessons for a Richer Life
Many are luckily born with a silver spoon in their mouth, but only a few individuals can call themselves “self-made rich”.
Every one of us wishes we could be wealthy and be one of those self-made millionaires but the truth is, building financial wealth is not always as easy as it seems.
It starts with a lot of discipline, proper planning, trial-and-error, patience, research, and the right mindset to guarantee yourself a rich future where you can be financially independent and live the life you always wanted.
These are many ways to make your life richer and to help you with this, here are easy trade secrets that we often overlook:
Avoid impulse buying
Once we have money, that urge to splurge automatically pop in our heads. Purchasing recklessly here and there, dining out and partying at exclusive bars and restaurants, and worst—spending more than your means. But do we really benefit from this?
When you see this early release of a luxury bag, wait for at least a month and see if the feeling you have for that item is still the same.
After one month, if you are still thinking about that luxury bag and still feel like it would benefit you, go ahead and buy it. And if you are no longer interested, consider yourself smart for holding back on the purchase because you didn’t actually need the item.
All of us have financial goals, but our greatest enemy is that impulsive behavior that whenever we see a product, we feel tempted to buy it, without thinking if it’s really a “need” or just a “want”. By having this type of lifestyle, we are being one step farther away from meeting our financial goals that will possibly ruin our future.
So, make that change. Avoid being tempted and don’t just buy what you really need. Buy something that makes your money a hundredfold.
Do what you love
“The only way to do great work is to love what you do.”- Steve Jobs
Here’s an unpopular opinion: to be richer doesn’t always have to be doing what makes the most money. There are multi-billionaire companies that started out with a small idea and they are putting their hearts to it.
Seeking a job or starting a business that fills us with passion every time we wake up in the morning is a feeling that we should look forward to. Imagine yourself at 5 a.m., jumping out of bed, eating your breakfast and excited about going to work. Where do you visualize yourself?
If you feel lost or unfulfilled, ask yourself. “Where would I spend my time if I have the freedom and money to do anything?”
List the jobs or tasks that you hate doing. Once you have crossed-out these options, it will become clearer for you to achieve what you want to be.
Keep in mind that it’s not all about the money, but the things you love to do can bring satisfaction within you.
Don’t be afraid to take risks
We learn when we fail. It is essential. It makes us grow and be wiser in different aspects: with life, love, business, money, relationships, and people.
When it comes to money matters, failure helps you look at it from a different perspective. Rather than spending it on unnecessary things, taking financial responsibility for your actions is a much better choice. Focus on making a goal that would make you achieve financial freedom. For example: “My goal is to be debt-free!”
Learning how to embrace failure creates a pathway to success. You gotta fall before you fly, they said. Believe that deep down, there is a version of you who has zero fear of failure. Access that brave person in you and you can achieve anything!
You’re not alone with wanting to try something new, but you won’t continue doing it because you’re not sure how the results will turn out. But having this mindset will influence your decisions, actions you take, and the outcomes you achieve, which can cause even bigger problems that may affect your physical and mental health.
Treat your money as seeds, not fruit
Treat your money as a seed that generates growth, not as fruits which represent picking as spending and preventing it to multiply.
Make the right decisions in managing your finances like planting a seed. Plants take time to grow, and so is your money. Go out there so you’ll harvest more. But make sure that you choose the right “seed” in your “garden”. With a little time, patience and hard work, what now seems like an empty plot will be filled with growth in the near future. Just keep on planting!
One of the other financial lessons for a richer life is to be aware of the importance of diversification, especially with alternative vehicles that can yield a fixed income.
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