What is wealth? According to your dictionary, wealth is construed as a significant amount of money, property, possessions, or ideas. But there is one element missing from this interpretation. What? Let me put it right; Power, of the kind associated with a great deal of money.
In our society, affluent people are often misconceived with suspicion. Any person who accumulated a fortune on their own is misjudged and perceived as someone who ‘happened to be lucky,’ won a lottery, inherited wealth, or is corrupt.
However, everyone’s coping mechanism is different, and for most individuals, wealthy people are unpleasant and cope with their incompetency through these irrational reasons.
Money is not a new subject; it was introduced 5000 years ago. In these 500 decades, we witnessed a great revolution in this field but still have not been able to rectify our relationship with it and transform our lives. What could be the reason? No other statement can be this reasonable! As most financial advisors put it, managing money is a soft skill; rather than boasting about your financial intelligence, it’s more about how you behave with it.
Nevertheless, please don’t assume that it is our fault. We have been taught finances as a math-based field that involves overwhelming formulas- instilling an impression that only intelligent people can manage it and earn their share of wealth from the world.
Regardless, through this article, I aim to eradicate the tricky concept and intend to propel you to believe that ‘I can manage money and attain financial freedom’ So, let’s unveil the clever tips we amassed from the financial gurus.
Tip #1; Revisit the right mindset
Mindset is a hit or miss. It has the power to decide the outcomes of your life. Your life is directly proportional to your mindset- a fact on which a few educate us. If you are wondering what might be wrong with your financial condition, it may be due to how you manage it.
On a scale from 1 to 10, where do you rate yourself on financial intelligence? It is not to insult or discourage you but to show you a mirror so that you can honestly and realistically work on this element honestly and realistically.
The financial world has been animated and scooped up by the contributions of financial experts- enlightening us on essential yet influential factors we often overlook while managing money. But one thing that was common in their statements was ‘our mindset is interrelated to success with money’ Because it influences our thoughts which results in behavior.
When in a society you find the absence of the outcome of efforts being made to improve people’s lives, it’s essential to revise the basic concept of it. So, Money and The Dave Ramsey Show for a week. After that, comment on the section below to share your experience! Here is some homework; I challenge you to listen to podcasts of So Money.
Tip #2; Practice self-discipline
Achieving financial success requires disciplined actions, self-awareness, and the allocation of available resources. A tried and tested strategy among millionaires is to amass a fortune slowly and steadily. This systematic approach has been applied to overcome many challenges in life effectively. However, there is one trait that prevents us from enacting it, and that is a lifestyle dictated by others. We are easily swayed by others’ glitters and make wrong decisions. Rather than acting wealthy, we must become one through this transformational yet challenging strategy.
Tip # 3; Attune to your financial health
The latest study by Sarah Stanley Fallow revealed that 65% of the millionaires out of 70% operate their households on a budget. Even with high income and net worth, they prudently spent on food, clothing, and shelter annually. In addition, they engage in activities that align with erecting and sustaining wealth, for instance, financial education or investment strategies.
Furthermore. they are aware of their competencies and strive to transform their ability and foresight into their career or businesses. This awareness is gained through parental guidance, career experiences, and trial and error.
Tip # 4; Create a nest egg
The idea of savings appears comical to people living paycheck to paycheck. But to break the truth, you will never attain financial independence if you keep allowing your negative thoughts to interfere with your financial decisions. Let me introduce you to fundamental yet life-changing saving tips.
- Cut down on your grocery budget
- Cancel automatic subscriptions and memberships
- Spend extra or unexpected income wisely
- Reduce energy costs
- Try a spending freeze
- Pack lunch
These were a few; if you consciously plan to save, you can find multiple opportunities to make it happen!
Tip # 5; Live within your means
Even the millionaires stick to a budget and avoid unnecessary expenses, so what’s stopping you? Now is the time to plan your financial well-being and consistently stick to it.
Tip # 6; Unleash the magic of compound interest
As Nigel Cumberland states, Discover the joys of compound interest. Misunderstand it, and it will make you poor. Understand it, and it will make you rich.
Tip # 7; Change unhealthy habits
Wealthy people have one tv and many books. Conversely, poor people have many TVs and no room for books. Take the example of Li Ka-Shing, the world’s wealthiest individual who originated from poverty and spoke that knowledge determines your fate! And as Richard Branson advises, read what others have done, take what works for you, and adapt it to your own life.
Tip # 8; Work intelligently
There is an adage; you can buy more money but not time. That is why financial gurus emphasized that true wealth is not measured in monetary terms but in having time. Do not burn yourself out on this journey. Instead, recharge by pausing for a while by reflecting and exploring.
Tip # 9; Embrace technology
Make technology work for you. You can save, track your spending, make a budget, invest, and learn through it. It’s now impossible to become wealthy without embracing technology.
Tip # 10; Invest sustainably
Sustainable investment is a sector to look out for your wallet and conscience.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
