CHANGE YOUR VIEW ABOUT MONEY
The foundation to building a financial fortune is to change your attitude towards money. Most people do not understand the nature of money and how it works.
The first thing to do in building wealth is to have the right mental attitude towards money. Consider money a living thing i.e. a living asset which has the potential to work as you do. Once you come to this realization, you would have unleashed the power to creating wealth. You will understand that money is like an employee.
Your objective over time is to make this “employee” work hard and eventually grow to multiplicity. At this point, you would have become rich when you would have employed (invested) enough “labourers” (assets) to work (earn) for you.The next is the fact that you must start building up your financial fortress.
The greatest mistake people make in investment matters is that they think they have to start investing when and only when they have a huge amount in their hands. The fact is that every mansion or castle is built one block at a time.
The key to success in investing is to build up a financial arsenal through small savings and investments as you generate them.Once you have a source of income, consider that every unit of money in your hand is a building-block required to build up your wealth – invest it, and you get richer; lose it and you get poorer.BE THE WISE MAN, INVEST FOR THE FUTURE A lot of people would rather enjoy their money now rather invest it for the future. Some believe that they might not even be alive if they invested for the future and that they might thus miss the utility on their money completely.
The truth is that the odds that you are going to be alive when the future comes! Investing now gives you freedom and ability to capture the future: freedom to stay at home, freedom to retire blissfully and travel around the world, freedom to do the things you’ve always wanted to do. The seed a farmer sows today is the bounty harvest of the future.Be a good farmer and ensure you sow on fallow ground.
MINIMISE SPENDING ON CONSUMABLE… INVEST IN STOCKSThe most reason most people never really get rich is because they spend most of their incomes on consumable products rather than buying investment products.
A common habit of the rich and wealthy is the fact that they spend 27-30% of all their income on investments and savings. To grow your wealth start spending more on savings and investment products.BE A STUDENT, COPY THE LIFESTYLE OF THE RICH It has been said that the best way to be successful in any endeavour is to study and copy lives of those who have made it. If you want to build up wealth, choose a successful and rich person known to you, study his traits, principles and lifestyle and try to copy those traits that could get you the desired objective.
Break away from the old habits and characters responsible for where you are now. Avoid doing things the same old way, particularly if it cannot bring you any near to your financial success.
BE THE PILOT, CONTROL YOUR FINANCIAL DESTINY You must realize that one of the clues to financial success is investment in equities. Nowhere else can your money do so much for you as when you use it to invest in a business that has wonderful long-term prospects.
Once you have made-up your mind to take control of your life by building up your net worth, you must be consistent with it.
Moment by moment, you are building your wealth into a mighty castle. Every unit of money you sow into your portfolio will inevitably contribute in bringing you nearer to your financial prosperity.