Principles of Financial Success You Must Know (Part 1)

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Financial success simply means achieving the financial situation you dreamed of. What was your dream? Is it to become a billionaire, a millionaire or simply be able to afford three square meals a day? Whatever your dream, you should know that they are achievable if you commit to pursue them diligently and vigorously.

Some people mistakenly believe that the only way to succeed in life is to work harder, harder and harder. It is really good to work hard because success does not come on a gold platter. But you just have to work hard to succeed in your professional or financial life.

If your desire is to succeed after reading this article and after participating in my training, then you should be ready to observe the following principles:

1. Spend less than you earn: To get financial freedom, you have to spend less than you earn. You should not consume everything you earn at the end of each month. You must have something from your salary or from the profits of your business: don't spend everything for nothing to save for the future. It is the one you left at the end of your spending that helps make you rich, not what you spent. Your spending impoverishes you and enriches someone else. So when you are tempted to spend your entire monthly salary, you should resist the temptation.

2. Pay yourself first: It is strange for so many people that they have to pay themselves first before spending on their monthly income. When you receive your salary for example, you must first withdraw your tithe; then pay yourself a certain percentage (say 5-10%) of your income before spending the rest on what you want.

3. Anticipate uncertainty: always consider problems and think of a way to overcome them if they arise in the future. Think of yourself, your wife, or your child who suddenly falls ill. Consider giving yourself the opportunity to buy a valuable property at a very cheap price. Imagine a company in which you were waiting to invest by suddenly presenting yourself with the possibility of buying its shares. You need to have some money in a separate account to take care of such situations. Be sure to periodically deposit certain amounts into this account.

4. Possess financial skills: commercial success requires a certain level of financial training. In order for you to win a gold medal in athletics, you need physical training; To be successful in agriculture, you need basic training in agriculture or agricultural science. To succeed as an engineer, you must attend a university, polytechnic institute or technical college. In the same spirit, commercial and financial management requires basic training to be successful. You should not start a business where you have no basic or elementary knowledge, otherwise you will lose your hard earned income.

5. Set long-term goals: You need to set long-term goals and work towards achieving them. You have to define where you want to be in the next 1, 5, 10, 15 or 20 years. Knowing where you want to be would propel you into developing the modalities to get there. If possible, write down your goals and keep them close to where you can see them often. Reading them often would remind you that you have an unfinished business that needs to be accomplished.


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