BECOMING WEALTHY IS YOUR PERSONAL RESPONSIBILITY

Quite a number of people think that to be wealthy is the responsibility of their employers; NO, that is an illusion, it is your sole and personal responsibility to achieve financial freedom and become wealthy.With your employer you are just on contract to do your job while he pays you whatever he deems fit as your deserving wage in return, so what you do with your financial future is your absolute responsibility.

INVEST FOR THE RAINY DAY: The first indication of financial crisis is when you spend all your earnings.This is one habit anybody who desires financial freedom must shun. No matter how small you earn for a living, don’t make a habit of spending everything. You should leave something for the rainy days. You can even see the ants labor through the day during the summer and during the rainy season, they have enough to fall back to.

DON'T EVER RELY ON A SOURCE OF INCOME; THREE MORE WILL DO. Most people make the mistake of depending solely on their monthly salary without making attempts in building alternative sources of income. They get relaxed due to their fat pay cheques and other benefits, not minding that the party could end one day.

When such people are suppose to be enjoying their retirement in wealth, suddenly realizes that they have not built enough cushion to take care of them in retirement. This pushes such individuals to look for paid employments or even lobby their former employers for assistance after retiring. It is rather important to start building other source of income to complement the existing one early.

Use your spare hours profitably. Use your weekends, instead of partying or visiting friends, most of the worlds wealthy people built there wealth during their spare times. I am not saying that you should cheat your employers by using your official hours to conduct your personal business. All I am saying is rather than go partying after office hours and the weekends, find something profitable to do. Yes most wealthy people have used their spare times to build business empires for themselves. The problem is that most people can not endure temporary inconveniences; they are not willing to pay the necessary price to achieve financial freedom.

All good things have a price. Are you ready to pay the price to achieve financial freedom? Are you ready to stop impressing your friends and start sorting your financial future? Always ask yourself that, if you quit your present job, would you be able to maintain your current standard of living? Those who fail to ask themselves this question frequently are the ones after quitting their present job comes back begging to be reabsorbed. If you must work, then the very day you collect your first salary is the day you should plan to live without the salary.

You should work towards what people call passive income. With that you most have built enough wealth that will keep on generating more money whether you are sleeping or awake. And this is how to work out your financial freedom.

Building Real Wealth Part 6

TREAT A CENT AS YOU WOULD TREAT ONE MILLION DOLLAR

Track and control your expenses first as stated in the earlier parts, people who cannot track and control their expenses cannot build Real and Lasting Wealth. Now if you really desire to build Real and Lasting wealth you must as a matter of fact treat a cent with the same degree of respect you would treat a million dollar. Because God does not tolerate waste in any form He will hold you accountable for every cent that He permitted to pass through your hands, I tell you wealthy people treat a cent with the same degree of respect they would treat a million dollar.

There is a wise saying that says: "There are many nerves in the human body, but the most sensitive is the one that leads from the brain to the pocket book". That is the more reason why you should keep records of your financial expenditure properly. Do not put these records in your memory as your memory is meant for imaginations and not for keeping financial records. If you read the book of Habakkuk in the Holy Bible, we were asked to write down our vision and make it plain to people.

You cannot acquire Real and Lasting Wealth until you learn to document every cent you spend and track the trend of your expenses.

The same thing applies to every income that comes your way, you must document the source and dates. It's only by writing your expenses down and analysing them that you can know whether you are spending your money on the right items or not. By writing your income and expenses, you can prepare a personal financial balance sheet which will be a snapshot of your financial status at any given point in time. By writing down your transactions, you can prepare an income statement which will enable you match your expenditure with your income, with this you can easily determine if you are approaching the red signals.

God wants us to have complete control over the money He had given us , hence if you loss control over money, you have lost control over this vital item which God had given to you. It is an offence to God for you to allow any money He had allowed to pass through your hands to waste . The point is this , if you are not faithful or thrifty with a cent , you cannot be faithful or thrifty with one million dollars. There is not an informed Millionaire that does not respect the smallest denomination of his/her currency the way he/she would respect the highesdenomination. Money as I said is a spirit and it flows in the direction of those that knows how to treat it. When misused or abused will fly away. Again working with a financial record keeping mentality is the greatest antidote to impulsive spending. Always create a list of your shopping with a budget before you go to buy and try as much as possible to stick to your list.