Monday, November 6, 2017

There Are No Money Secrets, Just Disciplines

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Unless you own an orchard then, yes, you’re right, money doesn’t grow on trees. In fact, there aren’t any deep, dark secrets that the multi-millionaires are keeping to themselves. If there were, people would be getting rich of the sale of these secrets. About the closest you can get to this is discipline. Mmmm hmmm. Financial discipline is the real secret to building wealth and the reason it is a discipline is it takes a long time - it is a marathon.

Now that you know this, well, we can crack on with the secret disciplines that will guarantee your wealth grows with each tick and tock of the clock.

Love What You Do
It all starts with working a job that you enjoy working because the more passionate you are about what you do the more potential there is for you to earn big. You put more effort in and that directly impacts what you get out, whether you are self-employed or an employee. It’s all about attitude.

Save For The Future
Everything about the education system is geared toward making money, yet there are no classes on how to manage money. It is ludicrous. That is why you should be proactive and educate yourself, speaking to professional services like Elders Financial Planning and disciplining yourself on investing at a young age. The power of compound interest is one that should not be ignored.

Know The Simple Math
No one has ever gotten into financial trouble by spending less than they earn. The end. However, so many people still live well beyond their means and that is why so many people get into debt. It is all about not overextending yourself.

Debt Really Is The Devil
It really is one of the toughest disciplines to keep to but also the most important. Debt is the devil. It depletes you of all your finds, prevents you from enjoying financial freedom, keeps you awake at night and ensures you live a life full of regret. It isn’t just the money you owe, it is the interest and fees that will see you pay back way more than you borrowed. Stay away from debt.

Budgeting Is Your Bestie
People hear the word “budget” and automatically roll their eyes. But budgeting just means having a plan and plans are cool (see John ‘Hannibal’ Smith for proof). A budget is lss about being boring and more about knowing what money you have and telling it where to go in the most efficient and effective way possible. It is what will prevent you from going into debt, help you enjoy the present and let you know what can be invested in the future. Done.

Educate Yourself More
We mentioned how the education system lets you down on the money front, but instead of blaming the system, be proactive and learn what you can. Learn the language, understand what the difference between bear and bull markets are, what the best investments are right now, and how you can get your money to work harder for you. Trust us, this knowledge will be the best inheritance your kids can ever receive.

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