5 Good financial habits to improve your financial vocabulary
- Read Rich Dad Poor Dad by Robert Kiyosaki and The Richest Man in Babylon by George S. Clason
- Get rid of all BAD debt, instead learn how to leverage good debt to your advantage
- Learn how to invest your money (let money work for you) and build generational wealth for you and your next generation to come
- Start a side-line hustle or turn your hobby into a profitable business and create multiple streams of income (it is not only silly but dangerous to rely on one income)
- Create a viable financial plan (with clear goals) for you, your family’s future.
8 Simple Financial Rules to live by
- Never buy depreciating assets (liabilities thinking that they are assets) on credit
- The best time to invest your money is NOW
- Never invest your money with emotions
- Don’t risk your name or your money to get rich quick
- Build wealth with sure results
- Acquire assets, not liabilities
- Keep track of all your expenses
- Always remember rules 1-7.
17 ways to be smart with money
- Commit to learning about money daily and apply the knowledge acquired – keep a journal to record lessons learned and continuously review and share them with your siblings, family, and children
- Have a life long plan and goals that direct your efforts towards your future
- Invest in yourself and continuously improve and keep learning
- Keep your expenses in check
- Pay yourself first
- Have a single simple investing strategy that you can live by in the long run, no matter what the economic conditions dictate externally
- Don’t waste your money trying to look cool, it is unwise
- Control your fear, greed, and impatience
- Live within your means and never try to keep up with the Jones’s or the Khumalo’s
- Pay off debt faster to stop living large on borrowed money that does not belong to you (there ain’t no such thing as free lunch). Try to escape the rate race because it is a debt trap
- Do not buy a new car if there is nothing wrong with the old one (after all, let us be honest you are doing it just trying to stroke your ego by impressing your neighbors & colleagues)
- Avoid frivolously excessive unnecessary spending that does not advance your future financial goals
- Do not use your home equity like a bank
- Avoid spending too much on your house improvements because your house is not generating any income (unless it is for rental purposes) instead it is an endless leaking bucket of liability because related expenses never stop flowing out.
- Find other streams of income and not live from paycheck to paycheck
- Remember a wise man leave behind a legacy whether intentionally or not (consciously or not) so leave an inheritance to your next generation, so that they do not have to start from scratch
- Finally when making financial decisions be honest and true to yourself and switch your ego off
“Do not save what is left after spending, but spend what is left after saving” – Warren Buffet
6 Funny Money Mantras by Shaina Leis
- I am very rich
- People love to give me money
- Money always finds its way to me
- I feel like million bucks
- There’s plenty where that came from
- I naturally attract good fortunes
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Thank you for reading this blog post and is there any one of these ideas that spark your interest that you find you may start using for your benefit, please leave a comment below. Please share with your colleagues and friends. Thank you once again for gracing us with your presence.
