It always amazes me that people work so hard to sustain a lifestyle that they ‘hate’ – WHY?!?!
Unhappy with the pay, no time, caught in the rat run 9 till 5, earning to simply pay the bills, no clear vision or direction for the future … JUST WHY?
• Because it is easy?
• Low self esteem and self worth?
• Because it is what you have always done?
• Because that is what mom and dad did or your friends do?
In truth, it really is too easy to settle, procrastinate and accept the lifestyle you slip into! Complacency, is an ultimate killer, you need to give yourself a ‘kick up the butt’ sometimes, certainly if you are truly unhappy … so make the change … create a lifestyle by YOUR design and commit to making those changes, set a firm plan, follow through and realise your vision!
Easier said than done, right?
Rather this being a rant or a motivational blog let me give you a few practical pointers for becoming financially more astute and eventually financially better off!
…….
1. Increase your earnings, create cash flow & multiple income streams
Are you in a job?
• Add value to want you do
• Exceed expectation
• Make ‘you’ indispensable
Need immediate cash
• Sell unwanted stuff rather than collect it
• Get a second income (employed)
Start a business – have an idea? Is there something you are passionate about?
Monetise it – teach it, create it, sell it
I cover these topics in my business consultancy Friday-Phone-Calls, feel free to drop me a message and book your time slot!
On with the list –
2. Stop spending money you do not have
• This is a no brainer, if you keep spending money on stuff you don’t need soon you will have to sell stuff you do need
• eliminate using overdrafts, loans, credit cards … Yes there is of course exception for example – you do have good debt and bad debt, good debt is good if you utilise leverage and have someone pay the repayments for you, buy-to-rent property obviously – this provides me with passive income and even if I just sit on what I have, within 20yrs the properties will increase in value and of course be paid off by the tenants
3. Be smart with your spending
• Have an account for today (this month), one for tomorrow (the next 12 months) and one for your retirement
• Keep an eye out for a bargain or bulk purchase discounts .. don’t go over the top!!
• Be careful not to focus too much on saving pennies and lose huge amounts of profitable & productive time! Good oney management is key but so is good time management
4. Save only money to buy assets
• Bank rates are awful and will never make you financially free, use your tax free savings ie ISA, bonds to build a lump sum and invest it … I will talk of investments in another blog 😉
• As a quick guide, an asset is something that puts additional money into your pocket, liabilities take them out … so collect assets!!!
Examples are property, stocks & shares, invest in business start ups, foreign exchange and so on … I employ an independent financial advisor to keep me in touch with investments and opportunities whilst I focus on growing my businesses increasing cash-flow and income!
And the final pointer, it has to be –
5. Don’t forget to live
The saying goes ‘money can’t buy you happiness’ – normally spoken by poor people … what money does do is give you opportunities, choices and of course less worries … like so many things it is all about a balance and personal preference but for me make sure to –
• Have a couple of nice holidays each year
• Eat well
• Make your home feel special
• Spend quality time with family and people you care about
• Invest in yourself as your health is your wealth
Remember life is short; seize the moment – as the old saying goes
‘this time next year you will have wished you started today!’
Respect as always
John Swift
