Four Key Insights to Consider on Your Journey to Financial Freedom
The subject of money is one that never goes out of fashion. And rightly so considering how much of it is needed to live a beautiful life today and enjoy a bright future tomorrow. Before you shake your head or say, ‘not I’, think about it. When you are not thinking about how to make money, you are probably thinking about how to manage it.
And no, this is not peculiar to any continent or nation, it is a general view that transcends skin colour, tribe, race and family background. According to research, millions of money-related questions are asked on Google every other month – this means it is perfectly okay to be interested in money.
However, the popularity of this subject does not make it any easier to discuss. Generally, money conversations may be hard depending on who is broaching the topic and why. The good part about money talk is how it can be both therapeutic and revealing. The human mind is always keen on sustenance matters.
Consequently, there are four major steps to help you change the direction of your life namely: THINK of, TALK about, PLAN for and ACT on it.
Last month, our Income to Asset Masterclass by Tunji Andrews saw many money questions being asked and answered in detail. If you missed that enriching session, we’ve got you covered, this article is what you need to catch up and gather momentum on your money journey.
Here are four money insights to ponder on as you work hard:
1. See One Item with many Expressions
How you see money determines how easy or difficult it will be to manage it. This simply means money can have different meanings and use depending on who is holding it. For a certain person, money may be the paper currency used to buy goods and services while for another, it is a tool to multiply wealth. What category do you fall into? Knowing how to see and use money per time is the first hurdle to cross on your wealth creation journey. As you understand how to see and use money as a tool for your use and wealth multiplication, you will be able to go from spender to saver and effective manager in no time.
2. Think Minimum Income, Maximum Outcome
Your earnings are not only there to serve your immediate needs. As you get the ‘kpim kpim’ alerts that make you smile and dance for joy like a little child, your next question should be ‘what percentage of this should go to my savings, enjoyment, and future accounts?’ Answering these questions helps you get more out of your money while showing you how much money is used to service your wants and needs. Hence, how you apportion your resources will show how important each part of your life is to you. Do the maths.
3. Take the Value for Income and Investment for Reward Route
Money goes in the direction of value. This explains why your job or business pays you for the work you do. Ordinarily, this means anyone who does not work or exert themselves should not expect any form of income. Therefore, it is important to aim for multiple streams of income. However, the good news is you can create money trees with your income and get rewarded for making great investment choices. Doing this requires researching worthwhile investment opportunities and using a part of your earnings to secure your chance of growing your money while getting the reward you want. How nice does that sound?
4. Make Good Choices Today for a Better Tomorrow
Money does not last forever. Think about the rich men whose names used to come up on lists and in conversations many years ago. How many of these names have you heard in recent times? Only people who consistently work hard to make money work for them will remain on these lists, whether it is a public list or a private one. You can be like them if you follow all the money steps you have read so far.
Take one more step and make your life easier- set aside money for your pensions. This is not a one-off action; it is a continuous one. Our services at PAL Pensions offer you room to retire well by making your today and tomorrow better. Get more details about what we can do together here.
Now that you know how to make money do the heavy lifting for you, go ahead and create your own money plan and watch your income yield great returns for you.
The next post will move you closer to your financial destination. Don’t miss it!