Updated: Oct 7, 2019
1) Commit to being wealthy NOW!
People delay this to sometime in the future when their financial situation is more healthy. The reality is that people tend to spend more when they earn more.
To get to a healthy financial state, you need to commit and take ACTION now!
Time if not used wisely costs you money.
You need to commit, be patient and embrace the Magic of Compound interest.
18 years ago I invested R 35 000. Today it is worth more than R300 000. This 8 times(x) growth demonstrates and confirms that commitment, Action, time and patience can propel you into your Financial Freedom.
Pitfall realized and learnt, I failed to scrutinize the fees. 3 years ago when I looked at my statement, I realized that I was paying advisor fees for a service:
I did not need as I am money savvy and for this, I thank my mum. I have over 20 years of experience in the financial services industry and I have my Masters degree in Finance; or
Utilize as my so-called advisor/ broker from that Institution remains unknown to me as I have never been contacted.
This ignorance and failure to act quickly cost me over R 20 000 over that period.
So, I urge you to commit to investing now for your Freedom and to take the time to understand what you are investing in, the related costs and the impact these costs have on your long term growth potential, and whether the product is aligned to your needs and values. ( I will unpack this in future blogs and seminars, please look out for these)
2) Have a Budget
A budget in my view is the most effective tool in driving healthy money habits.
(I will also unpack this in detail in a future blog)
3) Commit to saving a specific percentage of your income
Your budget must include this committed amount in your static “expense” section. View this payment as your Freedom reward.
Please don’t waste another day as you are robbing yourself of your Financial Freedom.
4) Adopt an Investor mindset
Seek to understand the true wealth-creating assets.
Contrary to popular belief, your primary home is not your wealth-creating asset. It costs you money.
So, if I had an option
to buy a bigger house; or
buy another property that will generate income
which option do you think I should exercise?
( We will unpack this at the wealth-creating assets and liability seminar on 30 November 2019)
Thank you for stopping by.
I wish you love, light, happiness, and FREEDOM!