What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
Are You Struggling Financially? Then Do This!
Many people around the
world are experiencing financial difficulties for a number of reasons.
People in third-world countries suffer from poverty due to factors such as a lack of industry and infrastructure.
There are many people in the Western World who are dissatisfied with their financial position.
With the introduction of COVID, many more people have been experiencing financial difficulties.
Lack of financial resources can trigger a lot of stress and even depression. It can be demoralizing to be concerned about whether you will be able to pay your bills and provide for your family.
We just want to have enough, but many people are unable to do so due to unemployment, weak money management skills, greed, and a mountain of debt
Many households face financial difficulties year after year.
The best steps anyone can take to get oneself out of the quagmire of poverty and deprivation occasioned by lack of money include but not limited to:
1. Requesting Assistance
If you're suffering from depression as a result of financial difficulties, it's time to talk to someone who can help. You may talk to a trusted friend or family member who has successfully handled their finances, a financial advisor, a life coach, or a therapist about your situation.
Admit that you are having
financial difficulties and that you need assistance.
The first step is to
assess what can be done to minimize costs and raise revenue.
If you have credit card
debt, you should stop using them all and start cutting them up.
Stop wasting money on
items you don't need, such as suits, dining out, gadgets, and holidays, to name
a few.
Put a moratorium on all
non-essential spending.
2. Make A Budget And Stick To It Like A Flea.
Making a budget will help you save a lot of money. Many people are aware of this, but they refuse to sit down and write one. Alternatively, they can create a budget but fail to stick to it.
Simply put, a budget is a list of your revenue and expenditures.
Look at how much money
you're bringing in and where it's going each month.
You may be shocked by how much money you waste on
things you don't need.
Make a budget that includes all of your earnings and expenditures. Look for areas where you can save money, such as dining out or missing your regular latte at the coffee shop. There are a plethora of online or smartphone applications that can help you keep track of your finances and provide motivation to stick to your budget.
Sticking to your budget over the course of the weeks will take patience and dedication, but it is important to ensure a brighter financial future.
3. Increase Your Earnings
Taking on extra jobs is an obvious way to boost your income. You may want to work a second job or look for a job that pays better. You'd be shocked how many people have second jobs, mostly working from home as freelancers.
Check out freelance sites to see how you can use your talents, such as writing, photography, and design, to supplement your income.
Consider taking on more odd jobs if you're more of a hands-on type of guy. Cleaning, moving, errand running, shopping, and other useful services can all be found on TaskRabbit.
4. Get a Roommate or Downsize
Consider downsizing, moving in with a friend or family member, or finding a roommate to share expenses if you're having trouble making your mortgage payment. This can seem serious, but it is only for a short time. You will improve your living condition until your debt is reduced and your income is increased.
5. Start Putting Money Aside Now.
Start putting money into a savings account every time you get paid, even though you have a lot of debt. Make a conscious effort to save money, even if it is just $25. After paying their bills, many people invest their extra cash rather than putting it into savings. One of the reasons they don't have any surplus is because of this.
Take a set sum of money from each paycheck and deposit it into a savings account. Then, unless it's an emergency, don't touch the money.
And if you just save $50 a month, that's $600 per year, which many people don't have after working for many years.
The trick is to save the money and then forget about it. Don't get your hands on it! You'll develop the habit of saving, which is a healthy habit to develop.
6. Taking Care of Business
Not everybody who has cash flow issues is reckless about their finances. There are a lot of people who don't make a lot of money, and with the that cost of living, it can be difficult. If you fall into this category, make the most of your situation with the money you have. Don't go overboard with your spending; instead, pay down debt, work within your means, and save little by little.
If you have been financially negligent, today is the day to make a firm pledge to take charge of your finances and take steps to get them in order.
Learn about personal finance and make financial investments. You'll probably have to remind yourself that you're financially smart and frugal on a regular basis. It's easy to forget and buy on impulse, particularly if you've been doing it for a long time.
Break bad financial habits and replace them with fresh, more beneficial ones. Encourage and inspire yourself by watching videos, reading books, and listening to podcasts.
Many people have gone from being broke and in debt up to their necks to being financially free with little or no debt and you can too.
Money isn't everything, but when it's running smoothly and we have enough to live comfortably, it can bring us some peace.
#wealthisearned
#trendingwealth
Thanks for this post. It is very instructive and talks directly to the problems in financial issues.
ReplyDeleteIt's good to read from you
DeleteAnd yes this post was crafted to bring information to those who are financially challenged and who really want to make a change because it is only the man that can save himself
Thank you sir
ReplyDeleteA lot of people are going through financial crisis
They have accumulated debts. One way is to come out if debts and drastically cut down on one's expenses. Save and invest and get a financial tutor.
Anyone who really desires to arrive at the pinnacle of financial freedom and independence needs to engage a financial advisor or wealth coach - until one is financially educated, one is very unlikely to lead oneself out of a financial mess
DeleteI am struggling financially. I have started applying all these principles and they are working out. Right now, I have go into second jobs even when the first doesn't exist. Seriously into networking and hopes to add earnings from there as second strings. Before now, no specific job, I engaged myself with institute of safety professionals and is practicing safety on a freelance. It's my major source but it comes periodically.
ReplyDeleteThe major challenge isn't recklessness as stated above but low financial income. Curtailing all expenses has been a yardstick to this effect. Living strictly within a budget has been a ground rule.
Savings has been compulsory no matter how small. Out of my little savings over time, I have set up a small goat farm, I started with a goat that I bought about #15000 in 2018, now, I have 9 goats. 4 he goats and 5 she goats. By this year ending, I hope to have a minimum/additional 5 from the she goats which in I know are pregnant. If you set up the multiplier effect, #15000 invested 3years ago, will at the end of this year, yield a minimum of #150 000 that is if the goats were sold at #10000 each.
I have set up a small shop for my wife. She deals on bakery items like flour, industrial sugar, milk, butter, nutmegs etc.
I have engaged our last boy into operating a pairloader. I have registered a company with Corporate Affairs Commission(BENCOTECH ENTERPRISES). I am pursuing contracts from diverse oil companies on general supplies and services.
Sir, I shared this because, I am struggling financially and wanted it ended at all legal and possible means.
I have other development plans as to garner more advanced studies later this year in journalism and biotechnology. It needs capital and adequate Funding.
I wanted you as a coach and a mentor to actually spin more financial engagements as you are doing that will spur cash flow but in the short and long term. I need financial independence, freedom and security.
Thank you sir for the education, remain blessed.
Wow! Wow!! Wow!!!
DeleteBen
This is quite encouraging
You are already on the way to financial independence and freedom
All you need to do is to tweak your approach a little more to ensure that you do not concentrate only on Physical jobs that require lots of hard labour.
Hard work pays, yes however a combination of hard work and smart work pays better and smart work in this generation is earning money online even while you are sleeping.
Network Marketing business is good but the drawback is you make money ONLY when someone joins your team or when you sell the products, I usually advise anyone willing to start with affiliate marketing before venturing into network marketing.
The wealth creation process is not a sprint, it is a marathon and one should be expecting the dividends from the process when all the elements have been set up. The #CommunityofWealthCreators of which you are an active member is set up to do just that
But all the same, you are doing well
You may need to engage the services of a financial advisor no matter the scale, to up your game.
Keep it up
This is indeed one of the best, timely and invaluable advice that I have received for awhile from a trusted companion. Thank you very much Dr. Jerry De First for sharing with me this priceless knowledge from your fountain of wisdom. God bless you.
ReplyDeleteGood to read from you
DeleteAnd thanks for your kind words
We are here to Motivate, Inspire and Encourage
I must confess Dr, I am struggling financially Hitherto, but reading this post I have seen my where I am getting it wrong and I am committing to adjust and make use of these principle listed here to increase my finances, Thanks so much Dr Jerry the First for inspiring us with this tremendous knowledge
ReplyDeleteIf you are struggling financially, it is obvious from this write up that you are not alone but the good news is that it is not a life sentence, you can make it out of the deep hole if you become consistent in implementing the principles enunciated here in.
DeleteAll the best my good friend
Oh Waw! Sheeesh!
ReplyDeleteI Love this. The Recommendations are intrinsically good. One can even think of more solutions other than the ones enlisted here.
I've come to learn that money has no emotions. If you broke you broke. Anger should make one think of (Creative thinking as opposed regular thinking as written in the book "Think Like Einstein's".)
Creative thinking with new and extra ordinary ideas on how to come up with the money will help transfer one from money lack to money boom. Lol.
My thoughts
Good write up indeed
DeleteCreative thinking is certainly the tool to be employed to beat back poverty and lack
Very good guidelines for financial approaches. I'm still a student but I'm creating ways to become financially independent. It's obvious that cashless life is boring, and no one would like to take that adventure. Thank you, Doctor for the enlightenment.
ReplyDeleteGood to read this
DeleteLike I keep saying, the best time to create wealth for enjoyment is when one is young (18 - 35) so as a Student you are in the right age range
Don't misuse it at all
Do what your mates are not doing now to create wealth so that when you begin to enjoy your wealth, then they would start doing what they would have done alongside you now
Dr.Dennis Ekwedike: To be candid most of us are struggling financially due to some of the aforementioned reasons. I have started adjusting my schedules and already seeing changes. Thanks a bunch ! I will definitely sustain the tempo and optimistic of being financially independent !
ReplyDeleteIt is not knowledge that matters most, what matters most is the application of knowledge for if a man is unable to apply what he knows in his own life he would never move from one level to another
DeleteKELLY
ReplyDelete1. The basic foundation for carrying out a financial health check up is to determine the state of your finances. It is to ensure a functional stability of our financial growth according to the goals & targets set. It is also to ensure that we're in the right course of activities geared towards meeting our short, medium & long term goals; on one hand and to make necessary adjustments in the event of deviations on the other.
2. (a) Basically I make it a point of duty to review my financial goals at the end of every month. However, circumstances may arise that the review can be done twice or twice within a month. Such circumstances may be as a result of the fact that achieving what was the target for the month would be earlier than stated or delayed; as the case may be.
(b) Based on my pre-set daily routine tasks/activities geared towards my financial goals achievement, it keeps me abreast of where I am at any particular time. This enables me to make necessary adjustments when the need arises.
(c) Tracking my spending runs with my budget. I am so disciplined about my budget implementation that sometimes I feel as if I'm stingy.
(d) My budget review & adjustments are done regularly as I carry out my routine daily tasks/activities geared towards the realization of my financial goals. This is done immediately deviations are noticed. Deviations can be positive or negative.
(e) i. My savings are done monthly through a cooperative society
ii. Investments are done monthly (insurance premium) and quarterly through stock trading
iii. Landed properties investments are done through loans depending on the flexibility of resources on one hand and the viability of the land on the other
iv. As stated in item e. ii above, insurance coverage is reviewed monthly
(f) My wife, the most wonderful woman on earth is my accountable partner. I've so enlightened her on financial literacy that some times she's the one that identify deviations first and sounds me out on such.
3. The appropriate or best time to do a financial health check to me depends on the kind of financials operated. Therefore this will defer from one individual to another. For me it's programmed into my daily routine tasks/activities. I make it this way to enable me notice deviations immediately they occur, so that necessary adjustments can be introduced immediately.
4. In conclusion, to be able to create wealth, stay afloat in maintaining your wealth to live a comfortable life of financial freedom, the need to be disciplined in your financial management - carrying out all that is stated in answering question 2 above, cannot be overemphasized.
Ekwedike Chinwe
ReplyDelete1.One of the important character trait is planning .One needs to state his activities and try to follow suit. Because time does not stop running. After you have a plan,work on it diligently to achieve your goal "Wealth creation ".
2.Time favours the rich and wealthy because,they know how to navigate with the changing seasons. They are not time wasters due to the fact that time ticks without stopping.They utilize every opportunity that is available with out procrastination.
3.Yes,the rich knows how to utilize time and opportunities because they know that,effective planning will make them to remain focus.
4.I want to be wealthy because it will offer me the opportunity to live the kind of life I would want to live and also to impact my world more especially my community.
5.Yes,l totally agreed with the statement that you are a product of your choice. In 2017,I chose to go back to school against all odds. Today,that singular act has set the tone of where I am presently.however dreams comes true when we pursue them with enthusiasm.