By Patricia Arawore
By now, I am sure that we are all conscious of our financial health and no longer wrongfully assume that the future will take care of itself (faith without works???)
In the last edition, we focused on two major points:
(a) The need to identify your heartâ€˜s desire, that is knowing exactly what you really want,Â and;
(b) The need to personalize that desire to suit your circumstance.
Having settled that, the next step will be to determine exactly where you are-Your true financial situation, not what you think you have or what you hope to have. So, I suggest you start by asking yourself the following questions:
-What are your income, lifestyle and equity goals?
-Is there any way you can streamline your spending to fit into your budget?
-Where did your money go, and how can you increase your wealth?
-Are there strategies for generating new sources of wealth?
-How do you quit your unnecessary spending habits that inevitably run you into debts?
-How do you develop the habit of saving in order to achieve financial freedom?
TIME TO TAKE STOCK
Now, write down the following: your present earning, how much money you have in the bank (if any), your debt profile, your net worth and more particularly, your expenses on daily, weekly or monthly basis. If you are not happy with the result of this stock-taking, then, it is time to seriously consider how best to move from your financial struggle to financial freedom.
SO, WHERE WILL THE MONEY COME FROM?
I told you in the previous edition that there are a lot of ways to get rich, which include: chance, speculation, inheritance, theft, extortion, contract scams, counterfeiting, 419, kidnapping, etc.But I also said that MoneySense is only interested in ONE WAY:
The Legitimate Way
Now that you know where you are (your financial situation) and are ready to move forward, it is important that you also understand who you are. By this, I mean your inner self. What is your passion? Follow your passion and start to determine in which direction your energies can be better utilized for effective results. There are generally four categories of people. The category you fall into is usually determined by who you are inside you, your strengths, your fears, your likes and dislikes. This explains why one manâ€˜s meat is another manâ€˜s poison.
For example, are you an employee?Â This category of people prefer a good steady job where the salaries are guaranteed every month with good benefits to back it up. They are mainly individuals who are security-oriented, and they are happy in employments once there exists binding agreements on their employers. They could be CEOs, Secretaries, or even Security men in any organization, but insecurity and uncertainty are their worst enemies. So, if you are one of those who hate the feeling of fear that comes with economic uncertainty and you are unwilling to take the risk of self-employment, then employment with a secure organization with good benefits will be the best for you.
Others prefer to be Self-employed. These are usually professionals who desire nothing other than to be their own boss. They hate having their income being dictated by others. If they work hard, they expect to be paid well for it and they are not in any way disturbed if they receive nothing for work left undone. The Self-Employed type expects his pay to be commensurate with the quality of his work. They are true artists with their own style of doing things, and usually believe that no one can do a better job.
For this group of people, their independence, freedom and the desire to gain respect as experts in their field is much more important to them. They find it difficult to employ people like themselves because they have the notion that no one can be as good as them. And this means that they have to work much harder because most things are done by them. This group responds to their fears, not by seeking security, but by taking control of their destiny.
Or are you a Business Owner? These are risk bearers, individuals with good leadership qualities and great drive with the ability to set up a good system that works. They may be but not necessarily professionals or graduates but they surround themselves with competent people. The business ownerâ€˜s skills are not usually taught in schools and that is why some of the wealthiest people on earth have quit school to become very successful businessmen. They love to delegate duties and are willing to pay for services rendered. The personnel they hire could come from any or all the categories. They are not afraid to bear the risk of investing in their own business.
Then there are The Investors: This is the rich manâ€˜s playground where money works to make money. They are not the typical 9-5 men or the very â€˜hard workingâ€™ type. They are already done with that. What distinguishes them from the others is their readiness to take investment risks that some others would never contemplate. If you hope to be rich one day, no matter which of the above categories you make your money from, you will ultimately need to get here. This is the place of extreme financial freedom. The place I would love to be!
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