Aug 02, 2018

Five Financial Advice You Should Know

Money matters are a frequent source of problem, stress and anxiety, not to say a frequent cause of relationship problems especially between spouses and among family members. Knowing these 5 financial advice will go a long way to providing you peace and security with respect to your financial condition. Here are they:

1. Be master and steward of your money

The first step to gain mastery and proper stewardship of your money is to be aware of your relationship with money. Are you its master or its slave? The most common but not easily perceived reality of most relationship with money is that money is a means to fulfillment of desires. Desires dictate how most people relate to and use money. The difference only is in degree or intensity by which desires directs one’s use of money. Thus mastering your money essentially means becoming aware and director of your desires with respect to use of money. Instead of simply giving in to the impulse and whim of desires money must be seen and used as a means for building a better, stress-free life and more stable future.

2. Practice right stewardship of money

Proper stewardship of your money will provide you a prosperous and happy life. There are many ways successful people and financial mentors recommend for allocating use of money depending on their philosophy and even spirituality. Here are some examples:

Total income = 10% tithe + 20% investment + 70% living expenses

Practical step to implement this is using the envelope system wherein each category of expense is allocated or kept in a separate envelope and there is no borrowing from one envelope to another.

The absolute rule is never to exceed expenses beyond income.

3. Understand how money is attracted in your life

Money is commonly understood as hard tangible currency that you either have or do not have. Focusing on the lack of money creates a mental vibration that undercuts your power to generate it. Money is primarily value created for other people. Instead of focusing on lack or scarcity of money you must train yourself on how to create or give value to others that they are willing to exchange for with their money The important thing is increasing your value or the value you create for others.

4. Invest on yourself

Money is a function of your health, skills and intelligence. The more you invest on keeping your self healthy and well and in learning how to grow and transform yourself will definitely increase your value in the marketplace and increase your capacity to earn more.

5. Be financially literate

How to handle money is not taught in schools. We usually acquire and adopt the thinking and habits on money and finances that comes with our experience in our growing years.

Financial intelligence is something you can easily acquire in this connected age. The Internet provides all the resources you need for increasing your financial knowledge and acumen.

Aug 02, 2018