Without
a proper financial success system, your chances of achieving financial freedom
are almost zero.
Opportunities
are abundant. Follow your financial success system to create wealth when
opportunities appear. The era of relying on your employer for retirement has
gone. You have to plan for yourself. And you have to re-educate yourself.
Let’s
see what you can have in your financial success system.
Editorial Note: Through Robert Kiyosaki's Rich Dad-Poor Dad book series, he has become one of the top leaders on how to become financially successful. Check out some of his books or web site after you've read this article.
Decide To Be
Rich Daily
Every
morning when you wake up, make a decision that you want to be rich.
Begin your day with the right thinking. This will set your mind to be more open
and more receptive to opportunities that come. You’ll start noticing
opportunities that you would have left unnoticed.
A book
that you read; an event that you encounter; a conversation that you have; a
person that you meet; a problem that you face. All these events may open the
floodgate to opportunities that will help you in your pursuit of success.
By
making a decision to be rich, you are consciously aware that what is the best
way to spend your free time. You may want to do something that can increase
your financial intelligence and your chances of getting rich. You may want to
avoid activities that would be a waste of time like watching TV. Remember, time
is money.
Why Become
Rich
A lot
of people make the mistake of neglecting this step. Before you take action to
achieve financial freedom, it is crucial that you have to determine why you
want to become rich.
By knowing
compelling reasons why you want to be rich, it gives you the energy and
courage that you need to go forward. Sometimes you might face some problems
along your way to achieve wealth, these reasons support and motivate you to
carry on with your journey.
When
you ask them, everybody wants to be rich. But after a while when problems set
in, it is too much of a hassle to become rich, they would rather stick to what
they have now. To get rich, you have to find out your “why”.
Sit
down and get a piece of paper and prepare your own list now.
Understand How
Money Works
We
never studied finance or investing in school. We’re never even taught to
balance a checkbook! That’s why we work so hard for money. If you understand
how money works, you don’t work for money, your money works for you.
To
understand how money works, you have to learn. Read books on personal
finance. Attend seminars. Study what successful people do. Listen to
audiotapes. Seek mentors who can teach and coach you to be a money master.
Understanding
how money works is the foundation to financial success.
Set Goals And
Achieve Them
This is
an important step. You must have a plan to achieve your goals, in this case,
financial freedom. If you fail to plan, you plan to fail. Your goals must be specific
and challenging.
Clean Your
Debts
If you
are deep in debts, you must take action to clean your debts. The biggest debt for
most people is credit card debt. You have credit card debt because you’re
spending tomorrow’s money today. It’s a huge mistake if you use credit card to
buy items that depreciate in value, for example hi-fi set or jet ski. You want
instant gratification than delayed gratification. To achieve financial freedom,
you must have the discipline to delay your gratification.
To
reduce debts, have a plan, spend less and use some of the money to pay off your
debts. Credit
card debt is like a hole. Stop digging before you get deeper. Clean it up
before it gets too late.
Pay Yourself
First
Becoming
rich involves discipline. Pay yourself first looks easy but not many
people can do it and follow through it. The act of paying yourself first will
train you to be a more disciplined person. It is a test of your commitment to
acquire wealth.
It is
recommended that you save at least 10% of your paycheck. This is the first
thing you need to do every time you receive paycheck. It is not the amount that
counts; it is the commitment and discipline that you display. If you can’t pay
yourself 10% first, I would advise you to plan your expenses well and keep them
low.
After
you have accumulated some money by paying yourself first, you can use this
money to invest in assets that generate income for you.
Buy Assets
Becoming
rich is not about how much you earn, but is how much you keep. Making more
money means paying more taxes. It takes time and hard work.
What
you do with money you make that counts. You must invest in assets that
appreciate in values, assets that make you rich. Buy stocks and properties, or
start your own business.
Assets
generate cash flow and provide you with passive income. Generating enough
passive income is your passport to financial freedom.
Robert Kiyosaki is a leader in the area of how to obtain financial success. For more details about all his programs,
click here. In addition, you can see a large list of Robert Kiyosaki's books on Amazon.com.
Back to the Articles Index Page
MSBJ Holdings LLC's editorial objective is to provide our readers with a forum for personal suggestions, investment ideas, and health & fitness recommendations. Our articles should not be construed as specific advice for the reader, nor does any article imply an endorsement by MSBJ Holdings LLC. Your best course of action must be based on your individual situation.
Or Check out Robert's other Books
Or Check out Robert's www.RichDad.com Web site
Printer Friendly Version
===============================================
