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Posted on Jan 11, 2017 at 06:01 PM
In the face of economic recession and financial downtime in Nigeria, it is very important that you not only find a way of survival, it is also the time for you to create multiple source of income and be where you want to be financially.
A lot of people crave wealthiness but they do not actually do anything legit to get it aside from their craving it.
Do you really want to be wealthy? Taking the following advices and sticking to it might just be the breakthrough you need!
Don’t borrow in order to create a standard of living for yourself or pretend to afford a certain kind of living when your income is not there yet.
Debt has become the way of life for many nowadays. They just have to borrow to meet their needs and wants such that they keep incurring debts throughout the year. Can such people be wealthy? I doubt it!
If you can’t pay for it, It means you can’t afford it so do not borrow to gratify your wants.
Live within your means, don’t fake it till you make it, you might never make it that way until you stop the habit!
Debt is not your friend, don’t befriend it.
Todd Tresidder once said ‘Great wealth builders focus on both saving money and earning more.’
The definition of wealth is this: Spend less, earn more and invest wisely.
If you want to become wealthy, create a gap between how much you earn and how much you spend. You can then save in order to invest your savings for additional income.
The larger the gap between your expenses and income the more wealth you can accumulate.
If you are living beyond your means currently and have no money to put to work for you, you might not be able to build wealth.
You need to be frugal to become wealthy.
These days, two sources of income; yours and your wife’s seem not be enough anymore.
To build wealth, you need to increase your income!
You can increase your income through various strategies, it could be getting a pay raise, starting a business, venturing into another successful business such as photography, printing, blogging and even Forex trading.
Whatever other legit business you can do aside from what you do now, Do It!
Wealthy people focus on saving money for investment and Earning much more than they currently earn.
They maximize savings by controlling spending while growing income at the same time.
Earning more money is the quickest part to saving for investment.
In this days of pay cuts, job termination and all that…
Relying on a source of income to meet one’s basic needs and even have savings from is becoming difficult by the day.
When you have only one source of income, instead of being able to generate wealth, you will be one of the masses since you the income you have cannot even settle your needs.
The only way to be where you want to be is to diversify your income sources.
Remember... the average rich person has seven sources of income. While the average poor person has one source of income.
In today’s idea economy, be sure to develop your idea muscle by coming up with ideas that will turn into income for you.
You should also develop your income muscle by practicing turning ideas into new income streams.
Today, think well and deeply…
What skill do you have that is capable of generating massive income for you? Yes, that one!
Harness it today!
Your next goal should be to invest in yourself and your business; you are the best resource you have to accumulate wealth.
Investing in yourself means spending more time on your education, refining your own skill sets, and branching out to meet new people who might help you achieve your goals.
The more educated, skilled, experienced, and connected you are, the more valuable opportunities you're going to get, which means higher salaries and more options for you down the road, both of which will help you build a stronger financial foundation.
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