The purpose of the 7 Daily Nuggets is to teach us what we need to know to live a prosperous life; the things that we may not have learned or are not currently learning in church, school, home or at work. Let’s apply what we learn here and share these nuggets with others. We make a living by what we get; we make a life by what we give. Be a giver in a world of takers.
Never chase security, chase opportunities.
Self-discipline is at the core of our finances.
The price for financial freedom is eternal vigilance.
If we don’t master money, money will be our master.
Our money will obey us only when we are in command.
Success comes when preparedness and opportunity meet.
The will to conquer money is the first condition of our financial victory.
Important areas to master:
1. Budgeting. Have a budget and follow it. Live within your means. Learn how to grow income and reduce expenses. Delay gratification. Sacrifice until gaining control of your personal finances.
2. Negotiate. Pay for value. Pay for the right information. It is easier to make money when buying than when selling. Learn to be a great buyer; it is easier than to be a great seller. One dollar saved is worth more than one dollar earned.
3. Credit and debt. Debt grows like cancer. If we don’t have money to pay with cash we have not earned it yet. Banks care about your money, not you. Never finance your recreation. Never finance what depreciates. Never finance a diploma; college is overrated. Fees and interest are like holes in a bucket. Interest is supposed to work for us and not against us. Never go into debt to build your credit score.
4. Education and training. Invest in the right books and build your own library. Spend time around the right people. Apply what you learn from the right books and the right people. Training helps to make a living; education helps to make a life. Learn the fundamental principles of money by applying them.
5. Business and investing. Invest in you before investing in anything else. Feed the goose that lays the golden eggs. The best business is the one where we are forced to learn and grow to be successful. Buy a business system instead of a job. Never invest in anything you don’t understand. Don’t hunt for a job; hunt for the opportunity to learn and grow. Learn how to lead yourself and teams of people. Invest in people by helping them to overcome obstacles. Discipline is the key here and in all other 6 nuggets.
6. Work and job. Most people holding a job are just over broke. Learn to love what you do and work will feel like play. Accumulate skills not job titles. If you don’t have a dream you will work for someone who does. Learn how to be a great communicator.
7. Lifestyle and retirement. Chase lifestyle not retirement. Dependence on government and corporations is dangerous. Create your own streams of income. Become a lifelong learner and doer. Maintain your mental faculties. Learning comes from experiences and experiences come from mistakes. Learn to love people and their mistakes.
Plans are useless, planning is critical!
Be blessed and be a blessing to others.
Carlos Fontana, President of Phalanx
Co-author of the book Follow to Lead (The 7 Principles to Being a Great Follower)
Author of the book PRICELESS (Sixty-Six Simple Stories of Reflection, Love, and Legacy)