The 7 Ways to Prosperity
When it comes to personal finances, what really matters is what we do with what we save that makes the difference, not how much we make. Most people are not in control of their personal finances and as a consequence they are slaves of their money instead of being masters of their money. Here are a few nuggets to start taking full control of your money:
1. Tracking. We can only improve what we can measure. People are not keeping track of their personal finances. Do you know what your after tax income is? Do you know what your net worth is? Do you have a realistic monthly budget and are you staying within your budget?
2. Spending. Money does not solve anyone’s problems; discipline with money does. People’s spending is out of control. Are you being a slave to your impulsive buying habits? Are you spending the money you have not earned yet? Are you financing things that depreciate?
3. Inflation and taxes. Inflation is a big hidden tax. Inflation and taxes are taking a big bite out of people’s incomes. Do you know what your real inflation is? Do you know how much are you paying in taxes?
4. Skills. Security comes from speed of learning and dealing with change. People’s skills are not keeping up with market demands. What skills are you developing to become more valuable and earn more money? What are you doing to set yourself apart from the majority of workers?
5. Saving. Play good defense with your money; you worked hard for it. People are not saving enough money. What percentage of your income are you saving? How many months can you live without earning an income if you lose your job?
6. Investing. Play smart offense with your money; leave gambling to idiots. People are not investing enough. What percentage of your income are you investing in yourself? Where are you getting the information to decide on what investments to make?
7. Education. Self-education is the only true education. People are getting the wrong types of training; getting information for jobs that no longer exist. Is the education you are seeking going to allow you to live the lifestyle you desire to live? Are you educating yourself on personal finances and relationships? How much have you improved your people skills in the last year?
Will you join my cause to fight mediocrity in the world? Pass these nuggets on to 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.
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