The greatest lesson I learned about money many years ago was to stop spending time and money and start investing time and money. Money is a blessing, a tool at our disposal to bless others. We must take full control of our personal finances if we want a shot at living an abundant life. Applying the three overriding principles of wealth creation (long term thinking, delayed gratification, and the power of compounding) is paramount to financial success.
1. Understand and respect money. Know the defense, offense, and the rules of personal finance. Invest and compound time and money. Above all else, invest in yourself. Money always follows excellence.
2. Have a financial action plan. We don’t get what we deserve, we only get what we define, plan, and take action on.
3. Live within your means. Follow a budget. Spend less than you make and make more than you spend. Always look for ways for reducing expenses and increasing income.
4. Eliminate all forms of debt. Create new spending habits. Follow a debt payment roll-down plan.
5. Grow your net worth. Diversify your sources of income. Accumulate skills and money will follow. Invest in a proven business system. True financial security is not developed until we develop income from business systems.
6. Get full control of finances. Understand how money is created and kept; follow the money flow. It does not matter where the money starts, it matters where the money ends.
7. Be generous with your blessings. Share your blessings with others. Learn and share, share and learn. When we help those in need our blessings are compounded.
Thank you for reading and reflecting on today’s nuggets. Share them 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.
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