In order to become financially independent/Secure or financially free, one needs financial Intelligence and a financial plan to arrive at the wealthy place.
Listen, there is place called wealthy place
You need to work with these 3 concepts:
(1) FINANCIAL INTELLIGENCE (FI)
(2) FINANCIAL PLANNING (FP)
(3) FINANCIAL DISCIPLINE (FD)
FINANCIAL INTELLIGENCE
Without Financial Intelligence, you cannot create wealth or become financially free and that is why financial education is vital.
Financial illiteracy is the major reason why many at rug through life in the rat race.
Going to school does not make you financially intelligent because schools don't teach it. It comes by personal development and capacity building through:
*Reading Books
*Listening to information CDs and DVDs
*Attending Seminars/Training on relevant areas
*Building Good Network and Right Association
Learning is very important in the school called financial freedom.
"The day you stop learning, you start dying"
FINANCIAL PLANNING
Comprises of the strategy, steps, structures and actions one puts in place to achieved a desired goal or objective.
You can't become a financial goal-getter unless you are first a financial goal-setter.
What is your plan for your future?
There are 3 steps to Financial Planning that must be followed:
*Ascertain Your Location* (your present financial level)
*Determine Your Destination*(your aspired financial level)
*Choose Your Vehicle* (your nature of business)
1. Ascertain Your Location
You can't progress successfully on this pathway and plan well without first finding out your present position. (How much do you have?? Money or your social network -People)
You need your present position to plot and navigate to your expected destination
2. Determine Your Destination
Determine your destination before commencing a journey is the normal thing for every sane person to do. If you don't know where you are going everywhere looks like the Place.
3. Choose Your Vehicle
A vehicle is an investment term used to qualify a channel, strategy or type of investment one chooses to operate with.
To move from Point A to Point B in the natural, you need a means of transportation or vehicle.
Possible physical vehicle include your feet, bicycle, boat, ship, motor bike, train, car, truck, airplane, jet, etc.
The vehicle you choose determines how fast you get from point A to point B and determines whether you will ever arrive depending on the distance between the two points.
In the world of investments, there are different investment vehicles available to take you from one point to the other e.g. Real Estate, Business, Intellectual Property, The Capital Market, Network Marketing, etc.
Choose your vehicle wisely as you cannot use an outdated vehicle in this modern/Digital age.
FINANCIAL DISCIPLINES
Has to do with how you use your resource more on activities that add Value to Your- "Assets" and less on activities that cost you - Liabilities.
On pay day the Poor buy "Stuffs" - expensive things that people do not really need to survive.
The Middle Class ( These are people the society mistakenly thinks are the rich - They are NOT) even though they earn FAT salaries. They buy things that keep them prisoners of the middle class "liabilities" things that cost them, which do not produce income or cash for them e.g Cars, houses etc to show off.
The Wealthy Buy Assets (that produce cash) e.g Investment, Real Estate, Education etc- which keep producing more money for them and they keep investing on assets for more cash thereby making them Financially Secured. They invest mostly in businesses that gives them Passive Income.
The wealthy are extremely eager to find those passive income business that continues to pay them month after months, year after year even long after they stop working the business.
So if you don't find a way to make money while you are sleeping you will work till you day.
Life has no remote GET UP AND SWITCH IT ON .
Choose a passive investment TODAY!!!!
I sincerely hope you have learnt a couple of things from these explanations.
Thank you.
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