The 4 Must Do’s To Achieve Financial Wealth for the Average Joe and Joette
The average Joe and Joette spend all the money they make… so there is no chance to accumulate financial wealth. Here are the 4 must do’s when it comes to financial freedom.
Know where you are: What is your real truth? How is your balance sheet and income statement looking right now for you? Are your assets more than your liabilities? In other words, is your net worth positive? If you don’t take a hard look at your finances and be honest with where you are right now, then you can’t begin to achieve financial wealth. If you take your car to the dealer, they won’t work on the car until they figure out was wrong… why you wouldn’t do the same for your finances so you can fix them?
Pay yourself first: When it comes down to income is NEVER about how much you make is about how much you get to KEEP. Remember, income is how much money you make but wealth is how much you are able to accumulate over time. In others words, if you spend all the money you make, I don’t care how much it is, you are not getting any wealthier?
Life style: What kind of car do you drive? Do you need to live in the house you are living in? Do you need to eat out every day? If you need financial wealth and you are spending all the money you make, then your life style has to change. Be realistic on what your means are.
Stop Digging: If you are in a whole then stop digging in it. Stop spending money. This is a simple math… the more you dig, the deeper you get. Next time before you spend money think of you long term emotional pay off. What is your emotional pay off if you keep digging? And what is your emotional pay off is you stop digging? Would you be happier if you can pay yourself first, leave within your means, investing for passive income and building a positive net worth? Wouldn’t this make you happier?You must decide to make the changes to create the financial wealth you desire. Lifestyle vs. Wealth Creation is a habit. Just do today what others won’t do and change your life.Yours in Wealth,Monica Beltran
