5 Ways On How To Achieve Financial Security
Making money and more of it, is the American dream, the Nigerian dream, the Japanese dream, the Australian dream, in fact it is everyone’s dream. For most people, it might seem this will just remain a dream that does not find gratification. For others, especially those with a restless desire, fulfillment happens to be within their grasp. Money is a defense, it is also a motivation. For most people, money is the end, for others, it is the means to an end.
Wealth is an advantage. With money, many things are possible. In the light of this understanding, many people seek ways to harness wealth. Some ways less honorable than others. The times we are in are made even more dangerous by the many unscrupulous ways that people seek to make money. Even though the best time to start off gaining financial security is in one’s youth, many youths opt to play now and pay later. To eat one’s cake and try to have it back is one of the causes of vicious crimes. Youths are ambitious. Most would seek to take shortcuts to wealth and all the glamorous things it stands for.
A lean wallet is way easier to cure than to endure. Incredible as it sounds, a man’s wealth does not reside in the purse he carries because a fat wallet would quickly empty if there is no income stream from which it is filled.
How To Achieve Financial Security
There are ways to make legit and sustainable wealth without hurting anyone nor trading one’s peace of mind:
No matter how small, saving is a big step towards accumulating wealth. Saving in itself would not make you rich but it certainly is the first step towards building wealth.
Regardless of your enterprises or income source, before paying anyone else from that income, set at least one tenth of it aside for yourself. This is what paying yourself means; putting away your savings from your income before spending what is left. Take your wallet, put ten dollar in it one month, and take nine dollar out of it the next month and soon it will overflow. Why? Because each month, you put in one dollar more than you take out.
Control Your Expenditures:
What most people term ‘necessary expenditure’ are often times desires and wants that can be discarded upon careful observation. The funny thing is, these ‘necessary expenditures’ will always grow to equal income because human wants are insatiable. So in most cases, increase in income means more gratification for new desires.
To grow and be secure financially, one must protest against these desires;
spread them out, select the actual necessities, budget them and cross out the rest as desires that must go ungratified. This step is very crucial if one must be financially independent because when people get desperate for self-gratification, their own hunger becomes a snare to them ( how to achieve financial security )
Seek Expert Counsel:
The spiritual book explains that in the multitude of wise counsel, there is safety. This applies to our finances as well. As stated earlier, saving alone will not make you rich unless those savings are being tied up in investment or merchandise that can ensure extra income known as passive income. However, before getting into any investment or business, it is wise to seek counsel from experts in such areas, in order not to lose money and learn very costly lessons. Money flees from those who invest it in businesses with which they are not familiar.
The more wisdom we have about investments and enterprises, the more our chances of earning more money from them. To buttress his point, George Clason in his book ‘The Richest Man In Babylon’ offered, ‘…if you would seek advice about jewels, go to the jewel merchant, not the brick-maker.’
Put Your Money To Work:
Every Dollar you save is a servant to work for you. If you must become wealthy, then what you save must earn. Money grows like grass when it is making reasonable earnings. This step is the actual step that makes you wealthy; putting it to work so it can make more money for you even while you sleep. Putting your money to work is limited to engaging it in legit businesses and investments; stocks and bonds, shares, real estate and lots of other options that can bring in income in reasonable measures no matter how small. Wealth is accumulated first in small sums, then in larger ones as a man learns and becomes capable.
On the other hand, money runs from whoever forces it to make impossible earning. Do not be misled by romantic desires and fantasies to make money rapidly. Following the advises of schemers and tricksters to use your savings to make rapid money is one of the fastest ways to lose money. Gambling, lotteries or scamming for the most part has hardly been the foundation of sustainable wealth.
Insure Your Future:
One of the first strategies to insuring your future is to own the roof over your head. A wise man is one who can lay claim to the house that shelters him and those that are his. This helps to cut off rents and covers a big tear in your budget and expenditures.
Providing in advance for the needs of your aging years and the financial protection of your family against unforeseeable situations is always advisable. In these current days, one cannot afford to be without adequate protection and it is not overemphasized when it is said that money is a defense.
We can guard ourselves behind the impregnable fences of dependable investments and insurances, against unexpected tragedies. Insuring your financial future requires careful calculated planning and good foresight in speculating and balancing your books for the future. The future belongs to those who use their minds to design what should happen after today.
These steps mentioned above are quite practical and crucial for those who not only want to be financially independent today but who also want to be financially secured tomorrow. A man can only move to the next step when he has firmly planted his foot on the first.