"You Can Go A Long Way With Bad Legs & A Good Head".
- Gavin McDonald
In 2020, your most lucrative year yet, you may have to do some things differently than what you've done in the past.
Here are tips action items that can put you ahead regardless of what happens with the economy in the coming year and beyond:
1. Reduce Your Goals.
2. Focus on passive and residual
3. Make your investments boring.
4. Get a gym card.
5. Cut out 10%.
6. Track your progress.
7. Hang out with rich people.
8. Go on diet.
9. Be Selfish.
10. Be Selfless.
11. Become your own CFO.
12. Improve your credit score.
13. Define what true wealth means for you.
14. Automate your money.
How??? Let We Discuss and Share;
Most people don't even create goals and some every year create goal. But ....How????
Is it come true?
But those that do often go to the extreme and create too many goals. The ultra-
successful, however, are great at simplifying their mission and creating a single
challenge in front of them at any given time.
The One Thing, The way to get more is to focus on less. Less distractions, less stress, and fewer goals lead to more income and a better lifestyle.
2. Focus on passive and residual income.
There is only so much time in the day, so it's hard to build wealth quickly when you're
trading your time for money. Instead, the wealthy focus on building income streams where they can get paid over and over again for their work by putting their business or money to work for them.
Example, this include running an online business, and writing a book, publishing papers, the investing, owning real estate. If you're going to do the work, you might as well get paid over and over again for your efforts. Work hard, but also work smart, and you'll much sooner find the freedom you dream of.
Back in 2013 during my Pra-University, when I started investing heavily, it was exciting. I had multiple monitors continually streaming charts and countless stock prices. This is what I believed that successful investing looked and felt like.
The thing was, I wasn't making any money.
Finally, I started to learn what works and began to take the emotions out of it. When I did, the excitement dropped dramatically (along with my stress) while my results started to shoot upwards.
The wealthiest and smartest people in the world have something in common: They're avid readers.
For very cheap or even free, you can get access to the most brilliant and inspiring people of all-time. Investing in yourself is the best investment you can make. Even gym, libraries, outlet and others is the best investment you can make, you are doing exactly that!!!
Even the most frugal people can find 10% of their expenses to cut.
If you then take that 10% and invest it in yourself and in your future via training, paying of debt or putting it towards vehicles that make you money like investing or starting a small business first, you'll be much better off!!!
Try it! Go through your expenses line by line and see what you can cancel or reduce. I do this practice at least twice per year to keep things in line, and I find hundreds and some time thousands in savings each time.
It doesn't even matter how much you spend it. What does matter is how much you keep!!!
Every month, track your net worth. This make you think about the entire picture from income to expenses to investments to taxes. With this focus, you can ultimately make the greatest impact on your finances.
Your network is your net worth. Seriously guys!!!
You become the average of the five people you spend the most time with. "It doesn't matter it we're talking about happiness, confidence or your income, health, the people you hang out with are strongly reflected in your own life.
So, if you have one thing on your 2020 to do list, it should be to raise the quality of your peer group. This will have a domino effect on every other area of your life.
I'm not talking about what you eat. Identify one expense that isn't helping you achieve your goals, and cut it out for 30 days.
A simple expense to choose is cable television. The average Malaysian people watches more than five hours of TV every day. That is thousands of Ringgits and Thousands of hours often wasted each Year!!!
Try at TV (or other guilty pleasure) diet for 30 days, and use that time and money on something more beneficial.
When you get on an airplane, what do they tell you during the safety instructions?
"Put your own mask on first, and then help the person beside you."
It should be the same way with our time and our finances. Be selfish and take care of yourself first, and then you can have more flexibility to take care of others. The problem is that so many of us put others first and then aren't able to help ourselves.
Although you want to be selfish with your time and money at first, you also want to be selfless with your attitude!!!
The wealthiest entrepreneurs I know give, give, give and focus on helping others. By doing so, more money shows up in return.
Focus on impact and income will result.
You can't fix what you don't know, so the first step is becoming completely aware of your finances and where your money is going.
As soon as you start to understand your current situation in detail, you will be able to identify leaks and simple solutions that will help get you on your way.
Nobody cares more about your finances than you do (not even a financial adviser), so it is on you to take control of your financial future and direct it to where you want to go.
pay a mine, refer to my post before have some tips.
Credit is boring and I hate to talk about it, but it does make a difference.
Thinks about it:
Most of life's biggest expenses are purchased on credit. It's important to start to take care of it now because there is going to be a situation in the future where you'll wish you had.
The way to improve your credit score again starts with awareness. Get your free report each year from AnnualCreditReport.com or some bank statement (if you are active in credits) and find out if there are any items that are directly hurting your score.
In the dictionary, wealth is defined as "a large amount of money and possessions.
"However, when you ask someone who is truly wealthy, you get a completely different answer.
"Make Money, Live Wealthy" is a good theme.
Money is an important tool that makes all of these other things much easier, but it shouldn't necessarily be the goal in and of itself. Realize this and you will ultimately create your dream life much sooner.
The key with your finances is to make it as easy as possible on yourself. The best way to do this is to automate your finance as much as possible.
What this means is that as soon as money comes in, it is dispersed to your other accounts automatically.
For instance, you can set up your finances so that money is taken straight from your paycheck into a retirement investment account, or from your checking account to pay off fixed bills like your internet and cable. The less you can worry about moving your money around and the more you can focus on optimizing it, the better off you'll be!!!
The key reason why this works is not only to free up time, but it helps prevent us from wasting money. If were see extra money in our account, we'll find a way to spend it and then won't be left with much if any money to invest in ourselves and our future. Automation helps keep our priorities in line and takes the emotions out of it!
All The Best!!!
Happy, Healthy and Prosperous.
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@ Jackie San