How to Be In Charge Of Your Finances (3)

Dear friend,

This is part 3 (of 4) of a series of post on the topic I started two days back which I believe you’re really finding very informative. Below are more tips on how to take charge of your finances.

Diversify your sources of income: In addition to your current source of income, you need to get at least three others. You hardly can fulfill your mission if you depend on just a single source of income. Extend your brand and you can squeeze more money out. You have more skills than you think you possibly have. You can do it. In his wave making book-Purpose Driven Life, Rick Warren threw a challenge I have found to be true-that everybody has between 500 and 700 skills he can develop into money machine. Why not set a goal of developing at least one new skill per year for the rest of your life.

Brand yourself and cash the brand: You are a billionaire in motion. You should plan to make yourself or your company a brand in a particular area. Then begin to make money from that brand. It is almost limitless how much wealth you can create around your brand.

Set achievable goals: The easiest way to miss the fun of this exercise is to set target that are not realistic. Set only goals that you know you can achieve if you pull your resources. And reward yourself after every small success. But don’t let your goal center around making money alone-strive for a balance. Set goals in other areas of your life: health and fitness, relationships, spiritual, social, personal development, business and career. As an author puts it, those who live a well balanced life would inherit the world.

Get a mentor: There is nowhere you want to be that someone has not been. Get close to someone who has done what you aspire to be and get him or her to coach you. A mentor prevents you from experiencing the pains and the mistakes he or she had gone through. Be ready to pay some small fee if you have to do so. What you gain by working with a good mentor is far more than the money you would paid. Take this advice as well: it is preferable you bring something to the table for your mentor too. No mentor likes a parasitic protégé.

Be a committed learner: A wise man once said that any person who is willing to pour his purse (spend money) on his head will forever be ahead of his peers. Be a committed learner. Set aside money to buy good books, attend seminars and workshops on personal finance. You will have access to tips and strategies that can make a lot of difference to your personal financial life. Just pour the books into your brain and somehow in the nearest future it would bring you solid residual income.

Let’s call it a day. Be sure to check back tomorrow for the concluding part which promises to be interesting and informative.

Cheers


P.S: Remember to leave your comments and share your knowledge in the comment box below.