“Successful people make money. It’s not that people who make money become successful, but that successful people attract money. They bring success to what they do.” – Wayne Dyer
Firstly, how to become financially successful requires clear understanding what success means to you. According to one American motivation speaker, “Success is the progressive realization of a worthy ideal”. Think about this and examine yourself properly, what do you want to be? What do you want in life?
A success is the engineer who is building and erecting structures to make our place a better place to live because that’s what he wants to do. A success is the billionaire who starts his own companies because that was his dream, that’s what he wanted to do. A success is the free man that wants to become financially free throughout his life and sets forth on the pursuit of that goal.
A financial success is anyone who is realizing a wealthy and worthy predetermined ideal, because that’s what he or she decided to achieve in his financial life. In this world, where there are lots of financially successful, wealthy and joyful people; it is possible to attain our financial success.
After defining what financially successful means to you, next you have to set your financial goals. What is your exact level of financial success? What you have to do daily to meet your financial goal in life? How you will earn more money? Financial goals will guide you to make your dreams a reality because you are actually planning for them and not simply hoping. To have financial goals is a prerequisite to become financially successful. Remember that only those people with goals succeeded in life; because, they know where they’re going.
Before investing your money into any money making vehicles, first invest to educate yourself. You have to know what the difference between asset and liability is. How you can leverage your money to work for you at your present situation. According to Robert Kiyosaki there are 4 cash flow quadrants in our society today; (a) E – Employee, (b) S – Self Employed, (c) B – Business Owner and (d) I – Investor. You decide now which quadrant you want to be.
To become financially successful, it requires financial intelligent. You need to know how to read your financial statement and your cash flow pattern. From this knowledge and intelligence, you’ll become confident for all your decisions or plan towards a financially successful person.
Start saving money from your household expenses like groceries , electric bill, and water bill and from your other daily expenses. Most of the people that are financially successful are keen of cutting down their expenditures so that they will have extra money for investing. You should have a control of your expenditure and consider buying only those things or stuffs that you need only not what you want. You have to get in the habit of a disciplined lifestyle to become financially successful or to achieve your financial goals. Prepare a weekly & monthly or yearly budget plan for all your major expenses; this will help you to save extra money. Working with your dreams and to become financially successful of course requires a lot of sacrifices in your luxury lifestyle.
Investing means spending money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture. Focus on spending money to buy an asset that will give a positive cash flow. Remember that, only financially successful people know how to play the game of money & time and mostly win these games. Those who start investing while at young age become financially successful at their 40’s or early 50’s or even 30’s.
Learn the power of compounding interest; this will entice you to let your money work hard for you not you will work hard for the money. Compounding interest refers to generating earnings from previous earnings or something grows over time. If you don’t have any investment at present, try to do it now. It is because one of the most important factors in investing is time . The earlier you start investing the earlier time you will become financially successful.
Build your Profitable Business
Most financially successful people earn a lot of money from their business. They have a full control of their income; they get the money share first and the government will be only the second. One of the best reasons why most of the successful people started their endeavor into business is because of monetary or financial benefits.
If you are working with someone, you are working hard to make your boss wealthier. However, if you are working hard to build your business, any potential benefits will directly come to you. Your success and your entrepreneurial spirit may bring you to triumph that you have never imagined before. Remember that there are tons of benefits to start your own business. As your business expands, you will become financially successful.
As you begin to take action toward the fulfillment of your goals and dreams, you must realize that not every action will be perfect. Not every action will produce the desired result. Not every action will work. Making mistakes, getting it almost right, and experimenting to see what happens are all part of the process of eventually getting it right. – Jack Canfield
Now that you know how to become financially successful, it’s time to take action. You don’t have to wait and be forever on the sidelines, watching other people making a lot of money while you are just waiting for a pot of gold to come to you. Remember that people will never become financially successful unless they take action.
Thank you for reading.
P.S. If you have any additional ideas or suggestions, please feel free to leave your comments below