Building and achieving financial success. It is a question that many financial advisers receive often. Are there keys to financial abundance?
The reality is that there are no magic answers or tips that can generate overnight financial success. Though over several years seeing the experiences of investors, business owners and people just trying to find a way in this world, there are some common themes.
For parents of children, they also worry about how they are going to get ahead financially too.
One consistent message, if you want to achieve your financial aspirations, focus is the key success factor.
One infamous quote from Warren Buffet's "Put all your eggs in one basket, and look after your basket" or:
The context of this is focus. There is so much content available these days, your personal point of difference can be about the execution of ideas and plans. So start thinking about your plan.
There is an abundance of good reading on money to help you. the following are simple but potential valuable tips that may help you or others around you.
Tip 1
Save 10% of your Income. George S Clason's "The Richest Man In Babylon" - You will be amazed at the impact this invaluable strategy could have over a reasonable period, especially as you income increases.
This Tip is highlighted in this Personal Wealth classic. It is a short and very easy read - and a great way to get you started.
Tip 2
Acquire Assets that generate Income. Robert Kiyosaki's "Rich Dad, Poor Dad" highlights different categories of "assets". The ones that generate income (shares, businesses, cash, property) and ones that do not. (Cars, Personal Effects etc.)
Reading through the concepts in this book, can help build your plan and your asset acquisition choices.
This Tip is highlighted in this Personal Wealth classic.
Tip 3
Pay yourself First. David Bach's "The Automatic Millionaire" suggest not worry about taxes, investing or even budgets.
Focus on paying yourself for your own work by putting it aside to be accessed later. Bach emphasises the strategy to use automated payroll deductions to avoid the temptation of drawing on savings. Some simple but great concepts.
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