I was already working for quite some time, but didn't have any savings.
A friend of mine shared his favorite book, "The Richest Man in Babylon" and at the same time, my brother was trying to influence me into taking a look into my financial status.
Since then, I was able to get a grip on things, slowly paying off my personal credit card debts and invested in some Retail Treasury Bonds (RTB), Time Deposits (TD) and the some Blue Chips in the Stock Market.
Back then, I was challenged as a single mom, trying to get back on track.
Years after the realization, I was able to make the change and had my own share of learnings along the way. These are things one would read in books, but for sure, these had helped me out a lot.
Sharing the Seven Nuggets of Wisdom that had helped me out during those times.
1. It's all in the mind.
Wealth is a mind game.
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Unless your parents are already millionaires and tycoons, almost everyone starts from scratch, zero, nada. A more specific case is that if one is deeply in debt, relying on credit cards to live and funds coming in is not enough, having allocation for savings is the least of your priorities.
If you could relate to this scenario, don't despair ~ I was in that exact situation 10 years ago.
Know that, as long as you have working income, you can convert that into passive income, IF YOU DECIDE. Be with positive, like-minded individuals. Develop a goal, device a plan and track your progress. What the mind can conceive, it can definitely achieve.
2. Develop the habit of saving.
Give yourself 10% no matter how small or big. It's the habit, not the cost.
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3. Learn to find beauty in simplicity.
Simplify your life. Turn of the television, do picnics with the kids, run in the park and have mini picnics. Your kids will thank you more for it. Time spent with family is what makes childhood memories more special and memorable.
Do bike commutes,get on you bike and reduce your carbon footprint. Enjoy every moment of movement and the zen feeling of just breezing through traffic with just you and your bike.
4. Manage your wealth.
Being stewards of wealth, we are gauged by how we manage what we have.
If we know how to manage the small stuff, we can then be trusted with the bigger stuff.
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Know how to minimize your extra expenses and determine the thin line between wants and needs. If you must, buy more assets that liabilities. Being a good money manager is the sure fire way to financial freedom
5. Make your money grow.
It is not how much you earn but what you do with the money coming in.
Learn about your options with different investment vehicles: business, stocks, real estate, time deposits, etc. Expand your knowledge base and take calculated risks.
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Be open to opportunities for your money to grow - broaden your network and meet new people.
Who knows, your next business deal would probably come from that person you met in the gym!
6. Know there is joy in giving.
You might not feel that there is anything to give, but, looking at nugget #1, If you keep on telling yourself you have nothing, then your physical reality would prove your right.
As stewards, it is our duty also to share what we have.
Let us all learn from the majestic tress. They give that they may live.
When you prune a branch or pick a fruit, nature makes sure that it grows back after a time. The law of nature shows that the more you give, the more you grow.
7. Have fun in our way to financial freedom.
These simple things surprisingly makes a big difference to help you reach your financial fitness goals. Try it out and share what your nuggets of wisdom are!
