Saturday, 19 December 2009

5 Simple Steps to Jumpstart Your Financial Education by Annette Adamos

It actually doesn't matter if you're making a five- or six-figure-income; what matters is how much is left with you at the end of the month and for how long you are able to keep it. If you want take control of your finances, make your money work for you, you should start not tomorrow but TODAY. You need to invest time in learning, expanding your financial education, and executing what you learn.

Here are 5 simple steps to help jumpstart your financial education:

* Instead of being a couch potato, READ (actually devour) books about money and success! Read first The Science of Getting Rich by Wallace Wattles. This is to get you in the proper mindset, that there is indeed a science of getting rich, and there are people who are sharing the secrets to true wealth.

* Get financial mentors - be very careful to whom you listen to because you're more likely to end up like them. Study the rich and learn their secrets. Again, get off that couch!

* Start a small business on the side - sell sandwiches, sell clothing, sell cookies, sell bags, sell vitamins, sell real estate, sell anything! Don't stop trying even if you keep on failing. What's important now is what you learn and not what you earn!

* Set aside 3 to 4 hours a week to play CASHFLOW 101:

"CASHFLOW 101 was invented by best-selling author of the Rich Dad series, Robert Kiyosaki. It is a revolutionary, fun way to learn the basics of fundamental investing and how to take control of your personal finances, build a business through proper cash flow management, and learn how to invest with greater confidence in real estate and other businesses. It was created for the sole purpose of teaching financial literacy, elevate your financial IQ, and how to be a master of money."

This particular game greatly helped me and continues to help me in shifting my mindset from employee to entrepreneur. It's not that easy especially for someone like me who was an employee for more than 8 years and was 'addicted' to a paycheck.

* Immerse yourself on seminars on money and financial success. This way, you'll also get to meet like-minded people, and you can learn from each other.

It doesn't matter where you start. The most important is to take a step forward. With these 5 simple steps, when do you plan to start your journey?

"You must pay the price if you wish to secure the blessings."