Money Habits That Will Catalyze Your Financial Expectancy Rate

Money Habits That Will Catalyze Your Financial Expectancy Rate
“To achieve what 1% of the worlds population has (Financial Freedom), you must be willing to do what only 1% dare to do..hard work and perseverance of highest order.” “Rich people have small TVs, small cars, but big libraries.” “Your assets are your employees. Invest more on those performing well.

“Money won’t create success, freedom to make it will” – Nelson Mandela

Here are some practicable habits that will  ultimately catalyze you to financial freedom beyond drought.

Habit #1 Have A Monthly Budget

After you
have planned your finances and laid out a clear vision for where you are going,
it’s important that you break the plan into small bits based on your current
financial situation.  That’s the best way
to eat an elephant after all.
your monthly expenditure before you receive your income makes it easier to make
the best use of your money to support and achieve your vision.

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” – Will Smith

Your budget
will reveal where your money is going. It will show you what your spending
habits are. This will make it easy for you to know what adjustments you need to
make moving forward.
Habit #2 Improve Your Skills, Everyday
This is one
of the most important habits you can develop that will seriously affect your
finances. The more you improve your learning potential, the more skills you acquire.

In today’s
technology- driven society, skills and even whole occupations are getting
outdated by the day. You don’t want to be left behind and looking for how to
generate income with your skills to no avail.
You want to
be in-demand at every point in time.
By so doing,
your income never runs dry. There are new areas popping up in every industry.
So you need to be on the lookout for how to improve your current skills and put
yourself in the top ten percent of top performers in your industry.
Some whole
courses can be taken online for free. There are also paid ones. If you find
them important enough to advance your career, don’t hesitate to take them.
Habit #3 Buy
Assets, Not Liabilities
One of the
biggest reasons most people struggle with money is what they spend their money
on, not even how much they earn. Most people use their money to buy liabilities
without even realizing it.
by the way refer to things that take money out of your pocket on a daily,
weekly or monthly basis. It could even be any other period of time. But the
bottom line is that you do not get money back for the expense. They are the
exact opposite of assets.
Assets are
things that put money into your pocket on a regular basis. For any amount of
money you spend on your assets, they yield a return. For some assets, you spend
once to acquire them and continue to get paid for life. Continuously invest in
such assets.

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Habit #4 Make Investing A Lifestyle
This right
here is one of the most distinguishing factors between the rich and the poor.
Two people can start at the same financial position today and in ten years,
they are in totally different positions; one is rich while the other is poor.
We’ve seen
it many times: a person that was doing very well and seemed to have everything
going for them and bang! Something happens and they begin to spiral all the way
downward, and nothing can stop them now. Whatever they do things just keep
going all the way down. And they have nothing to hold on to.
Those, my
friend are people who do not invest.
Some people
spend all their money on possessions to keep up with the Joneses. They forget
that that same money can be invested to bring them more money in future.
Assets you
need to invest in include:

Habit #7 Aim
For Passive Income, Ultimately
This should
be your ultimate aim as you’re not going to work all your life, at least not at
the same level you do today.
You want to
make money even when you are asleep. That is the essence of passive income. You
work once, you get paid for life. And in today’s world, you should be aiming
for that.
But how can
you achieve it? Through your investments of course. That is why you need to
take investing seriously.
There are
several other ways to earn passive income that you can explore. But generally,
establishing and building a successful business is one of the very best, if not
the best.
Imbibe these
habits and you will not have any reason to worry about achieving your financial
goals because you will more than achieve them.