Many of us think that the only way to get rich is to save a lot of money and never spending it. This is one of the utmost financial misconceptions because this is a traditional way of thinking about building wealth. Money management is all about the mindset. Ideas about money that use to work back in the days may or may not be applicable to our modern living. Saving and investing tends to be hard for most of us because many are unaware of the connection between our bank accounts and emotions.
Perhaps this New Year, it’s about time to have that paradigm shift regarding wealth building. Once we have begun this process we will begin to experience that flow of money that is not ruled by our emotions, nor the traditional wealth constricting outlines that we use to know. Instead, we will experience that there is a natural process in which money can flow freely to us without having to tighten ourselves emotionally and physically worrying when money will come to us because eventually, new avenues will just present themselves. We just have to open our eyes to the possibilities our there.
Start The Year Right
Let this be your year of learning financial matters. Many young folks may not think that it is important to learn about finances as it would seem to them that life is better lived in YOLO (you only live once) principle. However, money management or building wealth has benefits that may seem so painful if practiced today but will provide you ease of life in the future. All it takes is to start with your own mindset.
Steven Covey, one of the great motivational speaker and book author has said, “Begin with the end in mind.” This advice holds true, if we think that we can achieve financial stability and are willing to work for it, it will come to pass. The sad part is some people who lived their lives have been very used to what they have at present were taught that money is evil and trying to get rich is damn hard. It could be true but that is because of one thing, “discipline.”
In all honesty “discipline” is the hard part especially on the emotions. It is the real reason why people think it’s hard enough to save up. Following a pattern and working your way to building a better financial stability for your family takes discipline. It takes discipline to set aside savings first before spending what comes into your paycheck. Saving some money in order to invest in a security that yields a better return takes discipline as well. Many of us are not used to delayed gratification. Something that requires you to not splurge every cent in your paycheck but requires you to save money that goes into your retirement fund. The kind of discipline that will withhold you from using your credit card, but instead whispers in your ear to wait until you have enough funds before buying a new phone
Having a financial advisor will help you gauge which part of your life needs some financial re-alignment. In order to help you make sound money decision, make sure that your advisor is a trusted person. You can try to run a background check on your advisor just in case. You have to make sure he or she is living a lifestyle that you can emulate in your money management endeavor. Otherwise, run away as much as you can. Some advisors could be deceiving. There are those whose clients are better at managing their finances than their advisors.
We Are Living in a World of Limitless Possibilities.
If you look around there are actually more opportunities to be had. The only limit is what our mind is feeding us. We may not know it but we are actually surrounded by abundance. Do not be threatened by the appearance of scarcity. Sometimes we may think that there are too many things that compete with our quest in order to start saving. New gadgets, a new restaurant down the block, and other things that give us no chance of setting aside something for savings. This is the battle we will need to combat. Remember if you are determined you will be able to save. So do not believe the lack. Look forward to the abundance.
Achieving wealth may not be easy but it’s possible. Just do it one day at a time. Start with little savings. Save up for an emergency fund. Check out on getting insurance, and learn correct principles of investment. Let this be your foundation for starting to build your wealth. You will thank yourself later that you did.
Contributed by http://www.vikasacapital.com/