It is a volatile world, with volatile ideas coming every now and then and impacting every aspect of your financial portfolio, from every corner of the human population.
You need to be wise enough, to understand which ideas and thoughts will really trigger a wishful situation, and have the power to get established rightfully. The world of imagination is something. It is another dimension. But reality is what you perceive everyday. These two worlds are different and distinct.
However, all that you do is a product of your imagination, and a projection of your thoughts. Therefore making your mind dwell in the realms of reality is not mixing up a duck soup. Your imagination and dreams need to tally with reality and your timeline.
I am saying so many words, not just for the sake of jabbering and blogging. We will be dealing with a very critical subject in this blogpost.
The subject is about evaluating some realistic ideas to gain money and wealth, so that you can stay financially independent, for your lifetime.
Actually I am remembering these lines right now:
“ Some have the speed and the right combinations. If you can't take the punches, it don't mean a thing” … Warren Zevon - Boom Boom Mancini.
In finances, it is important to sustain setbacks, and still stand up with the same confidence and vigor. That’s the true reality.
Therefore, here are some realistic approaches to get rich and wealthy effectively.
Your income is the basis of everything. It is what matters the most:
No wonder, if you don’t have the adequate amount of money coming in every month, then you are never going to attain the wealth, you are dreaming of.
Income, is the highest concern, when you are wanting riches. Your paycheck amount will be making the biggest difference. Earning $3000 per month, and earning $10,000 a month, is not equal at all. No matter who says what.
Hence, you will have to find out proper means to increase your income, if you think that it is not enough to sustain you a wealthy and affluent financial status. Look out for fast growing jobs, that have huge future prospects in terms of money and demand.
Also, it might not always be adequate to have only one stream of income in a household. It’s always better to have more than one source of income, for a wider utilization of the total money you make each month.
Multiple side jobs can also be your viable option, and you can use those income sources for fat-building your savings, or other suitable investment paddings.
So, the key takeaway is to have more income, for more opportunities of wealth increment.
Try not to have debts, in your financial portfolio:
Your net worth will be the constant basis point of measuring how much is your worth.
And unfortunately, this is calculated by totaling out your income, and then subtracting the total amount of debts you hold to your name. The result is the figure that will show, how rich you are.
The more debts you have, more is your net worth sinking. And, always remember, that if you are living paycheck to paycheck, then it is not an excuse to have debts. It is about the habit to take help of debts!
You are making a mistake by thinking the debt amounts you borrow, can be considered as a part of wealth you possess. You are in the end returning back this amount to the people and institutions, with an addon interest payment. Where’s your spontaneous profit? Can you show it?
Until and unless these are good debts, secured debts, and rightfully utilized debts, these can never promote financial growth.
Most of the consumer debts are made up of junk expenditures. Consider your credit cards. What big financial decisions do they show in their transaction history and statements?
Strange! We are giving priority to borrowed money, for so long, rather than the money we lawfully earn. Our income and savings.
Now, if you feel that clearing your debts are not so easy, then probably you should take some real help from real people. You can have counselling sessions with lawyers and financial experts, to see some better ways to drive those debts faster.
One option, for example, is to consolidate credit cards into one payment. You can do so by going for a balance transfer, or working with a debt law firm.
There are several other good ways to handle debts, that will save you both time and money. Work with debt advisors, and experts or do some reading on debt relief strategies.
Health is Wealth
Falling sick, eating unhealthy food, addictions, lethargic lifestyle, costly parties, will all haunt your finances.
If you can’t stay healthy, don’t have the strength and the power to adapt to every small change, and are lazy to initiate new activities, then you can never be wealthy.
The body and mind, are instrumental in providing financial wellbeing. If you are not having a sound mental and physical health, how do you wish to gain wealth.
Hence, stay healthy, stay away from all sorts of risky activities like addictions and dangerous stunts, avoid medical debt, eat good food, don’t spend too much by eating out and partying, and be consistent in your mission of financial independence no matter what setbacks you get.
Let your money work in your financial portfolio
Your money should never sleep.
You are working hard to earn money, and exactly the same should your money do. Put them to some hard work by investing them in shares, mutual funds, real estates, and so on.
Your money should never rest. You can even start off with your investment career, by speeding up your savings, and funding your retirement accounts.
Investment is the final touch to a complete financial portfolio. You earn money, you save them, and you get them invested. Just so simple as that!
Here also there might be failures and sad stories, but you shouldn’t lose your confidence, rather learn from the mistakes, understand the market better, and invest more intelligently there after.
But, before I end, I must add a little more to this ‘Rich’ post!
Rich is a very materialistic word. To add a little idealistic part to the meaning of ‘Rich’, it is not completely surrounding monetary wealth.
This word defines your character, the values you culminate, the ethics you showcase, and obviously your attitude towards possession of goods and objects. Say for instance, you have a very destructive trait in your personality, and you can’t take proper care of precious objects.
You bought diamond jewellery, but are reckless in its proper preservation.
You’ve got yourself nice flashy gadgets, but drop them often, break parts and get scratches.
You have invested, but don’t bother much about assessing market situation on your own.
You are not in the mood to cherish things slowly, rather you always have to rush and deem time as speed.
And, God help if you use debts, to buy depreciating goods!!
All these might sound normal and cheesy talks, in the world of hardcore finance, but these are the basic lessons you need, to achieve financial freedom. Get rid of your debts, and mend your financial portfolio behaviors. That’s the only way to gain a money boost, to get rich, and stay wealthy forever.