Financial Coaching for Becoming Rich
Though experts always like to keep talking in jargons, beginners don’t need to listen to them for investment advice. You need to understand the basics first. Here we will reveal you the fundamentals of becoming a rich retiree instead of a high salaried employee with a mountain of debt.
Money is not the supreme goal
Everyone who says money can buy happiness is consoling himself for selling time for money. You must realize that a high paying job that you do not like will not make you happy even if you are eating on a gold platter. Everyone who works for money will get disappointed as they will be losing opportunities that soothe them in reality.
Will this mindset make someone rich? No, but it will set the ground for enjoying money rather than being its slave.
Clarify the goals
Majority of people do not make specific financial goals until they meet the reality the having kids and owning a house. Although they do succeed in buying one, they also regret the time lost in ignorance.
If you do not know your destination, then you won’t reach there. It is better to take out time to jot down your financial goals. It will clear confusions, and you will know exactly where to spend money. It will also save you from impulse expenses and unnecessary spending.
One of the most significant flaws of our times is that people think buying stuff gives them peace. It pushes people to invest in things that they don’t need. On the other hand, we seldom create memories and use the money for accumulating stuff instead.
Stuffing your homes with things will only increase your liabilities and while driving your hard-earned money into a black hole. Instead, invest your money and let it work for you while you help, support and enjoy time with your loved one.
Don’t fear financial mistakes
The wealthiest people in the world have also made the most mistakes. In the path to success you are bound to make mistakes but those who learn these lessons, succeed early. Your blunders are the source of knowledge no book can teach.
You will have to make a firm decision
The phrase, “Do What You Love and the Money Follows” is true, but not everybody is that lucky. We are born in different situations and are background limits our initial possibilities. Hence, we have to make hard decisions to make the most out of what we have.
With your goals in mind, a strong will and dedication, there is very little you cannot achieve. Eventually, you will succeed and the moments lost in the process will become worth the struggle.
Use compound interest
Saving small amounts early will help you retire early. The sooner you begin to save money, the larger will be your compounded interest. It is a no brainer, but it is also a common thing people tend to avoid. Prepare for long term success as short term goals will only serve you as much.
Give these tips a shot you will thank us later.