Having a Millionaire Mindset

April 14, 2021

MILLIONAIRE MINDSET Gaining financial independence goes beyond just talking, it is a mindset.  The millionaire mindset is the foundational step in changing one’s fortune. First, we need to realize that attaining a millionaire’s mindset is not just about sitting and daydreaming about how life can be if you have a million naira in the bank. […]

By TRJ

MILLIONAIRE MINDSET

Gaining financial independence goes beyond just talking, it is a mindset.  The millionaire mindset is the foundational step in changing one’s fortune. First, we need to realize that attaining a millionaire’s mindset is not just about sitting and daydreaming about how life can be if you have a million naira in the bank. This is hard work because it changes everything about how people perceive money, think, act, perform at their jobs, habits, and personal life. 

WHAT IS THE MILLIONAIRE MINDSET?

The millionaire mindset is a series of empowering beliefs and principles that can open the mind’s potential to achieving financial independence.

The main purpose of achieving the mindset is to be one of those people who are truly rich, rather than living a lifestyle of spending more money with little in the bank. In the book, The Millionaire Next Door by Thomas Stanely and Williams Danko, it explains that most wealthy people and self made millionaires do not drive new cars, live in suburban neighborhoods, or wear standard clothing and watches. This mindset is also achieved by letting go of behaviours that are unhealthy, negative and paralyzes the mind by developing discipline, creativity, focus and general well being.

DEVELOPING A MILLIONAIRES MINDSET

Focusing and working hard to become a strategic thinker usually leads to a change in perspective when it comes to dealing with life. Habits of setting goals, planning how to achieve those goals, giving yourself realistic timelines, working hard and letting creativity guide the goal are developed. 

Genuinely wealthy people develop the habit of getting rich slowly rather than a quick solution. This is rooted in the notion that when the mindset begins to permeate into every thought, pleasure is often gotten from the process rather than achieving the goal. According to research, the average self made millionaire uses 20-30 hours per month strategizing their finances in comparison to the average adult who spends 2-3 hours per month only when it involves payment of bills. This very mindset of focusing on your money, will drastically change how you deal with it. Investing more time into strategically planning one’s finances will improve decisions, help you learn from mistakes, have better results and in the end lead to financial independence.

The rules to guide in regards to money. Rule number one: DO NOT LOSE MONEY. Rule number two: if you ever feel tempted, reference rule two.

DEVELOPING HABITS OF THE WEALTHY

During the cultivation of a millionaire mindset, a vital financial habit to gain is the habit of getting solid financial advice before getting involved in any investment. The most important factor of this habit is finding a financial advisor that has already achieved financial independence by requesting for recommendations based on their financial experience.

Develop the habit of investigating before investing. The guide principle is to spend as much time investigating and researching about any investment as one spends making the money which is to be invested. Poor financial results are a product of fast financial decisions. 

Also, cultivate the habit of trusting the process and taking it slow. It is important to be informed about every detail that involves any business or investment before releasing funds. Never be pressured into any investment or financial decision. There is a saying that goes “Investments are like buses. There’s always another one coming”.

In some financial cases, the best investments are the ones that were not made. Inculcate the habit of thoroughly understanding an investment. Any investment that slightly seems complicated or has so many unanswered questions should not receive any of your hard earned money.

In your life, there will be people who will support the new mindset or drift away. This is a good thing because it is strenuous to cultivate a mindset of financial independence in an environment where investing one’s life into so many wasted efforts is encouraged. The silver lining to all this is as much as one would lose people, more beneficial minds will become attracted to your mindset. These are minds that understand hard work, strategic thinking and life are so much more than just spending money.

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My wealth and investment portfolio has rapidly grown since I started…

February 10, 2021

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By TRJ

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My wealth and investment portfolio has rapidly grown since I started…

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By TRJ

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By TRJ

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Getting Loans in four guaranteed steps

February 9, 2021

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By TRJ

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Financial Management Without A Financial Goal

February 8, 2021

Financial management is the application of general management knowledge into funds by organizing, planning, controlling and directing the utilization of funds in an enterprise. Financial goals are milestones that funds are to cater for at a particular time. The question is, how can you carry out proper financial management without a financial goal? In the […]

By TRJ

Financial management is the application of general management knowledge into funds by organizing, planning, controlling and directing the utilization of funds in an enterprise.

Financial goals are milestones that funds are to cater for at a particular time. The question is, how can you carry out proper financial management without a financial goal?

In the establishment of any enterprise or business, the main purpose or value is to either solve a problem or just for making money. It does not even sound logical to begin anything without a goal in mind. The fact is funds are the fuel to any business today and given the fragility of businesses, most enterprises tend to invest most of the funds in keeping the business running, but this type of unnecessary spending can be avoided with proper financial management in order to attain the benefits of a business. 

The practice of controlling funds is very important as it aids in accountability and discipline. Regardless of the goal or purpose for any business or enterprise, financial management is an indispensable skill. Without a financial goal at the moment, it is possible to just focus on managing the funds without having any new investment plan or goal that is to be attained in the future.

Financial management aids the enterprise determine what to spend, where to spend and when to spend. Due to all kinds of cash flow and continuous transactions in any enterprise, managing becomes more essential than the need of a motivating financial goal. As it turns out, managing leads to knowing and deciding where to put funds in order to increase the value of an enterprise. 

There are ways to manage your finances just for the purpose of managing it. 

  1. THE GENERATION OF CAPITAL

In the establishment of a business,  the generation of capital is the very first thing on the list. This requires capital investment. As the business begins to gain value, getting materials and equipment, hiring professionals and marketing, this all requires financial management in order to assign designated funds when available and cut down unnecessary spending.

  1. THE MANAGEMENT OF CASH FLOW

Bad management of surplus funds is as fatal as spending carelessly in order to keep the business running. The ability for an organization to smoothly operate on a daily basis is a combination of various departments but the management of cash flow is imperative. In the event of acquiring surplus funds and not allocating it properly signifies wastage of resources. In an enterprise with surplus funds it is mandatory to invest in promising and important engagements to yield better returns and increase the value of the business.

  1. ALLOCATION OF FUNDS

The need to allocate funds and use it to follow the trend of expenses that happen on a daily basis is an essential practice in financial management. It is not any new fact that spending money without any proper planning is not wise. Hence, It is important to track any expense, observe the consistency and then decide on a plan for how to spend and how much. This also helps in advocating for the cut downs of extra costs in order for the business to attain sufficient funds to deal with any monetary emergency.

  1. FAILURE-PROOF TO AN ECONOMIC DOWNTURN

The volatility of any business is more or less inevitable. When looking at the growth graph of any business, it is close to impossible for a bend to not be present. The growth of every business is as good as a rollercoaster ride and this could be due to a number of reasons. Recession, depression or even failure. With the presence of finance and impeccable financial management, it is easier for the enterprise to ride through the business cycle failure-proof. Regardless of the situation, there is always a plan to control the problem and bear any consequences without the fear of bankruptcy. Financial management is needed to protect an enterprise against the effects of known adverse economic conditions.

Even without an inspirational or motivational financial goal for a business, the simplest things to keep the business running and increasing the value for the business can help form the decision on what financial goal to plan towards during the growth of the business. The importance of financial management is the guiding tool towards that financial goal. A business owner is required to have a transparent view on all the financial activities and also indulge in planning effective utilization of available resources.

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INVESTMENT

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My wealth and investment portfolio has rapidly grown since I started

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January 18, 2021

Welcome to WordPress. This is your first post. Edit or delete it, then start writing!

By TRJ

Welcome to WordPress. This is your first post. Edit or delete it, then start writing!

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