The path to a journey on how to never go back to poverty.
My topic definitely does not translate to mean there is a magical way to keep your money flowing, it simply means there is a way to break through the channel of poverty (in a disciplined way). I know of so many people who have made a huge fortune and have lived the lives of their dreams but just five years down the line, they seem to be back to the point where they started which is a very sad experience but then again if we do not want to fall into a similar money trap, we will have to read things like what I will mention in this post and learn.
Make a decision never to be poor again.
It may be an exciting experience for people to see us doing great financially and enjoy life luxury, but before we spend we need to ask ourselves a very sincere question. Will this action make me richer or poorer? When you make this question a habit before you spend, it will help you in making very wise decisions about where you spend your money.
Differentiate between what is bringing in money and what is taking out money.
It is great to be able to meet all your needs at a single call, but it is better to even have a more secured future and that is what you need to concentrate on now that you have a means of sustainable income, when you have created the chart that differentiates income from outcome then you can get to cut down on some of the very draining habits that takes money away constantly.
Focus on increasing income.
The fact that you are comfortable at the moment does not mean you should not look for other methods of earning, with an increased income it is easier for you to make more investment possible, so always look for a way to increase the volume of your income.
Pay yourself first.
Bills will always remain a necessity that wouldn’t go away, if you spend all you earn simply on bills then you will never be able to pay yourself. When you learn to pay yourself, it becomes a habit to have something kept for yourself and certainly you can use it to grow yourself and not just spend all you work for on some piled up bills.
Be on the lookout for improvement.
When you have a property that generates income for you, either it is a rental property or any other thing, do not be quick to jump into a new business without improving on the previous one. If you own a rental property, look for ways to improve it and make it generate even more money for you.
