Posted by : Emog in (Reflection and Inspiration)
Staying Ahead
The reality of what is happening in the banking sector as well
as the economy is only a prelude of things to come. All sectors
will feel the ripple effects of what is happening now. At times
where resources seem to be too little and needs seem to
increase, there is the need to have control over your resources.
There are some who will never have to worry about the economy
and this is where we need to be. Regardless of what happens
around us, all we need to do is be equipped to face whatever
situation that confronts us.
The first thing you need to understand is that, what you earn
doesn’t matter and earning more money will not make things
any better. As far as you are boxed up in a salary mentality
you cannot truly be financially free.
What then can you do? I’ll outline a few simple steps to begin
to see changes in your life;
Change your mindset. You need to start thinking like your own
manager. You are a company and everything you do is your
business activity. Take total responsibility for your life.
Get more sources of income. Become an inrapreneur (an
entrepreneur working in a company). You need to earn more money
from different sources. You cannot depend solely on one source of
income. If you have to start a business, sell opportunities, invest in
deals that are secure and will give you passive income, do it. If one
source of income closes, you have another to fall back on.
Save. This is critical to becoming wealthy. Save at least 10% of all
you earn somewhere you cannot access. This will ensure that you
have a reserve for emergencies and unforeseen circumstances.
Debt. As much as possible, avoid debts and try to live within your
means. You need to know when to take a loan or burrow and when
not to. You can take a loan for deals that will give you more money
than the interest you have to pay on the loan.
Information. Information is critical. You need to keep your mind’s eye
open to opportunities around you. Stay informed and make wise decisions
based on research and advice from experts
Most importantly, do what you have to do now.