Winning in Business with Little Capital – Strategic Culture Suryavarman II in procession, Angkor Wat, Source: ww.wikipedia.org Winning in business can be a challenge in itself, but winning in business with very little capital requires a certain strategic…
At the heart of entrepreneurship is the ability to see opportunity where it might not be immediately obvious.Whether it’s harnessing the sun’s energy to produce clean drinking water or transforming discarded shipping containers into housing…
Winning in Business with Little Capital Every one of us agrees that we are living in a competitive world. We are creating new ideas and looking for resources to in order to produce more results for an exchanging of reward with the marketplace. The reward…
A small insight into the minds of traders: Step One: Unconscious Incompetence Traders may have initial success, but very quickly they will find they really have no clue about what they are trying to do. This is expected, just as when you first take your…
London, UK - Friday the USD strengthened very slightly against the JPY and closed at 101.75, while the CAD continues to slide. However, reported economic data from Japan indicates that housing starts fell by 3.3% for annual numbers in…
Financial freedom is one of the most desired wishes anyone has, and it is so for a good reason. You can never expect when there will be a financial crisis, sweeping away all your wealth and income sources. As a result, educating yourself about the importance of financial freedom, as well as the means to achieve it is very essential.
Robert Kiyosaki, an eight-grade dropout entrepreneur and investor, is one of the most popular financial literary activist and commentators living today. His book “Rich Dad Poor Dad” is rated as one of the best personal finance books of all time, and in it he details many ways to achieve financial freedom.
Here are Robert Kiyosaki’s 10 Keys to Financial Freedom:
1. Accept Full Responsibility
Every choice you make has its own consequences, some of which may cause damage to your wealth irreversibly. Hence, you must accept complete responsibility to secure your financial future. Understand that every decision and choice you make today will impact your life tomorrow. Therefore, it is essential that you evaluate all your financial decisions, purchases and expenses within the context of your long-term financial objectives.
2. Control Your Spending
We live in a consumer-driven world where we are compelled to spend continuously. Your spending habits are one of the main reasons why you won’t be able to secure your financial future easily. Track your every expense and think twice before making any purchase. It will be hard to do so at first, especially if you are prone to uncontrollable spending, but once you learn how to manage your expenses, then moving towards achieving your financial freedom will be a cakewalk.
3. Having a Budget is Crucial
Creating a budget and living within its limitations is crucial for achieving financial freedom in your life. A budget gives you the input you need to manage your income and control your expenses. In short, a budget gives you a sense of accountability. If you want to secure your personal finances, then a budget will provide you with tools to achieve just that.
4. Pay Yourself First
One of the key fundamental practices to achieve financial freedom is to work for yourself, rather than work for a bank or a credit card company. Learn to pay yourself first before you pay someone else. By doing this you achieve two things: you make yourself richer, and you stop getting poorer.
Only when you save money today can you invest it tomorrow, ensuring your financial freedom in the process.
5. Never Have Any Debt
Debt is one of the leading causes of financial insecurity in many people’s lives. It starts consuming you from the inside, stopping you from pursuing your dreams, hopes and goals in life. Debt deprives you of a happy future. Being debt-free should be one your unrelenting goals in life, and you should commit yourself totally to stay that way.
Debt-free living should be your passion if you want to achieve financial freedom.
6. Establish an Emergency Fund
An emergency fund is a cash cushion that will support your living expenses for at least 3 months. It can also come in handy when you need to cover unforeseen expenses in your everyday life such as repairs, medical expenses and other emergencies. Having an emergency fund is essential to make sure that you don’t resort to debt when such situations arise. Ensuring that your living expenses will be covered will also give you “peace of mind”.
One of the best ways to have a cash cushion is to set up an alternate bank account and start saving for your emergency fund.
7. Never Stop Learning
Educating yourself about financial matters regularly should be your top priority.
Today, there are countless sources to update your knowledge about the finance industry and how it works. Take full responsibility of your financial life by committing yourself completely to it. Instead of reading all topics in one sitting, you can start learning one subject at a time. For example, you can read about home budgets if that is what you are interested in. Likewise, there are many other financial matters that you can learn consecutively, thereby increasing your overall financial literacy.
8. Have Clear and Concise Financial Goals
If you don’t have any clear defined financial goals, then it will be very hard to work towards securing your financial freedom. If you want to establish a big business, work towards it by starting your own company. Alternatively, if you want to be an investor, learn to pick the right opportunities and grab them immediately when available. Only when you have your financial goals clearly in your mind will you be able to recognize your true potential.
Having goals and working towards them will also motivate you to life the life you’ve already dreamed out.
9. Network Marketing
The low startup cost of setting up a network marketing company is a great advantage to have. It is very hard to start a big business without huge investments and time. A network marketing company will give you the time you need to build your business skills and transition from being a low-level employee to a highly paid businessperson. Hence, networking marketing is one of the perfect ways to secure your financial freedom. Network Marketing supplies you with a residual income, so you make money while you sleep and travel.
Editors note: Just make sure that you believe in the companies products and that they are legit and credited. One company with a great reputation and amazing results is Isagenix.
10. Simplify Your Life
Life is becoming more complex with almost every passing day. Running after money and your financial goals will distract you from things that are very important in life. As a result, you will start to lose your motivation and slump into the darkness. Hence, it is very essential that you simplify your life by freeing up your mind of all the clutter.
The key to financial freedom is very simple: convert your regular earned income into passive income or portfolio income. With this in mind, it is very easy to achieve the goals you desire without giving up on things that you hold close to your heart.
This article is originally posted at www.entrepreneur.co.za
If you want to take charge of your financial life we invite you to our CashFlow Club.
We would like to invite all of you to the upcoming Rich Dad Asia event in Cambodia this coming January 18th, 2014.
PM Leadership, the official organizer of Rich Dad Asia here in Cambodia, Bellum Tan, Robert Kiyosaki’s Rich Dad Ambassador to Asia will be coming from Singapore to Cambodia to talk about financial literacy and passive income building.
Here are the detail of the event:
Event: Rich Asia Workshop 2014 in Cambodia
When: January 18th, 2014
Where: Sunway Hotel Phnom Penh
Others: Registration starts 7:15am to 8:15am. Program begins 8:30am to 5:00pm.
Event includes training materials and lunch.
Contact No.: 023 6364 966 / 012 518 422 / 081 266 534
How an average person can overcome obstacles and limitation to take charge of their Financial Future? Your Financial Life WILL NEVER BE THE SAME AGAIN After attending this workshop.
This one day hands-on workshop will take you through the process of starting from The Rat Race to the Fast Track, where the rich play their game, so you can learn to be financially free to work less and yet earn more! It won’t even matter how much or how little money you have to invest or what little education you have.