Learn To Control Your Money, Or It Will Control You
The single biggest difference between financial success and financial failure is the way an individual manages their money. In order to become a master of your financials, you must first understand how to manage them. We are beings of habit; therefore, the habit of managing one’s money is more important than the actual amount. The same way like attracts like, money attracts more money.
Poor individuals mishandle their money due to their belief that it restricts their freedom and that they don’t have enough money to manage in the first place. They have not opened their minds to see that money management actually promotes an individual’s freedom. The creation of slowly planting seeds through having multiple streams of income will lead an individual to never have to work again. That is true freedom. In addition, those who believe they don’t have the money to manage, are prime examples of those who have been conditioned to see life through the lens of scarcity. They tell themselves “I’ll start managing my finances when I get caught up.” The truth is, when they begin to manage their money, their money will increase tenfold. Once they’ve established a financial plan with the money they do have, they’ll have more money to handle. Habits must be implemented and money management skills must be secured, before they can bring in larger amounts. Once an individual proves they can handle what they’ve got, they will be blessed with an abundance of it.
Another secret to handling money is also being able to embody balance. There is no doubt that an individual should be using their money they have as a tool to create more of it; however, there should also be an account used to put money that they are able to play with. Human beings are holistic in nature, meaning one cannot affect a part of their lives without affecting another. Some individuals fulfill their responsible selves by only saving every penny they bring in, which leaves their inner spirit unappeased. In the long run, their spirit will want some attention too and end up sabotaging the results they worked so hard to build up. Then there are those whom expend haphazardly. Not only will they never become successful, but the responsible parts of their being will begin to feel guilty. This occurence happens through the purchase of whatever material object entices them due to their emotional stimuli at that particular moment. Once these unhealthy spending habits become one’s life, they will unconsciously end up overspending as a way to continue expressing their emotions and filling their voids that will only make them feel better temporarily. This vicious cycle will only pull them right back to feelings of guilt and shame.
One of the best ways to follow the financial plan one has created, is to offset it with the play account rewarding themselves for their efforts. Not only does the play account end up strengthening ones receiving muscles, it also makes managing their financials a lot more enjoyable.
I advise you open up the following accounts to follow suit your Financial Freedom Account that 10% of every dollar earned goes into and your Play/Dream Account that another 10% should be put into.
1. Long-Term Savings Account | 10% of your earnings.
2. Education Account | 10% of your earnings.
3. Necessities/Expenses Account | 50% of your earnings.
4. Give Account | 10% of your earnings.
Human beings do not have to be earning a fortune right off the bat to build real wealth. They need to recognize that the implementation and dedication to following the plan set in place is what will get them there over time. It is not about what comes in, it’s about what one does with what comes in. An individual can put in the time, energy and effort to control their finances, or they can let their finances control them.