I’ve had a number of people ask me recently how to become financially free. I thought I’d write down a few quick thoughts. The Wikipedia definition – “Financial independence is generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses.”Books on personal finance really got me interested in this at a young age and I always wondered why school and college didn't teach us how to be financially intelligent.Financial freedom does not simply mean being free of debt. Debt is just another expense. When your passive income from investments and business ventures are able to cover all of your expenses,...
Here’s why most don't get rich. Procrastination & Inability to delay gratification It’s strange how things work with most people, worldwide. If there’s work, labor, physical effort, or mental effort involved, “procrastination” will typically kick in for most people. We just put things off with “We’ll deal with it later” or “Fix it when it breaks”. For things that we like -- buying a car, indulging in shopping, buying “stuff” -- we suffer from an inherent Inability to “delay gratification”. According to Brain Tracy [http://www.briantracy.com/blog/general/5-reasons-why-most-dont-become-wealthy/], these are some of the main reasons it’s extremely hard for ordinary folks to move forward. That thing called “time”Self-made wealthy folks deal with time differently, and in many ways. They understand, perceive, and deal with time radically different from most...
When it comes to “going somewhere” and “doing something”, what seems to be a straight path isn’t going to be so. This applies to almost everything in life. If you are looking to create wealth, it applies to you even more. After learning, analyzing, and looking into real stories of "Self-Made" men and women who paved their own path to creating wealth, a few things stand out (if you look closely enough):The rich focus on: Creating wealth and how they will drive new revenue sources and equity. Improving skills, learning, attitude, and discipline. (This goes a long way to help you in your journey to create wealth). Being frugal is a core value of self-made wealthy people. The rich never got “rich” overnight....
It’s always about hard work If you had one hour with every self-made millionaire or billionaire, you’d realize one thing above all else. The rich aren’t the smartest, most educated, or highly-skilled. But they are almost certainly the hardest working people around.Here’s what Reginald Mengi, the chairman of IPP group, has to say about hard work: “I grew up in poverty, but I always saw it as a challenge. The good thing is that you can surmount a challenge if you are willing to pay the price. The price is hard work." Don’t expect to get rich by just sitting there and dreaming about your wealth, feeling jealous towards others, and working for just 8 hours a day. If you want more, you must...
