Friday, May 15, 2009

WORKING YOUR WAY TO FINANCIAL ABUNDANCE

Are you willing to change your money habit and choose to work for financial abundance? According to Bo Sanchez, aspiring for financial abundance should go hand in hand with aspiring for loving and blessing others. How can you do that? Your heart bleeds to see out- of- school children staying in the streets whole day selling newspaper, candles or flowers and some are begging for money. They are suppose to be in school. How can you be of help to their future? You should build your financial assets but how when you only rely from paycheck to paycheck? How are you going to start leaving this situation? Here are the six steps to financial freedom that will give you the opportunity to help many.

1. Change Your Internal Money Programs
If you want to make any improvements in your life, change your behavior. If you want to make giant leaps in your life, change your beliefs. Take for example if you believe that you are poor and think that you'll grow old poor then it might have cause your inability to improve. The mental conditioning you nurtured has been your model and if you do not like to change you'll probably end up living in that situation all throughout your life.

Change what you believe in and change will happen in your life. Believe that you can earn more more than what you are earning right now.

2. Get out of Bad Debt
Bad debt is cause from borrowing money to buy something which doesn't put money in one's pocket. Take for example using credit card to buy an appliance and only pay the minimum amount each month is a bad debt.
How do you get out from bad debt?
  • Create a strategy and dealine - for example make a goal to pay all your debts within 2 years time. Plan on ways to achieve such goal.
  • Face your creditors - keep in touch with the creditors. Show to them that you will take responsibility. Negotiate and appeal for a restructuring of your debt. Be persistent and do not be afraid to deal with bank creditors
  • Pay high-interest loans first
  • Work for money instead of borrowing money
3. Apply the "Save First, Spend Later" Principle

4. Get Protection
Invest in insurance. It's your protection if something happens to you and you don't have passive income. Be self-insured. You have to work so that you can do this until you reach a point when you don't need insurance anymore.

5. Create Emergency and Retirement Fund

6. Create Multiple Income Streams that Give Passive Income
Economic recession we are facing right now should not make us complacent of just relying solely on our employment income. Start selling, or creating a small business; invest in mutual funds, money markets and other financial instruments. However, study first about these before getting into. Get mentor, read and attend seminars to learn more about how to increase financial assets.

Source: Bo Sanchez, Kerygma Magazine May 2009


1 comment:

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