Today, I have learned great things about proper management of your financial resources. I salute my coach for delivering a very informative and helpful presentation. She’s right in saying that I’d forever remember her in the future if I became successful after using the concepts that I will be sharing.
People who succeed in life avoid saying:
-I ALREADY KNOW THAT..
-I MUST DO..
-I SHOULD DO..
-I HAVE TO..
Instead, a habit must be altered to fit the current situation because life is a constant learning. So say:
-I WANT TO DO..
-I GET TO DO..
-I CHOSE TO DO..
She also added that successful people have choices while those that are not bounded have few or worst, no choices at all. To give us many life options, we must possess the following:
-WORKING INCOME
-SAVINGS
-INVESTMENTS
-PASSIVE INCOME
-SIMPLIFIED DESIRE
And for better money management, she suggested these partitioning of income:
1. Financial Freedom Account (10%)
- this is for your future investments like business.
2. Long- Term Savings for Spending (10%)
- for long-term dreams like buying cars, traveling, etc.
3. Education (10%)
- for something to add and enhance your current knowledge like books and seminars.
4. Necessities (50%)
5. Recreation (10%)
- work with no play makes a person dull.
6. Charity (10%)
-we must share onto others what we have.
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