Understanding how money works

in LeoFinance7 months ago

Over time, I have come to understand that being wealthy and financially free entails that you need to understand how money works.

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Everyone wants to gain financial freedom but not everyone understands that there are some steps you need to take if you want to be financially ahead.

By being financially ahead, I mean becoming financially secure. Here are some money skills that will help you gain financial breakthrough:

-Investing in yourself

Everyone is talking about investment these days. But what a lot of people fail to understand is that the best investment you can give yourself is when you invest in yourself.

As a matter of fact, it is the best ROI anyone can gave.

You can invest in yourself through:

  • Reading books
  • Taking courses
    -Exercises
    -Learn from past failures or mistakes

-Control your spending

A good number of persons do not know that one reason why they are steadily broke is because they do not control their spendings. I sometimes fall into this category.

When you control your spending, you will realize that you have control over your finances too.

There is this popular saying I hear people say and that's eat now because you only live once. In as much as you only live once, if you spend everything you have now, to what end is it? You will fall back to begging for survival while you are still alive.

The society has told us that we need to spend to impress or even to buy the latest to join the club. That's why you see so many jobless people buying latest gadgets just to impress meanwhile their bank account is crying for help.

Only spend on things that are important and things that you truly need

-Increase your source of income

My country is currently in deflation. And with the price of things going up and down, the worse thing that anyone can do now is to solely depend on one stream of income for survival.
The price of dollar is rising daily and it is wise that you even earn in a higher currency too.

There are so many ways to increase your income such as:

-Starting a side hustle to support yourself. You can get a business on the side. I recommend a business that won't interfere with your job time too. For instance, drop shipping is a great side hustle too.
Getting another job aside the one you have.
These days, I see that people work up to three to four jobs just to meet up with survival. If you can please do other jobs too.

-Stay far from credit card debt

Debt itself is a destroyer of wealth and even peace of mind. So if you can, try to stay clear from any form of credit card debt. This alone can cripple your finances and leave you in financial jeopardy.

If you must use your credit card. Please ensure you use it wisely. Make sure to buy things that your income can afford to avoid being in debt.

-Seize opportunities

One reason why people are stuck at a particular position for long is because they are scared of jumping into opportunities when it comes their way.
A successful man is not afraid to seize opportunities.

Don't be afraid to make that move because you never know where you may hit the jackpot. Go for that job, start that business, request for a higher pay and so on.

Seize that opportunity now.

-Learn from experts

You can never go wrong from learning from the best. That's why for everything you do, you always hear people advice that you seek professionally advice first.
If you want the best, then be ready to seek from the best.

The goal should be quality over quantity.

Thank you for reading

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