Control your Expenses
We often hear the expression: “Live within your means.” Nowadays, we need to change this expression by substituting “within” to “below.”
If we work for somebody or for a corporation, we need to set aside some savings which we can use for a “rainy day.” There can never be enough savings. That is why we sometimes find a second job. And this is the reason why we want to improve our lives financially, by getting off the “rat race” and creating wealth.
At times, we have the uncontrollable habit of buying things we don’t really need, especially when items are “on sale.” We stock up on things that are “on sale” thinking that we are saving. At first thought, it seems we are, but on second thought, we are actually losing. Foodstuffs get spoiled. Clothes go out of fashion. Appliances’ warranties expire even before they are used. Sometimes, they get damaged because they have been stored for too long. And new models are introduced which makes what you have on hand, obsolete or phased out. This might probably be the reason why they are “on sale.” If you notice, most electronic appliances are expensive the first time they are introduced and they become cheaper in time.
We stock up on things thinking that a similar opportunity might not come our way the next time. However some products are excessively produced on purpose, to be put up “on sale” if not completely sold while regularly priced. To some producers, it’s cheaper to sell at cost or minimum profit than to keep under storage, not to mention expiration dates. This is also one way to push a product. You see, when people know that a certain product sometimes goes “on sale,” they always have the product on mind. It’s free advertisement at its best. The product makers don’t lose money anyway. On the contrary, they make money.
All too often, even the rich people fall prey to this kind of promotion . The poor and middle class would say: “I might as well spend my savings on these items since little savings are not going to make me rich anyway.”
And you know what happens to your house if you keep on stocking up? You turn your house into a warehouse. There will be clutter everywhere, especially when your house isn’t big enough. You only buy things ‘on sale’ if your intention is to sell them off for a profit and not for your own future use. Keeping a reasonable quantity is justifiable.
Be prudent. This is a habit that we seriously need to consider improving on or rectifying. If you are making enough or more than enough, keep in mind that it is not how much you make that can make you wealthy. It is how much you spend and how much you keep. Some of us have the habit of buying luxuries the moment we have the funds or credit line for it. Most rich people, in spite of being rich, buy luxuries last. One of the best investments you can make with the money you save are books. They keep you skillful. They open up new horizons which can lead to wealth creation. The same thing is true with seminars, tapes, and other media related to acquiring financial knowledge.
Therefore, prioritize your purchases. Don’t spend money unecessarily on a buying binge. You’ll see that at the end of the day, you’d actually have some surplus to carry you over the next month.
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From One Income To Another
Let us take a look at the different types of income. They are:
1. Earned Income - obtained from working for someone or a company.
2. Passive Income - income generated from business.
3. Portfolio Income - income generated from investments in paper assets.
Earned Income comes from having a job in a company or in someone else’s business. You get paid for your time and services rendered. The income an employee can generate from working for an employer is limited. There is the possibility that an employee may devote extra effort thinking the employer will pay him/her more.
Although, it’s a rare possibility for the most part, when the going gets tough, but even then, it’s still possible. . And even if it happens, it is still limited. When there is additional profit gained by the employer as a result of the employee’s extra effort, the employer will get the bigger “slice of the pie”. You are, in effect, making someone else rich through your added effort. It is a good act but it is also a fact. Maybe you’re telling yourself mentally: “Hey, that’s not fair.” Fair or not, that’s the way life is, when you work for money.
If you are an employee, you get your money or paycheck after everything else. It is earned income, less taxes and everything else deductible, before money reaches your hand. And if ever the money reaches your hand, the next place it is bound to go is to pay your bills. If the amount is not enough, you are bound to borrow, which makes you debt-ridden if it accumulates. Now, this is one big mistake. Don’t ever get debt-ridden. It is the shortcut to poverty.
Earned Income is a safe way to generate an income. There is not much thinking to do. Except for a few high paying, high profile jobs, your work is mostly concentrated on a few things where you keep repeating the same functions. Unconsciously, this discourages creativity, so boredom starts to set in. It is because of this boredom that getting to work every morning is such a drag and you keep on looking forward to weekends, holidays, and vacations.
Unless you really love what you do without consideration to the income it generates, or unless you are highly paid, or unless there is a lot more to learn in your job, or unless financial security is of no importance to you, there is no reason for you to stay long in the “rat race.” The earlier it is to get out of the trap, the better chances you will start creating wealth.
Passive Income is generated from businesses. You can sell products or offer services, or a combination thereof. Examples are buying/selling real estate, trading merchandise as in wholesaling and retailing, etc. In many instances, you need not be physically present in your place of business. There are also small businesses like vending machines where you don’t really need an employee to visit those machines for refill because you can do it yourself. You can also go with franchising; either be a franchiser or a franchisee. The list is endless as long as you do what you love to do.
The beauty of going into your own business is that you work for you, not for someone else. You enrich yourself, not someone else. You need discipline to manage your time but you are allowed a certain level of flexibility because you get to set your own schedule.
Another advantage of going into business, especially in your own corporation, is that you earn and spend before tax is deducted, unlike being an employee where you are taxed before you spend.
Portfolio Income, just like passive income, is making money work for you. Portfolio Income is generated from paper assets like bonds, stock market, certificate of deposits, and mutual funds. They are called paper assets because literally, they are businesses that revolve on papers. Financial knowledge is vital when it comes to portfolio income. Your intellect interacting with creativity can either unmake or make you rich.
It is best to have a combination of the different types of income. For example, if you are an employee, it won’t stop you from making passive income on the side by building your own business through MLM. At the same time, you can invest the money from your passive income in stocks and generate portfolio income.
Set the combination that you are comfortable with and which is within your means. Having a diversified income source means you have more avenues to create your own wealth.
We also have a self improvement blog where Patric Chan shares his personal success secrets and strategies regularly.
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Insider Secrets!! to (Robert Kiyosaki) ‘Network Marketing’ Success EXPOSED!!!
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Robert Kiyosaki – The CASHFLOW Game
It’s Time To Get Smarter With Your Money.
“…It’s become even clearer to me that what Robert talks about and teaches is more important than ever. Financial education is crucial to this country at this point, and Robert’s acumen in this area cannot be disputed.”
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Robert Kiyosaki interview at:
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Duration : 0:6:2
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Power of Personal Branding by Jason Okuma ‘Part 2′
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Duration : 0:9:1
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Power of Personal Branding by Jason Okuma ‘Part 1′
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http://www.twitter.com/MindsetAndMKTG
In this Exclusive 2 Part Video series, the Mindset And Marketing Mentor Jason Okuma releases one of his *GREATEST* Persuasion and Influence Secrets.
You will NOT want to miss his insider’s view of a key strategy to help your small business, home business, mlm, home based business, direct sales, internet marketing, online marketing,
real estate or real estate investing,
mortgage professional or network marketing business break through to the Next Levels of Success!
Jason Okuma has taught this principle to many of his students, all of which have been able to acknowledge that they
were Lacking in this subject area
and totally “Missing The Mark” when
it came to not producing the results
they desired in their lives.
You may have heard similar teachings
about this by the likes of Tony Robbins, Bob Proctor, James Ray, Robert Kiyosaki, Zig Ziglar, Jim Rohn, Les Brown, and many more. But Jason Okuma always puts his little twist to it that makes it memorable.
—————————————-
If you enjoy programs like The Secret, SGR Science of Getting Rich, Liberty League, Landmark Education, M.I.T.T Mastery in Transformational Training, LifePath LPU, Wealth Masters International WMI, as well as MLMGoldmine or MLM Goldmine, Video Marketing or Online Video Marketing which is the same as Video Online Marketing, Affiliate Marketing, SEO, Video SEO, all of which are contribute to Personal Development, Self Improvement and Self Help, Howto and Training on Secrets, then You are going to Love the teachings and trainings of Jason Okuma and www.MindsetAndMarketing.com
Duration : 0:3:40
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Finding The Biggest SECRET to Success
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Duration : 0:3:43
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Clickbank Affiliates Success Secret |Best Spy Software Tools
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Duration : 0:4:6
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Chapter 9A Persistence Think and grow rich book Napoleon Hill (self development book)
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Chapter 9A Persistence Think and grow rich self development book
Napoleon Hill (self development book)
Duration : 0:9:50
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