With the ongoing pandemic, inflation rate, increased commodity prices and implications from the Russo-Ukrainian war, is it still possible to achieve financial success? This is a common thought on everyone’s minds these days because the effects from the above factors impact the quality of our lives.
First and foremost, let’s define financial success. It is achieving the desired outcomes with your money and once the expected degree of success is achieved, it is easier to pursue your dreams and/ or having the ability to check the items on your bucket list.
This is financial success in a general and broad sense but in actuality, it can mean different things for everyone. Some people just want to live comfortably while others want to enjoy luxury. That moves us to the next question – how do we achieve financial success then?
Here is a simple 3 step formula for financial success:
1. Invest in yourself
The best investment in life is to invest in yourself and there are a few things to take note. Learning to communicate well in both writing and in person is one – it will increase your value by at least 50%.
Additionally, you need to take care of your physical body and mind especially when you are young so you can enjoy the later stage of your life in good capacity. Upgrading your skills will also help in the long run because you always stay agile and are able to pivot easily in the event of unforeseen circumstances or when a timely opportunity arises.
2. Associate yourself with the right people
Birds of the same feather flock together so you need to associate yourself with the right people to drive financial success. A great recommendation will be to hang out with people who are better than you because they will inherently influence and inspire you to be more like them.
Conversely, if you associate with people who are worse off than you, you will be pulled in their direction, ultimately ending up just like them. That is the indisputable law of attraction.
3. The price of life
“A dollar saved is a dollar earned” – Benjamin Franklin. Every time you save a dollar, it is a dollar earned at your pay rate even though you are doing nothing. And for the smart investor, this is a great beginning! Why? With the power of compound interest and the nature of passive income, the good ‘ol method of investing the money saved has higher potential to make more money across the future at a low personal cost.
Every dollar counts and by spending half of your disposable income this month, you are really spending half a month of time today and potentially years of your time in the future! By avoiding unnecessary spending, you have created an opportunity for yourself to build more future wealth and effectively reduce the amount of your valuable lifetime that is lost on a routine basis.
In summary, this is a simple but yet effective formula for financial success. Build your foundation right and you never have to worry about financial failure. To book a FREE 30 minute business consultation, contact Jayapal directly.
