5 Laws of Money -
A quick start guide to making money and keeping it...
Did you know that most people are just 3 pay slips away from being broke?
A striking figure - but unfortunately very true. Think about
it - if you look at what would be left in your bank account
if you didn't get paid for the next 3 months would it be a
positive figure? Perhaps, even if you did get paid for the
next three months, when you look at all your debt compared to
your money in the bank you find that the debt is the greater sum?
As a successful business consultant with a strong financial
background, I can confirm that a large number of business
owners I meet are not clear on just what their financial
position is and lose their path to financial freedom as a
result.
The good news is its really easy to find out and take back
control of your money, which is the first step to financial
independence. And to get you started here are 5 simple laws
of money:
- Earn - know what money you need to cover your monthly costs and make sure
what you do will cover this in your salary or dividend. If you run your own
business are you getting paid what you are worth or are you giving your time
away for less than minimum wage?
- Save - you should aim to tuck away a minimum of 10% of your earnings.
A good tip is to include this 10% saving rule when you calculate break even
and pay it out first - before any other bills.
- Invest - No one in the top 10 of the rich list got there from earnings alone.
They invested wisely, across a range of investments. Again, you can apply a
10% rule here, so 10% of everything earnt goes towards investments.
- Spend - no I am right, money needs to flow. When you hold onto it your
actions can be driven by need. Money, like anything, is energy and needs to flow.
Spend and enjoy what money energy brings you.
- Give - When Warren Buffet gave away his fortune to charity he made it back
double overnight. The law of reciprocity has shown itself over and over again,
not just with finances. The more you give, responsible and consciously without
thought of gain, the more that comes back.
5 simple laws to start you on the road to taking back control of your finances
and take your path to financial independence.
