Will Rogers said that “it isn’t what we don’t know that gives us trouble, it’s what we know that ain’t so.” Growing up, we learn many habits that will last us all our lives and, while some habits can bring happiness and financial success over time, others however, slowly lead to ruin. What can we do about those? Simple! We identify the bad habits and THEN we learn better habits to take their place! If you want to know some of the worst financial mistakes that you might be making then read this list to avoid them and the money problems that they bring!
“Pay yourself first” or right after receiving your paycheck, take 10% of it for investing. Sound familiar? That was the classic money management tip from George S. Clason, the author of “The Richest Man in Babylon.” Originally published by 1926, the timeless personal finance tips that we can learn from the stories still hold value today.
Do you have a friend or colleague that you enjoy hanging out with because they treat you well? Do you know an acquaintance whom you dislike because they keep criticizing everything you do? Do you enjoy supporting the former while actively avoid the latter? For most of us the quality of our lives and the success or failure of our careers will depend on how good we are at building and maintaining relationships. For learning those essential skills, the first three lessons in Dale Carnegie’s “How to Win Friends and Influence People” are especially valuable.
They say repetition is the key to mastery. As a classic self-improvement book, you may have read it yourself at one point in your life but have not had the time to review it. We’ve gone a long way since Dale Carnegie’s time and many leaders like John Maxwell, Stephen Covey, Brian Tracy and several others have taught lessons that adds and builds on what he taught (and I’ve included some of them here as they’re crucial for improving the lesson), but his classic still stands as one of the best. If you want a quickly remember some of the basics, then keep reading this article!
Note: I also suggest buying and reading the book through the affiliate image link below to learn the complete lesson. As they say, nothing beats the original!
You’re one of the best in your industry and you’re paid well for your work, but does most of your salary disappear right as you receive it? Do you struggle with your finances the week before payday? Do you always eagerly anticipate your next paycheck? If so, you probably spend too much of your money somehow. After learning the basics of personal finance like saving and investing as well as how to pay off your bad debts here are six quick tips to avoid overspending and save more money!
“Diligence is the mother of good luck.” – Benjamin Franklin
You see lucky people everywhere. They have rich parents, they are good at sports, and they nearly always get good grades in school. Most of us, however, are just ordinary. We don’t have rich parents, we’re not very good at sports, and we barely pass our exams. For a lot more of us, it’s even worse as we’re often saddled with disadvantages and life often feels like an uphill climb.
You probably know what it’s like. You study hard for your exams and you barely pass that test. You work hard at your job and you still don’t get promoted. You try to improve your business yet sales don’t increase one bit. While you’re doing all that, other people seem to just glide through life. Some people just have all the luck, right?
You know, I wish luck will give me a billion-dollar business tomorrow. I also want to get lucky and become a world champion athlete as well. I mean, that how most people think luck works right? You wake up one day and you suddenly built a multinational corporation from thin air, you suddenly won the world title fight without ever leaving your couch, or you go from fast food worker to a real estate billionaire in a day because you got “lucky.”
Sadly, that doesn’t happen. So what can we do about it?
“Give a man a fish and he’ll eat for a day; teach a man how to fish and he’ll eat for a lifetime.”
One of the main reasons why YourWealthyMind.com was created is to help the needy by providing information that they might need. For the average poor Filipino or the low wage employee with a family to feed, life feels like a maze of hard work with little reward. Fortunately, the way out can be learned.
Before we begin, we have to learn one important fact: It’s not how hard we work that determines our pay but how much VALUE we give.
A street sweeper earns less than a software developer.
A rag peddler earns less than a real estate sales agent.
A cook that makes cheap stew earns less than a gourmet chef at a five-star restaurant.
The time and effort at work is similar, but the pay differences are immense.
What’s the key to it all? Useful KNOWLEDGE.
After controlling your expenses, paying back debts and saving money, the next step in your journey to financial freedom is to start investing! What’s one of the best and most common investment vehicles nowadays? Stocks! Now, if you haven’t had the time to study what stocks are and if you want to learn the basics, then we have a short guide for you right here!
What are Stocks?
Imagine you and nine of your friends want to start a business so you each equally contribute around P1,000 in cash, equipment, materials and more. In that business, you each decide to share the profits and ownership equally. In that scenario, it will be similar to the business having 10 shares of stock and each of you own one.
Stocks, which also called “shares” or “equities,” signify shares of ownership in a company. The Stock Market is the place where these shares are traded. If, for example, a certain company issues 10,000 shares of stock outstanding and you bought 100 shares, you become a stockholder and you own 1% of that company (100 is 1% of 10,000).
Like the example above, if you’re a stockholder you own part of the company’s assets AND you might also receive a part of the company’s profits in the form of Dividends. Some companies don’t give out dividends and simply reinvest earnings though, so in those cases you earn money when you sell them after the stock price goes up (capital appreciation) or when you perform a short sell. [Read more…]
Personal finance gurus all teach you to save a part of what you earn and invest it, but not a lot of them will teach you the specifics of fundamental analysis (analyzing the specifics of companies) and how you should choose specific stock investments aside from “buy shares of big companies.”
Warren Buffett said that “Risk comes from not knowing what you’re doing.” Before you invest in a stock, you need to learn what the company’s valuation numbers mean. You need to know what the numbers say about the company’s performance instead of gambling solely on what the stock price graphs say.
*Note: This is a basic guide and I’ll include links to the Investopedia articles if you want to know more about each one. The true importance of this guide is in its Tagalog translation as it’s intended to serve as a primer for Filipinos who want to learn a few things about choosing the best stocks.
Many of us dream of living in a big beautiful mansion, earning a lot of money, having lots of friends, and a loving family… but one main reason why we don’t achieve it is because many of us are subconsciously afraid of success.
To be more specific, many of us are afraid of what we need to do in order to become successful. We are afraid of giving up the comfortable things that we have now and we are afraid of trying new things in order to earn something better.
Whenever we think about the good life, doubts also cloud our mind and we can only think of the reasons why we CAN’T do it. The mansion, the riches, and the happy family all seem like an IMPOSSIBILITY for us and we think to ourselves “What if I fail in business? What if I invest and lose money? What if I don’t like that new job or I get fired? What if those people hate me? Why can’t I tell my family directly that I love them? What if I lose everything I have now?” Thus, we stay as we are, do what we’ve always done, and keep earning what we’ve always gotten.
Aside from all that, many want positive changes, but few want to MAKE those changes. Many want to be rich and successful, but few are actually willing to do the work required. Millions of people fail because they’re too scared to try.
What do you do? How do you resolve that fear? How do you earn the life you want?
1. “The indispensable first step to getting the things you want out of life is this; decide what you want.” – Ben Stein
If you don’t have clear goals, the outcome of your life will be simple: Since you’re going nowhere, you’ll just end up merely working to survive.
2. “Don’t worry about what other people think, there will always be people who want to see you fail, because they can’t succeed.” – Source Unknown
If you do well in life, people will criticize you for doing better. If you don’t do well, people will criticize you for being a failure and mock you to feel better about themselves. If you stay on the same level as everyone else, you’ll feel the worst outcome of all: your own heart with criticize you for giving up on your dreams.