Monday, July 8, 2013

Top 5 Money Lessons You Wished You've Learned

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Money is not the root of evil. It is the love of money. Money can help you achieve happiness and joy by using it to bless others. I'd like to share with you how you can manage your money well so you can be a source of joy not just to yourself, but to your family, and to others as well.


Here are the top 5 lessons I have learned about money early on in life:

Lesson #1: Know the difference between an asset and a liability

In the old definition, an asset is something you acquire or purchase, like a car or a house and has money value. A liability is something that you can claim against an asset, like a credit card bill, debts, loans or payable. The new definition of an asset is something that puts money in your pocket, like a rental apartment or a business and funds your luxuries or liabilities. A liability is something that takes money out of your pocket, like jewelry, car or your house, and something that your purchase or acquired.




Lesson #2: Mind your own business. 

Buy and grow your assets. Some of these assets to develop or grow are: businesses that do not require your full time or presence, company shares or stocks, bonds, T-bills or SDAs (Special Deposit Accounts), income-generating real estates such as a rental apartment or dormitories, royalties from intellectual property from music, scripts or patents, and anything that has value, produces income and has a ready market. 



Lesson #3: Pay yourself first.

Set aside at least 10% from your income to build your business or fund your emergency money or investments. Then make saving or tithing as your next priority. This is the Power of Discipline. I know this is painful. But as the saying goes, "No Pain, No Gain."


Lesson #4: Make choices everyday. 

How you spend your money is a reflection on how you use your most valuable resources: time, learning, and money.  Use your valuable resources wisely. If you want to predict a person's future, just look at his expenses. Do you spend it in the latest gadgets, the latest fashion, or the latest accessories?  This only build your expenses, debts, and liabilities.

Or do you use it to invest and build on your assets, like seminars on investing and personal finance, personal coach/mentor, books, gyms to keep you healthy and fit and donations to charities and churches?  This is the Power of Choice.


Lesson #5: Use your assets to pay for your luxuries, your liabilities.  

Acquire assets, or things that put money in your pocket, by paying yourself first. Then, you can purchase your liabilities or your luxuries by the income and cash flow generated by your assets. This is the power of focus. So many people today have money to buy their luxuries first but never seem to have any cash to purchase their assets. 
So are you ready to learn these lessons so you can start blessing others and multiply your joy?

Keep Walking!
LENY



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