Human nature has given decision-making capacity. But it is up to us how these decisions are taken. Most of us know from our experience that making certain decisions is not as crucial as making other decisions. The only way you can make strategic decisions for strategic planning in all areas of your life is to create a mindset using strategic thinking.
The only way you will be able to gain wealth without inheriting it is by developing a mindset that can drive you to wealth creation and to succeed in every element of life. And you will probably only succeed in preserving your fortune if you are successful.
However, you have an obligation to put this mindset into practice.
In our opinion, a person can achieve financial freedom if he/she is prepared to engage in these seven disciplines:
1. Start the journey of money mastery now!
Start learning the tools, strategies, and skills needed for managing money as early in life as possible and you will become wealthier, faster. You can develop your knowledge base in various ways (read investing books, take basic investor training, join investment clubs) and do it with patience – don’t expect to learn about successful investment in a few months. You need to understand everything you need to know.
2. Begin saving and investing as soon as possible
Albert Einstein once said, “Compound interest is the greatest mathematical discovery of all time”.
So, no matter how tiny your contributions may be, you can start investing in your early life to make this powerful mathematical principle work for your wealth accumulation. It’s the mathematical procedure, which in turn earns interest in your money and is added to your principal.
Take two versions of your investor self — one that begins to invest early and one that waits until later years. Investing $10,000 at the age of 25, with a return of 7%, is $150,000 by the age of 65. If a later start was made at the age of 35 years, the initial $10,000 investment would increase to only $76,000 at 65 years of age. This 10-year front offers more than a doubling of your major investment – this is the retirement of a large number of cheeseburgers. Time is an enormous lever and multiplier. And, to begin started is never too late.
3. Invest in yourself
You and your career will be your greatest source of revenue over your lifetime. You make a great return on your investment in professional growth by investing in yourself. Your work gives you the opportunity to increase your income to invest in your financial future.
4. Live in your resources
You don’t necessarily have to compromise your pleasure in life. There are money-saving measures, as described above, which can be applied without feeling any significant strain. What is important is that your expenses are more strategic and sparse, while automatically sending a certain proportion of your revenue to an investment account. The allocation of these savings will expand as your income increases over the years.
5. Discipline yourself
Don’t be misled by a quick profit by investment naively, adhere to safe and tested investment ideas.
Do not let emotion play into your investment selections. Be disciplined in your investment technique. Do your own investigation, never buy rumors.
6. Take the long-term view
Long-term investment against short-term investment will allow you to drive the inevitable market ups and downs, stabilize your average revenues and mitigate capital losses.
The longer you stay on the market, the more likely the long-term annual average return rate will be. Certainly, investing entails a certain risk, but you reduce this risk while stabilizing your expected return by prolonging your period as an investor.
7. Set Your Financial Goals
It is vital to have a focused and long-term commitment to your financial independence plan to have defined financial goals. In order for your saving goals to remain on the course and to grow your investment knowledge base if they actually drive you, it is important you go beyond imprecise goals, such as “I want to be a billionaire.” You must touch on your aspiration to live or your emotion as a human being, which can encourage you to push yourself to a vital objective during your professional life.
Prashant Kumar, CCIM
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