Money: How to grow rich

MONEY is both a mindset and a magnet. If you set your mind to attracting more money you would have it.

young-richMONEY is both a mindset and a magnet. If you set your mind to attracting more money you would have it.

Your negative attitude towards money repels it. As I write, more people are languishing in money-related problems.

It’s either they are struggling to get by. Some are denying that they are in a financial quandary.

Some have money but they have no means of retaining it, yet others are in a maze of debts.

They use a debt to pay another debt and this could be called self imposed prison. So what do most people need today? Financial freedom and independence!

Learn financial language The greatest step in getting financial freedom is to learn the money language. Have investment knowledge. You have to be knowledgeable as to what assets and liabilities are. What is bad debt and good debt? Invest in knowledge through financial experts.

When looking for an expert or money mentor look for someone with a traceable financial record and has succeeded with their money.

Attend financial seminars and read books on money. Learning is to the mind as water is to a fish. Simply, you stop learning you stop growing.

Set financial goals Money has to be planned for. Set clear and realistic goals. Have time frames for your financial targets and be flexible to change your goals.

For example, I am currently doing what is called a 52 week money challenge which was developed by Kassondra Perry-Moreland. In week one put aside $1, week two — $2, week three — $3, Week four — $4 and you use the same pattern or chronology until you reach week 52 where you will have to put aside $52.

All in all, the money that you will have saved is $1 378 (send your e-mail to Success Life to receive this free 52-Week Money Challenge Chart).

This is just for starters, it looks simple, but it instills financial discipline. Already some are saying I can save more than that; no problem as long as you are disciplined save more.

Someone is already asking where to put this money. You can’t put the money under a pillow for some obvious reason. In Zimbabwe, there are a number of banks where you can open saving account that have no service charges. You just bank your money and you are not charged for that.

Secondly, we are privileged in Zimbabwe to be having mobile money through our telecommunication networks. Use that to your advantage you are able to bank as little as $2 unlike most banks.

Budget There are some people that get paid today and tomorrow you ask how much they are left with they say ZERO! The worst thing if you ask them to account how they spent their money, they can’t make traces of it.

So, budgeting makes us understand where our money goes. Secondly, don’t spend more than you make and this will keep you out of debt.

Thirdly and most importantly, find ways to increase your wealth. A simple budget from an income for someone who is wealth minded is like this:

10% — Pay yourself first,

10% — Save and invest,

10% — Tithe or give to charity,

70% — Spend on all other things.

Save and invest Throughout your working life save and invest 10% of all your income. The best way for you not to be a spend thrift as soon as you have money with you is to delay your buying decision by at least three days. Why do I say this?

Most people when they hold money, it’s like some sort of money splashing spirit has descended on them. They pick whatever they see likeable from the store shelf. You know what?

When you have an income and squander it all you are not getting rich. You are merely living high.

Delay gratification The law of delayed gratification says: Delay luxuries for yourself at the mean time, so that you are able to have all that you need in the future. What do you need in the future?

Money and time! I can have control over those by working wisely now and enjoying them later. This is a life principle: you can pay now and play later. Alternatively you can play now and pay later. I would go for the former!

Parting point: Brian Tracy in his book: 21 Secrets of self-made millionaires says: “The difference between successful people and failures is that successful people make a habit of doing things that failures do not like to do”. Money needs discipline for you to have more of it.

A dollar well invested today could change your fortunes. Decide early and start right now to make wealth!

For more money tips and advices go to: www.succceslife.co.zw. Call: 0772 581 918. Jonah Nyoni is an author, success coach and motivational speaker.