In this current world, it is impossible to live with a pattern of only payment from an employment or employee. The better way to live a life of your dreams, a life u admire is by achieving your financial goals, being your own boss.
So, it is advisable to have sources of income to allow you fulfill your dreams of financial achievement.
Follow this article to get some points on how to become your own boss and create wealth.
It has always been in my mind, every now and then to share ideas with people about how one can increase his chances of achieving his financial dreams. I mean what one need to do is to start making tiny changes and create value kind of endeavor. The author of Atomic Habits James Clear said that one needs to make a tiny change so it would bring remarkable result at the end. If one starts changing his bad habits, the bad habit about money, or bad habit about finances, before you know it, at the end of the week or month or at the end of the year, you will see the remarkable result.
Changing our money mindset, reading and understanding the financial statement of a companies and businesses are the things one needs to be conversant with to improve his or her chances of achieving his financial dream as it helps you make informed choices. So, what I wrote here is tips hacks you need to master that will propel you to greater height in your quest to achieve financial wealth for yourself and family. Time is very important as we only have 24 hours a day and we cannot get back time lost or wasted. So, STARTING EARLY is the key
Reading information about money and learning about money are something they do not teach us in school. You got to figure this out yourself if you want to get ahead, once you get into the habit of knowing money, how to spend it and how to use it wisely, it is something that helps you to move forward. So, start early to acquire information about the money management games, start to invest early, and create assets that appreciates, starting any kind of business would help you. Vinneltech store is example of online business we created this to help solve technology problem our customers have, you too can do the same.
You can increase your chances of realizing the financial dream: if you make plan early and follow it through, change your habits, change the way you think, the way money is valued and take calculated risks, start paying yourself before anyone if you think of it, if you are employed, before you get paid into your bank account the tax man would take off the National Insurance Contribution and Tax before your money hits your bank account. Best idea is when the money hits your bank account channel good fraction towards your savings then invest.
Good plan and budgeting help one to take reality check, having a budget increases your chances of earning as it would encourage you to spend within the income you are earning. If you increase your budget, then the idea is to increase your earning capabilities.
Budget would help you to be grounded once you make your money and want to spend it, think wisely before spending. Asking yourself critical questions would be helpful “What am I buying this for?”. It is more or less like someone buying a new car and a second hand one. Can I buy a second-hand car or fabric? What is the best investment? While you know that if you buy a new car today and before you drive this car from the garage or esplanade, you will be surprised to know that the price is already depreciating. What matters is that your vehicle can take you from point A to point B, not everyone has to buy new car. Therefore, buying a 3-year-old car would be more valuable and a better investment than buying a new car. It is about understanding you need to build wealth by following the footprint of what other successful people have done. Successful people are prudent with money, they see money as tool to solve problem. To be your own Boss you need to have vision and aspiration and dedication to follow laid down rule of money game. There is no way to become your own boss and create wealth without helping to lift others up with you. You need to think of “WE” instead of “me”. Being your own boss requires you to collaborate with others to make you dream of a reality.
Investing is another tool to master in wealth creation and financial journey using your money, making your money work harder for you in a right channel.
To realize financial dreams you must invest, you need to cultivate the skill of delayed gratifications, you must add some money to work, put some money aside or use those savings and put it on a channel or on a tour or on a platform that allows you to make money working more for you. Investing is risk game at the same token one of the best ways to create wealth and become your own boss. It is something that helps to make one’s financial dreams come true quick. However, you need to do the fundamental research before you invest your money. Even the delayed gratification that I speak of, we all aspire and want to have new things. But sometimes it is good idea to pull back and try to find out the answer to the questions. I have this urge and wants to buy this thing now, right?
- what value will I get from it?
- Is the value I would draw from it just for now?
- Or can I wait a while?
- Do I really need it right now?
- Or can I wait for tomorrow?
- Can I do it next week?
Some people would say who are you to tell me how to spend your money, you can buy the things you want to buy. However, it is about thinking twice before buying things, that second thought do count. Having this mindset of taking a step back before spending or thinking twice before spending is what you need to do to create cash flow.
The avenue you create your income stream matters, do you generate income as employee, self-employed, business owner or investor? Each of this avenue have different advantages and disadvantages. So being your own boss requires own to be a business owner or investor, these are the two-wealth creation platforms that would speed your chance of become your own boss and build a generational wealth. If you remain as an employee or freelancer, it is difficult for one to realize the financial dream because you are working for someone else. So, thinking outside the box to create value you can monetize in perpetuity is what is need to do to create wealth. Employees pay cheque is capped and there is limit of what you can earn, and you are equally tax heavy. On the other hand, business owner and investor tend to have tax incentive and advantage from the government. Business owners have the option to of set their business expenses before paying cooperation tax. Therefore, you should try to create passive income through the entrepreneur or create passive income through investments.
Creating passive income requires one to use some part of their wages and investing the money in investments and letting that money work for you to the extent you may be able to live completely from the income you are receiving from that investment or business. There is no such a thing as passive income as you need to create the avenue to make happen. Someone of this avenue take ages to work, requires patience, perseverance and continuous effort, hunger, drive and flexibility. You may receive cash flows from investments you make in real estate or from investing in stocks, bonds, and from buying gold or silver. You got to be prepared to invest for long term and give your business time to grow. I uses Etoro platform to invest in various instrument.
Calculated Risk:
No business or any life aspiration that is risk free, you must take a risk, take the opportunity to maximize your chances of realizing the financial dream.
You cannot eliminate risk completely but the research one makes, information acquired before starting your business or your investing journey is something that would help you to minimize the risk involved. This is where calculated risk comes into play. So, you got to think twice and ask yourself where am I headed? What do I want to achieve? Before you start investing, you need to know the company, inside and out. You must do the fundamentals and technical analysis before venturing into investing.
We must read, assimilate, and take proper action. If you are going to invest, you need to read the information and research before venturing out. This is the way it should be done to achieve your financial goal because you cannot be reckless with money.
You cannot be rash or irrational, you need to buy stock when it is very low to receive the benefits. So, when you buy stock that is remarkably high you are not doing yourself any good as it is a zero-sum game.
You need to buy a company with upwards potential to double your money and receive passive income. Dividend is a passive income one gains from investing in stock market perhaps investing in a company with track record of paying dividend to the shareholders would help you to grow your wealth.
The idea is to enter the market when there fear or bear market and avoid the market when their euphoria and Bull market. Chance are you will buy a good company asset cheap when there is uncertainty, when people are worried about their investment. If the economy is booming and company financial earning result is extra ordinary, the market will react to it in positive angle with price increase upwards and price appreciation.
Living within your means:
living within your means basically means comparing what you get with your expenses, checking your income, profits, profit from investment or any other form of employment against your expenses. For you to realize that financial dream, your income must be high relative to expenses. So, the idea to realize your financial dream fast is to have more sources of income and save more and use those savings to invest and give the investment time to build up and maximize its potential, maximize your opportunity.
Learning new skills and creating value is what I would encourage you to do, if you know what you are passionate about, if you have information or skills you want to share with others, you should go ahead to do this and doing it more often is the key do not be ashamed, embarrassed, and feel reluctant to do this as it do you more good than you expect. Believe it or not we are all student you learn from sharing ideas and ladder. Even if you make a mistake, it would be a learning curve and in making mistake and be open minded for criticism you learn new things.
In nutshell being your own boss, it basically knowing fully what you aim for. Using these few summarized points can help you achieve your financial dreams.
- You have to create something that you want to share with people.
- You have to share your skills, create a way to generate cash flow.
- It’s about making sure you make money wisely,
- It’s about making sure you make money by investing.
- It about making sure u think twice before spending.
- It is about writing things down about what you want to achieve.
There is nothing that brings joy that you can go on vacation with your family at your own terms without getting permission from somebody else. You are not worrying about money, and you have enough cash flow each month from various sources and at the end of the month you still receive income that covers all your expenses auto insurance or mortgages, or even people who don’t have a mortgage or their free mortgage. These are the things successful people are doing and you need to replicate this for you to achieve your financial dreams.
It is about concentrating without straying, keeping it in mind and having the courage to follow it. For one to realize his financial dream, it takes a lot of effort, he or she must go through certain process. By taking a practice continuously one master the game, this is applicable in business in everything you need to put you best effort, make critical decision, show your leadership skills you need to practice continuously, and you need to grind and enjoy the process.
You must practice, they say “practice makes perfect”, you must put your strategies to work and before you know it, it will become a ritual and part of you. If you are spending money, be sure to pay yourself before you pay the bill. Make sure you have this delayed gratification mindset. Think twice before spending or buying anything.
CONCLUSION:
Thought to share ideas with you about being your own boss, about living within your means, about cost, about saving when you save then putting it into a tool that will generate more passive income for you. This is how you can go from being an employee to becoming your own boss or making sure you are generating revenue from a platform where you are not actively involved, if you have money, put it into an investment, you are not there to play in that company. If you invest in a company like Amazon, Apple, you are not there running that company. It is an organization you are part of, you are part of the owner as a shareholder, but the management team are the people who take care of it every day. What you do know is that the company are doing well and that you are receiving your dividend every six months or every year whatever the case may be. If there is any change in the business plan or strategies of the company, you invested you have the option to sell you investment and look for alternative investment tool you like but make sure you do not sell it low to your cost price.
