I had a mid life crisis in my mid-20’s and experienced financial adversity and hardship. How many of you have experienced something like this in your life?
Some of you may have and some not, for me it was a crucial learning curve for my success in later life. From experiencing bankruptcy, to generating significant income over my lifetime, I’ve accrued many skills that I would like to share with you so you can earn and keep more of your money.
From my sporting career, I learnt that the key to success is to model the best and make it your own. I found this to also apply to the world beyond sports, so I studied the powerful beliefs and systems used by the super wealthy.
Here are 5 tips to help you right now:
- Pay yourself first – Always take 10% of your earnings first and put them away in a place you can’t touch it.
- Clear your debt – If you are in debt, put aside 20% of all monthly income and divide it between your creditors paying them off monthly.
- Save even more – Once your debt is paid off, you can continue to save this 20% amount moving forward. In a financial winter like now it is important to have cash available to invest when prices drop. The wealthiest people on the planet all made their fortunes during economic winters.
- Invest when the market is most pessimistic – This principle will serve you for life. Save your money and invest it when prices bottom out during a correction which are cyclic and inevitable. Do your homework on what to invest in and when.
- Mindset of Abundance – This encircles the 4 other tips above. What you focus on you create. Catch your mind when it starts to be fearful. Stop it, in its tracks and focus on what you have right now. Be grateful and cultivate the attitude of gratitude. Start a gratitude journal and write down daily what you are grateful for.
Generating wealth is achieved through a combination of following a structure, reacting to cyclical economic trends, and maintaining a strong mindset. It is no routine task, yet the attainment of financial freedom is possible for anyone, no matter how dire your situation. It is up to you to take action!