Posts Tagged ‘financial knowledge’

Success in Point Form

Tuesday, January 19th, 2010

1. Keep Your Goals in Sight

I bet you’re saying that you already know this, that’s great but are you following through?        Do you have your goals up on the wall where you can see them several timnes a day? Do you get excited when you read them? How much energy you put in here will have a direct correlation with your results and achievements. Don’t skimp on this very important first point.

2. Take One Step at a Time

Trying to do it all at once can be your worst enemy, nothing really gets done as it should. If you find that you have to carry out a lot of the roles yourself at first then at least be well organised. Keep a planner and prioritise your day and complete one task at a time to the best of your ability.

3. Teach What You Know

Be prepared to pass on your work, delegate. Don’t keep all the work to yourself part of your roll when becoming successful is passing on your knowledge. Once you have mastered a skill consider whether it will be more beneficial to teach someone else to complete the necessary task so you can leverage your time. If you are tied up with every aspect of your business or endeavour how will you have any time left to grow and develop.

4. Do Something Everyday

If you have written out your goals it is a good idea to factor into your schedule at least thirty minutes each day to do something towards achieving them. It may be a phone call, an exercise or study, whatever it is include it in your daily schedule and you will move that little bit closer everyday.

5. Keep Learning

If you are wanting to create wealth you have to be prepared to keep learning, taking responsibility for the financial knowledge you need is up to you.

6. Believe in Yourself

It can be hard to stay on track sometimes, well meaning fanily and friends may be telling you it can’t be done. But you know with belief , desire and commitment amazing things have been achieved. It’s your life, you owe it to yourself and the world to live it to the best of your ability.

Have an Inspiring day

Teresa and the Team at

AustraliaWealth.com.au

Keys to Success the Kiyosaki Way

Sunday, January 10th, 2010

I’m sure you have heard of Robert Kiyosaki and his wealth creation books The Rich Dad, Poor Dad Series, as well as others.I have gathered together a few of Kiyosaki’s key points and wealth creation strategies.One of the key things to realise is that he doesn’t rely on any one strategy but uses a combination of business, tax benefits, structure, loans and property.

So we, you and me are in the business of wealth creation I wonder how many of us have nutted out all those areas and considered them as working interactively together. Anyway on with the task at hand – Robert Kiyosakis Wealth Creation Key Points :-

Become Financially Educated - There are five strategies that Kiyosaki recommends here-

  1. Never say ‘I can’t afford it’ instead ask yourself ‘How can I afford it?’ or ‘How    can I do this?’ Another thing people often say is ‘I know’, it’s another statement that should be avoided because it closes your mind to other possibilities.
  2. Read, open your mind to learning. Get your hands on books that teach positive mindset and investing.
  3. Find a mentor, someone who has done what you want to achieve. Then be willing to learn. Lot’s of people have a need to already know if you want to move forward with your life you have to be willing to learn.
  4. Associate with positive people who are also moving forward with their lives. You will know by what they talk about, are they positive or are they always complaining. Who you spend time with has a lot to do with where you are in life. Wealth creation seminars are a great place to meet people willing to grow and progress.
  5. Keep on learning you will never know it all. Be grateful for what you have family, friends and a wealthy country to live in. Stay humble, we are all at differing stages of development where you are doesn’t put you above or below anyone else, believe in you.

Robert says you have to be willing to invest in your education and be responsible for learning what you need to know, if not there’s little chance you will be successful.

Be Honest and Have Integrity - Always do what you say you will and always do it with honesty. There’s no use trying to get wealthy by being dishonest. We’ve seen many crash and burn from what appeared to be successful positions. Always work towards aligning you intentions with your actions.

Alchemy - This is Robert’s way of saying become a financial wizard. By that he means the more financial knowledge you have the more you will be able to make money and create opportunities with less capital. You will recognise opportunities, find investors and put deals together using less and less of your own finances yet recieve great returns.

Lifestyle - You don’t need to be extravagant. Have a nice house, drive a nice car, be good to your family but you don’t need to own everything. If you want to go out in a boat rent one buying too many toys is a liability.

Philanthrophy - When you are wealthy consider donating money to worthwhile charities, Robert and his wife donate to Greenpeace and the World Wildlife Foundation. Donating or setting up a charity or scholarship means you will go on giving long after your gone and your time on this earth will have far reaching benefits.

Robert Kiyosaki far exceeded his business goals, you don’t know where you will go on your wealth creation journey but following Robert’s steps above will mske sure you go somewhere wonderful.
Have an Inspiring Day

Teresa and the Team at

AustraliaWealth.com.au


How do You Handle Your Money?

Sunday, November 29th, 2009

Where do you sit with your money management skills?

Managing your money is the first step in wealth creation and it is the beginning of the financial planning process that will take you there. The 21st Century Academy uses a strategy called strategic spending it involves being aware of your spending and operating your personal finance as if you were a business. You must make a profit when you earn in other words you must save some of your money.

A Poor Money Manager

  • Spends all their pay immediately
  • Must have it now, no matter how it hurts or how much credit they must use
  • Has no goals or plans other than to be rich and famous  – ‘one day’
  • Follows the crowd and their friends
  • Mixes with people who have similar money problems
  • Hopes their next pay rise will solve their money problems
  • Believes they don’t need advice
  • Has no interest in gaining financial knowledge
  • Spends on items which lose value, eg cars, stereos etc.

A Good Money Manager

  • Saves a minimum of 10% out of every pay
  • minimises borrowing for items which depreciate in value
  • has definate goals, eg 6-12 months, 5,10 and 20 years
  • has a plan that they actually implement
  • mixes with people who are successful money managers
  • knows that strategic planning is a must
  • seeks professional advice and has a wealth coach
  • is keen to learn new things and ideas about managing money
  • invests in items which gain in value by quality

The idea is to divide your income into small easily controlled bundles, there are four:-

  1. Savings – The first bundle to come out of your income is savings, a minimum of 10% of your gross pay. This is transferred to your Cash Management Trust Account at the end of each month. Always do this before any other expenses are paid – if you don’t you will most likely use it for something.
  2. Cash Account – This is for your daily living expenses for which you normally pay cash, a bit like your pocket money. These are all non deductible items. Use this account with a access keycard.
  3. Operations Account – Use this for the bills that come in monthly, quarterly or yearly. Do not link it to your cash account. You can use it with a credit card if your expenses are larger that the budgeted amount. Then the following month you can pay back the credit card.
  4. Cash Management Trust – This is where your savings go plus enough funds to cover any tax deductible expenses for easier tax records.

photo_9160_20091029The system is linked by a transfer account which recieves your pay and transfers to each of the other accounts on the 15th of each month. Maintain a small float in the Cash Account and Operations Account. The main aim is to accumulate as much as possible in the Cash management Trust and use these funds wisely to create wealth.

The earlier or younger you get started on this program the greater will be your success.

Power Thought

My success begins with me.

Tell yourself this often.

Cheers

Teresa and the Team at

AustraliaWealth.com.au

Reference

Jamie McIntyre: 21st Century Academy Home Study program

Photo

Michelle Meiklejohn:

http://www.freedigitalphotos.net/images/view_photog.php?photogid=901