You have read many books, attended seminars/webinars, scrutinized your boss and learnt that these avenues emphasize on one common trait that makes a man rich. Investing. However, what exactly does it mean to become an investor or what are the patterns common in all investors (most of them rich), that guarantee them of their financial security? As you will learn in the following steps, incorporating these hacks in your life can improve your financial decision-making and in turn take you closer to attaining that financial freedom that everyone yearns for.
- Change your Mindset
The mind needs constant exercise just as your body does: for good health. Exposing and adopting a wealthy mindset is the first step towards mental wellness, which increases your chances for becoming wealthy. Gone are the days where get an education, work hard and save money was the key to financial security. For this mindset has only proved to work against the 80-20 rule which states that 80% of our success comes from 20% of our efforts. Money, on the other hand, embraces the 90-10 rule where 10% of people have 90% of the money. Illustrating how the rich continue to accumulate wealth while the middle class continue to toil until retirement. As you may have noticed from the likes of any wealthy person, you could think of, business owners stand a higher chance of becoming investors than people who rely solely on employment. Therefore, just as the wealthy approach financial gain through investments, sharpen your mind to embrace entrepreneurship and opportunities, that grow your assets rather than relying on employment until death do you part.
2. Financial literacy
You need to realize that there are no “get-rich-quick” schemes that actually work. Remember public likes, the Ponzi scheme that had people hooked on clicking icons day in day out to earn a stipend that depended on which level/account one had, So do I. Being part of the group that learnt the lessons the hard way.
To become wealthy, invest in financial education until analyzing financial statements becomes your second nature rather than gambling. Learn to differentiate between assets and liabilities, price to equity and debt to equity ratios. With that said, if you are in high school, Business Studies is the priceless gem that the ministry of education could ever afford you. For in order to become an investor or entrepreneur you need to pass the stage where terminologies sound like a foreign language and get to where they become your language.
If you’re employed, work to learn, don’t work for money. Learn how to make money work for you. Robert Kiyosaki, author of Rich Dad Poor Dad in his words states that “The rich don’t work for money. They know how to have money work for them.”
3. Think business
The education system in public schools grooms people to work as employees rather than equip employers. So what does it take to break from the norm and start a business? Be creative. Being creative will enable you to recognize opportunities, a key towards financial freedom. You might be holding back because of time and money, but many have proven that starting a business part-time is doable. Think of making small investments into your business as you continue working. With time, you will have created a business, giving you options. Who doesn’t like options? I know I do.
4. Human resource
Remember the saying that bad company corrupts good morals; now think of it in reverse. The company you keep will influence your actions. You need people who complement you and enhance your skills. People who can help you attain your mission. Perhaps you are a writer, a photographer, a videographer and the content marketer. You are unlikely to be all three. Invest in a team that brings out the skills you need to their level best.
A common factor all business leaders have is the knowledge that money spent on their team is an investment. Did you know that Bill Gates didn’t invent the software that made him the world’s richest man?
5. Learn to Pitch perfect
You have checked everything on this list, but you are still wondering; how do you convince people of how great your idea is?
Think of it like this, have you ever asked yourself why there are no best-written books but best-sellers? That is because the key to sales is good communication skills. Good communication skills will help you develop that perfect pitch converting prospects into sales.
Difficult problems require creative solutions. Therefore, invest your time in a program that will improve your sales approach, helping you to deliver these creative solutions.
Develop the ability to communicate the value of a product with ease and most importantly fearlessness in the face of rejection. 10 tips for a successful business pitch
Do not forget that physical appearance matters. Studies of public speakers show that 55% of the impact emanates from body language, 35% from how you speak and 10% from your words. Therefore, learn to communicate and look the part. Just like improving your financial literacy this will prove to be an investment worth making.
“Remember, money is just but an illusion and nothing more than an agreement. Therefore, learn to make it work for you” -Robert Kiyosaki.
Related: 8 Personal Finance tips that will transform your life
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