VERY IMPORTANT KEYS TO FINANCIAL IMPROVEMENT
*1. Increase your earnings.*
As an employee, the money you earn is the value your employer placed on your service.
Why do people in the same organization earn differently?
Because the employer feels the worth of their service differs and therefore, pay them differently.
To increase your worth which will directly increase your earnings, Learn New Skills.
Also, learn how to generate recurring income and passive income.
*2. Watch your expenses.*
From my discovery, I've found that many African don't really have issues with earning much, but the problem is, they spend more than they earn.
I watched one of Dangote's video, he said,
The problem with most young entrepreneurs is that, they spend their projected income.
That's they spend the money as it is coming in expecting that another will come in soon.
He further explained that there is always up and down...
The money won't be coming in steadily as you expect, hence, the need to watch your expenses.
*3. Pay yourself first.*
Record keeping is a very vital aspect of financial freedom.
Some young entrepreneurs can't even tell how much they are making monthly not to talk of annually.
If you want financial freedom, you need to keep record and share by percentage.
The most important part of your income is the little percentage you reinvest.
You could reinvest 30%, 20% or 10%
There is no special rule of concord here...
Do what works for you.
By this you are paying yourself first. And it will surely increase your net worth.
*4. Repeat*
The word repeat is often regarded as negative, especially in schools.
But in real life, repeat is a very powerful and essential aspect of life.
If you have your first child, and you want to get another one,
What do you do?
You simply repeat the process.
If you learn something new and you want to master it,
What do you do?
You repeat it by consistent practice.
If you really want to go fast with your finance, you should start embracing repetition.
The lesson here is, repeat the process.
*5. Improve and Explore.*
You might not have read about this anywhere before. This is from my personal analysis and observations.
If you repeat without improving, you may grow, but you won't grow big.
Even Dangote despite his numerous products, he is still exploring new field.
He recently launched his automobile industry,
What did he do here?
He explored and see that it will most likely be profitable and then he invest.
Mark improves Facebook everyday.
There a lot of improvements on WhatsApp right now, before now whatsApp groups can only contains 256 participants, now it can take 512 participants.
Repetition will make you grow but improvements and exploration will make you grow bigger.
Have a wonderful financial life.
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