Increasing your financial wealth can be easy if you do it the right way. Treat money as your enemy, and it will show you no respect in return. But treat it as your friend, and it will be your greatest ally.
The money you have at this moment, whether it be the cash in your pocket or the balance in your bank account or BTC is a friend with huge potential, one that can give you access to your heart’s desire. All you need to do is treat that friend with the respect it deserves. In return, it will take care of you. To improve your relationship with money, you need to take some important concepts into account. The first of those concepts is Awareness:
Become aware of your money are you aware of your daily, weekly and monthly expenditures? Do you keep track of all your income, trades and investments?
Money has a real impact on your life and the life of your loved ones. The more you dismiss money as mere pieces of paper or numbers in your account, the less conscientious you will be.
Carelessness regarding your finances means a life not lived to its full extent. Why would you be careless with money? Money is not careless towards you. Treated right, money will never betray you. It will work night and day for you, and it will always obey you without debate.
Acknowledge what money does for you and change your relationship. Understand the importance of its flow through your life. This is how you will identify leaks and find opportunities for growth.
Awareness of your money comes in the form of vigilance, respect, and knowledge.
Vigilance means keeping an account of where your money is coming from and going to. This can be a mental record as well as a physical one, but, either way, it will put you in a better position. As you actively work on your relationship with money, you will replace those things which you prefer to have less of with those you would like to have more of. Your relationship with money will then be able to blossom to its full potential.
Investing in ICOs and Crypto is a treacherous activity. Vigilance towards FOMO, is important to keep your emotions in check to make rational decisions when evaluating a crypto currency, alternative investment or a masternode investment.
Diversification is easy in equities, the go to on stop shop is Vanguard. Outside of this asset class investors need to triple their vigilance. Responsibility in Investing always falls on the investor. Alternative investments, tend to be less regulated than equities and this brings in additional risks to capital.
Respect for money means respect for yourself. Your income comes from your work. When you use money, you are using the stored value you created in the past. Time is a very scarce commodity, so being careful with your money means respecting your time.
Are you using dishing away hard earned cash unnecessarily? A few precious lessons about frugality can be found on MrMoneymustache.com. Are you respecting your body? See Also https://nutritionfacts.org/introduction/
Knowledge is harder to come by, but it is important that you learn how money works. This knowledge will lead to better risk management and ultimately to Investment.
|Earning||Entrepreneur.com & Hbr.org/magazine|
Exercises and Your Journal
This article contains exercises that will stimulate positive change in your relationship with money. You are free to do the exercises on the back of an envelope or on a table napkin, but I recommend using a dedicated notebook or your journal. The exercises provide
The exercises provide opportunity for introspection and self-discovery, and the fruits of that exploration should be noted and kept in a special place. Your journal is primarily for completing those exercises; however, it can also be a place to store your thoughts, research, summaries of key points and takeaways from each chapter, and quotes from your favourite external sources.
Upgrade Your Money Intelligence—An Exercise
Knowledge of money can be classified into four main categories: earning, spending, saving and investing. Take out your journal and list those categories with space in between. Now In which of the four categories do you feel the strongest? The weakest? For each category, starting from the strongest, ask yourself the following questions:
- What kind of information do I need to strengthen my knowledge of this category?
- What tools do I need to improve my understanding and knowledge in this area?
- Why haven’t I looked up this information in the past?
- What specific questions do I have on this topic?
- Who do I know who might have the answers?
Help others write comments
In addition to your journal, you can submit your thoughts anonymously in the comments below. Engaging with like-minded individuals is a great way to learn from others and for others to learn from you.
Suggestions for your comments:
- Write your answers first before looking at the posts from other community members.
- Post the initial question or purpose of the respective exercise as a heading for your work.
These questions generally lead to more questions. Write those down, too. As you make your way through the material in this book and the additional resources, you may find the answers. Here are some additional resources to assist you with your research: