As people go through their daily life trying to find ways that could supplement their current income, there are often few things that we forget to do that counter everything we have been doing. What I mean is, there are many ways of going about achieving financial success rather than working 2 or 3 jobs. For example, think about this, a person working for half a century only for his wealth to be wiped out by medical expenses, or retirement funds being exhausted by the university fees of your kids etc. So, as you go about trying to create financial abundance for you and your family, make sure you are well protected by applying the three tenets of personal finance as explained by Matt Zavadil in the following article.
There are quite a few methods for creating the life of your dreams and finding financial abundance. However, realize that out of the many keys to success, you can’t ignore the following 3 rules for ultimate financial success.
First of all, protect what you own. Yes, you need to pay for insurance. No one likes paying for insurance -health, life, car, home, etc. Your financial dreams will go up in smoke, though, if you’re ever caught without the proper insurance coverage.
Life insurance should be a key part of your plan. Think long and hard about this: If you want your family to have a great life while you’re here, don’t you want to make sure they’re safe if you pass away early? You better answer that one correctly!
Controlling Your Income:
Second, you must control your income. It’s financially unhealthy to depend on only one source of income these days. If you have a great job making a great income, are you absolutely sure you’ll have that job all the way to retirement? Be honest here. What is your backup plan when your employer can get rid of you, and use your salary to pay for two salaries of kids fresh out of college? Are you sure they’ll keep you, and that retirement package you’re expecting? Or will they dump your expense and pick up a cheaper employee?
Think long and hard about that one. It’s happening everyday around you, whether you want to believe it or not. So, whether you have a great job or you’re struggling with income, you’ll be doing yourself a huge favor by adding other income sources.
Some ideas: real estate investing, website building, or beginning the best MLM business you can discover. Do something that will eventually allow you to control your own income. The last thing you want in the coming years is to be dependent on someone else to allow you to keep working.
Lastly, make sure you can leverage yourself and your income. This means you earn income that is not completely dependent on your efforts. A job is the opposite of this. At your job, you don’t make any money unless you’re there trading your time for money. However, what if you could work the equivalent of 100 hours per day? That’s what a network marketing business or real estate can begin to do for you. An example of this is when you get a proper network marketing education, add a few of the various MLM leads into your business, and watch your business grow…all as you begin to earn money while sleeping.
If you own real estate, you gain appreciation on that real estate. You’re not trading your time for money anymore. If you had a couple websites, an MLM business and some real estate, you may find that you can replace that job. Now we’re talking about financial abundance and freedom! Go out and figure out how you can leverage your income.