How to get ahead in life with money - five universal truths of money

Discussion in 'Featured Posts of The Find Some Money Blog' started by admin, Sep 23, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    There are five universal truths that you must practice if you want to get a head start in life with your money. Most people who are financially savvy practice all five of these fundamental habits religiously which is why they are so rich and wealthy. You could start today and if you think about these universal truths day in and day out you’re financial position will improve.

    The reason I wrote this article other than to make money is share these universal truths that I found from reading dozens of personal finance books. Bookmark this article and revisit it from time to time so you can renew the universal truths for getting ahead in life. If you want to go straight to the horse’s mouth then you should definitely read books like Rich Dad Poor Dad, I Will Teach You to Be Rich, The Millionaire Fast Lane and many more. So without further ado here are the truths with my twist on them.

    #1: Avoid Getting Into Bad Debt

    You’ll notice I mention bad debt in the title and not only debt. In my opinion there are two kinds of debt. There is bad debt which is money that you borrow to buy stuff that falls in value or does not pay income; such spending would include shopping for excess clothes and food etc.

    Good debt is money which is used to buy assets that increase in value and pay a monthly income like rent from a buy to let property mortgage. Most people who are at loggerheads with their finances because they have bad debts which create leaks in their income through monthly interest payments to credit cards.

    Conversely good debt supplements your income until you’ve got enough coming in you can retire. To get a head start in life with money you need to pay off all your bad debt, cleanse your credit file and then buy mortgaged assets which rise in value and pay income.


    #2: Pay the Most Important Bill First

    What’s the most important bill I hear you say, some might be thinking mortgage payments, others might think insurance payments and utility bills or taxes. The most important bill you have to pay is paying yourself first. If you think about it you spend your entire life working and only save a small percentage of what you earn.

    The government takes a big bite then your lifestyle takes the remaining or demands more. Keep clear daylight between your income and your expenses and pay yourself first. As soon as your income starts coming in remove a significant portion of it and then use the remainder to do whatever you want to do. If you continually pay yourself first you can start to get in front with your money.

    #3: Fix the Financial Leaks

    Imagine how hard it would be to put out a fire with a leaking bucket, you’d never do it. The same analogy can be superimposed on your finances. Now imagine achieving your financial goals with so much expenditure! It’s time to fix the bucket.

    Look at all the leaks in your income and then think about whether it’s worth spending that money and reaching your financial goals later. Personally I would refrain from excess spending so I could achieve my financial freedom goals faster. So to get ahead in life with your money you need to stop spending too much money on things that have no long lasting benefits.


    #4: What Men Do after Work is What Made Us Rich!

    You can’t quickly get ahead in life simply by working in your normal day job. You need to do something after work to really accelerate and grow your income. Think about ways to supplement your income and think big.

    You can use sweat equity or your savings to start a business and then keep on working hard until you match or exceed what you’re earning at the moment. You need to save whatever you earn and avoid any lifestyle inflation. If you want to get ahead in life with your money then keep 2 hours devoted to thinking of new ways to generate income. The more time you spend like this the more time you’ll have free when you’re older.


    #5: Employ Freedom Fighter to Beat the Rat Race

    Practicing all the above habits or way of thinking will definitely increase your income. Once your cash flow improves you should make money work as hard as possible. Think of money as freedom fighters for your campaign against the tyranny or the rat race.

    Every dollar you sock away will earn interest and will contribute against your freedom. Once you’ve got enough money coming in the form of interest that equals your expenses you’ll be financially independent and can choose whether you want to work or not.

    So if you want to get ahead in life create an emergency fund, open a savings account, form an investment account and then pour money into it and then reinvest the proceeds so you have more freedom fighters fighting your cause.

    If you can adopt these five universal truths your financial position will keep on improving day by day. A year from now you’ll be astounded at the progress you made and it will spur you on to make more. The first few years are the hardest but if you continually renew your habits and practice them religiously you’ll achieve your financial goals much quicker.

    Retire when your 70?? Hell No you’ll be able to retire much sooner. Have a shortfall on your pension?! That’s never going to happen if you’re in control of your own finances and your own destiny. On a serious note if you really want to improve your financial standing you need respect money but not be scared of it. You need to want more so you can do good as opposed to thinking that money is the root of all evil. Financial freedom is within your grasp you just need to take it.

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    Alistair, JibberJabber27 and Ammo_Ram like this.
  2. Ammo_Ram

    Ammo_Ram Newbie

    I like the way you distinguish between good debt and bad debt. What people don't realize is all debt is not the same. Just as bad debt can lock you down good debt can set you free. I recently took out a mortgage on a property which I have rented out. The rent covers all the expenses and I have money left in my pocket. I've fixed the rate for 30 years and if I can manage things effectively will have a nice stream of increasing passive income coming in every month.
    Alistair and JibberJabber27 like this.
  3. Paying yourself first is the most important thing you can do. Forget your bills, food, expenses and any other item which eats into your income. Pay yourself so you can look forward to the future. Don't rely on uncle Sam to look after you because it wont happen. I enjoy posts like these as they reinforce the way I think about money.
    Alistair likes this.
  4. Any debt you take out to invest is good debt. Never take out debt to supplement your lifestyle because you will pay for it several times over in terms of missing out on freedom. I always like to keep my credit score high and apply for debt and invest the money where the return is higher than what I need to pay in interest. This concept is helping me to get way ahead quickly.
    Alistair likes this.
  5. Alistair

    Alistair Newbie

    I have a job and I save about 50% of what I earn and invest the money. Most people would be content with this set up however you can never rely on a job because there's a chance you could become redundant and all that hard work would turn to dust. Instead I use my spare time to make more money because as you said what men do after work is what makes them rich.
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