How do you know when you have enough money? We all know what it's like not to have enough money, but what is the maximum you would need to fund your life? The real question behind that is how big do you want your life to be?
Money is a game. It has rules and it has strategies. Rules tell you how to play the game: Income, Expenses, Taxes, Investments. Strategies tell you how to win. Here's the strategy you should adopt to be successful at managing your money.
[Concepts from Total Money Makeover by Dave Ramsey, The Intelligent Investor by Benjamin Graham, and The Millionaire Real Estate Investor by Gary Keller. All those books can be found here on the reading list.]
In QL Mindset, we talk about the strategies to "win" the Money Game. It is a 10 step road map.
You need to set a plan for your money and for your time. How else are you going to be able to tell if you're on the right path? If you have no financial game plan, it's like having a road map with no road names. You'll easily get lost, end up somewhere you don't want to be, and may not be able to get out! Same concept applies to the time you spend! No plan, no change to evaluate success or failure!
Here are the highlights and most important steps you can take today to take control of your money. (I'll be skipping around the numbers on the road map)
4. Follow a budget
Avoid impulse. Impulse is the enemy of planning. We have all fallen prey to it from time to time. With something as important as your financial goals, you must set limits to your spending. This applies to both your wallet and your watch. Your watch is more valuable than your wallet. You'll never get what you lose from it back.
7. Think "Repair" first, "Replace" second, and "New" last.
Your house? Repair everything you can first, replace what you need to, and if you have no other choice, find a new one.
Your car? Repair what you can first, replace what you need to, and all else fails, find a new one.
Your clothes? Repair what you can first, replace what you need to, buy new only if you need it.
Your health? Repair your habits, replace bad habits, add new habits to better yourself.
Your relationships? Repair what you can first, replace what you need to, and all else fails, find new ones that match your goals.
Your habits? Repair what you're best at first, Replace habits that detract from your mission, and find new habits that will help you achieve your goals.
10. Help others through generous giving.
When you help enough people get what they want, you'll be able to get what you want. That's the fundamental concept behind why people work for a living. People want coffee? Someone farms coffee to sell and make money so they can get what they want. You need help farming coffee? You sell enough to pay for someone to work for you to help you make more money farming and selling coffee.
Maybe you're not in the coffee business. Maybe you're in the business of changing the world. Change enough people's worlds and your world will change. Change your thinking, change your world. Change their thinking, change their world. Want to learn how to change your personal world through proven models and systems of the very best? Come to QL Mindset.
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