I have always dreamed about being wealthy and setting my family up for financial success but what does that really mean? What I finally realized that meant for me is that I wanted to set up my family to have the financial smarts to make money even when we are sleep. I wanted to be able to share this secret with my children so that they will never have to worry about money a day in their life. Now, I definitely want to teach them to work hard and not to be dependent on anyone to survive but what I did not what to teach them is how to struggle through life and look up and still be struggling with nothing to show for it.
So this is what I found:
Every person must learn the art of money and how money works. The first thing you must understand is compound interest. Compound interest is when you earn interest on top of interest. This is important to understand because in every aspect of making money this will be the foundation. You want to find ways to earn compound interest on whatever money you have. This rule also applies in owning your own business. What can you sell to make double or triple your profits? You will also need to consider the rule 72. If you haven’t heard of this rule you are going to love what I have to show next. The rule 72 allows you to calculate how long it will take your money to double based on a specific interest rate.
This is important because you always want to put your money in a place that is earning the most interest. This is how it works. If you are given a 8% interest rate at a bank it would take your money 9 years to double your money. I calculated that by dividing 72 by 8. Anyway, this is the first lesson you must learn and truly understand so that when the opportunity is front of you will recognize it and take full advantage of it. How can I make this money work for me? Now the challenge will be finding ways to make you money grow for you.
Now, if you are anything like me I started with nothing. I was living paycheck to paycheck and every month I was juggling what was going to to get paid and what was not. I had to figure out a way to save my money and I didn’t know where it was going to come from. So, what I decided to do was pick up extra gigs. I worked a second job and I saved all the extra money so that I could start investing.
I also cutback on whatever spending was not necessary so that I can pull myself out of debt. I read a book by Suze Orman called Women and Money and it really got me thinking about my debt and bills and I began to tackle them head on. I felt empowered knowing that I was taking control. I also tried an app called digit that would take small amounts from my checking account and before I knew it I had saved a nice amount of money without even noticing.
I also started to educate myself about different investing options and I came across Dr. Boyce Watkins. He offers courses that give you investing strategies for someone that is just starting out. If that is you please check out his course “The Guide to turn yourself into a Millionaire”. I took this course and it was amazing. It made me feel more confident about investing and it taught me how to dig myself out of the financial hole that my whole family seemed to be in no matter how much money they made. I did not want that anymore so this course helped me take actionable steps towards freeing myself. I am not rich yet but I am definitely far from where I started. Please join me on pinterest to see more interesting articles like this one.