This week is Global Money Week.
Global Money Week is an annual global celebration, initiated by Child & Youth Finance International (CYFI). There are local and regional events and activities aimed at inspiring children and youth to learn about money, saving, creating livelihoods, gaining employment and becoming an entrepreneur.
It is a good time to share some of the lessons that Global Money Week is teaching the kids of the world…
Because you know that good money habits are as applicable to kids as they are to you and me.
Global Money Week
The themes of Global Money Week are ‘Learn, Save, Earn’.
Learn: Educating children and young people about their social and economic rights and responsibilities is key to creating a generation of capable adults who can make wise decisions for their future.
Save: It is important for children and youth to build clever savings habits from an early age in order to cultivate key money-managing skills for later in life.
Earn: Developing livelihood skills or receiving entrepreneurial training supports children and young people with getting a job or building their own business and developing their careers.
As you can see, the key themes are some of the topics we have covered here in recent months.
I have been travelling this week for a conference in Philadelphia. One of the constant themes of discussion I have had with attendees has been money stress…
It is a concern to me how many people are struggling with their money and how much money is controlling their lives.
So let’s do something about it!
When it comes to learning, adults tend to believe that once they finish school or college their learning days are over…
But you are different.
You know that to succeed in life you need to constantly be learning and educating yourself.
All I ask of you is to ensure that money and investing are two of the topics that you continue to learn about.
I want to give you a simple lesson that will turn money from being a hassle and stress in your life to something a whole lot more fun…
Throw out your budget.
Yes, that’s right, I said throw out your budget. In fact, have a ceremony where you burn it or do something that brings a smile to your face as you watch it disappear.
Heh, what’s that you say, you don’t have a budget.
Instead of stressing about how you spend your money and whether there will be enough left at the end of each week, I have an alternative idea.
PAY YOURSELF FIRST…
The reason 96% of the population are struggling under money stress is they spend first and claim they will invest with what is left over.
The only problem is, there is never any left over.
The thing is, you and everyone else on the planet have the ability to outspend no matter how much you earn.
Why is it that Michael Jackson who earned $300 million at his peak ended up with no money?
Because of the ability to spend. There is always something bigger or better…
Think about air travel as an example.
You can fly economy, or for a bit more premium economy, a little more business class, a lot more first class.
Then when the big money flows you can charter a flight, then buy a small plane and then a jet.
The ability to spend doesn’t stop, the more you earn the more you spend.
So to stop this problem in its tracks, YOU are going to start paying yourself first.
Within 72 hours of receiving your salary, transfer an amount or percentage of your salary to a separate bank account. This is going to become your future fund.
To start out the amount doesn’t matter, it is all about the habit.
This is where your financial freedom will come from…
Now how does that feel? Now you are taking an active stance against your spending habits and putting money aside to start building for your future.
What a relief…
The third theme of Global Money Week is Earn.
In the context of global money week, earn is concerned with teaching kids about getting a job or becoming entrepreneurs.
For you, earn is about using your financial freedom or future fund to develop passive income streams.
I have written here about passive income streams.
Passive income is money that you earn without having to exchange your time for money.
The more passive income streams you can build, the sooner you will achieve true financial freedom…
And remember, financial freedom does not require huge sums of money.
So this week, in support of Global Money Week, think of how you can apply the themes of Learn, Save, Earn.
Take control of your money to reduce the stress that 96% of the population feel when it comes to money.
If you want to explore these concepts further, I have a coaching program designed to take you to your money goals faster and more effectively than trying to do it on your own.
Leave me a comment below saying ‘I want my FREE Financial Freedom Strategy session’ and let’s get you started to financial freedom TODAY.