This week I want to give you 6 tips for money success.
If you are like me you will have spent some time thinking, and hopefully writing down, what you want to achieve in life…
And when it comes to money, often it is difficult to know where to start. Sure, you can have some big goals and some specific things you want to do, maybe paying off credit cards is on your list, or paying down debt, starting to invest in the stock market or buy your first or next investment property.
All of these are excellent goals.
But how do you change your circumstances to make the achievement of these money goals a reality?
What you have done in the past may not be what will help you with these ambitions. It’s harsh but true!
I’ve noticed over the years that the journey to financial freedom is one that constantly evolves. There is no right way and more importantly, there is no ‘get rich quick’ way that works.
So here are 6 proven tips for money success to help you achieve your money goals:
Money Success Tip 1: Education
There is no surprise that I am advocating education, it’s the cornerstone of your growth and success. The single best investment you can make is in yourself.
To change your money circumstances it is important you educate yourself about how to do it the right way. The great thing about money success is that you don’t need to reinvent the wheel.
There are plenty of people who have don’t it before, so all you need to do is learn from what they did.
If you wanted to learn how to play tennis, you can spend hours studying books and watching professional players. Over time, this method would definitely result in you becoming a better player.
The alternative is to learn from someone who has already learned how to be a good palyer. Get a coach or, as I recently found out, you can now get online coaching. Your tennis will improve quickly because they will be able to show you what works to become better.
It’s the same with money, educate yourself with the skills, strategies and resources that will help you to achieve money success.
Money Success Tip 2: Action
It is a surprisingly simple concept, take action, but it is one of the most difficult and least implemented.
I was reading a book this week Fast/Forward that is about preparing your business for the changing future.
There was a recurring theme in the book that I thought was relatable to money success.
It effectively suggested that old style company structures might struggle in the future if they are slow to take action.
I have attended and purchased a number of courses over the years, both for wealth creation and more recently business development, and one of the common themes from the presenters has been an acknowledgement that the number of people starting the program will be significantly more than the number that complete it.
This is an unfortunate reflection of our society…
The challenge for you this year is to ensure that you are one of those that takes ACTION, and don’t be afraid for it to be massive action.
Each small step forward leads to another action and another step closer to your financial freedom.
Money Success Tip 3: Overcome your fears
Let’s put it out there and acknowledge the fact that we all have fears, especially when it comes to money.
Over the years, the FEAR of failure or the unknown has been a significant reason for my biggest challenges.
T.Harv Eker has an excellent declaration for fear, ‘The Rich Act in Spite of Fear’.
It is a nice link to the previous tip, Action. The rich ACT in spite of fear.
Now look at what you want to achieve, what does money success look like when you achieve those goals?
When you can see what that looks like, identify any fears that might prevent you from acting. Then work on what the next action step you need to take to progress toward money success.
Start work on taking action in spite of your fears.
Money Success Tip 4: Meditate
The modern world is extremely fast paced and demanding. There are so many different demands on your time, life is busy.
In order to manage the demands of life, and to be more productive, you need to make time in your life for rejuvenation and renewal.
One of the quickest and most effective ways to achieve mental, physical and emotional renewal is to take time out each day, even 10 minutes, for meditation. There are free apps available to assist you. I use Buddhify.
I have been using meditation for a while, after being resistant at first to the benefits, however I would now say this is one of my favourite money success tips. The benefits truly are life changing.
By taking the time to meditate, you give yourself the time to rest and reflect…the body and mind will relax, thereby enhancing your ability to be more productive and hence successful when you return to the rigours of life.
Money Success Tip 5: Invest BEFORE you Spend
This tip would seem to be the most obvious for financial success, but again the research suggests that this will be the most difficult to implement.
One of the major differences between the rich and the poor, is that the rich invest a portion of their money before they spend any, whereas the poor spend their money and only invest if there is anything left over.
To be able to achieve financial freedom, you need to have your money working for you, and to do that you need to be putting some of your salary to work…
The best way to start this process is to identify your cash surplus and use this surplus to start investing.
I teach how to identify your surplus in my 5 Steps to Financial Freedom short course that you can access here.
You will be amazed at how effective and quickly your money will grow.
Money Success Tip 6: Set Goals
Goals are a common tip for people looking to achieve success.
Why is it then that goals are not a great motivator for success?
In most cases you will have set goals in a traditional manner – think of what you want, put a timeframe on getting it and that would be it, right?
Well I can guarantee that this is not likely to work on a consistent basis.
But there is a way to make goals effective in motivating you for success that involves a subtle addition to how you define your gaols.
As normal, identify what you want, write it down and attach a timeframe to when you want to achieve the goal.
Now the subtle addition which I learned from Harv Eker…
Define what you would consider the minimum achievement for this goal, the target for the goal, and then add an outrageous achievement.
This is called MTO (Minimum, Target, and Outrageous) goal setting.
By giving yourself three alternatives you are far more likely to achieve one, thereby enhancing the reinforcement loop that comes from success and therefore more likely to develop the habit of goal setting and goal achievement.
There it is, my top 6 tips for money success in life and with money. These tips are intended to give you some steps that you can implement straight away to change your money circumstances.
If it seems overwhelming to take on all six at once, start with one. Remember, it’s about taking small action steps consistently to achieve the big goals.
Let me know your thoughts, which tip will you implement today? Leave me a message below.
And if you are ready to take the next step to find your money surplus and create a plan for a secure financial future, schedule a call with me here.