Steps to achieve financial excellence
1) Save Money – You have to save before you invest and when you do you show that you can delay gratification. It’s shows your’e disciplined and this ability to delay gratification is required to achieve financial excellence and maintain it. By saving the money, you’ll be able to take advantage of deals when they present themselves. Live below your means.
The rich get richer because they have access to cash.. So if you can save, though it will be hard and your friends may laugh, the next time the markets presents opportunities you’ll be able to take advantage of the deals. Though cash is no longer king, access to cash is required to build your foundation. Keep your credit good and make sure all credit tradelines are reporting correctly. Understand it takes longer to build up your funds than it does to multiply.
2) Multiply Your Money – Invest some of the money you saved. You can leverage your money and buy real estate, buy a business, reinvest in your business. Only invest in things you know about. Don’t take chances investing on things you don’t understand. A couple mistakes could wipe out your foundation. If you save before you take the big swings trying to multiply your money, then if do you have mishaps it allows you to still be in condition to move on. You can’t focus more on multiplying your money than you do on saving it.
3) Compound Interest on Your Money – Compounding of your money happens naturally after you been in the multiplication faze long enough. Compounding is a by product of being in the multiplication stage. This is where true wealth is. Now you have time to do things you really care about. You’ll now have assets that are working for you. At this point many will say that you have reached your desired goal and have attained financial excellence.
I hope this helps someone while travelling on their personal road to riches and financial excellence.