7 Basic Principles for Improved Finances

Is it possible to afford a comfortable life without money? Money is not everything, but it answers all things. That's how important money is to our lives. Everyone has the right to a legitimate income, you must not be poor if you don't want to be.
 However, money doesn't grow on trees, wishful thinking and daydreaming alone cannot make anyone rich. It takes a constant, careful, calculated and sometimes concerted effort to accumulate wealth. In this post I itemized seven simple, easily ignored but very vital rules for wealth creation from my personal experience. I hope this will inspire you to a greater height in your quest for a better financial life.

1. Conceive an Idea:  Conceive an idea and allow it to infect your brain, let your mind incubate the vision and process it into a workable business concept. Create a mental picture of the end from the beginning. Whatsoever you can conceive, you can also achieve. If you don't know your destination from the start, you will stay longer than necessary or may never get to the end of your journey.

"If you can't dream it, you can't do it" - Walt Disney

2. Commit your self to the Idea: One of the major differences between successful and unsuccessful people is commitment, not opportunity, strength or ability. It is two sided; commitment to your God and commitment to your work. 

"Commitment is what transforms a promise to reality" - Abraham Lincoln

3. Apply steady smart effort: Good ideas or initiatives do not bring financial success or wealth but smart effort does. Work is the only means to produce desired result. There is no alternative to "smart work", it helps you to achieve greater results with little efforts. Someone says; "you must work hard in order to earn high," but I say to you, work hard as a starter but don't do so all your life, you cannot be wealthy until your resources and other people start working hard for you. 

"Success is the sum of steady effort, repeated day in, day out" - Robert Collier

4. Keep to your budget: Don't throw your hard earned money around. Impulsive spenders hardly get rich. You must know why you should spend your money, when to do so, and on what you should spend your money. Have a budget and keep to it.  

"Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like" - Will Rogers                                 

5. Spend Wisely: Know where you spend your money; be wise with your spending. Spend much of your income on your needs and not wants; you can't satisfy your wants. Check if there is a cheaper and better alternatives; exercise your power of bargain. Frugality is not illegality, it could be a means of living your dream life. Spend your money on the things that will add value to your life, not just for paying bills and buying things.

"Make no expense but to do good to others and to yourself" -   Anonymous 

                          

6. Multiply Don't divide: Resources can easily be depleted, Sow your seeds don't eat them. Invest your resources never squander them. Don't accumulate liabilities, invest on assets.Your surplus income should be invested in income generating assets. Plan and save for the future.

"Never depend on a single income. Make investment to create a second source" - Warren Buffet

7. Borrow nothing except ideas: Idea is the only thing you can borrow and not be in debt. If you cannot exercise perfect control over your idiosyncrasy or be content with what you have; you are far from being very rich. Only borrow money when it is going to make you money; that's one of the major differences between the rich and the poor. The rich borrow to make more money while the poor borrow money to survive. 

" Poor man begs outside the temple whereas a rich man begs inside the temple" - Anonymous 

Thanks for being here, I hope you were inspired...let us know your views about this post.

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