The Seven Keys to Financial Success
By Fred Siegel
were offered a choice of a million dollars to spend in your business
today or a book that taught you how to earn an extra million, which
would you choose?
first option probably sounds tempting, by accepting the money you will
likely take it for granted. You may end up wasting it on things you
could probably do without, like new expensive office furniture or
luxury company cars. The most successful business people know that
every dollar you spend today is worth ten dollars in the future when
invested properly. Therefore, the book that teaches you how to earn
the money for yourself is a more worthwhile choice.
has the power to earn you money. Obviously you and your business will
be better off with the knowledge than with a quickly squandered
million. Your respect and understanding for money will improve by
earning the million dollars on your own. Plus, saving and investing
now will reap greater rewards in the future.
To gain a
better understanding of smart money management and investing to help
secure the future of your business, consider the following seven keys
to financial success:
#1: Save Ten Percent of Your Income: This Key
is the foundation of all your financial dealings. Aside from the value
invested in savings, putting ten percent does three other things for
you. First it makes you more confident. You won’t have to worry
about little money emergencies, and pride will grow from your control.
having money allows you to take advantage of new business
opportunities as they arise. Plus, your confidence will tend to
attract more opportunities.
saving ten percent you create a cushion. This gives your business
security immediately, and it provides some security in case of
uncertainties in the future.
#2: Learn Before You Earn: If you
have no knowledge of money and investing, you will likely fear both.
To gain a basic understanding, go to the library and read some books
on investing and money management. These texts will give you plenty to
go on. Many classes, tapes, and people exist that can help you as
well, so seek them out.
#3: Be a Positive Thinker: Anyone can
find problems with any course of action. But negative thinking is not
constructive for you or the type of successful people you want to be
around. The doer focuses on the upside of situations, and if you never
take action, you’ll never gain success – or the experience needed
for success. Many times, the worst that can happen if you don’t
succeed is a minor setback that you can learn from.
this doesn’t mean you can plunge ahead blindly. You prepare yourself
first by obtaining the best advice possible. And you anticipate the
problems. But then you must commit yourself to gain the benefits. Too
many people let their negative thoughts scare them away from areas
they can succeed in. They never get started.
#4: Invest in Areas You’re Passionate About: Nothing
supports success like passion. If you love what you do, your passion
will carry you past the rough spots. Very few of us can make success
of something we don’t care about. For example, if someone offered to
pay your tuition to medical school, would you be willing to put forth
all the effort required to succeed at it? Unless you’re passionate
about becoming a doctor, then probably not. Likewise, panhandlers can
make over forty dollars an hour, which is far higher than average. But
if you’re not passionate about it, then you probably won’t want to
reality, you could do hundreds of things to make money in your
business. But success will be even more rewarding when you’re
passionate about what you’re doing. So invest your time and money in
something you really care about.
#5: If It Seems Too Good to be True, It Probably Is: Sometimes
people invest wildly because they are unrealistic, and other times
scam artists and crooks are just after their money. Realize that
you’ll usually lose money if you invest in long shots, or if you
expect to receive very high returns. For example, playing commodities
markets is a high risk endeavor. Unlike the stock market, in
commodities someone loses every time someone wins. And if you invest
in this “game,” you will be playing against the producers and
users of the commodities who have more information than you’ll ever
have. Day-trading is another gamble. So no matter how safe an
investment opportunity or business venture sounds, if it seems too
good to be true then you’re probably better off turning it down.
#6: To Make Progress, You Have to Get Started: Many
people have good ideas or intentions, but few take action. Don’t be
afraid to commit yourself. Even if your start means just reading in
the library, you must take action to get results.
makes things happen for you. The more action you take, the more
you’ll learn to take smarter actions next time. You will often learn
more from your own mistakes than from your successes. This is how you
#7: Build Your Own Habits: Once
you’ve found actions that work, turn them into habits. By creating a
habit, routine actions become easier and you are freed up for more
creative activities. Habits also make it easier for you to continue to
take action even when you don’t feel like it or if you hit some
Success for Your Future: Knowledge
has the power to earn money, therefore understanding the keys to
financial success can pay off with great rewards. When you save ten
percent of your business income, you build your financial security. By
taking the time to learn the way money works, you’ll be less likely
to make costly mistakes. And positive thinking will give you
confidence to take intelligent risks.
for what you do will make your success more rewarding. But keep in
mind that any business opportunity that sounds too good to be true,
most likely is an unsafe venture. Then understand that to make
progress, you must take action. Finally, building good money habits
will make your routine activities easier and free up more time for
learn and use these seven keys to financial success, you’ll build
the stability of your business and grow you earning potential as a
Read other articles and learn more
about Fred Siegel.
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