Have you read the book ‘Proven habits for financial freedom,’ put this book on your reading list for 2018 or beyond. Well if you think that the focus of this book is Mansions, Jets and those cars, think again. It the ‘neighbourhood millionaires.’ These are those people who don’t look the part. Those standing behind you in the queues in shops or parked next to you ‘not so fancy’ car.
Proven habits for financial freedom show up in people who are under consumers. Like I say in my book, they have achieved millionaire status because they have consistently employed several wealth creation strategies that any of us can use – starting now … today. Have you tried these habits?
Money transactions in their families: They know what comes in and what goes out. They know what stays and how it grows. They save as they earn, and invest after saving.
The legs of money: They know what money brings to them and what money takes away from them. They are adamant that more money will have to stay in the family circles.
They set goals. Proven habits are that they do not just expect to make more money. They have a clear vision of what they want and actively plan and work toward their financial goals as a family.
They have a relationship with money: They treat money like a member of their family. They create and hold on to a love relationship with money.
They teach their spouses and children about money: They are legacy builders and accept that legacy is in knowledge, not asset. So they teach money.
They actively save and invest. They start planning to be wealthy retirees by starting an attitude to save and invest even before their first income. If it is late, they start in their 20s or 30s.
They maintained stable employment. If they are not self-employed, it is even easier for them to be wealthy. Research reveals that the wealthiest retirees stayed with one employer for 30 to 40 or more years.
They know about risk: They learn what is risk, how to spread/minimize risk, and how to evade risk. But they take risk.
They protect their credit score. They keep lower interest rates on major purchases such as properties and car loans. But they do not fancy debt.
They value having multiple sources of income. They know that their salary could be small no matter what it is. They prioritise their income, but go a step further to secure at least three income sources like; part-time work, rental income, or investment income.
Mothers, fathers and children chose money: They could chose to practice proven habits for financial freedom as a family. Save together, invest together and share information.
They ask for advice and surround themselves with experts. Oh yes! They read books too. They know their strengths, and mostly work with experts in investing, taxes and financial planning.
They believe in keeping busy. They create hobbies and social activities that keep them busy while also bringing in extra money. They do not spend because they are bored or to entertain.
They recognize money does not buy happiness. They are conscious of the fact that they have to create human relationships because money’s power to boost happiness diminishes, the more money you make.
They pay themselves first. They set money aside for themselves first after every income, through debit orders before they spend.
They believe in time and consistency. They know that time and consistency will bring them more. They belief that wealth comes gradually and accumulates through diligent saving, investing, and budgeting over multiple decades, through different streams and with an eye on their money.
They are cautious about their spending. They are careful not to become a target for scammers. Well, I was scammed before, after an 8 years business relationship, so I can teach on this. They take their time and ask the right questions from service providers and seek out referrals before engaging with anyone.
They’re not wasteful. They agree that if you aren’t using it, stop paying for it. If it is not adding value, you do not need it. They draw up and follow monthly budgets that show where their money goes so they can make cut off where and when necessary.
Small tweaks, goal setting and long-term financial planning have moved many one step closer to financial freedom.
For more great tips get a copy of this book.
By Victorine Mbong Shu
Victorine is in education and training since 2002. She is the CEO of Profounder Intelligence Management Services, Publisher, Editor, Researcher, Transformational Speaker, Mentor, Material Developer, Facilitator, Assessor, Moderator and TV Talk Show Host at Children Television South Africa (CTVSA). Owner of Profound Conference Centre in Bramley-JHB She and Dr. Fru are raising 4 bubbly children, including Africa’s youngest multiple award-winning author of chapter books, Stacey Fru. Victorine is a respectable Involved Parenting Conversationalist with a Master’s Degree in Communications.
She is a BrandSA Ambassador and Awards Winning Author of the following books:
- ‘Stop Complaining! and Bring Back Involved Parenting,’
- ‘Trapped in our shadows,’
- ‘Proven habits for financial freedom,’
- ‘Not too late: Stop Complaining and Bring Back Involved Parenting.’