24 Hours To Improving Wealth.

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Do you know that there are certain things you can do right now to improve your wealth? And I am certainly not talking about a quick gamble that promises everything and yet never delivers. I am speaking about intentional lifestyle changes that not only set you on the path to financial freedom but make sure that you stay there.

A change in mindset is the one thing that will get you to your financial goals because you will know to set them in the first place. It is really easy to want to think long term, about ventures that require a lot of income to get off the ground and bring in a high yield return, but this is certainly not within most people’s realm of possibility. So, what do you do, if you are broke, or worse still poor?

1. Look out for problems and not money. Simply meaning that you should examine your skills, make a list if you have to, and look to identify the problems they can solve. You will then be able to leverage that for income, that is historically how people have got paid.

2. Learn to track your expenses. Know how much income you get, know how you spend it and evaluate these to form a healthy financial habit of living within your means and saving habitually. You can use a book and record all your daily expenses, or a mobile app can do this for you. Whichever way you choose to do it, it needs to be a system you can maintain.

If you have a bank account, you should also pay attention to your bank statement to see how much money comes in versus how much goes out. Once you know what you are spending on, you can plan your income better, determining what is important to you versus what you can do without.

3. Set a saving goal. After your priorities are aligned, decide on a figure of the amount of money you want. This can be informed by what you want to save for. If you name your goal you will reach it faster. And, if you’re new to saving, try starting with a small goal and work your way up from there. Even when you are just saving for a rainy day, it is better to get specific about what that target is.

4. Come up with ideas on how you can diversify your income stream. Whether it is through home-based projects like vegetable growing and marketing, bricklaying, roasting and selling of groundnuts and baking. Or, you can consider providing local on-demand, contract-based services, depending on your interest and skill set. Services like general contracting, house cleaning, yard work, babysitting and assisting the elderly. Another option would be to get into freelance work with skills like Graphic design, Coding, Photography, Copywriting, Journalism, Coaching, Marketing, Physical training, Bookkeeping, Teaching/tutoring, Data entry and Consulting.

5. As much as you are able, create routine around your financial choices and automate this process. This could start with determining what percentage of your income you will spend and what you will save/ invest. It goes beyond just tracking your expenses though, it includes creating a formula you can recreate, even if it is just in answering questions like, When do you pay your bills? Where will you do it? Who is involved in this process? What are you paying for and with what money (savings or new income)? Why do you need this service? And finally, how do you get paid or make payments? Online banking is one way to automate this process, as well as expense tracker and savings apps. This will eliminate the need to make the decision at every turn because we cannot always rely on our willpower.

6. Get a Financial Education. You will not learn everything you need to know in a day, but the sooner you begin to proactively look for the right information, the better your decision-making process. Then you can start to figure out what the next 24 hours should look like, and then the time after that. You need to be able to understand financial issues everybody deals with like saving money, paying bills, debt management and investing. It could be as simple as reading an article or having a conversation with the most financially responsible person you know. You could also consider joining or creating an Investment Club. They are an excellent way to learn about finance as well as work on wealth creation at the same time.

The fact that you are here looking for some insight into how to better your financial position is certainly a step in the right direction, but it is just a beginning. Success with money comes when you create healthy patterns of thinking, working and spending.

24 Hours To Improving Wealth.

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