Everywhere I go, I hear people talking about money.
At one particular conference, I heard a group discussing how “Money Isn’t Everything” and “Money Doesn’t Make You Happy.” After noticing their poor thoughts, I knew that this was clearly the conversation to avoid.
Many people proudly preach their philosophies about money. Unfortunately, I find that they are seriously miseducated about personal finances. However, when it comes to having money, there’s a certain way of thinking about it.
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Let’s dive deeper into the 9 phrases every millionaire should avoid:
1. I Work Hard for My Money
The majority of people think that they must “work hard” for their money. This forces them to grind, even when it’s completely unnecessary.
You don’t have to work hard for money, but you must let money work for you. Money is never hard to come by if you can attract it.
Instead, say this: Money easily comes to me from all directions. I am always prospering.
2. Money Doesn’t Grow on Trees
This person is basically stating they believe money must come from only one source, which is an erroneous thought that many people have.
Instead of thinking that you can only get money from a particular place or person, believe that it can come from anywhere and at anytime. If you want to become a millionaire, you’ll most likely need multiple income streams.
3. It’s Too Expensive/We Can’t Afford It
This usually happens when a person meets an immovable price. The truth is that the price you may be seeing is exactly the limitation you need to overcome and often separates most people from achieving their goals.
If you live by the price, you die by the price. In other words, if the price was always cheap, everyone would have it and no one would work for anything.
4. Save for a Rainy Day
When people talk to me about saving, they meekly chuckle and say, “Ya know, you gotta save for the rainy days.” What they’re basically saying is, “I expect disaster and my savings account will immediately diminish when it happens.”
Instead, save for sunny days, which are days of prosperity – luxury vacations, homes, big investments, etc.
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5. Money is The Root of All Evil
This is a highly misquoted verse in the Bible. This makes people also believe that rich people are evil. However, the proper quotation states, “The LOVE of money is the root of all evil.”
Money has no personality. Therefore, it cannot act in a good or evil manner. If money was evil, how would you have a device to read this article right now?
The lack of money is the root of all evil – Mark Twain
6. My Spouse Runs the Finances
This person clearly doesn’t take responsibility over their money and doesn’t deserve to have more of it. The other day, I heard a man say, “My wife keeps ALL of the money. I NEVER touch any of it.” It wasn’t a big surprise that this man was always in financial despair. Lesson: Always know what’s in your bank account, even if you trust your spouse. Check it everyday.
7. It’s Not in My Budget
There’s a lot of people who advocate that “money is tight” or that they’re “bootstrapping.” These absurd phrases repel wealth away from them entirely.
If you close your wallet and force yourself to believe that a product or service cannot be acquired, you’ll probably never get it. Instead, ask, “How can I acquire this product or service?” or “What must I do to make this purchase happen?”
8. Money Doesn’t Make You Happy
I always smile when I receive money. It really makes me happy. After all, I can take care of my family and buy many things that make life easier.
When people say, “Money can’t buy happiness,” they’re referring to the people that they see on mass media, not the majority of actual millionaires who enjoy their lavish and happy lives. Truthfully, I was never happy when I didn’t have money. Been there, done that.
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9. Money Isn’t That Important
People often say, “It’s just money” and “I don’t do it for the money.” If it’s “just money” and you “don’t do it for the money,” why do you accept money when it comes to you?
Money is very important and must be taught at home, school, work, and religious circles. Those who evade the responsibilities of money will cease to have any of it.
Money tends to react to your attitude about it. If you have mixed feelings about what money means to you, begin by jotting down your thoughts and refrain from using these phrases.
Rewire your mind by assuming that you’re ready for true wealth. Find a great teacher to coach you. And remember, when the mind is ready the money will come. The world will only give you money when you’re ready for it.
This article was originally posted here on Entrepreneur.com.
(Infographic) The Financial Advice Millennials And Gen Zers Want To Know
Having a grasp on your financials is tricky, but it’s crucial if you want to be successful. And that starts with getting the right advice.
Whether it’s saving for retirement or paying off credit card debt, money management can be a challenge. Of course, different people have different concerns – and that often comes with age. While a 60-something baby boomer might be organising their savings for retirement, your 20-something millennial might be focused on paying off student loans.
In a recent study, financial intelligence company Comet surveyed more than 1 000 people to uncover the top financial concerns of various age groups, as well as the financial advice millennials and Gen Zers want to know and what they hear instead.
Overall, saving for retirement was the top concern across all age groups, with saving for an emergency and affording monthly bills following in second and third. However, it’s no wonder these are some of the most pressing worries – according to the research, 23 percent of people admit they don’t have a savings account, and 43 percent reported not being on track towards their retirement goals. Perhaps that’s because they didn’t hear the right advice growing up. At least that might be the case for Gen Zers and millennials.
According to the research, these young people want to learn things such as how the stock market works, how to manage an investment portfolio, how to invest in real estate and how to build credit. Instead, they’re simply told how to create a budget, save for retirement and pay credit card bills in full every month.
Having a grasp on your financials is tricky, but it’s crucial if you want to be successful and comfortable. To learn more, check out Comet’s infographic below.
This article was originally posted here on Entrepreneur.com.
14 Ways To Make Quick Cash On The Side
If you need money quickly, here are some solid ideas.
Need to make some fast money on the side, whether it’s to pay off a credit card or to make your rent?
Keep in mind, making quick side cash isn’t about making a lot of money or getting rich. It’s about getting a shot of capital to help tide you over and put something extra in your pocket. However, some of these side-income ideas can build up your wealth over time. There’s many ways to accomplish this: By participating in the gig economy, the sharing economy, online sales networks, passive income techniques and more.
If you’re looking to make extra money in a relatively short period of time, check out these 14 slides.
Take Advantage Of Financial Democracy Made Possible By The New Stock Exchanges
Why should financial democracy matter to entrepreneurs?
Because it creates a society able to afford products and services. Without it, even the innovative products and services that are entrepreneurs’ bread and butter will fail.
What is financial democracy, exactly?
It’s both the right and the ability of the (wo)man in the street and business people to make the decisions that affect their financial circumstances.
Financial democracy does not automatically follow political democracy. For almost 25 years after South Africa’s political transformation, the exclusiveness of our financial markets continued to deprive the vast majority of South Africans of the means to invest, save, and build wealth. South Africa has, therefore, never developed a retail stock exchange environment. So, it has deprived the majority of small and medium sized business of access to capital.
For entrepreneurs to truly flourish, they need a mechanism that easily and seamlessly connects the investor pool with every size of business. And, they need affordable ways to enter both the retail and institutional market.
In short, they need stock exchanges. Ones on which listing takes weeks rather than years, doesn’t break the bank for listing fees, and provides the shortest route to the largest possible potential investor base.
That’s not been possible in the stock exchange monopoly that existed for six decades. Now, it is.
We now have four new stock exchanges. The resulting competitive environment will significantly reduce the cost of listing – and the cost for investors of buying and selling shares.
Instead of restricting share trading to people or organisations who already have tens of thousands of rands to invest or millions to spend on listing, by licensing four new stock exchanges, the Financial Services Conduct Authority (FSCA, formerly the FSB) has recognised that most financial decisions do not call for high levels of education.
Most people know how to spend their own grocery money. Most know that it’s better to keep their R1 000 monthly income in a coffee jar than spend R50 of it on bank account fees. People who can barely read and write are immensely skillful at manipulating air time deals to their advantage.
There is significant financial savvy in all social strata.
In the same way, although the mechanics of bookkeeping and accounting may be unfamiliar territory to many entrepreneurs, most have a clear understanding of the difference between profit and loss.
The FSCA has therefore enabled democratisation of the financial markets by enabling the broadest possible spectrum of entrepreneurs and investors to use stock exchanges to participate in and contribute to the economy – on their own rather than prescriptive terms.
How do you take strategic advantage of this democratisation?
- Base your business strategy on people’s instinct for making decisions in their own best interests. Trust financial decentralisation, such as one sees in crowd funding and in digital environments such as block chain, where people would far rather trust one another than institutions and governments. This is democracy innately at work in the financial environment and it’s accelerating organically as digital technologies give people more means and the confidence to help themselves – to information and opportunities. Ride the wave.
- Tap into people’s desire to innovate. Consumer organisations have proved that letting people interactively help them develop products is a powerful growth engine. Apply the principle by letting people grow your business by buying shares in it, giving you capital and themselves a platform on which to build wealth.
- Remember, the ultimate loyalty reward is equity.
Your financial democracy business plan
Look to list on an entrepreneurial stock exchange; one that was founded by entrepreneurs on entrepreneurial principles.
That means: A stock exchange that is already built on financial democracy and decentralisation. One that has, at its core, a single operational concept that keeps things simple for you, automatically gives you an immediate competitive advantage, and, ensures that no matter what your business needs in terms of attracting capital, the exchange can provide all the options in the same, consistent way.
What does such an exchange look like?
It has fintech capabilities. So:
It slashes your listing costs. It achieves this, among other things, by enabling you to populate an electronic prospectus, demonstrating your financial viability, and self publish.
It gives you control by having the granularity and agility to impose relevant governance right down to the individual investor. You get to decide the types and quantities of investors you want to attract. This also enables you to achieve black economic empowerment in perpetuity.
It leads the world by clearing and settling trades in T+0. No-one in the value chain has to hold large sums of money for days following a transaction. Small transactions become profitable. Investors don’t have to risk their life savings on a single large trade. A retail market is opened. An investment and savings culture is entrenched. The economy expands. Your business grows steadily.
It enables anywhere, any time trading via a mobile app that allows investors to see share value in real time. See economy expansion point above.
It integrates processes and procedures, simplifying them and ensuring rapid onboarding of issuers and, therefore, speed to market with new concepts and alignment with the digital economy.
It operates a principles-based regime. So:
It treats you, as an executive, with respect. It’s not prescriptive. It does not insist on excessive oversight, allowing the Companies Act to guide you to sustainability.
It does not attempt to squeeze your company into a pre-defined business or listings format. It recognises and works with your uniqueness.
It obviates the need for expensive specialist listings advisors.
It focuses on financial inclusion and access. So:
Shares can be bought and sold for no more than R1 000. See economy building point above.
The new world of stock exchanges is integrated, synergistic, holistic, organic, self-fulfilling
Decentralisation of financial control, democratisation of opportunity leads to a whole new economy. One in which, for instance, a taxi operator can finance a minibus through a company in which his purchase gives him shares. A single purchase gives him two benefits: a vehicle on which to found his business and a longer-term investment in shares that he can trade. The funding company gains liquidity through access to a wider base of investors while being able to control who buys and sells and the conditions on which trading takes place. Increasing black equity in business becomes an organic, natural, self-perpetuating process.
Everyone wins in a decentralised, democratised financial market. And it’s the stock exchanges that drive the process.
As an entrepreneur, can you afford to ignore the acceleration that listing could give your business growth?