Taking steps to make swift changes and investing in yourself in positive ways creates a brighter and healthy future for yourself. Why is investing in yourself so important? You spend the most time with yourself than anyone else. Investing in yourself mentally, spiritually, financially and emotionally gives you a better return on investment on your personality. Investing in yourself is not only about acquiring new knowledge but also pushing yourself beyond your comfort zone.
Investing in yourself may be the greatest investment you ever make. It yields not only future returns, but often an instant result too. The surest way to achieve a better-quality life, to be successful, productive, and satisfied is to place a priority on investing in personal, emotional, financial, mental growth. Your effort to continually investing in yourself plays a great role in determining the quality of your life and future.
Investing in yourself is not only the monetary aspect but every area of your life that needs growth and development. You need to know when to SPEND, SAVE and INVEST.
BEING TRAPPED IN A JOB
People are trapped in jobs they don’t like because they depend fully on the level of income, if you can live on less than you earn, you can plan ahead and think of what to dabble into.
A lot of people are in debt because they don’t save money. But if you live below your means, you will always be putting money into savings, because that’s what you should do with money that you don’t spend. A good saver can achieve set goals for himself and won’t have to being in debt to achieve the goal to a large extent.
TURN YOUR PASSION INTO BUSINESS
As you live below your means, you will have enough money to enter into your side hustle. This will give you the time to plan and organize yourself and know what it cost to enter into your side business.
HOW TO LIVE BELOW YOUR MEANS
AVOID THE MALL
When you avoid the mall, there are chances that you will avoid IMPULSE BUYING; buying things you don’t need, they trap you by drawing your attention. Even if you don’t buy at that point in time your mind has captured it and you will be back in a very short time to buy it even if you have to be in debt to buy it.
BUY WITH CASH
Buy all you need in cash than your ATM card because you incur more charges and the ATM card don’t really look like money and you use it for most of your transaction.
ALWAYS FIND A BETTER DEAL
You can always get the best deal before buying anything if you price that particular product in 4-5 places you will get a better price and cut down your cost.
KEEP TO LONG TERM STRATEGY (INVESTMENTS)
You will have enough to invest into long term investments that pay-off and yield more income like bond, stocks, mutual funds and so forth.
PREPARE FOR THE DIFFICULT DAYS AHEAD
If you take the time and patience to set yourself up properly when things take a turn for the worse, you will be prepared to handle it. If you live above your means and when the slightest financial woes occur, you might likely be in debt.
Comparing yourself to others makes you want to acquire things you don’t need and incur debt.
FIND A BETTER BARGAIN IN ENTERTAINING YOURSELF
To stay within your budget, look around for other sources of entertainment. Instead of buying books most times, borrow them from the library or download from internet. Instead of going out to the movies most times, rent a movie or download from the internet Instead of buying an album, download from the internet.
living below your means is the road to financial freedom whatever your income level may be, you will worry less and sleep well at night. you will be a little efficient at work. Anyone who lived from paycheck to paycheck to a life of financial freedom will tell you what he/she sailed through to financial freedom.
Live below your means is to cut your expenses and expand your income. Living below your means is spending less than you earn, saving some of your income and having no debt that lets you financially secured.
When you live below your means it gives you the chance to expand your means by having enough funds to achieve your goals, you will live a comfortable life and not an extravagant lifestyle. Do not spend to show-off and stop thinking wealth is measured in material possession. Manage your money wisely so your money does not control you.
Living below your means helps you develop the ability to save money. Savings provide you with a cash reserve that enables you to resolve financial issue in hard times, and to do so without worry. It’s definitely a case of delayed gratification where you use the savings to buy investments or start a side hustle. Now you might be thinking I work hard for the money I earn; don’t I deserve to spend it? You deserve to but many of us take it to an extreme by spending beyond their salary and incurring debt.
When you have more money in your savings with little or no debt, you’ll worry less and sleep better at night. You’ll probably even work more efficiently at your job, because you won’t worry about paying your bills.
TO ACHIEVE THE GOAL OF LIVING BELOW YOUR MEANS, YOU NEED THE FOLLOWING:
- Know how much you make.
- Spend less money than you bring in.
- Boost your income.
- Save up for what you want to buy than collect it on credit.
- Have an emergency fund.
Get a job or work on your skill to get paid for it. Earn it, work for it and you will know it’s value. No matter how small the pay is, start somewhere. Pay yourself first on what you earn before paying others-your children school fees, car rent, utilities, and others. Once you pay yourself last, you live from paycheck to paycheck and keep repeating the same cycle. It might be 10-20% of your salary, it adds value to you and helps you manage money well. Focus on it and be consistent and deliberate.
In earning it, you plan saving it. Save that percentage of your salary, pay it into a different account and always automate it and watch it grow as months pass by. As you earn more in salary, you increase your savings and you create more wealth. In earning more, the saving ability must be there to help increase your wealth and makes you grow in confidence.
The reason we don’t think of earning big or increase our savings is because we are in one situation or the other that conditioned us to earn less because of factors involved like parental, emotional and others.
When you earn more, you work smart and not hard and will not be stressed out financially all the time.
When you earn more, you empower your intelligence and imagination to figure out way to grow your earnings and become better by making yourself valuable and increase your level of financial discipline.
Acquire skills and develop yourself and it will boost your earnings with time. When you grow and improve on your skills with time, you can negotiate for pay rise or change job which enable you to plan and move faster if you have set goals.
1)Focus on earning
Get a job or work on your skills to get paid for it
2)develop multiple stream of income
Start a side business you that you are passionate about and you can grow it with time
3)save to invest, not save to save
Save 10- 20% of your income and move it into an investment like mutual funds and others. You can automate from your salary account direct
4)live below ur means
Know the difference between NEEDS and WANT. Know when to avoid emotional spending
5)change ur mindset about money
Change your ideology about money like does money grow on trees, money is the root of all evil and others.
6)invest in yourself
Attend seminars, conference, listen to audio tapes and videos that can help you grow and also courses that can help your career growth.
7)set goals and visualize achieving them
Set achievable goals. That’s not too complex or either complicated but achievable
With a guardian, you get to your destination in a short time and propel for greater goals than doing it alone.
Think big because nothing is impossible