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Money is a terrible master but an excellent servant”, was said by a man who reinvented the economic aspect of living. A person cannot be independent without financial freedom, as most of the decisions are based on our economic capability. The video rightly gave us an example of two friends who started differently, and the results were different.
Vicky who chose easy money instead of financial freedom got results earlier but was frustrated as he was not truly independent, whereas Vishal who chose to start a venture had a difficult path but in the end, he achieved true financial freedom. Both were earning but their ways were different.
Vishal had the option of deciding his goals, but at the same time, Vicky had to compromise as he had worked for an organization.
Robert Kiyosaki’s journey is a classic example of how a good financial IQ can do wonders. His journey from Standard Oil of California to Rich Global LLC shows us that good financial decisions can change the whole scenario of investing and saving. His five points on financial IQ are a bible for all individuals trying to achieve financial stability. The points are:
1.Making Your Money.
2.Protecting Your Money.
3.Budgeting Your Money.
4.Leveraging Your Money.
5.Improving Your Financial Information.
The first golden rule is to make your money. It is easier said than done, but still one has to exit from slavery and try to create his/her own financial ecosystem. This ecosystem protects the individual from external interference while pursuing the ultimate financial goal.
To create an ecosystem, one has to understand the purpose and the end goal of the system, otherwise, the venture will become a radar less ship.
It is a crucial step for people who invest smartly, as the amount of money u protect the better the investment will be.
An individual needs to hold on to the money, till it can generate more. The major protection has to be done from taxes and NPAs as both have no returns.
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While budgeting most of us try to keep the investment and savings till the last, but it should be the first priority while budgeting. If we keep it the last we will never be able to invest as the remainder will we too less for further business.
This Financial IQ is measured by return on investment. Budget your money to generate more money. If we invest on something, we should bundle it with external help as it will yield more results. The external help may be a bank or an investor. The added firepower will help us to amplify our investor.
Financial intelligence is a key factor in good investments. When to invest, where to invest. A person should have a keen understanding of his wealth and its capabilities. Venturing into areas where your knowledge is poor is the biggest mistake a person can make. Surveying and understanding the practical approach of the deal is a must.
MONEY IS JUST A TOOL, IT IS UPTO US TO MAKE USE OF IT.
Also Read: 5 Business Growth Strategies For Managers