A short article on financial intelligence for my fellow galaxy navigators.
The wealthiest people aren’t those who work hard, go to school and secure awesome jobs. True wealth is created not by working for money but by having money work for you. In the next 2 minutes you’ll read why I think everyone should start changing their common ideals about money to an alternative mindset. Consider: how can I grow my asset and investment columns to incrementally more than my expenses and credits.
Growing up I knew that I had to work if I wanted money, so I did. I knew I had to save money to create more money, ideally at the time i focused on interest and TFSAs. I was bad for consumer spending and whatever was leftover after taxes went to my school expenses. I only realized halfway through school, thanks to the helpful teachings of my then boyfriend, now fiancee, that I should know where my money coming from and where it’s going at all times. Sadly many young Canadians still don’t know how to do that or where to even start?
I wanted to know more so he gave me his copy of Robert Kiyosaki’s Personal Finance Book “Rich Dad Poor Dad”. This book is great if you want to increase your understanding of how to create the financial lifestyle of a millionaire+ and starting young is an advantage.
FINANCIAL IQ GUIDING PRINCIPALS
- Traditional education teaches kids how to grow up to be a functioning role in society.
- The rich teach their kids about money from an earlier age than middle and low-income families.
- The rich don’t work for money, they make money work for them (i.e. income generating assets, investments, real estate)
- Start small and mind your OWN business
- Your job is a profession, your business is what you do
- The rich don’t necessarily pay taxes (Idea: put money into corporations, more favourable tax rates, locations my vary)
- Don’t quit your job yet, use positive momentum from assets to push you to excel at work
- Many people miss the golden opportunity right in front of them, sometimes it hurts to play it safe
Changing my outlook from “money is that you, come aboard” to “Great, everyones on board, let’s all recruit some more” I feel is just the beginning of a shift in my financial intelligence and I can’t wait to learn and share more.
Try not to be consumed in what you don’t have and focus on what you got that can get you further. You’ll be surprised how fast you grow.
Read more solid tips like this in ‘Rich Dad Poor Dad’
Thanks for Reading this Urban Guide