Everyone has different reasons for wanting to get rich, but here's my motivation. A few years ago, I ran out of money. This was despite years of hard work in a variety of different jobs, a mathematical university degree, and living in the UK, one of the most affluent countries in the world. I had no job, I felt like the biggest loser, and I realised that having no money was my biggest fear. I said to myself that if I just had one chance, I would turn my life around and set myself on the path towards financial freedom.
I got my chance when I got a new job, and even though it was nothing special I swore that I would use the opportunity to do everything I could to become wealthy in the future. I researched wealth building, I started reading books by rich people, and books about success. I started to set financial goals and budgeted my money. I saved every penny I could from my job, and by the end of the year I had thousands in the bank. I sought out people who were financially successful, and went to a few wealth seminars. I made a few mistakes along the way, and I learned which information was the best (the book: The Richest Man in Babylon). Now, I have built my wealth even more from that first year.
Basically, financial competence is made up of 2 things: Money-making and Money-saving. Money making is 49%, money saving is 51%. Saving is more important because you can make a lot of money and lose the lot, but even on a small income you can have a net worth higher than a spendthrift high income earner. The book "The Millionaire Next Door", calls these two areas: financial offence and financial defence.
Being a money seeker has changed my life. Yesterday, I had a list of stuff I wanted to buy, and I spent the morning going to different shops to compare prices. In one case I found an item (a drill bit) 40 times more expensive than it was in another shop! I remembered my multi-millionaire friend Mr Piper who always buys items cheaply from car boot sales. I used to feel ashamed of going to charity shops and poundshops, but now I love it, and I feel priviledged to be able to save so much money. There is absolutely no point in paying more money for an item than you have to. On the bus back home I listened to the audio version of "The 21 secrets of millionaires", by Brian Tracy who is one of my favourite authors. I told myself that it doesn't matter if I don't become a millionaire as I will still have far more money and financial freedom than I would have had otherwise.
The skills to make, save, and invest money are life skills, and I try to get better at them each day. It teaches skills such as planning, judgement, decision making, goal setting, strength of character. I used to think spending money would make me happy, but I now find greater joy in wealth building.
I got my chance when I got a new job, and even though it was nothing special I swore that I would use the opportunity to do everything I could to become wealthy in the future. I researched wealth building, I started reading books by rich people, and books about success. I started to set financial goals and budgeted my money. I saved every penny I could from my job, and by the end of the year I had thousands in the bank. I sought out people who were financially successful, and went to a few wealth seminars. I made a few mistakes along the way, and I learned which information was the best (the book: The Richest Man in Babylon). Now, I have built my wealth even more from that first year.
Basically, financial competence is made up of 2 things: Money-making and Money-saving. Money making is 49%, money saving is 51%. Saving is more important because you can make a lot of money and lose the lot, but even on a small income you can have a net worth higher than a spendthrift high income earner. The book "The Millionaire Next Door", calls these two areas: financial offence and financial defence.
Being a money seeker has changed my life. Yesterday, I had a list of stuff I wanted to buy, and I spent the morning going to different shops to compare prices. In one case I found an item (a drill bit) 40 times more expensive than it was in another shop! I remembered my multi-millionaire friend Mr Piper who always buys items cheaply from car boot sales. I used to feel ashamed of going to charity shops and poundshops, but now I love it, and I feel priviledged to be able to save so much money. There is absolutely no point in paying more money for an item than you have to. On the bus back home I listened to the audio version of "The 21 secrets of millionaires", by Brian Tracy who is one of my favourite authors. I told myself that it doesn't matter if I don't become a millionaire as I will still have far more money and financial freedom than I would have had otherwise.
The skills to make, save, and invest money are life skills, and I try to get better at them each day. It teaches skills such as planning, judgement, decision making, goal setting, strength of character. I used to think spending money would make me happy, but I now find greater joy in wealth building.
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