I wrote this originally to share a link to a great blog I just read, but this ended up into a mini blog in itself with a few additional pieces of personal advice scattered in between.
All credits to mr-stingy though for his original blog and the flow of inspiration that came from reading it.
View this as a the ‘warm up’ or ‘supporting act’ before the featured performer or headliner comes on stage.
“Still reading, studying, learning & growing.
For newbies in the world of investing, stock markets and starting that online business.
One of the most realistic articles I have read thus far (29th May 2020).
(despite a bit of profanity which I personally felt was unnecessary in getting the brunt of his message across)
What should your main priorities be right now?
Well it’s your job, your existing skills and setting aside that ‘Emergency Financial Fund’ (see initial image), if job or skill fails. Secondly I would personally add Self Improvement skills such as mindset, work ethic, etc, combined with real financial education (..’RICH DAD Poor Dad’ …style).
Self improvement and education is a life long learning process but once you have at least established a starting block level of knowledge and skill then you can commence your ‘Entrepeneural Journey’ while you continue to learn and grow through experience, because as Robert Kiyosaki continually emphasizes in his books ‘you learn by your mistakes’, ‘you win some and you learn from some’, if you know why something went wrong and learn from it, you won’t make that same mistake again. You only really lose when you give up.
Remember we are talking about capital that is left over after putting away your emergency fund (see initial image). Unless you have acquired a very good knowledge of how to use debt effectively then it is safer to avoid going into unnecessary debt to accomplish your ventures. That would also nullify somewhat the original emergency fund that you had set aside if you defaulted on your lean. (see initial image)
There is a fine line between being blinded by optimism and being guided by a realistic viewpoint. You need to take any and all possible outcomes into consideration.
Success can be equally dangerous as failure if you are not grounded and prepared. It’s not just about creating a sustainable and constant cash flow. In the end our primary goal in striving for financial freedom is to be happy. That can only be accomplished when our purpose and goals include and center around attaining physical, mental, emotional and spiritual prosperity.
A state of being that can keep us afloat even when the money doesn’t.”
Oh yeah the link to “mr-stingy” original blog that I wanted to share with you!
Image: maitree rimthong – Pexels