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How to avoid your next financial crisis
I want to begin by sharing that this is something close to my heart and I believe will be close to many people’s hearts as well. I went through a period of unemployment and understand how it feels to have money keep draining out with nothing much to fall back on. Eventually I found a government job which would offer me job security. As I became more financially educated, I discovered soon that this job does not offer financial freedom, and will not give me the kind of lifestyle I want.
An employee or even a self-employed person has an earning capacity that eventually reaches a ceiling. If an employed person loses his job, he loses an income. If a self-employed person stops working, the earnings will also stop coming in. Given our limited capacity and number of вЂpossible’ working hours per day, how much this people can earn will be restricted simply because they have to tend to their job.
Someone who can achieve financial freedom can break the income ceiling. I have learnt that these are people who own businesses and know how to invest. Given the fact that jobs hardly offer monetary satisfaction and security these days (and probably never will), it is time to have good back up plans.
Define a clear goal
This is important as it will help you clearly define the kind of lifestyle you want. How much do you want to earn in a month? $5000? $10 000? $100 000? Take note that you can set short-term and long-term goals to shoot for. After defining a monthly goal, break the number down into earnings per day. I find this very helpful as I work towards my own financial success because it not only keeps me on track, I will focus on money making methods that help me achieve those goals. So take out a pen and paper and start defining your own goals now.
Educate yourself
There are many ways out there to earn passive income. To establish financial success you have to learn to build businesses and/or become an avid investor. You have to make money work for you. To do that you must acquire financial literacy and be well educated about money. In this wired generation, information, not money, holds the key to wealth.
Gain knowledge in the field you want to make money from. Stuffs that require low or no start up cost are internet businesses, stocks and forex trading, and MLM (multi-level marketing). If you have the money to invest, real estate, setting up retail outlets, starting a company, buying existing businesses and reselling are some of the possibilities for the big players. Any of these will have potential for greater profit compared to a bank investment or funds with a financial manager. I am leaving lottery out of the picture since it does not require much education.
Formulate a sound plan
I recommend picking one or two of the suggestions to invest in if you are starting out. Disclaimer: I am not here to suggest you quit your job before the sideline starts bringing in money. Work on the business until you can achieve the kind of income that is comfortable for you to quit (if you want to). Educate yourself well on what you have decided on and give personal time, effort and resources to make yourself earn. Remember, a business or investment that brings money in passively is key. Do not allow procrastination or doubt to set in. Always monitor your progress and have people to encourage and motivate you. Once you have experienced some level of success, you will quickly move up the ladder and then you can build more streams of income.
Be positive and keep moving forward
Everyone experiences different levels of success in this journey. Many have encountered failure and incurred heavy losses. As far as success is concerned, no pain = no gain. I want to encourage you by saying that people have done it, so can you. Follow the guy who succeeded. Successful people left a trail for others to follow, and if you follow the path of someone who made it, you will have a taste of his success. There will be many who criticize and scorn what you are doing, but let me remind you one thing: you are not living for their cause, you are living your own cause.
I specialize in Internet Marketing strategies and I can tell you Internet businesses are one of the best ways to start your investment. There is plenty of literature available on Internet Marketing these days and it has grown to a stage where specialization becomes necessary.
You will find useful information on Internet Marketing at my blog (www.onlineincomeinaflash.com/blog). I will also be writing articles on different aspects of internet marketing and how to leverage on them. To help you accelerate your financial growth, I have prepared a special report here (www.onlineincomeinaflash.com) to give you a good head-start on a sustainable internet business. I want to wish you every success - you who have chosen to take control of your financial destiny!
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| Category: Articles | Added by: forex_s (2009-12-28)
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| Views: 198
| Rating: 0.0/0 |
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