“The Golden Rules” of Rampant Financial Success

ElitePersonalFinance
Last Update: February 13, 2021 Make Money

Every Tom, Dick, and Harry envy the concept of being financially successful and stable. This is exactly why people work day in day out in whatever field they are in to achieve this coveted goal.

We can almost say that money makes the world go round because you can barely do anything without money, and there would actually be no reason for us to work so hard. On the other hand, the rich have a say in everything.

Therefore, besides working on getting the basic commodities, we actually work to be richer and be able to achieve the luxuries of this world and even further become someone in the society.

Being rich is not a big deal but how to get there is what really matters. Many people go to school and study different professional courses to achieve some level of financial freedom. Some courses such as medicine and law may be considered better than others. However, if we critically analyze this belief, it does not really make sense, and to me, it is more of a fallacy than reality. We have witnessed other professions such as business and software specialties take people places. Furthermore, other talent-based professions such as music, acting, and fashion are turning peasants into billionaires. Then there must be something more to financial success different than classical professions.

There are two great recipes that lead to financial success. They may be more rules than recipes because rules have to be followed to the letter to achieve the desired outcome.

There may exist other rules, but the following are the two golden rules.

Hard Work

A little sleep, a little slumber, a little folding of the hands to rest, and poverty will come on you like a bandit and scarcity like an armed man-Proverbs 24:33-34.

This is a major recipe in any successful venture. Success does not happen overnight, and it needs one to work harder consistently. If you are keen enough, you will not fail to note that all the successful people sit down and wait for luck to come their way. For most of them, they passed through hurdles to get where they are.

Being a hard worker does not necessarily mean that you have to use a lot of energy to get wherever you want to get to. It simply is more than that.

  • You should work on yourself to perfect your skill

When one starts on a venture, it does not necessarily mean that they are familiar with that venture’s operations. Even if they know, one must always work harder to be more proficient in what they do. It will definitely require you to walk an extra mile to get there. An example is an individual looking forward to venturing into farming. He or she should take some time to take some extra lessons on livestock keeping and how to maximize the output to gain some profit.

  • Always be ready to learn from your mistakes

They say that experience is the best teacher; I definitely second that. Mistakes are inevitable, but we always have a chance to correct the mistakes. Therefore we should always grab that chance and make the best out of it by ensuring that we put the necessary measures to avoid them. This makes us grow from one level to another.

  • Sacrifice

Hard work and sacrifice go hand in hand. They can never be there without the other. Often, we are forced to even be away from our dear ones for the sake of our dreams. However, it is always worth it because there is always a time for everything. Therefore, we should not let anything hinder us from achieving our goals.

  • Be patient

It takes time to get the prize. This is where patience and persistence are required to achieve the goals we aim at. It is just like when one wants to open a restaurant. There may not be any customers who would want to eat at your joint but give them time. With continuous improvement and hard work, you will definitely get there.

  • Be motivated

We obviously are not machines or robots and should always find a way of motivating ourselves. This motivation can be informed of a good salary or a vacation. This would help us maintain the momentum and even work harder.

  • Practice makes perfect

We may be born with a talent, but it needs us to exploit our talents and work on them to improve them. Experience is important in achieving financial success. However, this experience comes about when we have worked diligently and smartly to perfect our skills, and this is what every individual eyeing financial freedom should be doing.

Good Planning

Being a hard worker is not enough; we’ve got to work knowing where we are headed to and having a good plan for the future. If we fail to prepare a good plan for achieving our financial freedom, we definitely are on our road to failure.

  • Set milestones

Milestones are time-specific goals. This will come in handy, especially when doing a self-evaluation. Setting milestones will help you monitor and control projects and goals that have been set. It also helps one to take a corrective measure on the issues that did not go as planned. In the long run, this will help you to grow financially.

  • Prepare a budget

A budget is inclusive of expenses, savings, profits, and investments. Preparation of a realistic budget will help you stick to what has been planned, avoid overspending, and ensures that you achieve your future success. A budget ensures that all the cash has been used responsibly and for the purpose it had been set aside. While preparing a budget, one may also find out that he has not included an expense and hence helps avoid unforeseen costs.

  • Be open to advice

Wise counsel is an important thing to consider when one is aiming to be financially successful. This is because; these individuals have experience on so many issues that may hinder your success. You should always be ready to listen and consider other options that a team player may bring up.

An efficient plan will enable you to efficiently use your resources,  establish goals, manage risk and uncertainties, team building, recognize the company’s strengths and weaknesses, improve competition, and monitor growth and cash flow.

There are some other attributes that are expected from a financially successful person. Some of the attributes are empathy, social skills, and being philanthropic. This will help you gain support from the public and make you more famous. This will be good for you since the public is your major market. However, you should always remember to be true to your calling and avoid being proud and arrogant. Remember that pride comes before a fall, and you would not wish that that proverb would be made practical on you.

Therefore, one should always strive to give back to society whenever they achieve financial success.

Real-World Examples

There are a million and one examples in the world.

  • Bill Gates

He is a renowned personality who began on a small scale and out of talent and curiosity; he helped create the world’s most used software, the Windows Software. His talent was natural at the university, and he was allowed to exploit it. With continuous dedication and hard work, he could get to where he has at this date.

  • Richard Branson

He is the founder of the virgin group, which has over 400 companies. He is a perfect example to prove that you do not have to be a genius to be rich. He was a poor performer in school, and no one ever saw any potential in him. Lucky for him, he had supportive parents that helped him in his business ventures. He always had a plan that helped him soar higher financially, and now he is one of the world’s richest personalities.

In conclusion, we find that these rich personalities have several traits in common. They are financially successful, prominent, respected, and philanthropic, and most of all, have a plan and are hard working.

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