Taking Control of Your Money by Setting a Financial Goal

Taking Control of Your Money by Setting a Financial Goal


Congratulation if you knew your current financial status. So let’s move on to set some goals and start taking control of your money. Below are some of the tips that I would like to show you on how to make a financial goal.

1. Decide what you want. First you must decide what you want to achieve. Now you know your financial status and understand your financial problem. You should know what kind of financial problem and weakness that you want to cover. Just ask yourself what you want to improve and what kind of end results you want to achieve in next week, next month or end of the years. So you can spend some time and then choose 1 that you want to achieve.

2. Which Problem to solve first. I suggest that your first target should be those problems and weakness that you have found from the self assessment test. If you found that you are paying too much of debts, then getting out of debt should be your first choice. If you are having a negative balance at the end of each month, then you have to control your expenses and make it back to positive. Or if you found that you are suffering from the high mortgage payment or car loans repayment, then you should consider whether you change your car and house or look for second options to drop down the payments.

3. Make a plan. You need a plan to succeed in anything. Now you know what you want and select the financial levels you are targeting at. Then you also know your current problems and etc. So with this 2 important information, you can start compiling a plan to solve your financial problems and move forwards to your goal. For example, I want to achieve financial freedom for my life. Then before achieving it, I have to pass 2 levels – financial security and comfortable. Of course, if you are in debt, then you have to make your balance break even first before those 2 financial levels. In financial security, we are looking for “security protection” on our finance. So in this level, we must prepare our savings, emergency funds and last but not least, good money management system that will prevent us from the financial disaster. After that, we will look for business and investment opportunities to build up our financial comfortable level. In financial comfortable, we are living comfortably with excessive cash from business, investment and our job. So with this money we can start building our asset empire and achieve financial freedom. This is just an overlook on my plan to achieve financial freedom.

4. Take 1 action at a time. Please make your plan simple and take 1 action at a time. People always fail because they always try to take a big step at a time. In most cases, this will make you feel overwhelmed and stop taking action. I have this experience before too. In order to solve this problem, I found that making a plan is a good solution. In my plan, I always list down what I want, what is my current strength and weakness and finally write and list down the small steps 1 by 1 in my plan. After that I just follow my plan and I will achieve what I want. The power of a plan with some small steps is it can let you feel easy. Once you feel it easy, your mind will be clear and you will take action easily.


Last But Not Least …..
Please set a financial goal that you strongly believe that you can achieve. You will be lack of motivation if you set a financial goal that is too high for you. For example, if you set a goal to be a millionaire in next year. If you believe it then this is a good goal for you. But if you are not, it will block you instead of motivating you and move forward. So please set a financial goal according to your ability which you believe you can make it.

5 keys to Making Money online

There are many, many, opportunities online, but here are the 5 factors you really need to consider, to guarantee your success:

1. Set your goals. As with any business you need to set goals. Goals help you visualize where you want to go, and keep you motivated when you get up in the morning. You goal may be to earn $500 or $10000 a month, it may be to take that dream vacation, or it may be to give up your job. These are all great goals. It is imperative that you write them down and reread them often. You need a short term goal - e.g monthly goal, to keep you motivated from day to day and a longer term goal 1-2 years - to keep you on track and prevent you from chucking it in. I am confident that if you adopt a positive attitude and embrace your goals then you will soon be making money online.

2. Take time to research. As I alluded to earlier there are many people making money online - and there are thousands of different businesses that you can try. The internet is a mine field of information and “making money online” opportunities are not difficult to find. However you will need to decipher the genuine opportunities from the scams. Many online promises are just methods to extract money from you. Some do's and don'ts DON'T fall for the “get rich quick schemes” that promise huge returns in record time DO try and email or telephone for more information DO search online for feedback on the opportunity e.g. try name of opportunity + scam DON'T part with money without consulting a friend you can trust and/or sleeping on it.

3. Find something that you like. You're the boss now - so do yourself a favor and choose something you enjoy. This will greatly enhance your chances of success. A few things to consider: Do you enjoy writing? Do you enjoy talking to people? Do you enjoy working on the computer? Do you have a flair for sales? Are there particular things that you are passionate about e.g sports, music? Do you want to be contactable 24x7? Do you want to have flexible/fixed hours? Personally I like to work on my computer on my own time and my choice of internet business matches this. Find out what suits you, and you can weed out the business ventures which are not for you. Don't settle for second best - choose something you are comfortable with.

4. Find something worth your while. While it is a good idea to avoid the sales pitch that promises the sun, moon, and stars; it is also important that you don't take the safe option - that guarantees $5 an hour for sending emails, filling our surveys, or licking stamps. These amount to you underselling yourself, because the opportunities of making money on the internet are so much greater. Look for systems which offer a good monthly return for a few hours work a day - if you find something with a residual income all the better.

5. Anything for an easier life! One of my motivations for venturing into internet marketing was to create an easier life for myself. As I sat in my day job I used to think - “There must be easier ways to make money” - and there are! Earning a living online means that you have the luxury of working from home and choosing your own hours. It is important that you can exploit these perks, by being able to take time off, take extra vacations and spend more time with your family. You need to avoid the 40-50 hours a week for the sake of your sanity. You have taken the first step by reading this article - you now just need to act upon it. I wish you the very best in your online endeavors.

adopted from Keith Kingston

Cashflow Quadrant

A large part of Kiyosaki's teachings focus on generating passive income by means of investment opportunities, such as real estate and small businesses, with the ultimate goal of being able to support oneself by such investments alone. In tandem with this, Kiyosaki defines "assets" as things that generate money, such as rental properties or businesses, and "liabilities" as things that cost money, such as house payments, cars and so on. Kiyosaki also proclaims financial leverage to be critically important in becoming rich.
Kiyosaki stresses what he calls "financial literacy" as the means to obtaining wealth. He says that life skills are often best learned through experience and that there are important lessons not taught in school. He says that formal education is primarily for those seeking to be employees or self-employed individuals, and that this is an "Industrial Age idea". And according to Kiyosaki, in order to obtain financial freedom, one must be either a business owner or an investor, generating passive income.
Kiyosaki speaks often of what he calls "The Cashflow Quadrant," a conceptual tool that aims to describe how all the money in the world is earned. Depicted in a diagram, this concept entails four groupings, split with two lines (one vertical and one horizontal). In each of the four groups there is a letter representing a way in which an individual may earn income. The letters are as follows.
E: Employee — Working for someone else
S: Self-employed or Small business owner — Where a person owns his own job and is his own boss.
B: Business owner — Where a person owns a "system" of making money, rather than a job to make money.
I: Investor — Spending money in order to receive a larger payout in return.
In late 2006 Kiyosaki teamed up with the business tycoon Jared Houston.[3] Houston and Kiyosaki have had similar experiences with "left Vs right side of the quadrant" mindsets. While Kiyosaki received much of his "B" and "I" from "Rich Dad", Houston obtained a lot of his from Rich Dad like characters like Fox Magee, Christian David, And Gengarellas. They have been refining some of the basic principles that Kiyosaki teaches. Both of these multi-millionaires share a passion in teaching, and both also are solid on their beliefs that the right side of the quadrant is freedom. These two are still working together, and are expected to come out with a book together late 2008 that will challenge the foundations of trump work.