Do you ever lay awake at night worrying about money, how much debt you are in or how you are going to make your wage last for the rest of the month when you've nearly spent all of it half way through?
When I was in my late teens and early twenties, I used to work for a bank in a call centre where I took incoming calls for people wanting to apply for personal loans and credit cards. After 3.5 years of listening to stories and observing people's financial choices and outcomes I learned so much especially about what not to do! I am so grateful for the years of financial education and learning that I got working there, however I still didn't really learn what TO DO when it came to making smart financial choices, I only knew what NOT TO DO.
I used to always say that I wanted to start running courses where I could teach young people about how to manage their money with savings and investment, but also how to avoid taking out dangerous personal loans, credit cards or asset finance. So often I would speak to young people barely in their 30's and they already had over $20,000 AUD in credit card debt or personal loans, sometimes more and most of the time they had little or nothing to show for it. It used to make me feel a bit sick that they could let themselves get into such a pickle that would take them a long time to dig their way out of before they could even consider trying to get ahead again.
The school system teaches us Maths, English, Science etc, but what about financial education, money management and also proper nutrition. I feel like we are seriously lacking in very important and essential life skills in our government learning system. So many people get stuck in the rat race working and their level of debt gets higher every year, their liabilities go up and their expenses increase. This means they need to work harder, have less time with their families, more stress and ultimately a lot of people end up feeling trapped and hopeless because they have got themselves into this never ending cycle. The fact of the matter is that 90% of the population have absolutely no idea how to manage money or make money work for them.
Ever read a story about a poor person who won lottery, got rich and then lost all the money and ended up bankrupt? It's happened more than once! It's because they don't know how to manage money. Or when people get a payrise, all of a sudden their lifestyle and expenses increase to absorb that pretty much straight away. Once again it's because they don't know how to manage money. Gettting a payrise or earning more money doesn't mean you will be financially free. Only when you learn how to acquire assets that generate enough income to cover your expenses will you be financially free.
I don't want to scare you but these are the facts. It is everywhere. People are in debt and trapped in a job and needing a pay cheque because they have so many liabilities and expenses to cover. It's a vicious cycle.
So what can you do to escape and change your course so you don't wind up like the majority? Of course there is always something you can do. Educate yourself. If the school system doesn't teach it and your parents didn't pass on financial knowledge, well then you need to educate yourself. Once again it comes back to personal responsibility and just being aware that there is actually something you can do. There is a multitude of information out there available to us in every field you could ever think of.
One of my favourite mentors says as the most fundamental part of his training 'Be careful who you listen to'. If you want to be successful in any area of your life all you need to do is find a successful role model who has proven results that what they say works and if you can't speak with them in person, study them. Study the books they've written, listen to webinars, YouTube videos or any means of teaching you can find of theirs. They obviously have a proven formula for what you want so do what they say! Copy what they do!
Right now one of my goals is to increase my assets and generate more income so that I can be financially free, resign from my full time job and cover my outgoings with asset based income. That is true financial freedom when I no longer have to depend on a pay cheque. So, my chosen mentor at the moment who I am studying and mimicking and modelling myself after is Robert Kiyosaki. His book Rich Dad Poor Dad is such a simple explanation of the basic and fundamental principles of income generation and how acquiring assets is the key to true financial freedom. I highly recommend it.
No matter where you are right now, no matter how many mistakes or bad choices you think you might have made you can start right now to begin turning it around. The first step is to take full responsibility for everything you have created, good or bad and then you have put yourself in a position of power. The power to change it all by choosing differently.
Life is full of opportunities and you never know what is around the corner. So please don't feel helpless. Make a decision about what you want to do. Don't worry about the how, just decide what you want to do. Find a role model or someone who has had success in your chosen path and begin educating yourself. Love yourself and your life enough to dedicate time to self improvement and development.
A lot of people might snort or laugh at me when I read my Rich Dad Poor Dad, Think and Grow Rich, The Richest Man in Babylon books, but I couldn't care less what they think, because I know what I want and I know that the people I am learning from in books know how I can get it because they have the results to back it up. If people mock you for reading self help books or educational books it's because they are completely unaware that there is a way out. They have accepted their fate to stay in the rat race for the rest of their life so they don't understand why we'd waste our time reading 'that stuff'.
So what are you going to choose? Do you want to stay in debtville on the same treadmill that almost every other person in this world is on, or do you want to step off and create your own path where you walk among the few truly wealthy and financially free people in the world? There is a reason why 90% of the world's wealth is in the hands of 1% of the population. It's because they know how to manage their money. Maybe it's time you educated yourself too!
Wishing you prosperity,