Making money is never an easy task. The lives of some of the richest entrepreneurs like Elon Musk will spotlight the travails of building wealth. The stories hold life-changing lessons about money.
To become financially savvy, you’ll need a lot of time and effort. It isn’t something that happens overnight.
Some people never save and live paycheck to paycheck their entire lives. Learning how to manage your money at a young age may not seem glamorous, but it will set you on the correct track.
However, if you believe you have enough time to get serious about your finances, you are mistaken.
While it’s sad that the pandemic has had such a serious financial impact on so many families, the good news is that parents are having more financial conversations with their children.
Here are 10 life-changing lessons about money.
1. To improve your financial status, you’ll need a lot of mental toughness
Perhaps the most important thing you would learn about money and life, in general, is how much your attitude influences your reality.
Starting a business from the ground up is difficult. It won’t be easy to get back to your feet after being laid off.
Dealing with financial blunders is also difficult. But here’s the thing: nothing is truly perfect. That’s why having a strong mental game is crucial.
2. This isn’t a sprint, it’s a marathon
As present-day humans, we expect rapid pleasure because we’ve grown accustomed to it. We can buy anything online and have it delivered in less than an hour.
But it isn’t at all how money works. Money is a long-term investment. Saving money and seeing a return on your investment, for example, takes time, unless, of course, you had a lot of money, to begin with.
Paying off your debts takes time as well. People also want fast business success.
3. Emotions could wreak havoc on your finances
One of the most important lessons you can learn about life is how to manage your emotions.
To control your emotions, you can take time out to meditate or focus on your personal growth.
As a result, it will go a long way in aiding your financial situation. When everyone else is panicking, you will not.
You will rise to the occasion when obstacles arise. When you going through a difficult emotional period, you won’t find yourself spending all of your money.
You won’t withdraw your money out of the stock market on a poor day, and you won’t expect the worst in business.
Is it not a technique to make you always happy. However, it will help you know the difference between experiencing a range of emotions and allowing them to control your life.
4. Who you hang out with is important
You need to remove toxic people from your life. Individuals that you choose to be with are a big part of why you would have so much success.
Be eager to learn. Surround yourself with people who are constantly pushing themselves to new heights. Look for people that have in-depth discussions. And don’t have time for nonsense like that.
5. Some people do not want you to succeed
If you’re attempting to make a positive change in your life and things are going well, you should be conscious that not everyone will enjoy it.
This is especially true if you find yourself rising through the ranks in your career. People who are toxic will draw you down.
6. Do not apologise for your happiness
You don’t have to apologise for being happy just because other people don’t like it.
Around certain people, you may find yourself downplaying the fantastic aspects of your life. Those are the people that don’t want you to succeed. You have worked much too hard to reach this point in your life to apologise.
7. Quit telling yourself that making money is hard
Some people will tell that making money is difficult. But it isn’t at all. You provide value and get rewarded.
Identifying and letting go of cultural conditioning, psychological blueprints, negative experiences, and our own negative biases are challenging. But you have to pull through.
8. School doesn’t teach anything about the real world
A university education is still crucial, but must begin to teach real life skills. Particularly when you consider the cost.
Let’s at the very least offer mindfulness, a basic personal finance class, and a Hustle 101 class.
9. There is no such thing as a work-life balance
The phrase “work-life balance” has been a rage in the corporate world for a while now, but the truth is this isn’t true.
It is preferably to discuss the integration of work and personal life. How can you plan your life when you can work and live at the same time? Trying to understand “work-life integration” rather than “balance” should be the goal.
10. Taking risks is a great habit
There are numerous risks you can take in life. Quitting your job, could mean no food on table. Starting a business, could mean failing woefully. Making a financial investment could mean losing your savings.
However, you’ll surprised at how these risky decision can dramatically transform you financial status.
People are held back by their fear of the unknown. We want to know that taking chances will always pay off, but there’s no way to know for sure. You will remain stagnant until you put this fear to rest.
Ugandan millionaire, Mohammed Hamid, a prominent figure in Uganda’s business landscape, is…