7 Ways to Financial Success for the Financially Unsuccessful
One of the most significant problems any individual will face is financial impotence. In a world of scarce resources and never-ending needs, it is no surprise that the resources we possess hardly meet the needs we have. In the face of global inflation, the problem has gotten even worse.
How can an individual conquer his financial mountain?
What are the secrets to financial might?
Fortunately, the answer to these questions and even more no longer have to remain secrets possessed by a lucky minority.
In this post, I will spotlight some strategies that help guarantee your financial success. The seven strategies below can serve as a guide, a roadmap leading you to financial success and a better financial future.
Don’t Stop Learning
Pele, a Brazilian athlete, once said, “Success is no accident. It is hard work, perseverance, learning and studying“.
Colin Powell, in the same light, also said that “Success is the result of perfection, hard work, learning from failure, loyalty, and perseverance.”
Although these quotes, as well as many others on the effect of learning on success may sound cliché, the role of learning in the success process can never be overemphasized.
The big question then is, what is learning, and how can it be applied to guarantee financial success. First, learning may be defined as the acquisition of knowledge or skills through study, experience, or being taught. This definition is accurate and straightforward.
Learning is a process, and like all processes, demands time and patience. Learning is a systematic approach towards the acquisition of knowledge and skill. Some may dare to say that learning is a conscious effort. But understanding the meaning of learning is the easy part.
The difficulty lies in understanding the place of learning in the success process. How important is learning in guaranteeing financial success?
One of the most famous statements in the world today, and rightly so is, “the only thing constant is change.” Unlike other such statements and quotes, it seems the world teaches this one itself to every person individually. But what does this mean to the common man?
It is a lot deeper than the few words that make up the statement.
The dynamic nature of change cries out to everyone to never stop learning. You can never understand it all; you can never experience it all, you can never acquire all the knowledge; most people fail because they feel they have seen and known it all. You can never stop learning. We learn from our experiences, from the books we study, places we visit, the movies we watch, people we listen to.
The world is one big ball of knowledge and it beckons on us to keep digging into its fountain of knowledge.
Observe the financial world, read books dedicated to uplifting finances, attend seminars, and learn from your experiences. Learn from the mistakes, the successes; all these are sources of learning. Learn from everything. Apply this diligently, and you’re on your way to financial success.
Find a Mentor
We have talked about the power of learning as the first strategy. In a bid to do that, some sources of learning were mentioned. One of these sources that are paramount is the human source. As much as we can learn from books, movies, documentaries, environment, and so on, it is most effective that we learn from success itself, exemplified in a person. What does this mean? Get a mentor.
A mentor is a wise and reliable counselor or teacher who guides a less experienced person by building trust and modeling positive behavior. A mentorship is, therefore, a relationship in which an experienced or knowledgeable person helps to guide a less experienced or less knowledgeable person.
The role of mentorship in the road to financial success is crucial and cannot be overlooked. Since learning is essential, as we have discussed, it is necessary that the spear of learning is aimed towards an individual who has gained experience in this field, which in this case is the financial success.
A person who seeks to gain some financial freedom and control must learn from a person who has gained financial freedom and power.
A mentor would help you set goals and would be a check for you in achieving those goals. A mentor will give you life experiences and tools to apply. A mentor will help you make excellent and beneficial financial choices.
However, as much as it is necessary to get a mentor, it is even more critical to get a good and effective mentor. This means that it is not every person, no matter how financially successful that can be a mentor. What then are the qualities that you should look for in a mentor?
- A good mentor must be knowledgeable in the area you are interested in. In this case, a good mentor will be one who has adequate knowledge of financial success and has applied it effectively.
- Secondly, a good mentor should be able and willing to communicate what he/she knows. This means that a good mentor should not be a hoarder of information or knowledge. He/she must be free and always willing to offer wisdom, advice, counsel concerning financial matters when called upon, and even in some cases without being asked.
- A good mentor should also be approachable, available and able to listen.
- A good mentor should likewise be honest, inquisitive, objective and fair and finally, compassionate and genuine. If you can find these qualities in a person, such person may be approached to establish a mentorship.
Financial success demands you get a mentor, but better still, a good mentor.
Self-discipline is the ability to rein in one’s feelings and overcome weaknesses. It may be synonymous with self-control and mastery. It is the act of disciplining or power to restrain one’s feelings, desires, etc. especially with the intention of improving oneself.
To attain financial success, a person must learn to control his feelings and desires.
This means that it is not every want that should be attended to. Another important thing is to make a scale of preference. A lot of dreams have been drowned for lack of self-discipline.
We all have dreams, but to make dreams come to reality, it takes an awful lot of determination, dedication, self-discipline, and effort. – Jesse Owens
To achieve your financial dreams, you must put in efforts of persistence and self-discipline. Theodore Roosevelt, a one-time President of the United States, was known to have said, “with self-discipline most anything is possible.”
Financial success will come to a person that knows how to make sacrifices, a person who knows to table his/ her needs and wants and treat them accordingly. Financial success will come to a person who has understood the power of self-control.
It is imperative that you stay calm. It is only natural that you feel a certain amount of pressure when dealing with financial situations; even the most financially buoyant people still feel a bit of pressure. In the midst of this pressure, it is vital that you maintain your calmness. It is a necessary skill to scale the mountain of financial success. Do not rush in making financial decisions. Take your time, evaluate your options, take opinions, read, and study, get a cup of tea even; do all you need to do to be comfortable and eliminate anxiety before making a financial decision.
We spoke about self-discipline. An aspect of it is in saving money. As you learn to control yourself, your needs and wants and your desires, you must add to it the habit of saving.
The worth of anything is the amount you put into it. How worthy do you place your financial success, it is determined by how much you put in it.
These include all your resources including your time and space, but most importantly, your money. You need to save money to have money. Money does not have magical powers to appear and disappear. You gain financial success by planning financial success; save.
Learn from your Mistakes
We have spoken about learning and mentioned learning from mistakes as one of the ways of learning. This is true in every sense of it.
Another interesting quote from Theodore Roosevelt is “The only man who never makes a mistake is a man who never does anything.”
You cannot afford not to do anything, in fact, you are reading this post because you want to do something, you want to start something.
As you make attempts to make better financial decisions and build a better financial future for yourself, you must understand the importance of learning from your mistakes.
Mistakes aren’t the end of a process; they are merely a pedestal for new levels, a new gear beckoning.
The last and final strategy is to take action. A plan or idea can be well thought, detailed to the brim, but it remains only a plan or idea until it is implemented. Many people fear taking action because of the fear of failure. But having noted the sixth strategy discussed, this should no longer be a challenge.
It is a widespread opinion that ideas rule the world. I beg to disagree.
I believe men rule the world, men skillful enough to implement these ideas, to act on them.
Ideas themselves are slaves to action.
Make plans for financial success. Get all the information you can from, brood on ideas, read books, get a mentor, learn from mistakes, but above all, take actions. What is knowledge without the fruit?
As you aim for financial success today, as you pick up books to study and articles, this included, know that in the end, your success depends on the actions you take.
Take actions today. Make the right moves. And you’re nearer to financial success.