Everybody dreams a life free from financial problems, which explains why some of us work day and night just to earn more a little bit more than we normally do. We can never expect if there’s a crisis just around the corner so we need to be prepared for Robert Kiyosaki wrote the book ‘Rich Dad, Poor Dad’ and it is rated as one of the best personal finance book of all time.
As written by Joel brown , here are Robert Kiyosaki’s 10 Keys to Financial Freedom:
- Accept Full Responsibility
We need to understand whatever decisions we make today, will affect us later on. Have a long term financial objective to guide you when making financial decisions, purchases and expenses.
Well,we all know it definitely matters to be financially stable nonetheless, to understand our financial is so complicated and seems like not important….well we all know it is important.
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- Control Your Spending
Let’s put it this way, would you work for more than 40 hours and use that money just to buy a single handbag? If it’s not worth it, don’t buy it. Evaluate your expenses and think twice before purchasing.
- Having a Budget is Crucial
Even a billionaire sets limitation to their budget and so should you. A great way to manage our expenses is to make a budget so we can secure our personal finances.
- Pay Yourself First
Paying ourselves here doesn’t mean we should indulge ourselves in luxurious items. It means whatever money we own, we should keep that money first instead of giving it to our banks or our credit cards.
- Never Have Any Debt
Debt is not our friend. It completely blocks our opportunity to achieve financial freedom. Being debt-free should be one of our goals too because without debt, we are fully in control of our finances.
- Establish an Emergency Fund
Make a separate account that is specifically for emergency purposes only. The amount of the emergency fund should be able to support us for at least 3 months. It will come in handy if we’re faced with unexpected problems such as repairs, medical expenses and other emergencies.
- Never Stop Learning
Never stop adding knowledge because in order to succeed we should be able to solve the problems ourselves. Learn one subject at a time for example home budgets, after that we can move on to other topics that we’re interested in.
- Have Clear and Concise Financial Goals
We must plan and figure out our financial goals in order to achieve financial security. If we want to establish a big business then work towards starting our own company. If we want to be an investor, study on how choose the right opportunity and when to choose it.
- Network Marketing
Take advantage of the privilege that we have in this era which is the power of the internet. Network marketing is great advantage to have especially if we’re just starting out.
- Simplify Your Life
Climbing up the career ladder might not be easy and running after money and financial goals might distract us from things that are very important in life. Try ty shift our focus into making a passive or portfolio income instead of making regular income.
Credits to: Joel brown
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