How to use money as a catalyst to achieve big goals?
Money holds an important value in all of our lives. Sometimes, it acts as a catalyst to achieve the loftiest goals, while at other times, money is the reason for you to set bigger goals and strive for them. But have you wondered how does money work? How can you make the most out of your money?
Before I take you further, let me quote some wise words by Timothy Ferriss on money, “Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it. I call this the freedom multiplier.”
These W’s are no ordinary questions; rather, they are the ‘Wonder W’s’. They hold the capacity to change your life upside down. Your money can help you achieve anything in life; however, the key lies in using it optimally. Let’s say you are a working professional and wish to open your own venture. You get an X amount as salary every month and it is the only income source for you. In this case, you should save 50% of your salary while the rest 50% should be used for your expenses.
The saved 50% should be invested and further reinvested for a specified time span until you make the basic investment for your venture. You should also use this period to do detailed research and map out the execution of your idea. During this time, you should also gather the resources you would require to work with you. With this kind of planning and execution, you will give a great kick start to your venture. You will also make the most out of your money and it will work as a catalyst to accomplish your big goals.
Though, the path to turn dreams into reality is filled with challenges and hurdles. But, if you learn how to use money impeccably, you can accomplish even the most unconceivable targets in life. However, it is vital for you to know the value of money. With this goal setting advice, I’ll take you through the extraordinary potential of money in your life and how you should use it.
Value every penny
A collective amount of droplets makes an ocean! Well, it is the same with the money. Every penny you own counts! You can either create an empire out of it or lose it all. It depends on how you utilize them in the right direction.
Prioritize your money
When it comes to spending, it is vital for you to carefully observe the pattern at which you spend your money. Evaluate your expenses and it would change a lot of things for you. Why spend extravagantly when you can fulfil your needs only by using a required amount of money? You must prioritize your spending – indulge in luxury, but not always!
Make the best use of your money
As I mentioned earlier, every penny counts and can be used to achieve the best in life. If you are a working professional, it’s easier for you to set aside some amount as your saving.But, the non-working people like students and home-makers should be more careful regarding this and spend accordingly. These days, financial institutions such as banks and even money transferring apps provide options like cash back to save money. You must save every single penny you can and save it for the future.
Once you start following my advice, you must check your progress periodically. Doing so will be helpful in taking further steps to achieve your financial goals.
Money is certainly not everything you need in life. But, it can do wonders for you. If you think money can’t buy you happiness then you are wrong. Save the best for last and happiness would come naturally. Having goals in life is an accomplishment in itself, but achieving them is not easy. For some of us, money acts as a barrier. But if we carefully take control of our spending patterns by following the above-mentioned advice, we would be certainly able to achieve our financial goals in life. To know more about this, I would advise you to attend one of my seminars.