It’s an all too well known adage “All that glitters is not gold”. Well this is true in one context but absolutely wrong if your aim is to become truly financially independent in Today’s world. Let me explain;
This is the second part of the Series: All that glitters is gold. You could check out the first part here (provide a link to the first article).
For starters, I would love to clarify a few things prior to reading this article;
- This article does not aim to foster and/or support illegalities and under no circumstance should you do anything that contradicts the law of the country you reside.
- This article aims to bring a new ideology and conceptualization to becoming truly financially independent and represent the views and opinions of the author of this article. We therefore do not accept any responsibility for misinterpretation.
- This article is a result of several years of practice and usage by the author and would be provided as-is hence should not be seen as a magical scheme to financial independence and are not bound my any misdemeanor or legal entities.
Phewwww! With that out of the way. Let’s continue.
The Journey out of the wilderness
Financial stability is an end goal, it’s not an event, it involves a dedicated and carefully meditated series of steps to reach this end goal.
The first step begins with a journey out of the wilderness. Once the right mindset has been built the next step is to journey out into the uncharted territories, a journey out of the wilderness is simply a journey out of your comfort zone, it involves leaving ideas that you are conversant with and migrating to newer ideologies that differ from the norm.
It is inherently expedient that to enjoy financial stability, you must firstly purge yourself of those ideologies that have caused a setback in your quest for financial freedom. Below is my outline of journey out of the wilderness of financial stability.
Understand that no financial stability can be achieved if you live from paycheck to paycheck.
This is the first realization you must come to terms with. No sensible financial freedom can be achieved if you always have to wait for the next paycheck before financial decisions can be made.
This lifestyle is common among financially unstable people as though it may or may not guarantee you some form of enjoyment Parties and events, a new car etc. It further bolsters your tendency for financial penury.
Living beyond your current means is a recipe for disaster waiting to happen.
This is another realization you must come to terms with. Human beings are societal animals and we therefore have the tendencies to exhibit such societal tendencies. These tendencies often result in most of us living beyond our means. We all want to impress our neighbors and people we see or relate to but that should not be done to the detriment of your pockets. Remember the debt you incur trying to impress others is simply what it is “Your Debts” for which you were not put under any form of compulsion to incur. This “show-off” lifestyle is tantamount to financial instability as well as a backlog of unpaid debts and penury.
This is a recipe for disaster as the old adage says “Cut your clothes according to your size”. It is high time you said “No more excesses” especially no more excesses borne out of societal pressures.
You can’t keep spending all you earn. Savings is key to financial Stability
Spending your hard-earned money is cool, isn’t it? Yes it is, but truly financially stable individuals don’t think that way. Spending all your hard-earned money is synonymous to drawing out all the water in a well because you have spent a lot of time digging it. You would simply discover that you would need to keep digging new wells each time you need water. Financially stable individuals learn to keep reserves and simply avoid spending it all at once.
This would not only build your financial reserves but take you a step closer to achieving true financial stability while moving you firmly away from poverty. For you to become financially stable, it is important that you imbibe this ideology.
Multiple Streams of Income are needed if you really intend to become financially stable
Truly financially stable individuals are constantly in the groove of opening multiple streams of income. Diversifying your income source is the top secret of true financial stability. This way even in harsh economic situations you can still breathe easy knowing that your back is covered through the diversification of your income arsenal.
Diversifying your income options is a quick and snappy approach to achieving true financial stability and hence it should your top goal to aim to achieve diversification of your financials.
To become truly financially independent you must firstly break away from the shackles of the “Old Ideologies” and embrace the “New Ideologies”. With this you will position yourself for achieving greatness and doing exploits.
You see “All that glitters is gold” and with the correct ideologies you can achieve true financial independence.
Till I see you next time… Start your journey away from the financial instability wilderness and remember “All that glitters is Gold”
This concludes the second part of a four part article tagged “All that glitters is gold” …