11 Ways To Promote Financial Growth

11 Ways To Promote Financial Growth 

As long as you're in the drivers seat, you are spending money so to speak. 

With everything, there is a cost—whether or not it's hidden. You need to read the fine print, and beware of all freebies; they often come at a greater cost because the loss at the other end can take years to recover from.

Financial education is paramount when protecting your assets & promoting financial growth. Here are some tips to protect what is yours:

Think Investing - Not Spending

Rather than focus on pinching every penny, start focusing on increasing revenue.  The more you have to invest, the more your money works for you—even as you sleep. There are many growth oriented opportunities to explore—talk to your financial advisor at your bank—they will be happy to assist you. Please steer clear of investment opportunities outside of your bank—as investment scams are at an all-time high.

Many companies and small businesses pull their money out of the business account every weekend—and invests it in the market. Their motto is "in the scope of investing, even a small increase, is a positive gain". Your bank account should have enough in it to cease all bank fees; the rest should to into your interest bearing savings account.

Use Credit For Leverage 

The wealthy will use their credit as a tool, not a crutch: This is where you use credit as leverage to build a business or invest — instead of making purchases on things you don't need with it. This will also help you build a strong credit score, which will allow you to borrow at lower interest rate.

When it comes to investing, start small until you gain experience; then increase your risk.

Start A Business

When it comes to starting a business, see where the demand is; people will pay for a great product or service. Your business needs to be tailored to something that you are genuinely good at. The more you love what you do, the more others will love it too. 

One thing you need to know; services usually sell more than products. 

Hobbies can be quite expensive—so if you're looking to build a business around your hobby, make sure to expose it nationwide or internationally. 

It's also a good idea to learn what others in your area of expertise are doing—so you have a realistic idea of what to expect. If there is no demand for it, these items sit around your home—taking up space—along with all the supplies you bought.

Get Creative/Think Big

Instead of dreaming about how you’d spend a lottery winning, dream about opportunities. The rich didn't get rich from working, they got rich because they got creative! 

There is an endless amount of opportunities from real estate flipping; to investing into something big, to acquiring a thriving business. 

When you start acquiring wealth, you will need protect your assets — and that includes from taxes. 

The reason people are poor is because they only want money to spend. They do not think in terms of saving, investing or increasing. Poor people increase their spending; have no savings; do not contribute to an RRSP or own property. Their minds are set on the things they want—not the things they need. They need to switch their mindset to think big, instead of small — or else they run the risk of having nothing behind their name.

Fear Not!

Too many people have fears when it comes to money, Worrying about money is a waste of time, not to mention the negative, destructive psychological impact it has on your mind as well as your physical well-being. 

Imagine you just invested in a stock. Now imagine that stock loses a great deal of it's value; you have 2 choices: you can either pull out out of fear, or put in so that when it (eventually) rises, you get a higher return on your investment (ROI). If you don't pull out, you don't actually lose anything; you only lose when you give up.

When you are worrying, then you are clearly not doing anything! The way to stop worrying is to take action because action puts you in the control group! 

Give Up Giving Up!

When you look at the financial crisis and inflation that is occurring, it's easy to embellish how bad it really is. When you get discouraged, you are more prone to giving up.

If you think about it, you will realize that now is the perfect time to accept challenges and see what you are really made of. When everyone else is talking about what they can’t have, or do (financially), it's the rich that are cashing in on these opportunities that you won't. Are you going to just sit there and let good opportunities go to someone else?

Be Solution Oriented

Wealthy people never focus on problems, they only focus on solutions. Problem solving is the #1 way wealthy people go about in life. I mean— have you met a poor problem solver? Being poor in itself is a problem, but clearly you're not comfortable with being poor which is why you're reading this.

As you know, life will throw you one crisis after another, so you need to be willing to go beyond reading the information stated here.

Have An Action Plan

In order to become wealthy, you must always have a plan in action—whether it would be to cut unnecessary spending, renegotiate interest rates on your credit cards and loans, start (or grow) a business, invest, or turn an investment deficit into a profit — there has to be continual forward motion.

Now, if you just thought "that is easier said than done" you've just defeated yourself. With some badass math skills and a willingness to take risks, and/or make some sacrifices, it is very easy.

Have A Good Perspective

In order to see yourself having money, you need to shift your mindset to get out that "I don't have enough" phase. 

One way to achieve that is to realize how much you actually have. Truth is most people have a great deal of money coming into their homes each month; it's just a matter of assessing how much it takes to satisfy all your cravings. 

When you're grateful for what you have now, that appreciation will lead to contentment because contentment is gain on it's own!

Challenge Your Beliefs About Money

Money doesn't literally grow on trees, but as long as you keep telling yourself that, it will always be in short supply.

Likewise, if you believe that money is the root of all evil, you will defeat your shot at increase. For the record, it's the love of money that is the root of evil — not having it! (Just saying) Also, having no ambition or being hesitant will hinder your growth.

Develop new mindsets about money and your ambition. The only difference between you and rich people is their approach to them.

Be A Giver

You may think you need to be stingy in order to become wealthy, but when you give, you get the feel of being wealthy. Then you will no longer see yourself as someone in need (poor), but see yourself as one who extends their hands to the needy (role-reversal).

No Risk = No Reward

This will result in your mind being open to possibilities; let me explain:

Pretend your mind is an elastic band. Each time you take a risk, you gain valuable experience. When you experience a setback, you take caution; and when you experience a victory, you reap the rewards. 

With each experience, your mind and potential grows — and guess what grows along with it? 

Money!

Maria