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Entrepreneurship

8 Pitfalls to Avoid While Building Your Financial Portfolio

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wealth

Can everybody be rich? The answer is YES. Can everybody be poor? The answer is NO? Everybody cannot be poor, but few people just chose to be poor by doing things poor people do. So many people aspire to get ahead in their business and life in 2019. But the truth is, some people will end up remaining the same place they were in 2018.

However, in this post, am going to show you 5 things that will make you poor in 2019.

1. Creating No Goal For 2019

I wonder how people will pick up their traveling bags, go to the airport and tell the pilot to take them anywhere. That is life without a vision. And guess what? A person who has no goal for himself cannot take control of his life. He wakes up in the morning and accepts the day as it is. He allows people to steal away his time by helping them achieve their goals instead of his.

“A life without a goal is a wasted life”

And if you keep allowing your life to go that way, much time is consumed and nothing is achieved and one day you will wake up and discover that you are 70 years old.

Also Read: 11 Ways To Build A Profitable Business In Nigeria

Being Silent on Your Goals

Those who didn’t create any goal for 2019 are equal to those who created but are silent on their goals. There’s nothing difference since they will still land at the same destination – Confusion and Poverty.

Successful people set goals for themselves and set out plans to achieve their goals. If you want to be rich or make passive income in 2019, set goals and make sure you get them done.

2. When You Don’t Believe In Yourself

One of the differences between the rich and the poor is the “Believe Principle”. Whatever you believe about yourself is definitely what you will become. Successful people are optimistic in every situation no matter how tough it maybe. Poor people are simply people who have never believed in themselves. If you don’t believe you can achieve more things in 2019, then you can’t make headway.

If you want to be optimistic and achieve your goals in 2019, you must learn how to use your mouth and create your world. Confess positively every moment of your life. Any time you wake up in the morning, make positive statements like:

“I believe something new is going to happen to me today”.

“I believe I will make any amount of money I want”.

Say that often, accompanied by your hard work and you see them accomplished in your life.

3 . When You Become Allergic to learning

If you want to be poor in 2019, be allergic to learning. Every successful man is a good learner.

Most people hate to pay just to learn new things that will add value to their lives. And guess what? They never move forward in their business and life. They still operate in obsolete business ideas that never amount to anything.

If you want to make much money in 2019, you must be willing to buy books and eBooks, pay for seminars, webinars, and podcasts that will improve your life and business. The more knowledge you gain is the more income you will earn.

4. When you Follow Poor People

I have come to discover that our acceleration or retardation in life is controlled by our association. That’s a simple truth. Rich people associate Rich people with productive minds. Poor people follow poor people. And that’s why it is said that:

“Birds of the same feather flocks together”

When those people around can’t improve your life, they will simply destroy and render you useless to your generation.

If you really want to make 2019 your best year ever, you must have to delete your friends and find people that can help you grow.

5. When You Think Money Is Evil

When you begin to think that money is evil and shouldn’t be worked for, you will remain poor throughout the rest of your life. I know many people will argue that or even show you the bible passage. The truth is, the Bible never said money is evil but rather said “the love of money is evil” which simply means that if you love money more than your relationship with God, then you are committing evil.

6. When You Have No Business Or Job

No matter how hard you pray and fast to make your 2017 the best year, and you have no job or business to get out of recession, you will definitely become poor.

One of the proven strategies to escape poverty is to find something doing. Get a job or create a profitable business of your choice and start making money.

7. When You Spend More Money Than You Earn

Rich people will simply invest or save 90% of their income and spend the remaining 10%. But poor people are the other way round. They will simply spend 90% of their income and invest or save the rest.
When you begin to create more liabilities for yourself rather than assets, then you belong to the “rat race”.

To escape poverty in 2019, you must learn how to save and invest your money in assets rather than liabilities.

8. When You Refuse To Invest

When you don’t want to invest into your business or something profitable, then you decide to remain in the low echelons of life.

Rich people believe that investing is a business strategy to gain more passive income and also a lifestyle. Poor people believe that investing is risky. Well, if you cannot pass through risky moments in business then you are not a good businessman and not ready to make money.

The easiest way to make more money out of anything is investing.

To learn more about investing, get the book “Rich Dad’s Guide to Investing” authored by Robert Kiyosaki.

Bottom Line

You are in charge of what will happen to your life in 2019. I have seen many people who fell back to square one just because they refuse to understand these principles. In order words, if you want to achieve more things, make more money and dominate your industry, you must be able to avoid these things in your life.

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Career Tips

7 Mindsets of Successful People Which You Must Cultivate

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The population of the world is almost 10 billion. Can you imagine! More than 5 billion people aspire to succeed but only a few achieve success because of the mindset or mentality they have towards success. Do you want to be successful? You want to be the best doctor, engineer, politician…? It’s time you change your mindset about success. A popular quote by Colin Powell says

“No one ever drowns in his sweat. A dream doesn’t become reality through magic; it takes sweat determination and hard work”.

What are you doing now? Is it channeled to the success you’re dreaming of? Success is not a magic, it’s a hard work. However, in this post, I talked about success mindsets successful people have and definitely what you must have to achieve a successful life.

Also Read: How to Generate Leads for Your Business the Right Way

1. IT DEPENDS ON YOU

Success is not automatic. Success cannot be inherited even if you belong to the richest man on earth. Even God himself cannot make you succeed if you don’t want to succeed. George Lois said

“All growth depends on activity. There is no development physically or intellectually without effort and effort means work”.

The worst thing that can happen to you is to live an idle life waiting for success to emerge. Myles Munroe said

“The worst thing that can to any man is to die with his potential untapped”.

Trapped inside of you is tremendous hidden values waiting to be unleashed. Never take it back to the cemetery. You have potentials and you’re the only one that can release it. When you die with your potentials, you die with your forest and you fail your generation. However, it’s high time you left your comfort zone and rule the world with what you have. Think about how Bill Gates started. He didn’t finish university but today he’s one of the richest. You too can succeed if only you can discover yourself.

2. PEOPLE NEED YOU TO SURVIVE (YOU ARE CREATED TO SOLVE PROBLEMS)

Every individual born on earth has a mission and a problem to solve. People need you to survive and when you don’t succeed, they fail or probably, die. If you become a failure, you have failed your generation. Your purpose on earth is to make an impact. Don’t seize the opportunity to help others.

Had it been that Mark Zuckerberg gave up his pursuit to establish Facebook, so many businesses wouldn’t have existed online. Today, Facebook has more than 1.6 Billion users across the globe. Some bloggers and businessmen depend on Facebook to survive because it’s their major source of income.
Today, More than 1 Billion people cannot get information without Google. Had it been Larry Page and Sergy Brin gave up on Google; there wouldn’t have been the world largest search engine.

Sometimes we never know what we have until we lose it and become poor. Success is all about reaching out to the lives of people with what you have.
Problems arise every day. People create problems every day. But this is a question you must ask yourself

Are my here to create or solve problems?

It is either you create a problem and ruin people’s lives or you solve problems others have created.

3. YOU MUST BE READY TO SPEND

Don’t think that the journey to success is a “free trade area”. Success is not free. You must be willing and ready to spend both your money and your time. You must spend your money to buy books and other materials that can help you to succeed. Time also is very important. The must spend your time on things that are urgent, important and can add value to your life.

The life of Thomas Edison is a good replica. He was able to invest electric bulb because he spent most of his time reading, researching on how to produce an electric bulb.

What of the popular Pat Flynn of SmartPassiveIncome.com who spent time and money building his blog. He’s now one of the richest bloggers in the world
When you spend time and money on your passion, Success will never elude you.

4. KNOW THAT ITS GOING TO BE TOUGH (DON’T BE AFRAID TO FAIL)

Every success-minded person must be sentenced to hard labour. There must be obstacles. The journey to success contains ups and downs that may hinder your acceleration in life. Robert Schuler said

“Tough times never last but tough people do”.

We must be well assured that we must pass through tough times. However don’t be afraid to fail. Failure is never a destination; it’s just an outcome or result. Only cowards make failure a destination. Cowards die many times but the bold go through obstacles determined to succeed.

That you failed in your first attempt doesn’t mean you should give up.
Abraham Lincoln never gave up the pursuit of becoming the US president. He contested many times and failed. He knew that it was just a matter of time

The moment you stop trying is the moment you endow yourself a failure. Make up your mind to survive the quagmires of life. Difficult situations will never last. However, success is a gradual process. Don’t expect a success of a thousand years to come in a day or the time you wanted it.

John C. Maxwell said

“Problems will stop you temporarily, but only you can stop yourself permanently”.

When you meet hurdles and you think that there is no way out, then you have stopped yourself. Failure must come on our way but we shouldn’t allow it to dominate.

That you were not able to pass through a tough time simply means:

You have not worked hard enough; or
You have not spent time on it; or
You Isolated yourself; or
You have not read books; or
You have not met the right friends (connections).

Think about it. If you want to overcome a tough time, you must be ready to fight it.
Remember, mistakes are inevitable. Albert Einstein said

“A person who never makes a mistake is a person who has never tried something new”.

When you fail or make mistakes, it’s just the beginning of your success.

5. YOUR FRIENDS MAY LEAVE BUT KEEP MOVING

Friendship may not be permanent. Sometimes your friends leave you when they feel your dreams are difficult to achieve.

“Big dreams are always tough to achieve”.

Don’t be surprised, the friends you started with may not end up with you.

“Ten friends may not stay together for ten years”.

Even when you graduate from school, you may not see your classmates/course mates again. But don’t stop moving when your friends leave.

Not all the friends that started with Mark Zuckerberg ended up with him. Some left during his tough times, but it never discouraged him. Those who stayed with him are now millionaires.

The same thing happened to Thomas Edison when his fellow scientists quitted after they failed in the first 6000 times to produce an Electric Bulb. They left him, pitied him and tried to discourage him, but he said: “NO, I now know 6000 ways in which you cannot do it”.

Don’t stop moving, there is a brighter day ahead of you.

6. PEOPLE WILL CHALLENGE YOU (YOU MUST FACE COMPETITION)

Don’t rule out competition. Life is like a race where you have to compete with other people (and win) before you will be endowed the champion. People will challenge your ability to prove whether you are strong enough to succeed.
Through competition, you discover your strengths and weaknesses. Through competition, you dig out more treasures that are trapped inside of you. It instills in us the winning attitude – the power of victory and excellence.
However, take the challenge, bear the challenge, win the challenge and dominate your industry. Remember, champions are finishers.

7. PEOPLE WILL HATE YOU

You can’t just stop it. It’s natural that people hate when others succeed. When you become a newsmaker, there will always be noisemakers that will criticize your impact. This is a reason why you don’t need to share your dreams with everybody.

Dream killers will give you every reason why you will fail.
Dream thieves will make your dreams look inferior to you.

In other words, beware! “Dogs” are around you. They don’t like your success.
Now consider this

No position without opposition
You need necessary opposition to take up your necessary position
Only those that have future position will face present opposition.

When you have a powerful vision, you will encounter opposition. The higher you go in life, the more obstacles that come your way.

+ Bonus Tip: SUCCESS IS STUDIOUSNESS

The key to every great life is the ability to learn new things. Successful people are bookworms. They study and learn every day. The more you read, the more you add value to your life and the more you solve problems.

CONCLUSION

Make a research on how successful men achieved their success, the obstacles they faced, and the areas they failed and how they thrived. Compare them with your life and know whether you’re on the right track.
I believe this article has helped you grab the right mindset of success and channel your life towards success. Cheers!

NOW YOUR TURN

I believe you were inspired and motivated. Have you been able to get rid of the wrong mentality? Have you left your comfort zone? Tell us how you conquered a particular problem that tried to discourage you. Drop your comments below and inspire others to succeed.

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Entrepreneurship

Top 5 Secrets to Become Financially Independent

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The knowledge of financial matters helps one to set a financial goal. Financial goals are list of things intended to be achieved with your finance. These goals includes what to buy, how to buy them and when to buy them. However, this helps one to plan ahead of time.

Financial Education in one way or the order helps to impart into the lives of individuals the act of saving. Savings refers to the disposable incomes that are not spent on consumer goods and services. Financial savings determines the future financial status of every individual and in other words makes people become financially alive.

Also Read: 11 Ways To Build A Profitable Business In Nigeria

However, the knowledge of Financial Education has helped individuals to flow in the realm of investment in company shares. Investment means involving or putting money in a business to earn another money which is sometimes higher than the one invested. One who invests his or her money in company shares is entitled to receive a dividend which can be be received by cash or reinvested to buy more shares in the company.

Financial Education has helped in the management of risk or insurance. However, you cannot completely eliminate risk – physical, emotional, spiritual or financial – but, in many situation it is possible to manage it, and in some areas protect yourself from a variety of risks. In the context of financial Education, risk management includes understanding the wide variety of insurance protections that are available to meet your personal needs. In other words, insuring your business helps you to reduce the amount of money you spend and thereby keeping you free from unwanted financial regret.

Finally, the future of any country depends on their citizens. A country filled with financial illiterates deteriorates the economic growth of such a country. In other hand, a country filled with financial literates expedite the growth of such a country. Financially educated citizens can help to ensure that the financial sector makes an effective contribution to real economic growth.

Also, Financial Savvy can be defined as the practical knowledge and ability to comprehend, manage and invest money. Below are the ways one can become financially savvy.

#1: INVEST

Almost everybody on earth wants to get money at all cost. Its simple. To maintain a good financial standard and savvy, you must be able to invest. Investment is not the spending of excess money rather it means using your disposable income to attract more money to increase your personal income. Economists defined it as the expenditure on physical assets which are not for immediate consumption but for the production of consumer goods and services. This is what differentiates you from a poor man. ‘‘An investor or a rich man will invest all he has and spend what is left, while a poor man spends all he has and invest what is left “. Life is all about investment. Financially Savvy people invest their money, time or opportunity in order to maintain their standard.

#2: EARN

Of course this cannot be exempted. Earning money after investment is a priority. And the fact is, earning passive income is best when there are many sources. Financially Savvy people don’t depend on one source of income. This is because anything can happen to your one and only job- it may collapse or you may be sacked. Am not trying to discourage you from your job, but, that’s life for you. When you have many sources, it increase your chance of amassing wealth and becoming financially independent.

#3: SAVE

An important key to Financial Savvy is the ability to save. Saving is not just protecting your money in any financial institution rather it is reducing the rate of your consumption expenditure or reserving part or all of your income for future purposes ( which may be for transactive, precautionary or speculative motives ).

#4: SPEND LITTLE

I always hear people saying that ‘‘ to earn money is difficult but to spend is the easiest thing in life’’, and that’s the truth. The worst thing that can happen to your financial life is being extravagant. Financially Savvy people spend little, invest and then save. Don’t spend much money when you know that you cannot even get double of what you’ve spent. The difference between rich men and poor men is that the rich plan how to spend while the poor just spend on anything that comes their way.

#5: BORROW LESS

This principle is very important for you to become Financially Savvy. Mistakes people usually make is that when they don’t have enough money to startup a business or their account have gone red, they will go and borrow huge sum of money which they cannot even refund. Before you borrow money, think about what you are going to do with the money, its consequences when you don’t pay at the appropriate time, and how to refund when you’ve gotten enough money. In order words its always advisable to borrow less whenever you are bankrupt.

However although this article is lengthy, at least l have been able to diversify your knowledge about Financial Education and how to become Financially Savvy. I have taken enough time to write this because of our society. The society is dilapidating. Parents and guardians no longer care about their finances. I believe you have been inculcated the knowledge of financial education. Now try to live it out. Becoming financially savvy is practical where money is the specimen.

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Career Tips

4 Excuses Poor People Give Which You Must Avoid

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Excuses have power but many people think it’s a part of life. Excuses have denied people of so many things they should have achieved. Sometimes if we fail to achieve something, we begin to blame people, or there is no money.

Excuses have made people live a mediocre life, have a negative mentality and make us believe that our big dreams are impossible to achieve.

It was very hard to believe that almost 30% of the population of Nigeria were poor and 60% average. This can be narrowed down to the excuses that have stopped them from moving forward. If you are reading this article and you discovered you are among the victims of excuses, then be well assured that you will end up blaming others for your failure in life.

Also Read: 9 Most Profitable Skills for Young Entrepreneurs

However, I scrutinized the lives of poor people and discovered many excuses that have made them remain poor or live an average life. However, in this article, I will marshal out 4 excuses poor people give.

1. I CAME FROM A POOR BACKGROUND

“I came from a poor background”. That’s one of the stupid excuses I hate to hear. Many poor people blame their parents for being poor. Some that are spiritually unintelligent will blame witchcrafts that operate in their father’s house. But the truth is no human being is behind your poverty.

You may be born into a poor family but that shouldn’t make you become poor. Many rich men like Dangote, Bill Gates and others didn’t allow their poor background to stop them from moving forward. If these rich men can make it, you too can make it if only you will forget about your poor background and strive to achieve your dreams.

2. I COULDN’T COMPLETE MY EDUCATION

Unable to complete your education can never stop you from becoming successful but the only thing that will hinder you is when you stop learning. People like Dangote and Bill Gates didn’t finish their education but they never stopped learning. Dropping out of school shouldn’t be the end of your world. Those who dropped out and became successful are really people who learned something in school.

The only way you can achieve all your dreams is to keep learning every day. That’s one of the keys to a successful life.

Related: 11 Ways To Build A Profitable Business In Nigeria

3. I HAD NO MONEY TO START A BUSINESS

Some poor people will tell you they couldn’t start up a business because there was no money.

But who said money is a prerequisite for starting up a business?

Actually, money is not the most important factor for starting a business in this 21st century. Many businesses today can be started from the comfort of your home without spending a dime. Money is just the secondary need, but the primary and most important is your passion, commitment and your ability to embrace new business ideas.

4. I COULDN’T GET A CONNECTION

“But, must you be connected to the richest man on earth for you to be successful?” Absolutely not.

There are so many successful and self-made billionaires and billionaire who rose from rags to riches. They struggled to make their own money without being connected to rich people.

If you are out there still waiting to meet rich people to start making money, then you are wasting your time. Start now to think of what you can do to make money. There are many businesses you can start today, choose the best you can do.

Bottom Line
Poor people are people who simply don’t take actions when they conceive a dream. They are people who have allowed procrastination and laziness to ruin their lives. And when they fail to achieve something, they start giving excuses.

The only way to escape this tragedy is to do what successful people do. Write your dreams, create a plan of action, and kick off your plan. Be committed and connect with people with like minds that will help you achieve your dreams.

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