Connect with us

Business Intelligence

How To Know You Will Achieve Financial Freedom

Published

on

How To Save More Than You Spend And Double The Speed Of Financial Freedom

By

Grace Agada

One of the wisest things to do early on in your career is to know upfront if you will achieve financial freedom. And to then assess what kind of financial freedom you will achieve and what your chances are of achieving total financial freedom. This is because not everyone that sets out to achieve financial freedom will achieve it.

Research shows that out of every 100 people only 20% achieve financial freedom. And out of every 100 working professionals only 15% will end up in retirement financially free.  The big question is-Where would you be at the end of your career? And what gives you the confidence that you will achieve financial freedom? Thus, the goal of today’s article is to show you some of the factors that will affect your ability to achieve financial freedom. And to then show you how to increase your chances of achieving it if your current chances are low.

But before we begin, let us first define what financial freedom is and what it means to be financially free. Financial freedom is the ability to fund your life from passive income. It is your ability to move from a life that is funded solely by active income to a life that is funded by passive income. To achieve financial freedom, you must separate your physical presence from your income such that your absence is no longer a disadvantage. This means that your income must come regardless of where you are, how you work, and whether you choose to work. This kind of financial freedom can only be achieved when you have investments whose investing work can be completed before retirement and whose cash-flow can last for a lifetime.

READ ALSO: How To Give Cheerfully And Still Achieve Financial Freedom

Judging from where you stand and the time you have left, would you be able to achieve this kind of financial freedom? The best way to know is to look at your current life. If 100% of your current life is still dependent on an active income, you still have a long way to go. The only way to achieve this kind of financial freedom is to create a stable passive income that is worth the size of your current income and then transfer your source of livelihood to it. Only then can you achieve total financial freedom.

The truth is your current active income only has one purpose. And this purpose is to provide you the resources that you need to be free from depending on a passive  income. If you fail to wean yourself off your active income before retirement, there will be unprecedented financial consequences awaiting you in the future.

So, now that you know what financial freedom is let’s see how to know you will achieve it without fail.

There are three factors that will show you if you would achieve financial freedom. And your understanding or ignorance of these three factors is what will determine your financial success.

The first factor is how you interpret your childhood experiences.

The second factor is who you are modelling.

And the third factor is discipline.

How you Interpret Your Childhood Experiences
One of the things that will affect your financial decisions in life is your childhood experiences. Your childhood experiences will affect how you spend, save and what you invest in and prioritize as important. Yet your background and childhood experiences only play a little role in determining your overall success. This is true because successful people come from poor backgrounds, and successful people also come from rich backgrounds. So, no matter your background you can achieve financial freedom. But there is one thing that can determine your success to a greater degree. This one thing is how you interpret your background and childhood experiences.

There are only two interpretations that you can derive from your childhood experiences. The first is a positive interpretation and the second is a negative interpretation. Positive interpretations see the good in your background and experiences and uses this good to propel you towards success. It also helps you make more wealth-creating decisions. Negative interpretations see the bad in your background and experiences and uses this bad to demotivate you from success. It also uses this bad to help you make more wealth-draining decisions. Thus, the most rewarding positive interpretation to have, is to see your background as the reason why you will be successful. And the most negative interpretation to have, is to see your background as the reason why life is hard for you.

A person with a negative interpretation sees themselves as deprived and disadvantaged. The moment they begin working, they will make decisions that drain their income and give them only little room for savings.

For example, they will use their financial freedom money to put their children in the kind of schools they couldn’t go to even though they became successful without going to expensive schools. And even when success is no respecter of school.

They will use their financial freedom money to stock their houses with foods items, that make them feel rich and special even though these foods are unhealthy and will land them in the hospital in retirement.

READ ALSO: Short-term Vs Long-term Investing – The More Sure Path To Financial Freedom

They will also create an easy family environment removing any kind of pain, discipline, or delayed gratification even though success requires pain tolerance, patience, and resilience.

The results are children with Queen’s  English, fancy university certificates but with no real skills to help any employer. Parents are having to carry the load of their graduate children longer than necessary.

Children are now sicker, fatter, entitled, and lazy

And worse of all is that they are now more emotionally fragile in a world that requires toughness to survive.

All these have happened because we are trying to run away from our childhood experiences, the same childhood that made us who we are.

Your childhood and background may not be perfect, but they gave you a gift. Today you are the hardworking, resilient, and responsible breadwinner and provider even without  Queen’s English, fancy certification, or unhealthy foods. All these did not fall on you from heaven, they came from your background. Until you begin to see the good in your background and rid yourself of your expensive childhood deprivations and cravings, there will not be any money left to pursue financial freedom.

Successful people never look at their background in a negative way. They celebrate their humble beginnings and use their backgrounds as the motivation to strive towards success. The less material things you need to feel happy, important, and accepted the faster you will achieve financial freedom. Similarly, the more you know why you do the things you do the faster you will achieve success.

Who You Model
The Fastest way to achieve any goals is to find a role-model and tap into these three things-Their knowledge, their beliefs, and their actions. You must learn and model what they are doing, what their core beliefs are, and how they are thinking to get the same results.

The problem is most of us never grew up around wealthy role models. We grew up around the middle-class. This means that without the extra effort and commitment to find a wealthy role model you won’t make it. You must be able to always ask yourself-What will a wealthy man do in my situation and what will a poor man do? And to then ensure that you are making more of a wealthy man’s decisions than a poor man’s decision. Unfortunately, it is easier to model a poor man’s decision than a wealthy man’s decision because poor men’s decisions are easy and poor men are all over the place. But until you model the wealthy man you cannot achieve financial freedom.

Thankfully, you can easily find wealthy role models today. There are several of them online and there are also at least three present at your office 24/7, every day, from Monday to Friday. But rather than connect with them and model them you are busy resenting, hating, or judging them. Only a successful person can show you how to become successful and only successful people can help you achieve financial freedom.

If you keep modeling your middle-class colleagues and the people you saw while growing up, you will end up in retirement dependent just like your parents.

READ ALSO: How To Make Your Financial Freedom Dreams Come Through Half The Time

Your Discipline
There is only one thing that makes a person willing to act, even when they do not feel like it or are afraid to do it-it is discipline. Discipline is the only way to achieve financial freedom. And without discipline you cannot achieve financial success. The reason discipline is important is because success requires tough-level decisions and the commitment to a future that is worth fighting for. Discovering a purposeful future and taking disciplined action is not a fun thing to do. So, most people spend their adult life doing the easy things and postponing the hard things that lead to success. But until you do the hard and high-standard things you will not achieve financial freedom.

Knowing what to do to achieve financial freedom is easy-now you know. Doing what you know is the hard part-and frankly this is what is holding you back from achieving financial freedom.

Perhaps you need help to achieve financial freedom. We are the best to help you. To see if you qualify for our help, send an email to info@createsolidwealth.com.

“Your background is a rich background as long as you learned something from it and this something made you successful.” Grace Agada.

About Grace Agada

Grace O. Agada is the most sought-after financial planning expert in Nigeria. She is a renowned author, financial expert and keynote speaker. Agada  is popularly known as the Predictable Financial Freedom Advisor and her goal is to help working professionals escape middle-class poverty and transition to the upper class. Agada  is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada  is also the founder of the University of Wealth, the Rich Retirement Bootcamp, and the Wealthy Business MBA Programme. Agada  has been featured on BBC Africa. Business Day TV. Inspiration FM. and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, senior executives, and high-income professionals.

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business Intelligence

How To Save More Than You Spend And Double The Speed Of Financial Freedom

Published

on

How To Save More Than You Spend And Double The Speed Of Financial Freedom

By

Grace Agada

In a world where the majority choose instant gratification over delayed gratification, it is rare to see working professionals that can live off their savings without financial stress. What is common to see are working professionals that are rich because of their regular salaries and become poor the moment this salary disappears. Yet the most effective way to gain financial freedom and break away from middle-class poverty – a condition where the same person is rich during their active career years and poor in retirement, is to save more than you spend.

Today your life is stable and comfortable not because of your savings or investments but because of your regular paycheck. All paycheck-based success will disappear at retirement and when it does the only way to maintain the same quality of life is to have saved more than you spent. Thus, the level of comfort and stability that you will experience in retirement will be based on the size and integrity of your savings and how much stable passive income it has produced before retirement. Savings is thus the foundation for retirement success and without the ability to save more than you spend you cannot achieve financial freedom.

Yet research shows that 80% of working professionals suffer a deplorable lifestyle in retirement due to poor savings and overreliance on a paycheck-based success. Many do not save. Those who save only save leftovers of their income. And even others end up eating their savings reserves and undoing their success. Thus, in retirement it is common to see many people whose savings cannot save them and investors whose investments produce more anxiety than income. To have a restful retirement life you must save more than you spend and invest in ways that give you financial freedom before retirement. The question is why do many people struggle to save this way?

The answer is simple, but it has little to do with the economy, your employer, or the government and more to do with the financial decisions you are making every day. Let’s see some of the reasons why you spend more than you save.

READ ALSO: How To Give Cheerfully And Still Achieve Financial Freedom

Why you Spend More Than Save

There are only two reasons why you spend more than you save. The first is that you value today’s comfort over tomorrow’s security. And when the emphasis is on looking good today spending will always stay ahead of savings. The second is that you are working harder on growing a consumptive lifestyle than you are on maximizing a productive lifestyle.

Everyone has two kinds of lifestyle to maintain – a consumptive lifestyle and a productive lifestyle. Your consumptive lifestyle comprises your expenses and everything that drains income away from you. And your productive lifestyle comprises your skills, relationships, sources of income and everything that produces more income for you. The challenge is that most people can sit in their living room and increase their consumptive budget by 50% or 100% in a year simply by buying the latest car, iPhone or adding a new member to their family. But only a few people can increase their productive lifestyle (Income) by the same amount in the same year.

Research shows that most people would still be earning their first salary but for the regular salary increases and promotions that have increased their income over time. This means that if left alone only a few people can significantly increase their income outside their salary. Thus, at the end of a typical calendar year it is common to see people who have created more financial load than their income can handle.

Many years of financial load surpassing income and savings are  completely eroded. Thus, at the end of most people’s career life they have succeeded in making other people richer through their spending than making themselves richer through their savings. Saving more than you spend is the only way to escape this rabbit hole.
But why should you save more than you spend and is this truly necessary? Let’s take a look.

Why Save more than You Spend

As a working professional the odds are stacked up against you. You earn a limited amount of income and have limited resources. Your regular income earning period is fixed to 30 years. Your time is consumed by one source of income limiting your extra income opportunities. Your relationships are more wealth- draining than wealth-creating. Your future goals are bigger and more expensive than your living standard goals. And your body will be requiring more maintenance after 30 years of a stressful work life. All this means that you will require more funds in the future than you do today. And you will require these  funds  in the absence of salary. Thus, the only way to survive in the absence of salary is to save a bigger portion of your income today, get rich slowly, and build solid passive income that can make you richer in the later part of your life than the former. This means that you must get to the point where your savings become your solid base and where your livelihood is funded from stable passive income than active income.

But how do you achieve this goal? Let’s take a look.

READ ALSO: How To Know You Will Achieve Financial Freedom

How to Save More Than You Spend

There are only two ways to save more than you spend. The first way is to earn income that is double or triple your current expenses. And the second way is to reduce your current expenses to half of your income and live a simpler and less consumptive lifestyle. Both options require growth, discipline, and delayed gratification and is easier said than done. Yet doing hard and difficult things like this that many people would not do is the only way to achieve your desired success.

To double or triple your income, the fastest way is to add a second source of income that can give you half, the same or more income than your current expenses. To do this you need to develop high income skills and look outside your salary income. Your salary can only crawl to success and your job-based skills and certification can at best give you another sluggish job-based income. To earn income quickly you must earn like a business owner.

You must find a source of income that can help you earn business-based income without the stress of owning a business. This income must require little of your time and must produce income that is bigger than the workload. To earn this kind of income you need to develop three skills.

The first is problem solving and creativity skills – the ability to identify high income problems and completely solve them using your own resources and creativity. The second is rich relationship building skills – the ability to identify, form and nurture wealth-creating relationships that can expand your opportunities, possibilities, and options. And the third is sales and marketing skills –  the ability to find a customer, convince them to purchase a viable product and make the sale with little or no external help. Without these three skills, all you will have are multiple painstaking extra income options that require hard work and long hours like your current job, but are yet too weak to give you the financial freedom that you desire.

The second thing you must do is to live a simpler and less consumptive life. Living a simpler life means anchoring your expenses at a point that is the same or lesser than your savings. The first step to achieving this is to see your bonuses, allowances, and annual salary increases as investing income and not spending income. If you cannot live within your 12months salary budget, you have a high maintenance lifestyle. The second step is to make your savings fail proof. One of the biggest time-wasting activities is to save and end up eating your savings. Savings  are for investing and not for spending and the only way to protect your savings from yourself is to make them fail-proof.

READ ALSO: How To Be An Asset And Not A Liability In Retirement

The third step is to invest without losing money. Losing money through investing is another big-time waster. Thus, to invest without losing money you must focus your investing on generating stable passive income and not risky, unreliable, and volatile returns.

It is better to be richer in the second half of your life when you can pursue your own goals, achieve self-actualization and build a lasting legacy than to spend your whole life working for food and survival.

If you need help saving more than you spend, making your savings fail- proof, developing high income skills and earning income that can double your savings and cash reserves we can help you. Send an email to info@createsolidwealth.com

About Agada

Grace O. Agada is the most sought-after financial freedom expert in Nigeria. She is a renowned author, financial advisor and keynote speaker. And she is popularly known as the financial freedom advisor for working class seeking to join the upper class. Her goal is to help working professionals and CEOs fund their lives from passive income, escape middle-class poverty and Join the upper class. Agada is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada  is also the Founder of the University of Wealth, the Rich Retirement Life Quarterly Publication, the Wealth Creating Employee Quarterly Report, and the Wealthy Business Blueprint Programme. Agada  has been featured on BBC Africa,  Business Day TV. Inspiration FM. and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, C-Suite executives, and high-income professionals. To connect with Agada , send an email to info@createsolidwealth.com

 

Read more authentic news on our social media platforms

Continue Reading

Business Intelligence

How To Be An Asset And Not A Liability In Retirement

Published

on

How To Save More Than You Spend And Double The Speed Of Financial Freedom

      By

Grace Agada

An asset is a person or tool that produces income that is bigger than what is required to maintain it. And a liability is a person or tool that produces income that is smaller than the cost of its maintenance.  Assets add value and create wealth for the beneficiaries of the asset. And liabilities deduct value and create poverty for the beneficiaries of the asset. When you are an asset, you become a problem solver to yourself, family, and community. And you participate in the initiation or elongation of generational wealth. When you are a liability, you are the problem, and you participate in the initiation or elongation of generational poverty. While it is easy to be an asset during your active career life, the challenge is maintaining your asset status in retirement. Research shows that 80% of working professionals do not retain their asset status meaning that more people will become liabilities in retirement than assets. Yet being an asset is the only way to maintain your financial dignity, relevance, and respect in retirement. Without help the transition from asset to liability is imminent for many and here is why.

Only three plans will determine your financial status in retirement. The first is the government plan. The second is your employer plan and the third is your plan.

READ ALSO: How To Know You Will Achieve Financial Freedom

The government plan is the pension scheme. You and your employer are a contributor to this scheme. However, this scheme only accounts for about 20% of your current income. And for those whose pension accounts for more than 20%, your purchasing power is still at risk. Thus, without a plan to augment pension becoming a liability in retirement is almost guaranteed. The only way to prevent this is to augment pension with additional investments. Yet what most people call investing is building a portfolio of assets that generates more risks, anxiety, and stress than passive income or freedom. There will be more investors in retirement who become liabilities than they will be non-investors. Not all investments can give you financial freedom and not all investment strategies can produce the size of stable passive income that can sustain you in retirement. Thus, without help you are more likely to invest in ways that make you a liability rather than an asset.

So, what must you do and how can you maintain your asset status in retirement?
You must do three things.
First you must understand what makes you an asset today. Second you must understand what can make you a liability tomorrow. And third you must know what to do to maintain your asset status in retirement.

What Makes You an Asset Today?

You are an asset today because you earn a regular income. An income that is stable, consistent, and the right size for your needs and goals. You are also an asset today because you can meet the needs of other people. If your income were irregular, you would be an asset today and a liability tomorrow. And if your income were smaller than your goals you would be a liability. Thus, the main reason why you are an asset today is that you earn a stable income that can meet your needs and the needs of other people. However, this stable, regular, and consistent income will disappear at retirement. Before this happens, you have two choices to make. The first choice is to transition from this disappearing income to passive income that is of equal size, stability, and regularity. And the second choice is to transition from this disappearing income to passive income that is irregular, unstable, and lesser than what you earn today. The choice is yours and this choice you are already making today.

The big question to ask yourself is this – who would you be at the end of your career? What income would you earn? What quality of life would you maintain, and would you do a better job at paying yourself than your employer or worse? Your answer to these questions and subsequent preparation will determine where you end up in retirement.

Truth be told you need a certain kind of income to have a restful retirement life. This income must exhibit the good qualities of salary and leave the bad qualities behind. And it must also be the same that can maintain your living standard.

READ ALSO: How To Give Cheerfully And Still Achieve Financial Freedom

What Makes You a Liability in Retirement?

When you decided to offer your time, skill, and energy to serve your employer for 30 years, one of the things you did not decide to do is to end up after 30 years a liability in retirement. But whether you decide this actively or passively, you are already making that choice today. The problem is you may not know how you are making this choice or how your current life affects your retirement life. So let me do you the favor and show it to you today. There are only two choices that will affect your retirement life. The first is the choice to live a rich life today. The second is the choice to live a better life in retirement. Both choices are opposite of each other, and you can only make one of them.

The truth is you only have 30 years of guaranteed income to plan for the rest of your life. While your income years are fixed to 30 years, your retirement years are not fixed. Your lifespan in retirement may span from 15 years to over 30 years depending on how long your life. Thus, what you do during your 30 income earning years will determine the quality of the rest of your life. To enjoy a restful retirement life, you must either be able to enlarge your income or stretch the income you earn to cover for both today and tomorrow. If you spend most of your income living large today, you will enjoy that life only for 30 years, and then it will be over. In retirement you will suffer the consequences of your actions. For example, if you save less than 25% of your income today, you do not need anyone to tell you where you will end up in retirement. Financial scarcity is the inevitable position for you. The only way to have a restful life in retirement is to save bigger portions of your income – 25%, or 50% or 75%.

How to Remain an Asset in retirement

To be an asset in retirement you must have the same currencies and resources that make you an asset today.  There are five resources that make you an asset today. The first is income. Your income is the tool that gives you the ability to meet your needs and the needs of other people. You must retain the same size and quality of income to be an asset in retirement. The second is your job title or position. You are an asset today because many people see how your job position can help them achieve their goals. To maintain this kind of relevance in retirement you must do meaningful work that attracts other people to you. The third is relationships. You are an asset today because you have relationships that can get things done, open doors for you and for other people. To be an asset in retirement you must maintain a rich relationship network. The fourth is productivity. You are an asset today because your time has meaning and there are productive activities tied to your time. To be an asset in retirement you must remain productive and useful. The fifth is health. You are an asset today because you can pursue your goals without restraint. To remain an asset in retirement you must maintain good health.

The truth is your retirement life is predictable and the only miracle that will happen in retirement is the one you create for yourself today. Failure to recreate the resources that you will lose at retirement is the reason why many suffer in retirement.

READ ALSO: Short-term Vs Long-term Investing – The More Sure Path To Financial Freedom

The big question is can you really be and remain an asset in retirement — especially in a wobbling economy?

Would you be able to seize priceless opportunities in retirement or be restrained by cash?

Would you have the resources and people you need to make things happen in retirement?

And would you be able to maintain your asset status not just for 5 or 10 years, but for the rest of your life?

The answer is YES! And we can help you get there

To see if you qualify for our help send an email to info@createsolidwealth.com

 About Agada

Grace O. Agada is the most sought-after financial freedom expert in Nigeria. She is a renowned author, financial advisor and keynote speaker. Her goal is to help working professionals and CEOs fund their lives from passive income, escape middle-class poverty and join the upper class. Agada  is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada  is also the Founder of the University of Wealth, the Rich Retirement Life Quarterly Publication, the Wealth Creating Employee Quarterly Report, and the Wealthy Business Blueprint Programme. Agada  has been featured on BBC Africa, Business Day TV, Inspiration FM and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, C-Suite executives, and high-income professionals. To connect with Agada, send an email to info@createsolidwealth.com.

 

Read more authentic news on our social media platforms

Continue Reading

Business Intelligence

How To Give Cheerfully And Still Achieve Financial Freedom

Published

on

How To Save More Than You Spend And Double The Speed Of Financial Freedom

By

Grace Agada

 The number one reason why you exist on the planet is not just to survive but to achieve a worthwhile goal. This goal can be your mission, your purpose, or your assignment for which financial freedom is part of it. But to achieve this goal you need the help of other people. Success can begin with your own strength but to create lasting wealth you need the help of other people. Thus, you need the help of other people to achieve your goals in the same way that other people need your help to achieve their goals. And the only way to give or get help is through the act of giving.

Giving is the act of assisting, supporting, or helping others achieve their goals. And giving is essential for financial success. Yet not all giving leads to financial freedom. In fact, a certain kind of giving leads  to financial bondage. Thus, the way and manner you give will determine whether you achieve success or failure.

There are two kinds of giving. The first is cheerful giving and the second is resentful giving. Cheerful giving is the giving that helps  others achieve their worthwhile goals with resources that you are willing to invest, let go or do without. It is called cheerful giving because this kind of giving creates fulfilment. It is giving that gives you the opportunity to participate in the advancement of someone’s destiny. And it is also aligned with the way we naturally want to give. We all agree that each of us need help to achieve a worthwhile goal, thus, we are more open to this kind of help.

READ ALSO: Short-term Vs Long-term Investing – The More Sure Path To Financial Freedom

Resentful giving in contrast is giving that is focused on helping people survive. It is targeted at people who for some reasons cannot survive on their own. It is called resentful giving because it creates frustration in the giver. We all agree that everyone at the minimum should be able to take care of their own basic needs. Thus, resentful giving makes you do for others what they should be doing for themselves. In doing this you postpone your own goals and put yourself in a more fragile financial position. Worst of all is that this kind of giving does not produce any real growth or advancement in the receiver. Receivers become perpetually dependent on you and as a giver you lose the reward for giving. The only giving that will get a reward is giving that is done cheerfully. Giving done under compulsion or with a grudge wastes  valuable resources . Yet this kind of giving is what is most common among the middle-class.

The typical middle-class family is littered with this kind of giving as there are more dependents than providers or  breadwinners. We encourage it in our families and cajole or manipulate people to do it just to gain favor with other family members. In fact, our parents are a perfect example of this kind of giving and where this kind of giving can lead you to at the end of your career. If you do not want to end up in the same place as your parents, you must elevate the standard of your giving beyond that of  your parents. Resentful giving does not only delay your financial success, but it also funds and incentivizes irresponsible behaviors, laziness, and entitlement in the family. The best way to give is to give cheerfully.

So, what is cheerful giving and how does one give cheerfully when resources are limited, and receivers are plenty?

The answer is simple.

Cheerful giving is giving that is targeted at helping others achieve a worthwhile goal. It is the kind of giving targeted at people that you have qualified and vetted to be deserving of your help.

To give cheerfully, you must do Four things well.

First, you must be a good receiver. Second , you must give in the right order. Third, you must give for the right purpose. And fourth, you must expand your giving beyond money.

Let’s look at each of these components in detail.

Be a Good Receiver

One of the reasons why people suffer financially is because they are good givers but very poor receivers. To give cheerfully, you must experience cheerful giving yourself. Being a good receiver is about allowing others to give to you. When you experience giving yourself, giving to others becomes second nature. The true essence of giving is not to alleviate poverty or help people survive. But to help people achieve their worthwhile goals. And if you still have big goals to achieve then being a good receiver is the only way to achieve them. Being a good receiver enables other people to invest in your dreams. And this is the only way to turn the act of giving from a one-way unfair situation to a win-win situation that serves you.

So how do you become a good receiver?

To become a good receiver, you need to form upward relationships with high achievers and members of the upper-class. Forming upward relationships is different from forming downward relationships.  And both require different skills. While downward relationships are easy to form and can be managed using money, upward relationships require certain discipline, high standards and protocols that must be adhered to. Also, money is not the major means of helping your upward relationships. Upward relationships need help with the things that money cannot buy and those things that can produce or buy more money. Thus, you need to become a certain kind of person to succeed with your upward relationships. But until you become this person that is magnetic to upward relationships,  you would only be giving to others, and there would be nobody to give to you.

READ ALSO: How To Make Your Financial Freedom Dreams Come Through Half The Time

Give in the Right Order

There is a way to give that leads to financial freedom and there is also a way to give that leads to financial bondage. Giving that leads to financial freedom follows the God order stated in the bible. And giving that leads to financial bondage follows another order called society or family order. The God’s order states that you are to give to God first. Even God does not require sacrificial giving from you; he only requires 10% of your income. Next you are to give to yourself. You can only give to others after you have first given to yourself. And the third is to then give to others. Thus, the only way to give cheerfully is to follow the God order. The society order states that you should first give to God. So, both orders agree on who should be given to first even though society still makes giving to God optional. The second person society recommends that you give to is others. And they recommend that you give sacrificially here. And then whatever is left you can then give to yourself. Little wonder society is broken. If you follow society’s order of giving you can never achieve financial freedom or practise cheerful giving.

Give for the Right Purpose

There are only two purposes for giving-The first purpose is to fund the independence of the receiver and the second purpose is to fund the dependence of the receiver. Independent giving is giving that is focused on helping others achieve a worthwhile goal. Goals that create wealth, increase opportunities, open doors, or make the receiver financially independent. Dependent giving is giving that is targeted at helping people survive or meet basic needs. This kind of giving does not produce any tangible result. To achieve financial freedom with speed you must do more independent giving than dependent giving. You must also find high achievers and invest in them. And then you must extend your giving beyond just family members. Investing in family members alone is a sure path to regrets as you do not have all the smart people in your family alone. Thus, your purpose for giving should be to advance human life in general, better your own life in the process, and make the world a better place.

Expand Your Giving Beyond Money

There is only one reason why giving to the lower class leads to financial struggle-it is because most people hinge their giving solely on money. Yet giving at any level can transcend beyond money. But you can only elevate your giving beyond money when you create other currencies that you can give beyond money. The fastest way to create a rich bag of currencies is to form relationships with high achievers and members of the upper-class. When you develop a rich relationship network there are a whole lot of problems you can solve for people without using your money. If you are ever going to achieve financial freedom you must create options for giving other than money.

I think the subtle point I am trying to make in today’s article is this- Your giving should not force you into poverty at the end of your career as it did your parents. If you give the right way you would achieve financial freedom otherwise you would fail.

Perhaps you need help giving and receiving more intelligently, forming richer relationships, and achieving financial freedom. We can help you. Send an email to info@createsolidwealth.com

Bio

Grace O. Agada is the most sought-after financial planning expert in Nigeria. She is a renowned author, financial expert and keynote speaker. Agada  is popularly known as the Predictable Financial Freedom Advisor and her goal is to help working professionals escape middle-class poverty and transition to the upper class. Agada  is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada is also the founder of the University of Wealth, The Rich Retirement Bootcamp, and the Wealthy Business MBA Programme. Agada  has been featured on BBC Africa, Business Day TV, Inspiration FM  and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, senior executives, and high-Income professionals.

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: