Most times when you read journals or news reportage, you see words associated with the very Rich and Wealthy, one that stands out is “ Networth”. Which is a measure of wealth and the Balance sheet of the Rich. Most people do not even know how much they earn monthly so the issue like “ Networth” looks then like a mountain too high to climb.
As part of our Financial Health Checkup series, we must develop a system to trap, document and track all income including Salaries, Rental inflow, Dividends, Royalties, Bonuses, gifts etc.
This is a must checkup for anyone that really want to achieve Financial wellbeing, until you know how your income is generated , how much of each stream and nature ( whether active or passive), control and management at best would be arbitrary and at worst non-existent.
There are three status you can currently assume:
I have no income at all either because I am unemployed or have disability, this is by no means an enviable position to be in. Whether we earn income or not, we will have financial obligations that will demand that we give them attention. Without regular income, one can appear irresponsible and would certainly be in FINANCIAL INTENSIVE CARE!
ACTION POINT: Stop waiting, start from where you are and look for how you can create value, offer services, ( Car washing, Foodstuff Business, Airtime vending, Network Marketing are a few areas to explore). You can also learn or upgrade your skills to meet current Job trends and leverage the overwhelming platform provided by internet and social media in today’s world.
I Currently earn regular income but do not have a system in place for tracking my income, so many people even spend their income in advance ( mostly on frivolities or liabilities), while yet others spend as they earn without a thought spared either to document or budget for the amount to be expended! This is nothing short of FINANCIAL HAEMORRHAGE. This is living to spend and will never lead to FINANCIAL FREEDOM.
ACTION POINT: List all possible income sources and document all income, start immediately to operate a family budget and move the excess earning to a properly administered ESCROW ( more on that later), look for and adopt a Financial Coach to create an accountability system and Financial discipline.
After the FINANCIAL BLOOD COUNT/VOLUME, I have in place a system that captures my earnings, also there is a monthly budget that ensure insignificant or no unbudgeted expenses. There is a system in place to accumulate the surplus ( ESCROW ACCOUNT) with a plan to invest in Assets and opportunity to generate passive income, I am indeed in good SHAPE.
Knowing your Income figure and profile is not an end in itself, once you have clarity on your income, you must commence action and activities to create more wealth and adopt some wealth building principles that would ultimately set you on the path to FINANCIAL FREEDOM. Get a mentor fast and work your way to the top fast!
Now that you know, please. Conduct a checkup on your finances today! Financial checkup series to be continued….
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