EIGHT (8) POSSIBLE WAYS ON HOW TO MASTER YOUR MONEY AS BUSINESS MAN OR WOMAN


As we all know that so many people are slaves to money. Money dictates the way they think, speak and act. They are very excited when they have enough money in their pockets, and sad when their pockets are empty. They are not themselves when they make some good money. They lose their sense of good judgment and the ability to be self-disciplined and can’t say ‘NO’ to anything that appeals to their senses. They are mastered by their money, instead of being masters over it.


Do you agree with me that Making Money is Important? But when you don’t master money, you remain a slave to it and work hard forever in order to make it. You need not just to know how to make money but also how to keep it coming and how to make it work for you. You need to be in full control of all money that enters or leaves your hands.

People think that to be in control of your money is to be able to decide when to spend what amount of it. They think it is about having full right over your money. This is a wrong perspective. When you use money in a way that you live to always regret your spending; you have very little or nothing to show for the money you make; you are unable to break out of want; and your lifestyle is dictated by the money you have, you are a slave to it. Here below and 8 wonderful ways of being in full control of your money.

1.    Change The Way You See Money

Everything about money and the ability to handle and grow it begins with the way a person sees it. You will remain a slave to money until you build the right conceptions about money. For example, the person who believes that money brings happiness will spend a lot of money on things that are not very important just to stay happy. At the end of the day, he would have misused his money.

Your understanding that money is meant to facilitate life and make the world a better place for everyone, makes you able to maintain your calm even when you possess much of it. Remembering also that you are a steward of the money you have, and don’t own the money in your hands, will make you live a more humble life even when you are very rich. See more on these misconceptions by reading ‘How Not To See Money If You Want To Be Rich’

2.    Understand Your Cash Flow

Some people earn money monthly, some daily, others per assignment and others still, have no regular pattern of earning. Being clear on how money flows into your pocket could be simple but very important in mastering money. When you know the next time to expect money and how much to expect, you will be better placed to plan your finances and be in control. If you have a very irregular earning pattern, you need to plan based on worst case scenarios and not based on the best.

Understanding your cash flow also entails understanding the sources of your income, how reliable they are and also understanding your spending and how much of your income goes to what. You need to have all these recorded somewhere and begin adjusting from there. When you are not clear on your cash flow, you could even budget on your gross income instead of your net income.

3.    Set Financial Goals & Strive To Achieve Them

If you are thinking of what you want to be in the next 5 or 10 years, then you must also think about how much wealth you should have made by then. Wealth does not just happen like an accident. People who become wealthy take time to set financial goals and plans, working hard daily to achieve them. Only when you have clear financial goals, will you begin to get disciplined about how you spend money. I have noticed that people who earn much and have financial goals, try to minimize as much as possible, their spending.

Set a financial goals for yourself which you hope to have achieve by the next 5, 10 or 20 years. Fix your eyes daily on them without giving room to distractions that could come even from you. Set long-term, medium-term and short-term goals and make sure they are smarter.

4.    Develop A Budget And Keep To It

As soon as you have a financial goal for a number of years, the next crucial thing is to have a budget. Most preferably is to have a budget that covers the period between your earnings. So if you earn money monthly, set monthly budgets. Your budget should include all that you intend to spend during that period and what you will be spending for. It will also do you good if you indicate how important that which you will be spending on, is.

When budgeting, also consider what has to go for savings, investing, paying of debts and emergencies. These are all very important aspects in mastering your finances. The ultimate thing about budgeting is you sticking to your budget as much as possible. Sometimes you will need to be dynamic and deviate a little from your budget but be very sure that was is necessary to do so.

5.    Take Charge Of Your Spending

I am sure you have heard people say, ‘spend less than you earn’. This is a common saying and many people think they adhere to it. But their claim is far from the reality because many people spend all they earn before they can be sure of their next income. Meaning they have to get into debt to keep them till the next time they get money.

Taking charge of your spending entails not spending emotionally. It means spending money on things that are really important and budgeted for. If you are prudent enough to get into the details of how you spend your money every month, you may realize that sumptuous amount of money goes into buying things that are not too necessary. Before you make the next buy, ask yourself, ‘Do I really need this? Could I still do without it? Does it fall within my budget limit for expenditures?’ Your answers to these questions should lead you not your emotions.

6.    Eliminate Wastages

Lately, I realized how much is we waste from our income. We spend money on things that are unnecessary and can be avoided. We pay for services we don’t use, pay bills we could avoid, in cure costs that are unnecessary, etc. Some of us have accounts and takes bank services which don’t generate any interest over time and we hardly make use of. Funny enough for some, we rather pay interest at the end of each year. All these things make us poorer. See my post titled ‘Meet The Ten Thieves Of Your Finances’ as I reveal more of the financial wastages you need to avoid.

7.    Refuse To Get Into Debts

As I have shared in many of my post titled ‘How To Attract Money’, debt is a habit that you must kill. It enslaves and demotivates you from working hard to earn more. This is contrary to most people’s views that when you are in debt, you want to do all you can to make money and pay your debts. If it was true that debts motivate us to work harder, we will all want to have more debts always.

One of the decisions you need to make is that of getting completely out of debt. When you don’t have to budget anymore for debts owed, you are freer and can better master your income and grow it.

8.    Set A Savings and Investment Plan

Having savings and investment plans could not be left out of this list for obvious reasons. I have mentioned them above when talking about setting financial goals and also when budgeting.

One reason why people lose control when they have much money is because they don’t know what to do with it apart from spending. They lack financial intelligence. When saving and investing money becomes a way of life to you, you eliminate loose cash and consequently eliminate all unnecessary spending. This is a decision you must make and when you are faithful in it, you will soon be in wealth.

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I wish you the best as you adhere to these wonderful strategies that will help you master your finances and grow wealth. Your comments will improve this post because nobody knows it all. 

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