Long-Term Percent On Stock Vs Short-Term Percent On Stock Seven Steps To Financial Prosperity

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Seven Steps To Financial Prosperity

Financial prosperity is a state of financial abundance. It is one of the most desired attributes worldwide. As the world continues to groan in anguish due to the global financial crisis, it is expedient for individual to crave for financial prosperity. It must however be stated categorically, that financial prosperity does not come suddenly, neither is it acquired by any formula. It is a careful step-by-step process, which must be patiently implemented by any individual desirous of financial success. These secrets have always been there for ages.

What are these steps?

•Become an Investor

Only those who invest become financially prosperous. To acquire great wealth, you must be ready to take on great financial problems. Most people are financially stagnant, because they avoid financial problems. There are different categories of investors: There are those who seek problems. Some seek answers, while the third categories are those who know nothing. To become financially prosperous, begin to acquire the skills needed by business owners and investors, and seek to solve bigger problems… because inside every big problem lies huge financial opportunities.

As the global economic crisis is raging, and the U.S stock continues to fall dangerously, Warren Buffet, the Billionaire Investor, did something incredible. He started buying U.S stock, saying, “They are good investment” He equally advised other investors to buy U.S stocks. His formula for investment was: when stocks are falling, and people are selling their stock due to panic in the stock market, go ahead and buy. Warren Buffet went ahead to predict that these same U.S stocks that people are avoiding like plagues would rise again in the next seven to ten years.

•Mind your own business

The bedrock to financial prosperity is the ability of the individual to set a long-term financial goal or a smaller, short-term financial goal. Build upon the smaller financial goal, and use it as a stepping-stone on your way to your long-term financial goal.

•Seek mentors

A mentor is an experienced person who advises and helps somebody with less experience over a period of time. One of the benefits of having a mentor by your side is that the probability of you failing is greatly reduced. Your journey toward your set goals and objectives is greatly quickened with the aid of a good mentor.

•Turn every disappointment to strength

Be prepared for disappointment on your journey towards financial prosperity. If you are prepared for disappointment, you have a chance of turning every disappointment into an asset. Thomas Edison, the great inventor, was a man who had a first hand knowledge of what it means to face disappointment. Never allow disappointment hinder you from seeing the boundless opportunities around you. A great motivational speaker once said and I quote: “the size of your success is measured by the strength of your dream, and how you handle disappointment along the way.

•Control your spending habit

The solution to financial problem is the ability to manage in a most efficient, efficient, effective and productive manner; not in earning more. It requires a lot financial discipline to attain financial prosperity. Some individuals lack financial discipline. They buy everything that attracts their fancy, whether they need it or not. To attain financial prosperity, you must control your spending habit. Some individuals spend above their income, and even pile up debt awaiting their income. The end result is that their expenditure becomes higher than their monthly income. Live within your means and never spend beyond your monthly income. Put aside a specific percentage from your monthly income, and deposit that money into an investment scheme.

Never go back to draw out from that money, until you ready to invest it.

•Acquire Financial Intelligence

Some individuals have leaky pockets. Money never stays within their pockets.As soon as money comes in, it goes out as fast as it came in. This is not a sign of financial intelligence. What is financial intelligence? It is the ability to focus on acquiring assets, not working harder. It is the ability to convert cash into assets. When an individual is financially intelligent, his income will always be higher than his expenses.

•Innovation of strategic Method

This is the introduction of fresh and brilliant ideas. To increase your chances of attaining financial prosperity, you must be able to implement different strategy to get different result.

To become financially prosperous, you have to do things extra ordinarily and apply unique strategies.

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