HOW TO DEVELOP FINANCIAL INTELLIGENCE

The concept of Money;

The idea of money (that is; value placed on goods or services) was introduced back in time (right before you and I were born) by then business tyrants to replace the idea of trade by barter system. The invention of money (from metal coins, later to paper notes) brought about several changes in trading system globally and also brought a means of empowerment to some, which are now referred to as the wealthy.

Money, as some folks would put it, is the root of evil. So sorry to disappoint you folks, but money is not the root of evil. It’s the love (craving or uncontrollable desire) of money that is the root of evil. Money is a good servant, but a bad master. Indeed, money can be used to measure wealth (compound interest or savings), but money is not all you need to be and stay wealthy. Other factors such as your health status, your state of mind, emotional capacity, family, friends, business and assets also contributes to measuring how wealthy you are. Also, Time management can be used to measure wealth.

Your individual needs are far greater than what you earn and this has a way of driving you to strive harder for money.Unconsciously, as you strive for money, you are enslaved by money as long as you work hard for it either on payroll basis or other means of earning it (legally or illegally). Since our soul can not be bought or satisfied, the harder you strive for money, the more enslaved you become, this continues until money becomes your master totally and it goes on like that from generation to generation.

There are two categories of people in the world. Those who control money and manage their time appropriately ( that is; the rich who spend money to gain time) and those who don’t have money, yet lack time management (that is; the poor who spend time to gain money). 80% of the world populations wealth are controlled by 20% of the world populations.

                                         

Basics of financial intelligence.

Wealth isn’t something you build over the night. It takes a great deal of processes and time to build wealth. This processes start with you investing in yourself.

 Ever wonder why some folks spend most of their life chasing academic degrees and sorts, yet they won’t get the right job with the proper pay? Simple, they were busy building their educational know how but neglected developing their mind, emotional intelligence, financial knowledge, simple relational skills and the likes.

A functional and well learned mind is the greatest asset anyone could possess. A dysfunctional mind can never be productive lest create wealth. The best place to put your investment is your mind; a well equipped mind will produce outstanding results and generate wealth creating ideas. Simply put, what you don’t know, you will pay costly for it and that which you know will be paid for by those who don’t know it.

The reality is this; college certificates and university degrees cannot build in you the ability to relate effectively neither will it increase your financial knowledge. That why some accountants still get broke!!! The only source for this is you investing in yourself. Self investment is a foundamental key to self discovery and actualization.

Financial intelligence is therefore, a mental sharpening of your mind towards progressive financial freedom by learning about MONEY, how to make money, how to make money work  for you, the laws of money, how to evaluate between assets and liabilities.

Also, financial intelligence is developing yourself to be financially literate, disciplined and calculative (understanding figures and how to multiply them).

 Developing financial intelligence.

The first step you need to take here is the ABC step (that is; Awareness Before Change). First ask yourself these questions;

1.      Am i statisfied with the current level of my financies?

2.     What can i do to make my financial status change for good?

3.      What is my current level of financial know how?

4.     What special skills do i possess that can make money for me?

5.      Do i spend more than i earn and what’s my saving plans?

6.     What are my financial plan for the next five years?

7.     What are my future plans after School?

The second step you need to take leads to self development.

1.      Buy books that teaches you practical insights on money and financial literacy.

2.     Overcome the circular  mentality that you need money to make money.

3.      Depend on God for creative ideas and oppurtunities.

4.     Read financia literatures by successful enterpreneurs. ( The best education you can get is not in lecture rooms but in real life. This is done by standing on the shoulders of successful men ).

5.      Understand why you WANT to be Financially independent. Motive is a major factor when it comes to been successful. Wrong motives will produce a flash in the pan success but success built on right motives last and pass the tests of time.

6.     Aquire assets not liablities. Liability is that which takes money out of your pocket while the former is that which puts money in your pocket.

7.     Have a strong saving plan and spend strictly according to your budget.

8.     Make money work for you by; Tithing (also applicable to students), generous giving and paying yourself.

9.     Discover your God given talents or gifts. Find out what you do with ease which makes people call for you and pay you.

10. Live within your means and avoid unneccessary debts

11.   Invest in people (family &  friends) and learn to leverage your resources such as time and knowledge.

12.  Understand the law of attraction. The human mind is like a magnet, it attracts whatever it thinks or imagine. When you constanctly imagine fear or disappointments, you will certainly experience it. Simply put, be optimistic about whatever you find yourself doing.

Finally, find power in the little things of life as, out of them is drawn the power to create life’s biggest and greatest gifts. John Kanary. Remember that small is beautiful and it takes effective minds to keep up with financial literacy.

There is nothing that will give you a bigger and better “bang” for your buck than reinvesting  some of your time and money back into your capability to earn even more. All wealthy and successful people have learned this sooner or later, and all poor and unhappy people are still trying to figure it out. You begin to move up socially and financially from the day that you begin thinking about what you are doing in terms of the possible long-term consequences of your actions. As you begin thinking longer term and   organizing your financial life and priorities with your future goals and ambitions in mind, the quality of your decisions improve  and your life starts to become better almost immediately...Brian Tracy

Being wealthy is a function of your mind and goals set. I believe that God has destined you for a purpose that exceeds your presents status or circumstances.

Therefore, don’t you ever give up on yourself, goals and vision. Shine as a light will shine, trust in God and have a clear cut plan for your life.  

                           Be Inspired!!!