Monday, 23 April 2007

Grow Financially First

If your aim is to be truly fulfilled, of all the areas of your life, master your finances first.

Now when I say master, I don't mean become a billionaire, I mean gain control of them. Learn how to get out of debt. Take the skills you have and learn how you can leverage them so that you can add value to people. In return for this value you will be rewarded money.

My view on doing well financially is this.

-Earning an income that is enough to support all your needs and help fund growth in all other areas of your life.
-Enjoying how you earn your income. (If its completely passive then it doesn't matter what you think of it, because you don't have to do anything to earn it - great.)
-How you earn your income is in line with your core values.
-Having plenty of time to grow and enjoy the other areas of your life, e.g. relationships, spirituality, health and fitness, etc.

Now, why should you master your finances (as described above) before you master the other areas of your life?

Having finances gives you the potential to develop much quicker in the other areas of your life.

This is because if you have massive financial resources you can go out and more easily get the resources needed to improve other areas. For example, if you're rich you could hire a personal coach and easily get a gym membership, which will help you get fit and enjoy life more. However, if you were poor you might not be able to afford a gym membership and definately not a coach. This definately does not mean you cannot get fit without those things, it just means it will not be as easy.

Here's a real life example. A good friend of mine decides he wants to become black belt at karate in as little time as possible, so he needs the very best coach out there. Without the financial resources and influence he had achieved he would not as easily have been able to work with the best.

You need to meet your needs

Mastery of the other areas of your life do not put a roof over your head as quick as financial mastery will. If you become a world class runner then you may put a roof over your head that way, but that still takes financial skills to convert your physical abilities into money.

Also, if you cannot meet your needs then you will not have the chance to do the other things. For example, if your living in the street you will probably not be able to afford the healthiest diet out there.

Before I conclude I still want to note that...

Without financial support there are still plenty of ways to improve in the other areas of your life, because with enough resourcefulness you can always obtain the resources you need.

Also I want to be clear that on the road to financial mastery all other areas of your life should also be catered for. Trying to get rich doesn't stop anyone from exercising, giving, loving and eating healthy.

However, what I am saying is that it's so much easier to grow with financial support. I therefore believe that focusing growing financially first is in the long term the best life investment.

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