When the topic of having more comes up in conversation, what is the first thing that comes to mind? Would it be putting money in the bank? Cutting down on your expenses? Devising a new monthly budget? Most people spend so much time trying to save money rather than looking at having different or even multiple income streams. What if we can shift our focus from saving to generating? What if money can snowball when you start functioning from generating money?
The tithe to you – the magical 10%
The definition of the word tithe means “a tenth part of something paid as a voluntary contribution or as a tax especially for the support of a religious establishment.”
In the olden days, and in some religious churches and synagogues today, people give out a tithe (10%) as a gesture of good faith or as an homage to God. Are you willing to put away just ten percent of every dollar (or whatever currency) that comes into your life as a contribution and acknowledgement of yourself? Ten percent is easy to calculate, and it probably would not create a financial burden with all the fixed and variable expenses everyone has.
As your ten percent fund grows, it would create a sense of peace in you with regards to money. At some point, you will also have to cease to believe you are incapable of making and having money. You simply multiply the number in your ten percent fund by ten, and you will come up with the amount of money you have actually made. You will start to look at money and your own generative capacities with money differently.
Get educated on available services and products
I have come across a number of self-proclaimed financially savvy people who cannot read a balance sheet or have never done an investment risk attitude survey. I also know a few accountants who, for a year, invest through putting money into their savings accounts and make time deposits/certificate of deposits. CDs are great financial products for people who are risk-averse because the payout (the original deposit plus interest paid at a given rate after a fixed amount of time) is guaranteed by the bank. If you really want to make more money, you have to go out and learn about all the different types of available products and services while learning how to do your own math. If you are mathematically challenged, hire an accountant or find a friend who is good at accounting. Recognizing your own real values and knowing what you would like to achieve through investment, are key determinants in choosing your portfolio of financial products.
There is no such thing as the best type of investment. If you see such advertisements, know that they are only there to confuse your wants with needs so you would spend your money of them. There are only investments that suits your needs and financial targets. They come in many shapes and forms, with some having higher yields in shorter terms and others having lower yields in longer terms. Know that investments are part of your assets, whether they are tangible or intangible. You might have more assets than you know if you are willing to a thorough overview of your personal finances.
Ask for successful people’s advice (receiving money in another form)
Do you know someone in your life who you think is very smart and successful? Have you ever approached them to ask for their financial or business advice? Whenever you ask successful or rich people for their advice, you are, in another sense, receiving money from them. Wonder why books or articles featuring moguls such as Steve Jobs, Bill Gates or Jeff Bezos fly off the shelves? Because they give off sound advice to people who need new insights or are simply stuck in their current situation. I remember one of Warren Buffett’s quotes when I started investing in stocks: “Price is what you pay. Value is what you get.”
These tips allow them to perceive different possibilities they have never seen, empowering them to make different choices for their businesses and their lives. I know we all have experienced the paradox of wanting to go for something but being afraid of incurring losses. Here is another one of favorite quotes from Seth Godin that might give people who are on the fence a gentle push: “The cost of being wrong is less than the cost of doing nothing.”
