(Last Updated On: 30 Jun, 2018)Politics has played a major role in shaping the global economy to the extent that many people believe that their financial success in life is dependent on which political formation is in government at a particular time. While this fact can be true to some extent there is another group of people who have become successful despite which political party is in power. I know that some people may not have had a chance to be under a different political leadership they are saying to themselves only if their party was in power my financial life would be better and on the other hand there is another group of people who wish the current political leadership or party will remain in power so that their financial life will continue thriving
There is yet another group of people which is apolitical and thrives under any government no matter that government can be called good or bad they still make it. One thing that l think will shock that group which is waiting for a particular political party to be in power is that it can still remain poor even when their chosen political formation gets into power.
Financial success is guaranteed by three things that is financial literacy, financial intelligence and knowing the rules of money.
Financial literacy is the ability to understand how money works: how someone makes, manages and invests it,
Financial intelligence is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions.
It takes one’s decision to acquire the above three essential ingredients of financial success no one is born with them (in case someone can say l was not born with it). In the process of acquiring these ingredients you will note that the process involves pursuing the wisdom of uncommon financial achievers and mentors. As Robert Kiyosaki says that our current education system is the Industrial Age education which teaches children to be employees that is it trains students to go and work (go to school get good grades and get a good secure job). This type of education never teaches children about money. That is why people leave from salary to salary they spend money with the expectation of getting paid again at the end of the money.
This lack of financial education has resulted in many people starting companies and within the first 5 years the companies close because the owners could not manage the finances of the business very well. Such mismanagement has nothing to do with the government of the day. These business owners lack the understanding of how money works, how to manage it and how to invest it. One may ask which financial education are these people using then to manage their finances – the answer is they are using the financial education from home either from their parents or guardians.
There is another group that has heard about investing and decided to become investors either in the stock market, money market or commodities market. Some have gone into investing in pyramid schemes because of the promise of high interest and returns. They fail to read between the lines why such an investment is offering higher interest than the rest of the market. This group still wonders why it is not getting financial freedom. The answer is they lack financial intelligence required to make informed investment decisions. They are not able to read and understand financial statements later on analyse the financial information before putting their money in a particular financial product. Someone can argue that they don’t need financial intelligence because they use the services of a financial advisor well if the advise of a financial advisor is 100% correct why then do they put a disclaimer at the end of each advise they give? This only tells you that you need your own financial intelligence to be able to make your own informed investment decisions.
Rules of money is another essential ingredient and according to Patrick Betdavid there are 20 rules of money. I will just mention three.
Rule number 1 – It’s a game -The great thing about any game is that no matter what game you play, you eventually get good at it. If I’ve never played chess, and you’ve played it 100 times, you’re probably going to beat me. If I’ve played Monopoly 1,000 times and you’ve played it three times, I’m probably going to beat you. So the great thing about the money game is that it can be learned.
Rule number 2 – Don’t Be a Hater of Money – If you hate money, you’ll never get money. Why? Because money doesn’t like haters. If you constantly say things like, “Money doesn’t grow on trees”
Rule number 3 – It’s a Doubles Game – The entire game of money is about doubling your money. What do I mean by double your money? If you have $1,000 cash in your bank account, you are 10 doubles away from having a million dollars. You’re five doubles away from $32,000, 13 doubles away from having $8.192 million, and 14 doubles away from $16 million dollars. How soon can you double your money?
To be in the group of those that gain financial freedom regardless of the government of the day get to master these 3 essential ingredients of financial freedom namely financial literacy, financial intelligence and the rules of money. In the process of acquiring these ingredients you will discover that leadership, strategy, marketing, sales, customer service etc. will come into play depending on your choice of the path to financial freedom. No matter what we do at the end of the day everyone wants to have financial freedom.
We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate – Robert Kiyosaki
