We've all been offered advice and most have given it; it's quite normal and acceptable except when the advice is unsolicited and unwelcome. I'll usually hear someone out but a lot of the advice people give is not advice at all, just their opinion, which isn't always based on experience or fact, and those opinions may not be relevant or even helpful. Giving advice, or taking it, needs to be approached with caution and especially when it comes to financial matters.
One excellent piece of financial advice I heard and adopted some time ago was, create a single income source then use that to create more. It sounds quite obvious and simple but people forget about that last bit, the create more part, and that part can be incredibly difficult - that's why people avoid it I suppose.
When I started my business I was so focused on getting it set up right, on building and shaping it, and through a lot of effort I managed to get it moving along nicely, but if a business isn't progressing it's going backwards because it's usually surrounded by business who move forward. Along the way, I remembered the advice I was given and began to introduce other streams of income that didn't necessarily steal time from my core business, add-on retail sales, personnel to expand services and man-hours (girl-hours actually) and before long I found I'd created an entire income source that was only very loosely driven by and dependent upon myself.
I was able to focus on deepening and strengthening my core business and to looking at yet more avenues of income like property for instance and I simply kept multiplying from there. It was not easy and took time but I felt my future financial security was worth the effort.
People like instant gratification so often when an income source is created work very hard at spending it on things that provide enjoyment and happiness, a sense of achievement, relevance and other such things, in the present moment, but they fail to think about the future; I don't mean everyone, just some. Financial success is about multiplication, taking that sole income source and creating a second and third until one has multiple sources of income providing a more secure present and future.
I believe life is something we should all enjoy in our own way provided that way doesn't disadvantage or harm others and money isn't always required to create that. However, for most people having financial matters under control, to be building and progressing rather than simply subsisting, is an important part of life and the best time to start that is now. Immediately.
No one is going to do this for us and financial security doesn't come by accident, it's created. By multiplying one income stream, developing more and more, while difficult, a person can build for their future and enjoy rewards along the way.
I wish I had been given that advice when I was younger and then took it. Investing and multiple sources of income and those types of things were all foreign to me as a youngster. Luckily I invested a good deal in my later years and it has saved my ass. Multiple sources of income however has alluded me. I just never seemed to be able to get other businesses off the ground even though I gave some a try. Well, if I am honest, the last time, I didn't really try as I think I had failed in my mind before I started and only was in it half heartedly.
Love Lady A, Good choice!
We all take time to learn and some never do; even those of us who learn along the way are not guaranteed of success. Life can be difficult however I think the most important thing is the we keep on trying even when things become difficult.
Becca 🌷
The good thing is I learned to invest and save a lot. It saved our butt when I had to retire early. Maybe it is not to late to figure out another source of income as well. :-)
There will always be people who will give their opinion on everything on this subject but those people don't know what is best for us, only ourselves and that advice you were given worked very well for you and I congratulate you for that. Keep up the good work.
Hugs Becca💗
I believe there's always someone out there willing to offer advice about any subject, but not as many who actually have a deep understanding of it.
Becca 🌷
Exactly, many people talk for the sake of talking and can confuse us, you have to know who to listen to.💗
The most important abbreviation when talking about financial advice is NFA 🙂
But I absolutely agree with you.
The major part (not to say the whole) of the income you generate from your business, whatever it is, should be invested in its growth, development and improvement.
Because if you spend all your earnings, it will be good for you in the beginning, but the business will stagnate and without improvement and growth, it will be at risk of shutting down (if you are not a gravedigger, then your business is guaranteed 🙂).
An example is Hive, which can be seen as a business.
If you spend all your earnings, and your account does not strengthen and your strength does not grow, you risk losing the support of the community.
Yes, I think you have summarized most what I have spoken of in my post so it's clear you read it.
Thanks for coming along and reiterating my thoughts.
Becca 🌷
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