Healthy Money Habits

Pat Me­siti looks at the top five ways to cre­at­ing healthy money habits.

Business First - - CONTENTS - by Pat Me­siti

We al­ways hear about neg­a­tive money habits. It seems ev­ery time we hear news­wor­thy sto­ries they are al­ways tales of woe, es­pe­cially when it comes to money. To­day I want to share with you some vi­tals keys to build­ing healthy money habits which will ul­ti­mately help you achieve your fi­nan­cial suc­cess.

Here’s my top 5:

1. Cre­ate money. 2. Pay yourself first. 3. Sim­plify your life. 4. Live on 50 – 60%. 5. Give. Now I know you may be think­ing ‘some of these are ob­vi­ous Pat’, and yet oth­ers not so much. In fact you may even be think­ing some of these are a lit­tle counter in­tu­itive.

Well can I just say, per­spec­tive is an amaz­ing thing. You see, up un­til now you have used your per­spec­tive to cre­ate the world you live in. But if it’s not the world you wanted then a change of per­spec­tive could bring about the change you need. At the very least it will show you new things which can pro­vide you with growth op­por­tu­ni­ties. I’ve dis­cov­ered people long for a change of life­style with­out a change of think­ing. Your growth is a process not an event. What you do daily de­ter­mines what you are per­ma­nently. The five habits above have served me well and what I am shar­ing with you is from my ex­pe­ri­ence. So let me ex­plain each point to give you a clearer un­der­stand­ing. Cre­ate some money. It may seem ob­vi­ous, but you can’t save, in­vest or give what you haven’t got so it’s very im­por­tant to be com­mit­ted to cre­at­ing money. Re­mem­ber, wealth is cre­ated. It’s built over a sus­tained pe­riod of time, so num­ber one is learn to cre­ate money. Learn to pay yourself first. Now let me be clear on this. I don’t mean pay your bills first, I mean pay yourself first. Put some money aside into an in­vest­ment ac­count. “Why?” you ask... Well if you wait to use some of your left over money for in­vest­ing, think again. There will never be any left over. Learn to sim­plify your life. It’s sur­pris­ing how com­pli­cated we make our lives when we can live just as hap­pily more sim­ply. I have found that many of us spend money on stuff we don’t re­ally need. We buy the lat­est clothes, the lat­est gad­gets, the lat­est this and that, even though we’ve got per­fectly good gad­gets like phones and com­put­ers which are just as good as the brand new ones. Think about it, do you re­ally need the lat­est whizz bang cam­era on your phone to live a ful­filled life? Ob­vi­ously not! So learn to sim­plify your life. Live on 50 - 60 per cent of your in­come. This is an ideal range for you to live your life. Aim to pay your mort­gages, elec­tric­ity, food etc. from no more than 60% of your in­come. I be­lieve if you start to ex­ceed this you need to look at where you are spend­ing your money. Learn to give. It’s very im­por­tant to set aside a cer­tain amount of money which you give on a reg­u­lar ba­sis. We need to re­mem­ber gen­eros­ity is not a once in a while thing, it’s ac­tu­ally an all the time thing. Gen­eros­ity is a way of do­ing life. Un­for­tu­nately, many of us don’t live a life of gen­eros­ity. We live a life of do­na­tion. This is where we give a do­na­tion a cou­ple of times a year. I think it’s a lot wiser to learn to be con­sis­tently great givers. This opens up a path for a lot more to come back to us.

So there you have it, five healthy money habits. Of course cre­at­ing habits like these won’t hap­pen overnight, ev­ery sin­gle habit we want to ap­ply in our lives takes time to es­tab­lish. And re­mem­ber, if you fall off the bike; get back on as soon as you can. There is noth­ing more frus­trat­ing than think­ing you’ll get it right ev­ery time. Learn from your mis­takes, chalk it up to ex­pe­ri­ence and get back in the game.

I re­ally be­lieve that by fos­ter­ing these healthy money habits: sim­pli­fy­ing your life, liv­ing on 50 – 60% of your in­come, be­ing a giver and in­vest­ing 10% of what you cre­ate, you will build yourself a pros­per­ous fu­ture.

And if you re­ally want to take your fi­nan­cial suc­cess to the next level, fo­cus on in­vest­ing in your per­sonal growth and per­sonal de­vel­op­ment. Re­mem­ber, it’s not what you cre­ate fi­nan­cially that is ul­ti­mately im­por­tant; it’s what you be­come.

Pat Me­siti is an in­ter­na­tion­ally cel­e­brated speaker, sea­soned busi­ness ex­ec­u­tive, en­tre­pre­neur, mind­set growth strate­gist, best sell­ing au­thor and con­sul­tant. Pat’s books and cour­ses have sold over two mil­lion copies. He is the au­thor of eight best­selling books such as The $1 Mil­lion Rea­son to Change Your Mind, How to Have a Mil­lion­aire Mind­set, Soar­ing Higher, Dream­ers Never Sleep, and Stay­ing To­gether With­out Fall­ing Apart and in Fe­bru­ary 2013, he re­leased Path­way to Pros­per­ity.­

Pat Me­siti is an in­ter­na­tion­ally cel­e­brated speaker and au­thor.

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