Managing Personal change is key in building wealth

Managing Personal change is key in building wealth In money habits of the wealth we introduced three things that you can pick up and be successful. 1. Saving 2. Investing 3. Giving Its clear that when you set your mind to become a millionaire you are in essence planning to save, invest more and give in large measures. Becoming a millionaire from scratch involves a mindset shift, an intricate mental change that involves three activities (a) Determination of your present financial status, where you figure out your position- finances and behavior- and what’s important to you. It involves developing a personal vision and setting lifetime goals. (b) Having determined what’s important to you, you must start working towards achieving it. Rising from ashes naturally involves creating income of any scale and keeping a portion of it as savings and for investment, in this way you start to overcome your “inner self “and eventually overcome Parkinson’s law – that expenses rise to meet income. Priority - Most people fail in step two because they are unable to connect their vision with reality. For example if you honestly want to build a house so you can stop paying rent and all you, can save is a block( sh 200) a day, you can achieve your dream by keeping aside one block a day without fail. However the house must first be IMPORTANT to you than any other enjoyment so that it takes a place of priority in your budget allocation every day. - The third action involves changing how you have been handling money by learning to deal with what has been SABOTAGING your efforts to be on top of your money. Arguably, the most difficult of the three traits involves dealing with your emotions by engaging logical thinking and action. It involves actions that HURT the people you LOVE, which you MUST overcome and remain strong. - How you execute savings at every purchase, investing and giving defines and separates the poor from the wealthy. Faced with the need to make personal change, the poor gets stuck at the emotional stage. The wealthy in the mind quickly engage logic and receive reinforcement from growing savings and investments from their actions. - My notes from ( Patric Wameyo, financial literacy coach and educator0 - Thursday May 22,2014 DAILY NATION>