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Financial Tips for a New Level

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Whenever I have the opportunity to speak to people about financial intelligence, which is quite often, I am amazed at how everyone wants to prosper financially. When I ask people who are sure they will become wealthy to raise up their hands, all hands fly up. A closer look however, quickly reveals that it’s all wishes. The hard cold reality is that most of the hands raised up don’t stand a chance without a radically different philosophy and paradigm.

If you are curious to know if you are insulated from the vital statistics that says that 99% of humanity will not achieve financial freedom, please answer the following questions sincerely. If you want to be one of the 1% and want to be a part of a move making the 1% stretch into 10%, simply follow the simple tips I will share after this brief survey.

1. What is your current financial net worth? When you add your assets together and subtract your debts what number does it give you? Please do not count cars, and household equipments as assets, they are not. In simple terms, assets are things you have that bring money to you, and liabilities are things you have that take away money from you. How much of what you have is cash, how much is liquid and how much is illiquid?
2. How many income streams do you currently have? How many sources of income do you have? What is your total monthly income?
3. How many of your income streams are active and how many are passive? Do you enjoy any passive income currently?
4. How many years from now do you desire to be financially free? Don’t be in a hurry to fix a small number, think deeply about this and set a target that is reasonable but stretches you a bit.

If you answer these questions, you will get a realistic picture of where you currently stand. It’s sad that many of us don’t ask ourselves these questions early enough. However long it has taken you to stumble on these thoughts and finally ask these questions, is only as significant as what you decide to do from this very moment.

Remember that you cannot solve a problem, thinking at the same level that you were thinking when you encountered the problem, the solution requires a change of thinking, a whole different paradigm. Many of us grew up with the goal of financial security, the truth is, moving from a financial security mindset to a financial freedom mindset is a major leap. Many of us for many years have been taught to sow, to give, to make sacrifices for our faith, the honest fact is that even though this is good, if you don’t have a store house there is nothing for even God to multiply. While we have celebrated people for how much they have or how much income they earn, we now need to shift away from how much income they earn to how much passive income they earn sustainably.

If you truly desire to become financially free, there are a lot of basic thoughts that need to change. The truth also is that you cannot do it on your own, you need to hire a coach, or submit yourself to mentorship. Here are a few tips that are working for me, and I have no doubts will work for you as well.

1. Money is discipline. It’s not how much comes into your hand at once that matters, it’s how much you discipline yourself to put away from yourself that counts. Develop money discipline. Break Parkinson’s law, ensure your expenses don’t rise up to meet your income.
2. Open an Escrow account with your partner, and get a 3rd party coach or mentor to hold all the keys to the account. This way no money leaves the account without the alignment of 3.
3. Form basic rules that allows you to see the money in the escrow as future funds, plan to run this for 10yrs without making alterations. Define basic rules for the types of investments you can engage these funds in. Here again you need an experienced mentor or a coach.
4. Set a goal to generate at least 5 streams of passive income.
5. Set a goal to play in the 5 vehicles for creating sustainable wealth – Real Estate, Paper Investments, Automated Businesses, Intellectual Property and Network Marketing.
6. Have a regularly sequenced meeting with great minds to measure and track progress. Better if meeting involves couples. Keep your balance sheet and update it monthly.
7. Use the power of leverage, tackle challenges and investments as a group, this makes the process faster.
8. Read up regularly about Finance, remember, you were not taught how to make money, grow money or earn passive income in school, reading enough books to equal your age is a good place to start. Read and Practice. Here are a few you could start with – Richest man in Babylon, Success Secrets by Adeolu Akinyemi, Science of Getting Rich, Think and Grow Rich (Norman Vincent Peale and the Black Edition), Rich Dad Poor Dad, 21st Century Business, It’s time for Network Marketing, e.t.c.
9. Play Cashflow 101 often, play with friends, play with mentors.
10. Be clear with yourself that your dream is on the bench until you become financially free, pursue financial freedom like it’s the prerequisite to your goals in life. True riches only get handed to you when you have demonstrated mastery with money.
11. Look for other people to share this with and be a coach to once your life begins to steer in the right direction. One of the great secrets of learning is that to truly own knowledge you must teach it. So, learn like a teacher.
12. Appreciate your teacher, mentor and coach. Make it worth their while, and expect others to do the same to you.

These tips are not exhaustive, but if you put this on your plan as activity you must be involved in next year, I can guarantee you that the year you implement this would be your best by far, so far.

I wish you a New Year with a New Level and a Year full of grand achievements and record breaking. Remember, there is no New Year, without a New You!

Adeolu Akinyemi

Adeolu Akinyemi

13 thoughts on “Financial Tips for a New Level”

  1. Tayo Sobajo
    December 29, 2011 at 10:57 am

    Thanks for the constant head up Sir!!!

    Reply
    1. Iroko@Creating Millionaires
      December 30, 2011 at 11:23 pm

      For me I have decided to leave the talker avenue and really take my future in my hand and I think that is what most people that raised their hands should do, thanks for the constant heads up and for really doing what you teach!

      Reply
  2. Adesoji Adegbulu
    December 29, 2011 at 11:11 am

    What a great way and questions to kick-start another year. Thanks mentor

    Reply
  3. Ogunlade Hezekiah Adeyemi
    December 29, 2011 at 11:35 am

    Thanks for the update. God bless you sir.

    Reply
  4. Ajewole olanrewaju
    December 29, 2011 at 12:11 pm

    Whaoo,what a wonderful lessons. Thank you.

    Reply
  5. Talk Moses Ihiabe
    December 29, 2011 at 1:18 pm

    You have always made me ask for more.

    Thoughtful lessons here.

    God Bless You Sir!

    Reply
  6. Olamide Odesilo
    December 29, 2011 at 2:53 pm

    Thanks a million Sir !

    God bless you more in Jesus name.

    Reply
  7. Dele Ibikunle
    December 29, 2011 at 4:15 pm

    ”Remember, there is no New Year, without a New You!” …. Thanks for this MD.

    Reply
  8. Timothy Anietie
    December 29, 2011 at 5:15 pm

    This is great, It’s been part of you and am not surprise sir. Thank you so much and keep the fire burning…. Must surely share it with friends at http://flickinfo.net

    Reply
  9. Matthew Abolurin
    December 29, 2011 at 6:16 pm

    Thought provoking write up CM. Thank you so much

    Reply
  10. Tolulope Ahmed
    December 30, 2011 at 9:23 am

    My answers to the questions:
    1. My networth presently has not been calculated recently but the last time I checked, it is not less than N1000.

    2. I have at least 6 income streams
    3. 1 is passive, some semi-passive, the others are active
    4. 3 years now (2014).

    I find that by sincerely trying to write down these answers, I have more drive and determination to “up my game” and to eventually make it happen.

    I’ve captured all the empowering ideas and am willing to RUN with them immediately (though I’m running with few of the above ideas currently).

    I really appreciate this sir and pray the people reading it will copy these ideas, place it where they can see them everyday so they’ll be sure they’ll run with them.
    Thank you so much sir for empowering people for success! Indeed you’re a freedom fighter.

    Reply
  11. Kamo
    January 4, 2012 at 9:33 pm

    Quite inspiring but quite tactical to implements

    Reply
  12. Johnson Olubunmi
    January 6, 2012 at 1:34 pm

    thanks a million,its timely and loaded

    Reply

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Meet Deolu

Many hold their audience spell bound with motivational speeches but few care to hold the audience by the hand and help them walk their way to financial freedom like he does. Many have failed at everything they have tried to do but everything he does turns to gold. Read more…

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