Financial Literacy Series

Financial Literacy Series

This page is dedicated to those who are ready to become rich by raising their financial intelligence. 1. It is one of the first action steps to get you started on your journey to financial freedom, and more importantly, time freedom.
2.

It teaches brilliant strategies of making money and more...

Operating as usual

12/11/2021

Pillars of Wealth Creation
Pillar 1: Reject get rich slowly
Getting rich slowly today may actually have more risk than getting rich quickly because jobs are no longer guaranteed for any length of time. More jobs are being outsourced and moved overseas. But if you lower your living expenses by living in an inexpensive dwelling and work at least part-time to pay for your living expenses while you develop an online business that does not require a lot of your money in your spare time, you can actually fail in business several times before succeeding. If you follow this path, you will likely come out further ahead than you would have if you worked at a job. Once you have sufficient income from your own online business, you can quit your job.

Pillar 2: Find a way to separate your time from your money
Instead of increasing the value of your time, create a system that allows you to make money whether you are working or not. Spend most of your time creating a system that creates money. Your first goal is to find a process that works. Then clone yourself so that the process continues to work without you. For example, create a website that manages client appointments, run ads that sell for you, etc. When you decide on a business model ask yourself these questions: (1) Can the business make money when you are not present? (2) Can this process be done by others or automated and done by machines? (3) If this business became successful, could I train someone else to run it? (4) Is it possible to make the process of delivering $100 the same as delivering one million in sales?

Pillar 3: Accept that you must be better than everyone else: You must be confident of your skills to take chances and make money in the marketplace. Accept that if you lack necessary skills you need to build up those skills and become great. Repeated actions over time and incremental improvements in those actions can make anyone great.

Pillar 4: Accept 100% responsibility for everything in your life: Once you accept full responsibility, you begin to think more pro-actively.

Pillar 5: Adopt an abundance mind-set to attract money: Money is repulsed by people with a scarcity mind-set. If your actions do not drastically change, your outcomes cannot drastically change. Identify where you can increase your income and invest in those areas. Whenever you find yourself reverting back to a scarcity mind-set, look for ways to expand. Abundance allows progress, whereas, scarcity impedes progress. Remember there is unlimited money in the world. You can take an unlimited amount of actions to go get it.

Pillar 6: Forget what if, focus on what is: Constantly take shots. Identify the next task you need to do to move forward and do it. This might be cold calling businesses, emailing businesses, attending business network events. Place this into an action paragraph. For example, it might be that you need to get a client. To get a client, you might need to learn how to sell. Get practice selling by calling businesses, emailing businesses, and attending business network events.

Pillar 7: Map out the actions you need to take to achieve your goals: Define your goal. Then map out a plan to get there. Don’t look at the success event, which could be someone being recognized as a best- selling author or selling a website for a million dollars or more. Instead, focus on finding out all the steps that led up to the success event. Begin taking small steps to achieve your goals and keep going until you achieve success. Break down each of your major goals into action tasks you can begin working on and begin working on the first step immediately.

Pillar 8: Focus on what gets you paid the most: Once you can, hire others to do lower-value tasks. By identifying the actions that get us paid and focusing most of our efforts on those actions, we can reduce the amount of time it takes to become profitable. For example, if you have an internet business, the most profitable task might be to focus on generating the number of leads that come into your pipeline. For example, if your goal is to earn ten thousand dollars a month, your goals might be to (1) read four marketing books, (2) work on ranking websites using search engine optimization (SEO), (3) learn Adwords and Facebook advertising, (4) create a business website, and (5) cold call and email potential clients. But of these tasks, the only one that will generate cash right away is contacting potential clients by phone and email and getting paid. But once the person is earning $10,000 per month with ten clients, the task that will generate the most money will be closing the deal on one-on-one meetings where she will earn $500 per hour if the meeting takes two hours. That means that the task of cold-calling and emailing customers should be outsourced to someone else.

Pillar 9: People give money to people who understand people: Money is the exchange of power between people. Thus, we need to learn how to persuade other people to give us money. If you are trying to get rich, you are trying to gain control over other people to get their money. You must be able to lead people to earn money. You cannot become rich by yourself. You must figure out what your target audience wants and needs and learn how to convince them to hand over their cash in exchange for what you are selling. Spend some time each day learning about people. The way to earn the most money is to have the brand, the product, and packaging that people “feel” the most positive about buying. As a beginner in any business, you must become comfortable at two things: (1) selling and (2) being comfortable around people and leading them to do things. Regularly ask yourself if your product/service is the coolest one available for your target customer. No one has ever gotten rich without being paid by someone else first.

Pillar 10: Find competitive friends and suitable mentors: Being in a community of like-minded people can trigger an obsession to work hard and achieve success. The opportunities are out there. Plenty of people become wealthy each year, especially now with all the tools available to almost anyone. It is up to each of us to learn the skills and mind-sets that will help us succeed in achieving our goals in the field(s) we select to pursue.

09/11/2021

TODAY'S BUSINESS TIP
If you want to build a robust business, it is important to get out there, make connections, and network with others. Business networking involves connecting with potential customers and other individuals who might refer business to you. It also means making contact with people who can provide key information that can help you grow your business and is based on creating trusting relationships with other businesspeople.

Networking helps you promote your business and can lead to new opportunities, both very important as business owners seek to recover from the Covid-19 pandemic. Of course, with the disruptions caused by the pandemic, which have meant fewer chances to meet others in person, there has been a shift to networking virtually, which can actually offer you more opportunities to build connections across borders.

21/04/2021

Who Needs Financial Literacy Skills?
In this world, every person gets to choose their career path. If you love math, you can become an engineer. If you love writing, you can start a blog, or write a book. If you love biology, you can become a doctor. If you are entrepreneurial, you can start a business; the choices are endless. But, no matter which career path you choose, you will be working for the same thing–money. So, to answer the original question of who needs financial literacy skills — everyone!

People will spend years of their life getting degrees in a countless number of career fields, but the skill that everybody needs to have–managing money–gets overlooked by the majority of them. The good news is, it doesn’t take years to become financially literate. You can learn the basics of good financial management by reading a couple of books, and you can become financially literate over the course of just a few weeks.

20/04/2021

Know Where Your Money Goes
It is very important to make sure that your expenses aren’t exceeding your income. The best way to do this is by budgeting. Once you see how the cost of your morning coffee adds up over the course of a month, you’ll realize that making small, manageable changes in your everyday expenses can have as big an impact on your financial situation as getting a raise.

In addition, keeping your recurring monthly expenses as low as possible can save you significant money over time. Even if you can swing an amenity-packed apartment now, picking something plainer could let you afford to own a condo or house sooner than you otherwise would.

07/02/2021

*_SUCCESS IS NOT A CALLING BUT A DECISION !_*

*The economy is tight, yet people are still buying cars. People are opening new businesses. People are building new houses, How?*

*Stop complaining!* Government alone is not the answer. *You are the driver of your own destiny.* I have never seen anytime in the history of the human race when there are no hard times. *Yet people made waves and affected their generation.*

If you see anybody complaining, then you see a frustrated lazy man or woman looking for cheap answers and solutions.

*Nothing in life will ever come easy.* I believe what we need at this period is the drive to push until victory comes.

*_Many successful people had tried one thing or the other before they became successful._*

"I Have Never Seen A *RICH Person* Who Has Never *lost Money.* But I Have Seen A Lot Of *POOR People* Who Have Never *Lost A Dime"*
---Robert Kiyosaki-

"The *Primary Difference* Between The *RICH* And The *POOR* Is How They *Handle FEAR* in Investment."
---Robert Kiyosaki.

*Have a Positive mindset about investment.* You can *NEVER* Be Rich If You Are *TOO SCARED Of TAKING A STEP.*

*SALARY* alone can not solve your money problems. *You need Secondary Source of Income to balance.*

*SALARY* is the *MEDICINE* for managing *POVERTY, it doesn't CURE it.*_SUCCESS IS NOT A CALLING BUT A DECISION !_*

*The economy is tight, yet people are still buying cars. People are opening new businesses. People are building new houses, How?*

*Stop complaining!* Government alone is not the answer. *You are the driver of your own destiny.* I have never seen anytime in the history of the human race when there are no hard times. *Yet people made waves and affected their generation.*

If you see anybody complaining, then you see a frustrated lazy man or woman looking for cheap answers and solutions.

*Nothing in life will ever come easy.* I believe what we need at this period is the drive to push until victory comes.

*_Many successful people had tried one thing or the other before they became successful._*

"I Have Never Seen A *RICH Person* Who Has Never *lost Money.* But I Have Seen A Lot Of *POOR People* Who Have Never *Lost A Dime"*
---Robert Kiyosaki-

"The *Primary Difference* Between The *RICH* And The *POOR* Is How They *Handle FEAR* in Investment."
---Robert Kiyosaki.

*Have a Positive mindset about investment.* You can *NEVER* Be Rich If You Are *TOO SCARED Of TAKING A STEP.*

*SALARY* alone can not solve your money problems. *You need Secondary Source of Income to balance.*

*SALARY* is the *MEDICINE* for managing *POVERTY, it doesn't CURE it.* *Only your BUSINESS or INVESTMENT

Good morning

05/01/2021

LEADERSHIP PRINCIPLES TO LEARN FROM AN EAGLE AS YOU GO THROUGH 2021

1. Eagles fly Alone and at High Altitudes.
They don't fly with sparrows, ravens, and other small birds.

MEANING; Stay away from narrow-minded people, those that bring you down. Eagle flies with Eagles. Keep good company.

2. Eagles have an Accurate Vision. They have the ability to focus on something as far as 5km away. No matter the obstacles, the eagle will not move his focus from the prey until he grabs it.

MEANING; Have a vision and remain focused no matter what the obstacles and you will succeed.

3. Eagles do not Eat Dead things. They Feed only on Fresh Prey.

MEANING; Do not rely on your past success, keep looking for new frontiers to conquer. Leave your past where it belongs, in the past.

4. Eagles Love the Storm.
When clouds gather, the eagle gets excited, the eagle uses the storms wind to lift itself higher. Once it finds the wind of the storm, the eagle uses the raging storm to lift itself above the clouds. This gives the eagle an opportunity to glide and rest its wings. In the meantime, all the other birds hide in the branches and leaves of the tree.

MEANING; Face your challenges head on knowing that these will make you emerge stronger and better than you were. We can use the storms of life to rise to greater heights. Achievers are not afraid to rise to greater heights. Achievers are not afraid of challenges, rather they relish them and use them profitably.

5. When a Female Eagle Meets a Male Eagle and they want to mate, she flies down to earth, picks a twig and flies back into the air with the male eagle in hot pursuit. Once she has reached a height high enough for her, she drops the twig and let it fall to the ground while she watches. The male eagle chases after the twig and catches it before it reached the ground, then bring it back to the female eagle. The female eagle grabs the twig and flies to a much higher altitude and drops the twig again for the male eagle to chase. This goes on for hours with the height increasing each time until the female eagle is assured that the male eagle has mastered the art of picking the twig which shows commitment. Then and only then will she allow him to mate with her.

MEANING; Whether in private life or business, one should test the commitment of the people intended for partnership.

6. Eagles Prepare for Training;
They remove the feathers and soft grass in the nest so that the young ones get uncomfortable in preparation for flying and eventually flies when it becomes unbearable to stay in the nest.

MEANING; Leave your Comfort Zone, there is No Growth there.

7. When the Eagle Grows Old,
His feathers becomes weak and cannot take him as fast and as high as it should. This makes him weak and could make him die. So he retires to a place far away in the mountains. While there, he plucks out the weak feathers on his body and breaks its beaks and claws against the rocks until he is completely bare; a very bloody and painful process. Then he stays in this hiding place until he has grown new feathers, new beaks and claws and then he comes out flying higher than before.

MEANING; We occasionally need to shed off old habit no matter how difficult, things that burden us or add no value to our lives should be let go of.

*YES, NEVER GIVE UP,*
*BE AN EAGLE, NEVER EVER GIVE UP !!!*

03/12/2020

VALUE CREATION
Make something people want . . . There’s nothing more valuable than an unmet need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine. By PAUL GRAHAM

Every successful business creates something of value. The world is full of opportunities to make other people’s lives better in some way, and your job as a businessperson is to identify things that people don’t have enough of, then find a way to provide them.

The value you create can take on one of several different forms, but the purpose is always the same: to make someone else’s life a little bit better. Without value creation, a business can’t exist—you can’t transact with others unless you have something valuable to trade.

The best businesses in the world are the ones that create the most value for other people. Some businesses thrive by providing a little value to many, and others focus on providing a lot of value to only a few people. Regardless, the more real value you create for other people, the better your business will be and the more prosperous you will become.

This article has been shared by Emmanuel Mwesige from the book titled THE PERSONAL MBA. Emmanuel is a business administrator by profession. You can share your experience about value creation via WhatsApp +256704004263 or via email: [email protected].

04/11/2020

APPLYING THE RED HOT STOVE RULE IN DISCIPLINARY ACTION
Without the continual support of the subordinates, no manager can get things done. But, disciplinary action against a delinquent employee is painful and generates resentment on his part. Hence, a question arises as to how to impose discipline without generating resentment? This is possible through what Douglas McGregor called the “Red Hot Stove Rule”, which draws an analogy between touching a hot stove and undergoing discipline.

According to the Red Hot Stove rule, disciplinary action should have the following consequences:
•Burns immediately: When you touch the hot stove, you burn your hand. The burn was immediate. Will you blame the hot stove for burning your hand? Thus, if disciplinary action is to be taken, it must occur immediately so the individual will understand the reason for it. With the passage of time, people have the tendency to convince themselves that they are not at
fault.

•Provides warning: It is very important to provide advance warning that punishment will follow unacceptable behavior. As you move closer to hot stove, you are warned by its heat that you will be burned if you touch it.

•Gives consistent punishment: Disciplinary action should also be consistent in that everyone who performs the same act will be punished accordingly. As with a hot stove, each person who touches it is burned the same.
•Burns impersonally: Disciplinary action should be impersonal. There are no favorites when this approach is followed.

Note: In applying this Red Hot Stove rule in disciplinary action, there must be company policies, rules and regulations regarding certain behavior and conduct which were issued and clearly explained to employees and accepted by them for compliance. Disciplinary action must be directed against the act, not against the person. It must be used by supervisors as a tool to develop the employee and the group.

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