WE are now officially in 2020 – a new year, the beginning of a new decade. If you’re starting off the new year with a list of resolutions, consider adding a new goal of how to manage your wealth better in 2020. 

Why is wealth management so important? With good financial planning, you’ll be able to avoid possible financial troubles which can happen to you anytime and save more money for the future. 

Thanks to the rising cost of living and increasing life expectancy, the idea of retiring at 55 is now a fantasy. We work so hard most of our lives – only to retire broke?

Today, we live in a world where we want things instantly – with a click of a button! Money, however, is one thing that does not abide by that rule. 

So it would help if you manage your wealth wisely. Learn these 5 transformative tips you can use to get started – so you never have to worry about money again!

 

1. Think like a millionaire

 

Your beliefs become your thoughts. Your thoughts become your words. Your words become your actions. Your actions become your habits. Your habits become your values. Your values become destiny.   

– Mahatma Gandhi

 

Your mindset affects your financial status. 

For example: “Money is the root of evil”, “You have to have money to make more money”, “You have to work hard to make a lot of money.” 

These negative beliefs can influence you to make decisions that result in temporary satisfaction, rather than working towards long term goals.

Therefore, to unlock your potential for success, change your mindset by empowering yourself with positive affirmations about money. Tell yourself this twice, 5-10 minutes a day, so that you reset your mind, and change your beliefs to that of a millionaire.

Click here if you want to know how to build a healthy money mindset that will help you achieve more financial goals. 

2. Commit to a goal 

Getting rich doesn’t happen overnight. Set yourself a SMART goal that is attainable and realistic within a particular time, and do regular ‘checks and balances’ to make sure that you are on track to achieving your financial goals.

In order to focus on your financial goals, your ability to say no to any unnecessary expenses is a crucial skill. Improving your emotional intelligence will help you to stop buying something you don’t need.  

Over time, you’ll realise that every time you say yes to something you don’t really want, you are actually saying no to the things you do want – that is how you manage your wealth effectively. 

3. Be financially conscious

Put it down in black and white – your current assets and liabilities, and how you intend to grow your assets and decrease your liabilities. 

Set up a budget – ask yourself, do you really need a new car right now – or could the money be better invested? 

By setting up and following the budget, you will not overspend on unnecessary luxury items that require monthly instalment – in other words, debt. 

Remember the rich do not spend money on assets that generate negative cash flow. 

You may think that buying a house is an asset- but if you don’t rent it out and you have to pay multiple instalments over time – it is still generating debt.

Get out of debt and start investing. Save at least 10% of your income for you to accumulate capital for investments. This brings us to the next point.

4. Generate multiple sources of income 

You have limited time – so find more sources of income that works for you. As they say, investing is like paying your future self, and it is a good way to start. 

Whether it may be investing in stocks, shares or even cryptocurrency, having multiple sources of income ensures that your eggs are not all in one basket, so if one falls through, you have a plan B. 

Want some inspiration? Click here to creating multiple sources of income. 

5. Get educated

Before you start anything, you have to do your research first. Invest in getting the knowledge to start. 

This may be expensive, but as Warren Buffet once said, “there is one investment that supersedes all: investing in yourself. ” 

Learn from successful entrepreneurs like Warren Buffet, Robert Kiyosaki etc. Well, not just that. Learning from other people’s mistakes will help minimise your losses and maximise resources. 

Once you have these skills – who can stand in your way?

Now you’ve learned the 5 transformative tips on how to manage your wealth better in 2020, to achieve your financial goals. Do you want more guidance with real strategies that have changed over 130,000 of lives?

Join the Money Mastery Mentorship Programme to find out more information. 

This programme has not only changed thousands of people’s lives but also created a huge community of people who has various multiple sources of income’ interests and business opportunities. 

Creating multiple streams of income

The graduates of this programme include:

  • Ahyat Ishak – Founder Of Pejuang Hartanah Community. He started his property investment journey for more than a decade, and he became a property millionaire before the age of 30. 
  • Jerome Tan – Founder of PIP Holdings Pte Ltd, Singapore’s leading property investor and owner of over 100 properties, also an author of ‘From Bankruptcy To Multi-Millions In 7 Years’.
  • Dr Katalina – a Certified Aesthetic Doctor with the American Academy of Aesthetic Medicine, Model, Actress, Singer & Brand Ambassador. 

Click here if you want to be part of them. 


Jeanie Chew
Jeanie Chew

Jeanie Chew is a former journalist and award-winning writer who likes to write about personal finance and entrepreneurship. She has been working in the media industry for almost 10 years. She loves to meet people, connects with them and gets to know them and their stories.

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