The Key Concepts CEO's, Founders & Business Owner's Use to Obtain Financial Success
Ok, so how do you get everything in life you desire? How do you achieve financial success? It's an age-old question. Before answering that, you need to ask yourself what it is you actually desire? What do you want from life? Most people I know want to be able to live life to the fullest without having to worry too much about money.
To me, that sounds like a fair request for your time here. Unless you miraculously win the lotto or inherit a million dollars from a relative, to me, there's only one way to do it.
A financial plan. But, before we get to that, let's look at 4 of the key concepts used by successful people.
Set Life Goals
Saying you want financial success, or financial freedom is too broad. You need to figure out what financial success means to you.
For some people, financial success could mean a paid-off home, two cars, being able to pay all their fixed expenses and having some money left over for a couple of holidays a year.
For others, financial success means owning a lucrative business that pays for itself and generates enough profit for them to live comfortably.
Once you've decided what you deem to be a financial success, the next step is to write down what that looks like in terms of money in the bank, how much your desired lifestyle will cost to sustain, and at what age you want to achieve it.
Being decisive is critical. You have to be specific with your goals and direct in making them happen.
Be specific, decisive and act quickly
For financial freedom and a happy life, you need to learn how to ask for what you want. The key concept successful people like CEO's and founders use is learning how to communicate what they want efficiently.
It comes down to making a decision and acting on it fast, even if it is not always the right one.
Running a successful business or excelling in your career has a lot to do with the concept of being direct and specific.
How can you expect to get what you want, if you talk in circles and take ages to decide on something?
It would be best if you put what you want out there. As with anything in life, weigh up the pros and cons and decide.
In an interview with Harvard Business Review, former Greyhound CEO Stephen Gorman says "Once I have 65% certainty around the answer; I have to make a call. I ask myself two questions: First, what's the impact if I get it wrong? And second, how much will it hold other things up if I don't move on this?"
Make it clear what you're asking for. Be direct about what you want, who you want it from and when you need it. You've got to be decisive, quick and ask with conviction.
Think outside the box
It comes down to how much value you place on your ability to influence your surroundings. How much is your offering worth? Sometimes, the same tried and tested methods for running a business or climbing the corporate ladder don't always work. By thinking outside the box, you stand out to your customers or your boss. Trust your intuition and believe in your own ability.
People stagnate by getting stuck in their ways or becoming too comfortable. How do you think people come up with innovative ideas? Not by going with the grain, that's for sure. This goes hand in hand with being decisive. When you're faced with a problem that needs solving, sometimes taking risks could prove beneficial.
Now, let's get down to the practicality of obtaining financial success.
Create a financial plan & start investing
A financial plan includes crucial aspects such as budgeting and saving, sure, but it also includes growing the money you save.
There is no greater way to grow your money than through investing. The beauty of compound interest will help build your wealth exponentially over time. There are multiple ways to invest your money from investing in bonds and stocks to contributing to a Roth IRA and trend following. How much you make comes down to how much you have, how much time you've got, and how much you're willing to risk.
This is not to say you need to take risks to invest effectively; there are safe options. You can create a manageable portfolio with the help of a virtual financial advisor and make monthly contributions to it with their advice. It is through the combination of both that people achieve real financial success.
Thanks for reading, I hope it inspires you to choose the life you desire.