Levelling up Your Financial Mentality

By: shimika77@yahoo.com0 comments

I know many of you right now are sitting at your cubicle frustrated by the lack of employment options dictated by our very non diversified economy.

Many of you have worked extremely hard, acquiring numerous years of experience, skills, certifications and the like, and yet are still financially restrained by the high costs of living that has never seemed to work to your benefit.

You are looking for the big break, that promotion that will allow you to climb the corporate ladder so to speak. Well I challenge you to not limit yourself to climbing the corporate ladder but to actually build your own.

As a strong advocate for financial independence, I have helped to usher a number of friends, colleagues and businesses into developing very realistic additional revenue streams for their family and I encourage you to do the same.

The first rule of all wealth building strategies involves building for yourselves and your communities  rather than solely for someone else’s interest. This can be done through partnerships, investments, and divestitures.

Bermuda’s relatively higher salaries provide a unique opportunity for us to either create our own or invest in the businesses of others. When you work for someone else your entire life, all of your economic, financial, and sweat equity is used to build someone else’s castle and not yours.

And since wealth is built inter-generationally, all of that equity your hard work created is not being passed on to your children. They start with nothing just like you, and thus the cycle continues. But wait, you say, doesn’t education impede that cycle?

Try affirming that notion to the large number of qualified persons that are either unemployed or underemployed. The truth is, many of us have been duped into believing the lie that education  is the key to financial independence. It is a tool for achieving a level of financial independence but ONLY when paired with a lifestyle that adopts financial astuteness and a supportive infrastructure.

We can’t wait for someone to give us an opportunity, we must create it for ourselves. Oddly enough, we keep hearing these problem but are  unaware of what the solutions are. I’ve never been one to hold back  on my views, so I will fill you in on a little secret; The Elephant in the room so to speak: Many people, qualified, certified, educated, well paid, not well-paid, non educated, and the like, are all in a position of significant  Economic servitude.

Their revenue streams are not diversified which means they are relying on one source for their livelihood and that one source is usually their job. Furthermore, their spending and investing habits have in many cases impeded them from having alternative revenue streams.

They are what we like to say as “one pay check away from being broke”.

The Solution: Economic Independence.  As educated as many of us are, financial literacy was not a subject many of us were privy to as part of our education regimen. And if you weren’t lucky enough to be brought up in a family where these forms of discussions and values were expressed and implemented, how else would you know.

Through this forum and other programmes which I participate in, it is my aim to help bridge this knowledge gap. I intend to utilise my knowledge and expertise on financial concepts and strategies to allow for us to  “Up our Financial Game” so that we can create a culture that is conducive to creating generational wealth for generations to come!

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