10 Simple Ideas To Get Your Thru Any Recession (Part 2)

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6. One of my personal favorites, don’t take financial advice from people that are not financially where you want to be
In simple words don’t take financial advise from broke people. It sounds harsh but it is so true.
One of my favorite stories when speaking or doing a presentation is a science experiment conducted on 10 monkeys. A banana was put at the top of a pole in an enclosed room with the monkeys. Every time one of the monkeys attempted to climb the pole to get the bananas he was knocked down by a jet of water. This went on until all the monkeys gave up attempting to reach the banana’s. At this point, the scientists extracted one of the original 10 monkeys and replaced it with a new monkey and turned off the water jet. The new monkey instinctively attempted to climb the pole and grab the banana’s. What do you think happened?
 

If you guessed it right, then you’ll know that the other 9 monkeys pulled him down. Another replacement was made and this time 9 monkeys (including the new monkey above) was pulling at the other new monkey. This went on until they were 10 new monkeys starring at the bananas not knowing why they couldn’t touch them! That’s what happens to us when we seek financial advice from people that have been knocked down, they pull us down or discourage us.
 

So if you want to go into real-estate and you have an uncle that did it a while back and failed, look for someone else? If you have an aunt that tried to start a business and failed look for start up business advice from else where? Simply put if you want to take financial advise look for someone that has been successful and seek to advice…
 

7. Mind your business Kiyosaki’s power quote in his book “rich dad poor dad”

Financial struggle is often the result of people working for everyone else aside from themselves. [Quoting Kiyosaki] First we work for a company, then we pay the government via taxes and then we pay the bank interest on our mortgages. A never ending cycle…
 
The solution: Look into doing business for yourself. The first time I got a full time job I was so concerned about my raise. I worked late nights, carried out extra responsibilities, networked with the boss, everything. And my raise was significantly rewarded, it was high, double digits. But I felt empty, it was like so much work for so little. At that point I knew I had to start something a sort of business or I’ll be working 9 to 5 (or possibly 5 am to 9 pm) for the rest of my life. Now am not saying you should quit your JOB…please don’t! Simply look for an alternative low capital business that could supplement your income and possibly become your full time job. So that when people are losing their hairs over potential layoff’s you are relaxed and smiling…
 

8. Get a Financial Adviser
So I mention my Financial Adviser a lot. I like him and his free. He broke down 401K’s, Pensions, Mutual Funds into a simple language for me. He slapped me into reality that I was really truly broke and one pay check a way from bankruptcy. He gave me the much needed impetus to start investing…Now, I don’t agree with everything he says, but I do know without him I will probably still be swimming in the deep seas of net worthlessness. Did I mention he was free?
 

Unfortunately a lot of people have no financial advisers. The most common question I get when I suggest a financial adviser is this HOW MUCH DO THEY CHARGE? Enough to get you rich! Most if not all wealthy people have financial advisers. You can search for one online or get references for the good ones. But strive to get someone to give you financial advise, trust me the long term benefits are exemplary…
 

9. Give Give Give
Cultivate the habit of giving. Am not talking about loaning money to friends but simply out and out giving. A lot of people give through their tithes, others through charities. But try and give/help-out where ever you can. Mysteriously I’ve found that the people that give the most have the most.
 

10. Get Married Fast
Guys won’t like this. But 90% of millionaires are married. So get yourself off the couch and start working on your marriage proposal.
On a serious note, search for a partner that shares a certain degree of financial knowledge/respect. This is important not just for your financial success but for the success of your marriage. The #1 leading cause of divorce in America is not infidelity but rather money.
 

OFILI is an award winning motivational speaker and life coach, who blogs about life, success and excellence. He is the author of the inspiring memoir HOW STUPIDITY SAVED MY LIFE and has been featured in magazines and radio stations across the globe including CBS radio. Ofili is currently working on his second book LEAD, FOLLOW OR GET THE HECK OUT OF THE WAY a kick-ass approach to getting the most out of your organization. To get a copy of Ofili’s latest book on success visit http://ofilisketches.com/the-book

Ofili

Author: Ofili

Words by Okechukwu Ofili of ofilispeaks.com
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3 comments on “10 Simple Ideas To Get Your Thru Any Recession (Part 2)

  1. Vijai on said:

    Ofili, when do you start writing finance articles 🙂

    Anyway, its good and straight to the point. I am a finance geek and CFP canditate and write lot about money at my website http://www.moneyreallymatters.com I should say, I like your last point “get married”. That will surely get your financial house in order.

    FYI, I actually post my networth on web at http://www.moneyreallymatters.com/vijais-networth. People check out and you will get an idea. If you need help, let me know. I can help you out, no catch!!!

    Good articles Ofili.. Keep it coming..

    Vijai

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