Monday, May 14, 2018

Top Tips For Developing Financial Discipline

                                                     
improving your personal life or increasing your business is to start with financial discipline

The only one thing that can help you achieve or attain financial success is financial discipline. Financial success is the bane of financial discipline. Are you interesting in learning something about more financial discipline definition, how to develop financial discipline, why is it important to have financial discipline, financial discipline quotes?


Do you want to learn more about how you can develop financial discipline in business? Do you want to develop financial discipline in a company, but you are not sure how to go about it? This article might be right for you.

But the relevant questions I want you to ask yourself, why don’t you improve your financial life even you have good pay? Why does your business go up and down like a yo-yo even when you have good or fast moving products? That is where I start with this lesson. The following lessons I want to share with you are here for your personal success in life and or financial prosperity in business.

     What is the difference between financial discipline and financial freedom? 


Many different folks have different meaning what financial discipline defines in their own opinions because they know what it is. But for me, financial discipline means financial responsibility or financial control. It is the same way money management is. 


Knowing when to spend and when not to spend, when to invest and when not to invest, where money goes and come, etc is what I call financial responsibility. If you know how to develop yourself financial discipline, you are on your way out of financial disaster or financial frustration.

Now, for financial freedom, it means you own assets that no body can control you. You are free to do with your life or with your family because you own some business investments. You enjoy whatever you want to do with your life or your family. 

You work once and sleep idly while they pay monthly or annual cash into your pocket every day. That is what I call financial freedom. If you want to attract financial freedom, you must learn how to take your financial accountability.

                       Why Is It Important To Have Financial Discipline?

Let me share with you one true story Praise George shared with me in his book titled, “Money Magnets”. One visitor sitting beside his friend, Praise, in the top table, at home , just watched where he carried out his notebook and calculated, knowing where most of his income came from and his money went to by recording between his income and expenditures for about six months.

But Mr. Praise still did not know that his friend listened and applied what he learned there. So a couple of years later, the friend came to him and told him how one principle he applied secretly from him worked for him. 

He confessed to him that the principle he stole from him helped him not only develop his financial management skills but also transform his business into multi-million investments. He was then a multi-millionaire.

He was lucky. If he had not come to his friend’s house and observed how one principle worked this or that, he would not know how important financial discipline was. Financial discipline or responsibility is so relevant because it helps you reduce or eliminate expenses and plug up some of holes from your financial reservoir and allow income streams flowing into your financial reservoir daily.

And it helps you grow multiple cash. Money management helps you prevent employing criminals from pilfering your materials or cash. It helps you know where stocks or money go out and come in.

Many people never improve their financial life even they have good pay or they never grow in their business even they have good business because of their lack of financial control or of their financial irresponsibility. 

Even if you have little income and you discipline yourself financially, you remain financial health. Many people are in financial abundance because they depend on the power of fiscal discipline. Financial discipline is so much relevance in your life.

                               How To Achieve Financial Discipline

Achieving financial discipline in a company or business or achieving financial personality is to follow those tips I would like to share with you now:

Tip 1: Start and live with the resources you have if you don’t want to stagnate your financial destiny.

Tip 2: Use 20/80 law to cultivate or develop your financial responsibility.

Tip 3: Think of only both short-term goal and long-term goals. Think and plan.

Tip 4: Use the power of a budget to control living leaks wisely, whether business or domesticity or both.

Tip 5: Use financial record to notice how far your living habits are and how far your business or company profit is.

Tip 6: Use time to balance or manage your daily financial activities.

Tip 7: Stop lending what you can not afford to loss. Lend only what you can make money or what you can afford to as the gift of love seed. If you lend what people ask, they will destroy it and they will come and ask you for pearls again.

Tip 8: Try diversification for your future security.

Tip 9: Try to use leverage for achieving your financial goals. Don’t do it alone. No one can succeed alone.

Tip 10: Try to look for investment opportunities to invest in for future harvest. Shun money-grubbing fads or get rich quick schemes.

Tip 11: Teach your family to understand the importance of financial discipline.

Tip 12: Live only on wholesale, whether business or domesticity.

Tip 13
: Pay your bills on time. Avoid debts. Never borrow money for personal use. Borrow only for business. Borrow and repay once, not often.

Tip 14: Use personal counsel such as a lawyer, consultant, accountant, etc for your financial security.

Tip 15: Take care of your health. Love your health.

                                Financial Discipline Nuggets

1. If you were born poor, it is not your mistake. But if you die poor, it is your mistake.—Bill Gates

Read Also: 25 Money Quotes For Financial Freedom

2. Responsibility is the price for greatness. When you embrace financial responsibility, you are on your way out of any financial hardship.—Busayo Ogunmade.

3. Every kobo you waste will reduce your chances to be rich.—Dennis Inyany

Conclusion

You now understand about the important of developing financial discipline. Financial success is the bane of financial discipline as I say again. No one can have financial prosperity in business or life without financial accountability. What is the bane of poverty or financial difficulties?

Are you a financial disciplinarian? If not, change the way you behave. Money comes to those who have good financial discipline. How far your financial discipline is? Share with me on your thoughts you read there. Do you like this article? Spread this link to others on social media sites. Or subscribe my weekly newsletter for new updates at the right sidebar.

Stay tune with me next time.

1 comment:

  1. What you have shared is very inspiring and informative. You’ve definitely got a new fan here! Thank you for sharing. Would love to see more updates from you.

    Tax Professional

    ReplyDelete