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People that are financially stable have a set of principles that they abide by to experience the financial freedom they enjoy. The principles are not complicated but require discipline over the long term in order to win big. It’s prudent in your younger years to begin the habit of using your money wisely and plan for the future.
In this post we are going to look at four cornerstones to successfully build a solid financial base for your life.
1. Tithing and offerings
Financial success starts with acknowledging God as your provider for all things. It’s the pattern we see with Abraham in the Bible when he met Melchizedek the Priest when he gave him 10% of all he had. God’s promise is that He will rebuke the devourer and take care of your needs.
The devil will always try to get you to default on honoring God with your substance by putting financial pressures on your life. If you give in to these pressures it gives him the legal right to steal from your life since his sole purpose is to steal, kill and destroy. For more understanding about this subject I recommend the book, “The Order of Melchizedek” by Francis Myles.
Your offerings have a voice in the courts of heaven as you sacrificially give to advance God’s purpose here on earth. These two concepts are not known by many people but they pave the way for you to experience financial success in the long term as God takes care of your needs no matter what they may be. Investing in God’s Kingdom brings great rewards which may not always monetary but include financial success nonetheless.
2. Pay yourself
Just as important in pursuing financial success is paying yourself first before other people. Yes you have bills to pay such as rent, food, utilities, etc but you must prioritise paying yourself if you’re going to be wealthy in the long term. Wealth creation requires that you set aside money to invest towards making additional income.
Most financial experts say the bare minimum to save is 10% of your earnings. Looking at the model used by Joseph when he served as the governor of Egypt he saved 20% of all the grain they produced in the 7 years of plenty which sustained them in the 7 years of drought. Others are more radical and say even 30% or more. Decide what works best for you.
Life is seasonal. You’re going to have times of plenty and times of lack so you must be consistent in saving your earnings to cushion yourself in the difficult times. This is crucial to achieve success regarding money especially when you consider that one day you will no longer be strong to work and need to retire.
3. Part-time work
As best as you can find additional sources of income but be ethical about it at the same time. Don’t get yourself in a position where there will be a conflict of interest with your employer if you’re employed. I understand that the average millionaire has seven streams of income so they don’t rely on one source. The more income you can make the more options you will have to pursue the things you want to accomplish.
Having more than one source of income safeguards you against disaster when that source of income comes to an end. It’s food for thought. You can offer services to people, start a part-time business, etc and it can go a long way in helping you achieve success in the goals that you’re pursuing in life.
The Internet presents us with various possibilities too now that we are a global economy. You can reach out to audiences far and wide which significantly improves your chances of being successful with money. When you read the success stories of some of the wealthy people today you will find that they went through a phase of doing part-time jobs along the way to their ultimate dreams.
Investing your money is a way of making it work for you so that it makes more money. Most people start by working for money by working at a job or offering some form of consultancy services. In essence this is exchanging time for money. In the long term it’s not sustainable because you will have less physical energy as you grow older which is why investments are important.
Successful people have investments where they use their money to make more money so they don’t have to physically work for it. Examples including rental income and royalties. Money that comes to you whether you’re working or not is often referred to as residual income or passive income.
When your residual income is more than your monthly expenses then you have true financial freedom and can live life on your own terms. You will have the time and money to do the things you were never able to when you were at your job. This level of financial success gives you choices and that’s something everyone desires but not everyone has.