Your philosophy for life matters. Here’s why

Philosophy for LifeDo you believe your own philosophy for life is important dear reader?

What do I mean by ‘your own philosophy‘?

In this case I’m not referring to the fundamental nature of knowledge, reality and existence and people like Aristotle.

By philosophy I’m referring to your mind-set, whether it’s positive or negative, and how you choose to see the world around you.

I believe personal philosophy really does matter.

I think how you choose to look at life and the world around you will influence your life experiences to a greater degree than you might expect. It’ll also influence how happy you’ll be.

My own philosophy for life is simple.

Firstly I accept the world around me is the world around me. It is what it is. Stuff happens and I have little or no control over most of what happens. That’s just life.

Politicians will come and politicians will go. They’ll promise much but deliver very little usually.

Philosophically I accept that which I cannot influence directly. I see little point in worrying about any of it. Why worry about stuff you can’t change?

In my experience people will always look after their own interests first.

That’s fair enough if you think about it because why would they do otherwise? If they don’t look after their own interests then no one else will that’s for sure.

The underlying point here is that most of what’s happening around us is all just noise really. All we can do is work around it. And basically that’s what I try to do.

I focus on my own interests and those of my family and I always do my best to protect what’s mine. My family will always come first and I will do anything for them. Well, anything that’s legal at least.

To do the best for my family I recognise that I have to be the best that I can be. To have skills and knowledge that will allow me to add as much value in my work as I possibly can. So I take personal development seriously. That way the more value I can add the greater will be my income.

I’m a reader and a keen learner and I’m constantly working to add to my skillset and knowledge. Learning for me is a lifelong process, it never stops, and I will keep learning until I no longer have the energy to pick up a book.

I believe that the better informed we are then the better prepared we’ll be to excel in our chosen field of work. We’ll also be better prepared to seize any opportunities that come our way too.

Let’s face it dear reader, work is just doing stuff for other people in exchange for money.

We work in order to generate income. And we generate income to put bread on the table and a roof over ourselves and the heads of our loved ones.

Whilst work gives us a sense of purpose and adds value to our lives, we should not live just to work. The idea should be to work to live. Well I think so anyway.

We must work hard when we’re at work of course but we must enjoy life with family as much as possible too. As they say where I come from, we’ll be a long time dead.

My aim in life is to be financially independent with multiple income streams.

With multiple income streams there’s a reduced risk of not having any income at all. I think it makes sense not having all your eggs in one basket.

Essentially I see life as a game. And my aim is to become a master of the game of life.

We must look after our own interests because no one else will.

We must be prepared to be ruthless when necessary. By that I don’t mean being nasty or mean to people but if you don’t push hard sometimes, chances are you’ll lose out to those who are willing to make good use of their elbows.

My point is that we can’t afford to be overly sentimental and on occasions in making the right decisions for us it may prove to be less favourable for someone else.

If that happens, that’s life I’m afraid. We must make decisions that are right for us.

Sometimes you really have got to be prepared to use your elbows if you’re going to grab your fair share of life’s pie. Don’t be too willing to let other people go first. You might find there’s nothing left for you.

As always there’s a balance to be struck of course but never lose sight of your own interests and never do anything which works against your own interests.

There is no utopian place where all’s well and the sun shines every day. Life’s life. Some of it’s good and some of it’s not quite so good.

However in the end it’s what we make of it that counts. We get out what we put in. There’s no free ride for anyone. On Spaceship Earth we’re all crew.

All you can do with life is deal with it as best you can.

Enjoy the summers but make sure you’re prepared for the winters too. Winters always follow summers, so be prepared.

Enjoy the good times and when life gets difficult all you can do is take it on the chin and move on.

Worrying about anything you cannot control just steals your joy and spoils your day.

Life’s too short. Do what you can, with what you have, where you are and most of all enjoy every minute because the years all go by in the blink of an eye. So don’t die before you’ve lived.

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How to develop effective time management skills

Time Management Skills1. Time Management Skills:

Developing effective time management skills is an essential ingredient for success, I’m sure you’ll agree. You can’t add real value without making the best use of your time.

However making the best use is not always easy in practice, is it?

So, how good are you dear reader at managing your time?

Do you have a reputation for being ruthlessly efficient and productive or are you someone who’s always struggling to keep up?

When someone asks you to do something in the office, do you accept their request without question and simply add the task to your ‘To Do’ list? If you do, you’re not alone. Many people will do that in my experience.

Alternatively, perhaps you’re the type who thinks carefully relative to your priorities before you accept such a request? Now be honest. We’d all like to think we’re the latter, when in fact far too many people are the former I think.

2. Productivity is what really matters:

In the world of work it’s easy to confuse being busy with being productive but these two concepts are not the same thing at all, are they?

For instance, you can be busy doing things that don’t really need doing at all. Whereas being genuinely productive means delivering real results from high value tasks which can only be done by someone with your skills.

And let’s face it, reputations are built by being productive not merely by being busy. It’s the results you deliver not energy you expend that matter most.

3. Time is your most precious resource:

How often do you hear someone say, “Oh, I would love to do that, if only I had the time.

And yet we all have exactly the same amount of time, i.e. 168 hours per week.

Time is simply a resource like money, albeit it’s more important than money. I say that because you can get more money but you can’t get more time. None of can do that, can we?

So you must learn to use your time wisely. Time is your most precious resource, so you must develop effective time management skills.

4. High value tasks must take precedence:

Modern pressures mean it’s easy for us to try to do too many things. We can all be a bit like that, including me dear reader.

Our lives are cluttered with too many activities, too many objectives, too many distractions and far too many demands on our time.

The result is that we tend to lose focus on what really matters most and in the end we don’t do anything as well as we should have done.

In my experience, in most jobs you’ll find that 90% of productivity is down to completing the top three or four major activities within that job. What I’d call high value tasks.

If you take the top three major activities, the high value tasks, associated with your job and focus on those to the exclusion of just about everything else you’ll almost certainly maximise your productivity and efficiency.

5. The most common time management mistake:

The problem is, when we’re working, we seem to find it easier to focus on minor tasks and random actions requested by other people.

We feel obliged to accept requests from others. It’s a common mistake of which we can all be guilty.

Now, whilst tidying up all those minor tasks might make us feel like we’re achieving some quick wins we’re usually fooling ourselves.

By the end of the day we’re usually left with a sense that we haven’t done all we should have done and that leaves us feeling stressed.

And that’s when we start to think about how we might improve our time management.

6. We can’t do everything, nor should we try:

We must recognise that we can’t do everything but we can be selective about what we choose to do.

And if we’re going to get those major tasks of higher value completed then they must take precedence over those low value, minor tasks, which can always wait if necessary.

High value tasks should always take precedence over low value tasks.

7. Work smarter:

People often think of time management as a skill which would allow them to work faster. Well let me tell you this, that’s not the idea at all.

Effective time management skills allow us to work smarter, rather than harder.

Instead of getting lost in the minutiae of everyday life, with effective time management skills, we focus on and prioritise those things that will add most value to our productivity. In other words, we focus on high value activity.

8. The law of three:

So. if time management is an issue for you dear reader, start by taking a good hard look at your list of daily activities and ask yourself these three questions:-

  1. What single task can only I do and when completed by me will add the most value to the business?
  2. What’s the second task on my list only I can do and when I’ve completed it would allow me to add the most value to the business?
  3. What is the third task on my list only I can do and when completed by me will add the most value to the business?

Once you’ve identified your list of three major, high value tasks then that’s where your focus should be each day before you touch any other minor tasks or accept random requests from other people.

9. The most powerful time management tool:

The point of work is to deliver results. You’ll deliver the best results if you concentrate on your top three major tasks first.

And never forget that you’ll be be judged by the results you actually deliver. No one cares what you had to do for someone else, they only care about the results they expected from you.

Your time is your time and you must decided how it is to be used most effectively.

Just because someone asks for a piece of your time doesn’t mean you’re obliged to give it to them at the expense of your own productivity. Never be afraid to deploy the most effective time management tool of them all.

And what is the most effective time management tool? It’s the word NO.

Think of the word NO as a baseball bat.

Whenever someone makes a request of you then NO is the means by which you can whack that request right out of the ballpark.

10. Be in control of your time at all times:

You’re not obliged to agree to a request even if someone asks nicely. It’s reasonable to be working to your own priorities.

All too often we feel obliged to do things for other people when actually we should have just said politely, “No, I’m really sorry but I can’t do that right now for you because I have to deliver this by 5pm and it’s a priority.”

If our personal productivity matters to us, and it should, then our focus should always be on our own major, high value deliverables.

Unfortunately we allow ourselves to be driven by the agendas of other people.

However that’s not good for our productivity, nor is it good for our well-being and stress levels.

11. People will take everything you’re prepared to give:

I can tell you from experience that other people will take everything you’re prepared to give and a bit more besides. That’s the nature of people.

However if you fail to deliver what you’re actually being paid to deliver, then no list of incidental work completed for other people will be accepted as an adequate plea in your defence when your boss wants to know why you’ve failed to deliver your own high value results.

If you’re painting my house I’ll measure you on the quality and timeliness of your work, not the amount of help you gave to my neighbour by, say, looking after her dog.

What you do for other people is irrelevant to me, should you fail to deliver what I’m actually paying you to deliver.

12. Focus on your priorities:

In reality if your colleagues can’t get something done by you they’ll simply ask someone else. So let them.

Why worry? Just be very polite when faced with a random request but say NO firmly. I can tell you this, you’ll have to be disciplined but it’s a habit well worth developing.

We can all be guilty of expending far too much of our energy helping other people achieve their aims, to the detriment of our own interests and our ability to deliver our own high value results.

To achieve anything of significance in life we must be focused on our own major activities.

We must concentrate on completing our big three major high value deliverables daily and focus relentlessly on working towards achieving our own goals generally.

13. The need for balance:

If you’re asked to do something then it’s perfectly reasonable to say NO, if to do otherwise would prevent you from delivering the results you’re being paid to deliver in a timely manner.

Yes of course, occasionally there will be tasks you’re obliged to accept for whatever reason.

However mostly being firm in declining such a request is a sign that you’re assertive and in control of delivering as much value as possible.

Another polite but firm response to a request might be something like, “Sorry I would love to help you with that but I cannot right now because I have my hands full with the deadline for this project.

As with everything there is a balance to be struck of course.

Sometimes it’s in your interests to do someone a favour because one day you might need them to return that favour. That’s reasonable, providing you always retain a primary focus on keeping your main things, the main things.

14. Conclusion:

You should always ensure that you’re making progress towards achieving your big three deliverables and your own goals generally.

It’s perfectly reasonable to have your own agenda and a desire to achieve your own goals and add the greatest value only you can add.

If you want to make a difference, focus on your big three major activities.

Those activities which only you can do.

And to ensure that you’re doing that, don’t be afraid to use the most effective time management tool  of them all whenever necessary. The word NO expressed politely but firmly.

15. Further Reading:

In writing this article the aim was to convince you of the importance of your need for a transformation, should one be necessary for you to achieve better time management.

However you might feel you could use a little extra help. That’s fine and it’s always useful to add a good book to your personal reference library. And one book you might consider on this subject is:-

How to set your Personal Boundaries: Learn to say No and Protect Yourself from Overwhelming Stress by author Josie Baxter

In this book the author Josie Baxter explains in digestible chunks how we can learn to set boundaries and be able to say no when necessary.

She recognises that what should be a simple thing is in fact often quite difficult.

She acknowledges that it’s natural that people care about other people but potentially that can put us at risk if our tendency always is to say yes.

The risk being that we take on too much which can add to our stress levels and stop us from achieving our own goals. In turn this can lead to exhaustion and burn out.

Josie Baxter explains that it’s not selfish to care for ourselves first.

In fact she notes that it’s actually quite sensible.

The advice in this book is useful for all areas of your life and you’ll find it invaluable if you’re someone who struggles to set firm boundaries. It’s an excellent book and well worth considering.

You can take a look at it if you CLICK HERE.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

16. Please share this post with your friends:

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© Roy Joseph Sutton and Mann Island Media Limited 2019. All Rights Reserved.

The 4 steps to financial freedom

Steps to Financial FreedomFinancial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this. ~Dave Ramsey

Many people are searching for the steps to financial freedom. Search the internet and there will be references to seven, eight, nine and even ten steps but I think only four steps really matter.

However before I discuss those steps, let us first think about the biggest cause of people remaining poor, namely the burden of debt.

Statistics suggest that most people these days are heavily in debt. And debt is a burden that enslaves us. Knowing we have debts can be stressful.

What is the underlying cause of such debt? That’s simple. Mostly it’s the overuse of credit cards with little or no thought to how this will affect our financial well-being.

Unsecured debt built up through the excessive use of credit cards is very expensive.

That means even a small sum outstanding on a credit card can quickly become a large debt due to the effect of compound interest if you only make minimum payment each month.

Are you affected by debt dear reader? Are your finances out of control? Would you like to achieve financial freedom?

Steps to Financial Freedom:

Often I hear people say things like, if only I could increase my income I could pay off my debts.

In fact those same people, if they did increase their income, would probably just spend more. And financial freedom would still remain a distant dream.

If financial freedom is your aim then it’s essential that you take control of your finances. And the steps to financial freedom are as follows:-

1. Spend less than you earn:

It all starts with spending less than you earn. If you spend less than you earn you can work on becoming debt free and then start to build capital.

2. Pay yourself first:

You must always pay yourself first. What does that mean? It means that as soon as you get paid each month you take a minimum of 10% of what you earn and put it away somewhere safe immediately.

Never, ever wait until the end of the month to see what you’ve got left.

If you do that you’ll never save anything.

If you take 10% upfront it will just be another debit on your income like taxes and pension contributions. You’ll quickly get used to having only the remaining 90% to live on.

And what do you do with the 10% or whatever you’ve put away?

3. Eliminate credit card debt:

Initially if you have a credit card debt burden then it makes sense to use that money to deal with paying off your debt first because the interest you’ll pay on the debt is always greater than any interest you’ll get on savings.

To pay off your credit card debt it’s essential that you find a way to eliminate the interest element each month so that any payments you then make go against the outstanding balance.

And how is that done?

Well, when you take out a new credit card account it often comes with a period of zero interest, usually six months. These accounts also usually allow you to transfer in an outstanding debt from another credit card account.

So by moving from one card provider to another and transferring the debt across to the new account, you then have a period of six months to make payments against the outstanding balance without accumulating interest on the old debt.

Never, ever use this card to increase your debt. Use it only for reducing your debt.

At the end of the period of zero interest on your new card repeat the process if necessary. Once again, you move to another card account offering you a zero interest period. By focusing only on the outstanding balance it will be paid off quicker.

Eliminating the burden of debt is the first step on the road to financial freedom.

Freedom from debt will give you peace of mind. And peace of mind is a good reason for spending less than you earn.

Once the debt is cleared, what next with the money you’ve paid yourself first.

4. Build capital:

Initially put your money into a savings account. Then, as that builds into a larger sum, you can start thinking about other forms of investment like stocks, bonds and property.

Once you develop the habit of putting some of your money away each month it’s amazing how quickly it accumulates into a decent capital sum and you’ll be on the road to achieving financial freedom.

Conclusion:

Learn to live within your means.

If you live modestly and spend your money wisely, you can ensure that you have enough money when you really need it.

You can also build that nest egg for your retirement and give a little back to those less fortunate than yourself. And you’ll feel so much better about yourself too.

Conversely, gathering too much clutter through excessive spending on things you don’t really need can become stressful, as well as wasteful. The choice is yours.

Financial freedom is achievable and it will give you peace of mind.

You will sleep better knowing you’re debt free.

The steps to financial freedom are really quite simple. Spend less than you earn; pay yourself first; eliminate expensive credit card debt; and start building capital.

Do this and one day your older self will be grateful you made the effort I can assure you.

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© Roy Joseph Sutton and Mann Island Media Limited 2019. All Rights Reserved.

How to be financially smart

How to be financially smartI have only myself to depend on for my financial stability. ~Marie Helvin

How to be financially smart? That’s hard, don’t you think?

It’s much easier to get yourself into a financial mess, wouldn’t you agree dear reader?

Let’s face it, we all want it all and we all want it now, surely?

Certainly it’s not unreasonable to want to have some fun, is it? We all deserve a little bit of fun, surely?

And naturally you want to spend your money on lots of nice clothes and exotic weekends away with your friends too. Life’s too short not too, wouldn’t you agree?

The problem is, if you adopt this approach to life, your money’s spent before it’s earned. And that’s when you’re heading down the road to financial disaster if you’re not careful.

Some readers may argue that it doesn’t matter, as long as you’ve got your ‘flexible friend‘ to pay for everything. Life’s fantastic when you’ve got plastic!

And maybe it is, until you hit your credit limit and the bills start piling up.

Then your wardrobe is cluttered with clothes and shoes you’ll never wear and you’re burdened with expensive credit card debt which you’ll struggle to pay off.

And very soon a small debt becomes a large debt due to the ‘magic‘ effect of compound interest.

How does the story end? Basically it only ends one way. A financial mess, even if it was one you thought you could avoid.

Does this sound like you dear reader? If it does, you’re not alone.

However if you’re in a financial mess and you’re not sure who to blame, then just take a long, hard look in the mirror. The person to blame will be staring right back at you.

It’s not the fault of the government. It’s not the fault of your current or previous employers. Your parents are not to blame either.

You are captain of your own ship. So you must start taking responsibility for yourself and your own financial well-being. However, with a little bit of thought, it really isn’t difficult.

The first step is to stop wasting your money, buying things you don’t need in an attempt to impress people who don’t really care anyway.

If you’re thinking about how to be financially smart then remember this; Credit cards may be a convenient means of paying for things and they tend to be the preferred method of payment these days for young people. However they’re also weapons of mass wealth destruction. That’s a fact dear reader.

If you want to be financially smart then just follow these rules:-

Rule 1:

Never, ever buy anything on a credit card if there’s even the remotest possibility the you won’t be able to pay off your bill in full at the end of the month.

Credit card debt is unsecured which means that it comes with very high interest rates, always!

You must recognize that debt with high interest rates increases rapidly, if all you do is make minimum payment each month.

Rule 2:

Think carefully before you spend.

Ask yourself these questions before you make a purchase, whatever it is:-

      1. Do I really need it?
      2. Will I really use it?
      3. Can I live without it?
      4. Would the money be better utilized is some other way?
      5. Would I be better saving my money?

Rule 3:

Be sensible with your money. Spend it wisely and sparingly. 

Being sensible with your money might sound boring but it’s less stressful than the alternative, trust me. High levels of debt can be very stressful.

Conclusion:

How to be financially smart is not difficult.

The key to this is to avoid getting yourself into a financial mess in the first place. You’ll find that this is the least stressful approach to life.

However, if you’ve already got yourself into a financial mess, then don’t moan about it. Make sure you do something about it instead.

And that starts with paying off debts as quickly as possible and learning to spend your money wisely by following Rules 1, 2 and 3.

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© Roy Joseph Sutton and Mann Island Media Limited 2019. All Rights Reserved.

How to build confidence and self-esteem

How to build confidence and self-esteemRealizing your full potential would be an excellent definition for success, wouldn’t you agree dear reader?

Unfortunately that’s easier said than done, of course.

For many, if not most, people what’s going on in their head can be the greatest barrier to achieving their full potential. Could you be one of those people dear reader?

You want to achieve success but you’re full of self-doubt?

You don’t believe you’re worthy enough, perhaps?

You just don’t believe you can do it and generally you find it hard to believe in yourself?

And then there’s that old chestnut from which we all suffer occasionally, namely the fear of being found out.

It all boils down to lacking self-belief, a lack of confidence and low levels of self-esteem.

Ultimately all those negative thoughts prevent you from achieving your full potential and they’re a drain on your confidence and self-esteem too.

Negative self-talk not only drains your confidence, it also drains your emotions and it can rob you of the energy you need to work towards achieving your goals and becoming the person you’d like to be. And becoming the incredible person you really could be too.

Within us, we all have enormous potential.

That’s a fact that many people fail to appreciate.

We have so much to offer but for many people that potential goes unrealized.

Essentially many of us just waste so much of the potential we have to offer.

How to build confidence and self-esteemSo how do we become more confident and increase our self-esteem? Now there’s an important question.

The late, great Jim Rohn used to say, “Work harder on yourself than you do on your job.” And he was right in my opinion.

The more you work on yourself, the more confident you’ll become and the greater will be your sense of self-esteem. It really can be that simple.

In the embedded video included below, Oprah Winfrey gives us her views on why it’s important to work on yourself.

And let’s face it, Oprah Winfrey is extremely successful by any measure, so she’s one person to which we should all be listening, or at least those people for whom success is a goal.

If success is your aim, listening to successful people on a regular basis is a very good idea. Find out a few of their secrets and copy them and you’ll be well on your way to achieving and sustaining success yourself.

This is an excellent video and I can recommend it.

Working on yourself:

If this video has roused your curiosity about Oprah Winfrey’s ideas then she’s written many books and they’re all worth reading. You’ll find them all on Amazon. JUST CLICK HERE

DISCLOSURE: This website is an Amazon affiliate. Should you click on the link included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

Please share this post with your friends:

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Thank you.

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How to invest your money like the rich do

How to invest your money like the rich doA theme I’m constantly exploring is building wealth by investing money. Partly that’s due to personal interest but I know it’s also a subject in which many readers have an interest too. 

If you can build your own wealth then you can enjoy financial independence. How good would that be?

Achieving financial independence means you can then spend your life doing things you enjoy doing rather than things you’re obliged to do because you have no choice.

So your goal should be to become financially independent as quickly as possible, surely?

The problem for most people is that they spend their money as soon as they get it, and often long before they get it.

If people save at all, it often tends to be with whatever money they’ve got left at the end of the month. And that’s unlikely to be much.

The result is that most people have little or no savings at all, and far too many people are burdened with expensive debt as well.

Such people are destined to spend their lives being poor. That’s sad but true. And don’t forget this; debt enslaves you.

So dear reader do you want to get rich?

I think most people would say that they do but very few people have the fiscal discipline to save money, build capital and make it grow.

Some readers would probably argue that the wealthy have an unfair advantage when it comes to investing their money. Maybe they do, maybe they don’t. However there are ordinary folks who manage to get rich so you can too.

How to invest your money like the rich doThe question is where do you begin?

A good start would be to educate yourself in the art of saving, growing your money and building wealth.

Now that doesn’t mean you have to go back to college. You can self-educate yourself by reading some of the many excellent books available on the subject.

Create your own small library of good reference books on money matters.

Identify great investors like Warren Buffett and read what they have to say and indeed copy what they do. If it worked for them then it can work for you too.

In the meantime the video included below offers you some useful insights into how the rich invest their money.

It will cost you nothing to watch this video and it really is worth your time, if you want to work towards becoming financially independent.

And if you’d like to learn more about Warren Buffett’s investment philosophy you’ll find a selection of useful books on Amazon if you just CLICK HERE.

How to invest your money like the rich do:

Please share this post with your friends:

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If so, then please share it on social media with your friends. When you share, everyone wins.

So please share it now. If you do I will be ever so grateful and you’ll be helping a keen blogger reach a wider audience.

Thank you.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

Other articles you might also find interesting:

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5 ways to increase your value

Jim RohnIn the video embedded in this post, the late, great Jim Rohn offers you five ways to increase your value.

If earning more money is your aim, then that doesn’t happen by accident of course.

Work is just doing stuff for other people in exchange for money. Essentially work is the transfer of value, so the value you have to offer really matters.

We don’t get paid for the hour of work, we get paid for the value we can deliver in that hour.

So the underlying point Jim Rohn makes in the video is that the amount you earn and the wealth you enjoy is dictated by how much value you bring to life and those for whom you are working.

I can tell you now that Jim Rohn is making an important point here and what he says is true.

Thus knowing how to increase your value is essential, if you’re to increase your income.

If you increase your value, you can have success in abundance; prosperity and wealth can be yours; and the law of attraction will work in your favour.

And remember; if your aim is to make the most of your life then listening to people like Jim Rohn is a habit worth forming. Listen to successful people and you can be successful too.

So take a moment or two now to listen to Jim Rohn and I promise you, you’ll feel it was well worth your time.

Five ways to increase your value:

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How to turn your yearly income into your monthly income

How to turn your yearly income into your monthly incomeAre you one of those people who feel you should be earning more than you do?

Would you like to know how to turn your yearly income into your monthly income?

To have enough money to enjoy the lifestyle you’d love?

You’d like a greater income but you don’t know how, right?

Perhaps you feel that big money never flows to people like you?

Well don’t you believe it. With the right approach you too can have a lot more money than you have right now. Yes, you can become truly wealthy.

The question is where do you begin?

Well you can start be understanding the Law of Compensation. In the video included here the American, self-help guru Bob Proctor explains that income is earned according to the Law of Compensation.

The Law of Compensation:

Bob explains that the Law of Compensation states that the amount of money you earn will always be in exact ratio to the following three points, namely:-

  1. The NEED for what you do.
  2. Your ABILITY to do it.
  3. The DIFFICULTY there would be in REPLACING YOU.

Now you have no control over points 1 and 3, so you must concentrate on point number 2. You must be constantly honing your skills and become a master of whatever you do.

That said, becoming a master of what you do is only part of the solution.

To earn more you must decide on your strategy for earning money. In the video Bob Proctor explains that there are in fact only three strategies for earning money.

The Strategies for Earning Money:

So what are they three income earning strategies? Bob Proctor describes these are M1; M2; and M3. In more detail that means:-

M1: Trading your time for money:

Essentially this is paid employment and it is the way that 96% of people earn an income.

The problem is that, unless you’re a Wall Street banker, you’re unlikely to get rich this way. In fact it probably explains why you’re not rich right now.

M2: Invest Money to Earn Money:

Assuming you’re working for the man as a salaried employee, you can start saving and gradually as your savings grow you can invest your money in stocks, bonds and property and over time your investments will start generating an income of their own.

That’s great but you need to know what you’re doing and, if you have nothing now, it will take some time before you can start generating anything approaching a useful extra income.

Of course should you have a large sum of money right now then this might be a solution but for most people it’s not really, which is why only around 3% of people make an income this way.

M3: Multiply your time with multiple sources of income:

How to turn your yearly income into your monthly incomeEstablishing multiple income streams is where you can start making serious money.

Even fewer people make an income this way, around 1%, but that has more to do with the fact that most people fail to recognize it’s potential.

Now let me make one thing clear, having multiple income streams does not mean working multiple jobs.

It means having income streams that will earn money for you even whilst you’re sleeping.

M3 is the income strategy that will help you earn far more than you earn now. Certainly it will if you do it right.

Bob Proctor offers the example of Network Marketing (also known as Multi-Level Marketing) whereby not only do you sell products but you also create your own network of sellers which means when they sell you get a part of the commission generated on those sales.

The best network marketers have made a lot of money this way but it’s not the only answer to generate multiple stream of income.

The internet offers multiple ways of getting rich on line nowadays.

For instance you can use Amazon as market place and sell products with fulfillment (delivery to customer) handled by Amazon.

You can also generate commissions through affiliate marketing with Amazon, as well as others like Clickbank and Commission Junction (CJ). These can be great ways to make money whilst you sleep.

Blogging and Vlogging are other ways of producing income streams too.

There are numerous ways for the ambitious and the determined. In fact it’s never been easier for people prepared to put in the effort.

So listen to what Bob Proctor has to say and be inspired to take action now.

Further Reading:

In the video, Bob Proctor makes reference to Think and Grow Rich by Napoleon Hill.

Think and Grow Rich is a classic of the financial education genre.

Originally written in the 1930s but it’s still around today and still very popular.

And it’s still around for a reason. It’s exceptional and definitely worth adding to your personal reference library. I have my own copy and you can take a look at the book if you CLICK HERE.

Bob Proctor himself has also produced some excellent self-help books too and you can take a look them if you CLICK HERE.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

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Why an investment in knowledge pays dividends

KnowledgeAn investment in knowledge pays the best interest. ~Benjamin Franklin

You don’t get paid for the hour; you get paid for the value you put into the hour. It’s important everyone understands that important distinction dear reader.

You get paid for the value you add.

The more value you can add the more you will get paid.

It’s that simple really.

If you can solve problems for people with the skills you’ve got then you can earn a very good living.

The question is what underpins your skills? The answer to that question would be knowledge of course.

Knowledge comes from learning and learning is a lifelong process.

The quote at the top of this post from the venerable Benjamin Franklin reminds us of the importance of learning. Learning is an investment in ourselves.

We all have enormous capacity to consume and retain knowledge in our heads and that knowledge is then a currency with which we can trade. The more knowledge we have the more value we can add.

When it comes to investing, nothing will pay you a better dividend than making sure you have a good education.

And it’s not about whether or not you go to college or university. Important as they may be, learning can be achieved in many ways.

Knowledge can be gained through reading books; listening to audio and video tutorials; and challenging yourself to master anything that appeals to you. Learning from hands-on experience, making mistakes and learning the lessons you can take from any mistakes you’ve made.

In particular, if you want to master the game of money and all matters financial then you need to become a seeker of financial knowledge and know-how.

You need to become a reader and a keen student of finance. To be successful in investing, of course you really need to know what you’re doing. You need a financial education.

Ignorance can prove to be very costly indeed. And that’s true in every aspect of your life.

Education may seem expensive but it’s nowhere near as expensive as ignorance.

So, if you’re not already, become a reader.

The investment in yourself is well worth the effort and it’ll pay you a handsome dividend.

As the late, great Jim Rohn once said, “Work harder on yourself than you do on your job.”

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5 questions that’ll help your buying decision process

Buying Decision ProcessHow can you be expected to save money when you don’t earn enough to make ends meet as it is? I’m guessing you may have asked yourself that question at least once dear reader? If you have, you’re not alone. It’s a common cry.

However, whilst some people may struggle financially, it’s also true that far too many people squander their money buying items they don’t need and probably will never use, often in an attempt to impress people they don’t even like.

For such people, their buying decision process is usually limited to whether they still have enough credit left on their credit cards.

Well, the mantra “Have Plastic; Will Purchase” is not a good one if saving money is one of your goals.

You can earn a decent income and yet a lack of money management skills and a poor buying decision process will result in you never achieving financial freedom. In fact poor money management skills will condemn you to a life of being poor.

So it’s essential that you learn to manage your money properly, if you want to avoid long-term poverty.

Avoid the ‘I’ve got to have it’ approach:

Now be honest with yourself, how often do you buy things you didn’t really need?

Stuff that you weren’t even looking for but it was there and it looked nice and you thought I’ve got to have it. Out comes your ‘flexible friend‘ and the item is yours. A brief period of gratification follows and then the item is largely forgotten.

How often do you buy things you never use?

Take a look in your wardrobe. I’ll bet there are a few items in there which still have the store tags on them? Never used and they’ve probably been there for quite some time I suspect? Would I be right?

I’ve got to have it‘ is a great way to waste all your money. With this approach you’ll enrich other people at your own expense. Now how could that possibly make sense?

Credit cards: Weapons of mass wealth destruction

How often do you buy things you can’t afford with money you haven’t got?

It’s true, credit cards can be a convenient means for making payments of course but they can also be weapons of mass wealth destruction. That’s a fact dear reader.

When it comes to the buying decision process most of us are driven more by a desire for gratification then any sensible approach to managing our money carefully.

Most of us are guilty of buying more than we need too. Many of us are guilty of buying items we seldom use, if at all.

If you’re like this dear reader then you’re not alone I can assure you. However that’s not a good thing.

The disciplined approach:

However with a bit more discipline you could hang on to more of your own money and then build capital which, eventually, will start generating an income all of its own through interest payments on deposits  and bonds and dividend payments and capital growth on stocks and shares.

Still we’re getting ahead of ourselves.

The underlying message I offer you today dear reader is that you should establish for yourself a buying decision process that will allow you to control your expenditure.

Essentially before you buy anything you need to ask yourself a series of tough questions to gauge whether the purchase really does make good sense.

And what are those questions?

The questions to ask before making any purchase:

There are in fact five questions you should ask yourself before making any purchase, as follows:-

    1. Do I really need it? Honestly?
    2. Will I really use it? Honestly?
    3. Can I really afford it? Honestly?
    4. If I didn’t have it would it really matter?
    5. Does is represent good value for money?

If you answer ‘No’ to the first four questions, the fifth question is irrelevant. A negative on all or even most of the first four questions means, don’t buy the item. Simple!

And even if you do think you need it, never buy anything if you do not have the money to pay for the item right now. Never, ever incur debt for a discretionary purchase.

It’s better to do without than to run up debt on a credit card to pay for discretionary purchases.

The compounding effect from high credit card interest rates can quickly turn a small debt into a large one.

The ‘value for money’ question is only relevant when you can answer every other question in the affirmative.

Nevertheless you should never buy something that’s not also good value for money. That is, you should never overpay for anything. Overpaying meaning the price is inconsistent with the value on offer.

Let the answers to the questions guide you:

To ensure your buying decision process is sound you must always ask these questions.

Let them be your purchasing guide and you’ll be in a better position to start saving money and watch it grow. Once it starts growing you’ll be on your way to building your own personal wealth.

Please share this post with your friends:

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So please share it now. If you do I will be ever so grateful and you’ll be helping a keen blogger reach a wider audience.

Thank you.

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© Roy Joseph Sutton and Mann Island Media Limited 2019. All Rights Reserved.