Written by: Jamése Ellis, Contributor Brainz Magazine
”There is a secret psychology of money. Most people don't know about it. That is why most people never become financially successful. A lack of money is not the problem; it is merely a symptom of what's going on inside you” - T. Harv Eker
Simply put, money is a mindset. This mindset has been passed down to us through generations. Somehow, a concept that surrounds every region, throughout every nation, throughout generations upon generations, and the entirety of the life of anyone living today; is not clearly educated upon to the public.
So where are we to find info to prepare us in a world ready to exploit our means of survival; our currency in coin. Well, let's explore.
It is the failure in the early education system to teach us how money works. Or possibly, like myself, you can recollect a glimpse of time, when you were in a financial class or seminar at school; where you were taught by an ”expert” about the financial paradigm their corporation operates in.
”The financial education taught in schools is funded and taught by big banks and corporations. It's like having the cat train the mice” -Robert Kiyosaki
And then there's higher education that ties us to a life's worth of debt, in order to learn how to successfully pay that debt off. Assuming, your major required you to take at least 1 course related to personal finance. But then again, aren't there many universities who could add up to being a ”big corporation”. That wasn’t a question.
That is all without touching the notion that your college may not necessarily give you access to the opportunities that will present you such amounts of money. I digress, another story for another day. Then, that leaves our parents. Our most authorized and translated views of money we have today are from whoever raised us. However, most of our parents are unaware of how money works either. That leaves us to educate ourselves, as well as our loved ones. But how?
”Formal education will make you a living, self-education will make you a fortune” -Jim Rohn
The best way to self educate is through reading and then advisory. In this order, you will be able to decipher which experienced guides you can trust to advise you through the unfamiliar grounds. Leading you to make decisions that are best for you.
Milestone 1: Education
Education is key and the first milestone in building generational wealth & becoming financially free; according to the extremely informative book, written by Steve Siebold; How Money Works. The book maps out all 7 milestones' crucial key knowledge's in understanding this concept; which seems to either control or contribute to each of our lives.
”The goal of How Money Works is to Democratize education about how money works”
- Steve Siebold
Milestone 2: Secure Proper Protection
”Stability your loved ones enjoys today, could be hardships they can't overcome tomorrow” -Tom Mathews, How Money Works
Protecting your assets protects the people in your life who most benefit from them. Including yourself. Back in the day, life insurance reeked of expiration dates and didn't do much for the living individual. Today life insurance has evolved also proving to the benefit of the living insured. Think on the lines of gaining prosperity via properly planned protection.
Milestone 3: Create an emergency fund
If you were to lose your job today, how long would you be able to sustain your current lifestyle? I'll wait. Chances are your answer would not sustain you through the next 6 months. Hence, the exact purpose of an emergency fund! Simply, a foundation so you won't be “shook”, come hard times. Financial professionals recommend saving until at least 6 months’ worth of income; stacked strong.
“He who buys what he does not need steals from himself” -Swedish Proverb
Milestone 4: Apply Debt Management
We all have debt. We all need a plan to manage and eradicate debt from depleting our personal flow of prosperity.
”Debt is the greatest obstacle to a sound financial future and becoming financially independent”"- How Money Works
Milestone 5: Increase Cash Flow
A halt on abundance in your pockets can in all cases be explored and regulated to bring your currency back into its natural state of flow. In most cases a simple reduction in expense will do the trick!
“Money is a terrible master, but an excellent servant” - P.T. Barnum
Milestone 6: Build your wealth
No matter a legacy of debt or wealth, you will be leaving your legacy to your loved ones. Which would you rather give them? The answer is obvious, but it is one you have to plan for. Not to mention you have so much living left to do, and you want your wealth to last as long as you do. As for generational wealth, you want your wealth to exceed you.
”Wealth is the ability to fully experience life" - Henry David Thoreau
Milestone 7: Protect your wealth
"The best way to self educate is through reading and then advisory."
What is the point of building a legacy you are unwilling to protect? What is the point of fulfilling your purpose, unwilling to give? Provide your family with blessings long after you are gone. Establish your estate so they can celebrate your life, rather than worry about all your unfinished business.
“Money is a tool. Used properly it makes something beautiful; used wrong, it makes a mess”- Bradley Vinson
We have been told that money rules the world. Maybe so… but our ideas and thoughts around money guide it’s movement in our lives. There is a gap in our knowledge about the rules of this world. The reason we previously had no access is irrelevant; IF, we choose to empower ourselves with the knowledge we learn today.
The best way to self educate is through reading and then advisory. In this order, you have an opportunity to break the block that is disrupting money’s flow to you. Once you have empowered yourself with knowledge from a source you can trust, you can be a spout of flowing abundance to your loved ones and teach them to do the same for generations to come.
”Believe nothing merely because you have been told it… or because it is tradition, or because you yourself have imagined it. Do not believe what your teacher tells you merely out of respect for the teacher; but whatsoever, after due examination and analysis, you find to be conducive to the good, the benefit, the welfare of all beings. That doctrine, believe and cling to, and take it as your guide” -Guatama Budda
By: Jamése Ellis, Contributor Brainz Magazine
Golden Hoops writes from the space and perspective of the multifaceted millennial boss babe, about her business! She promotes and embodies this #disruptivebydesign lifestyle through her up-and-coming clothing and oil line: @bohobossyllc. We know Golden Hoops for spitting mental health gems poetically on her social media handle @goldenhoopswrites; encompassing her passions of the written art form, fashion, business, songwriting, & personal activism.