MONEYTALK 005: Sacrifice And Discipline In Personal Finance
Financial freedom can’t happen without self-discipline and commitment.
Everyone needs to create a financial plan but before you do that, you need to understand your goals, what is important, the short term needs and the long term needs. For example, if you have children, you are likely to think of saving towards their university education. Maybe you want to buy a car or buy a home within the next five years?
· Write down all your goals; the more specific you can be the better and easier achieving them
· Design a strategy for each of the goals
· Start implementing your strategy with discipline
· Review your strategy from time to time
Learn to prioritize your needs and wants to stay within your income budget. Learn to be discipline and consistent in managing your personal financial life and stop blaming the politician.
PREPARATION + OPPORTUNITY = SUCCESS
Note; your goals must be specific, measurable, achievable, relevant and timely.
Sacrifice to discipline yourself to reduce your expenditure. Learn to work on your own self and be discipline if you want to be financially free. Mismanagement and irresponsibility on your part will lead you to financial stress/poverty.
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