Classify Each Of The Following Cash Flows As Either Operating Financial Literacy 101

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Financial Literacy 101

You don’t need to be a genius to understand money. Money is nothing but a tool, no different than a hammer and a nail or even a computer. It is a means to an end and should never be feared. Too many people misunderstand money and instead of being able to harness its power, they end up enslaved by it. Financial literacy is paramount, especially in today’s collapsing economy. It is very sad that this subject is not given much attention in schools, because it is the most important one that affects all our lives every day. For those looking to take control of their finances and break free from the pressure our economic system has on us, the following will help point you in the right direction:

Make your money work for you instead of you working for it. Most of the population is caught in a vicious cycle of working to death, but barely outpacing its costs, if at all. We are tormented by this debt-ridden society created and controlled by the “money lords” of the international banking elite. The good news is that there are many ways to use this toxic system to your advantage and make it work for you. What you need to do is implement strategies that give you a return on your money with the least amount of effort required. The combination of living within your means (NOT ON CREDIT!) and a solid ASSETS investment plan will help set you free.

Assets are things you own, while liabilities are what you owe. Good assets can generate income such as rental properties, rent to own homes, some businesses, tax lien certificates, precious metals, etc… We often think of a house and a car as assets, but financial professionals always classify them as liabilities because they have to be paid every month and usually don’t generate cash flow on their own. Devote your time to cash-generating assets that will be the foundation of your diversified investment portfolio.

Starting your own business is a great way to build lasting wealth. That doesn’t mean it won’t take a lot of work, dedication and sacrifice, so don’t ever fall for get-rich-quick scams because they never work. What works is having a solid product or service to market, whether it’s yours or someone else’s, and implementing a solid marketing plan. Working for yourself with very little overhead is ideal. Do your research and never gamble.

Your goal is to be a wise entrepreneur and investor. The average small business takes 3 to 10 years to generate a significant profit to live on, so don’t quit your day job! Use your job income to fund and grow your business. The great thing about owning a business is that while you’re building it (and not yet seeing a profit), you can still take advantage of many business-related tax deductions based on things you’re spending money on anyway, such as: mortgage/ rent, hydro, heat, home and auto insurance, property/school taxes, condo fees, interest on certain loans, phone, internet, gas, car maintenance, restaurant bills, office supplies, furniture and more. Saving money is just as good as making it!

The problem with people trying to grow their money is that they continue to work for someone else and not increase their money earning potential by acquiring the right assets. Many also don’t start their own small/home business on the side and end up paying a good portion of their annual wages as income tax. Finally, too many of them live beyond their means. Be restrained and keep things simple and manageable! Most hardworking people work for others and not for themselves. And after all this, they are faced with the terrible realization that they have little, in some cases nothing, to show for all these years.

The solution is to invest in yourself. It just makes sense. Use the rat race, banking and tax systems to your advantage. Build your business and invest in things that will generate cash flow for years to come while putting the least amount out of your pocket possible. Leverage other people’s money and expertise (banks, renters, other investors, financial advisors, etc…) to grow your portfolio and be financially free sooner than you think. Financial freedom will bring something much greater, personal freedom!

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