A recent million-dollar lottery winner made a shocking admission that reveals one of the five ways to increase your financial security. Alexandra Chaar was stunned to find out her lottery ticket made her an over night millionaire.
The waitress works at a Mexican restaurant in Clearwater, Florida. She's a straight-A student at St. Petersburg College and plans on using part of her lump sum winnings to pay for school. Chaar admitted she loved working and was not quitting despite her good luck.
Which illustrates one of the principles of financial success...
#1: Love what you do... and... do what you love.
When you work at something that motivates you it's a lot easier to excel. The longer you stay in a certain job, career or business the more financial stability and security you'll gain.
Here are four other principles to keep in mind:
#2: Save. Sure, everyone knows that but Americans simply don't save enough. A good idea is to set aside from 5% to 10% of your income in an interest-bearing account. The richest Americans save as much as 25% of their incomes. Of course, they have more so they can save more. But anyone can set aside even as little as 1% or 2% a year.
#3: Give. This may sound a bit contrary. You may have heard the saying, "To get, you must give."
What it means is this: Whatever you want more of try to give to others and you'll get back more than you give. In practical terms, you can support a charity. Give a few bucks directly to people who are hard on their luck. Even giving good actionable advice about money puts you in the mindset to have money come back to you.
#4: Diversify Income Sources. Do you depend on one paycheck from one job? If so, you're living on thin financial "ice". Should you lose your job then no income exists.
A smarter strategy is to build multiple income streams.
That's what rich people do. They invest in other businesses and companies so their money can make more money.
For instance, maybe you can set up a couple of websites selling products you already use and tell others about anyway. Might as well get paid for it.
Maybe you can take specific information about a topic you know a lot about and write a simple 50-page report that sells on Kindle. Signing up as a publisher through Kindle is free.
#5: Improve Your Money Consciousness. Without getting too metaphysical, the fact is people who make a lot of money have a single advantage over people who don't make a lot of money.
That advantage is simply: Financially successful people DO NOT harbor negative thoughts, feelings, beliefs and habit patterns about money. Rich people have a positive attitude about their finances that allows them to keep perpetuating financial security.
One good way to change your thinking about money is by learning to bring up... and... let go of all those negative thoughts. The more you purge your consciousness of the negatives the more money you are free to have.