What does being successful in life mean to you?
It’s what so many of us are striving for but can look completely different from one person to the next. It doesn’t matter if success to you means being able to travel, retire early, playing golf every day, or owning a big house and fancy car…
To everyone’s ‘success’ there is the element of financial success and understanding these 7 factors of financial success is the key to helping you reach your ideal life faster.
1. Money Myths.
At Enriched Academy, we have helped thousands of Canadians over the past years and one thing we have heard over and over again is “I just need to make more money”.
This is just one of the myths that need to be broken before you continue on to financial success. The truth is, there is a balance between making money and saving and investing.
2. The Fundamentals Of Building Wealth
Getting rich quick schemes is NOT the answer. The ‘shiny’ object is not what will truly help you become wealthy. Instead, you need to learn the fundamentals of building wealth including how to save and invest.
3. Who To Trust With Your Money
Many of us don’t really enjoy doing the finances. Having someone you can trust with your money, someone who truly has you and your family’s best interests at heart can eliminate much of your financial stress.
But who can you trust? Start by learning about the differences between different financial advisors. For example hiring a fee-based advisor like the coaches at Enriched Academy, vs having a commission-based advisor. Watching this LIVE webinar is another great place to start.
4. Understand The Industry Of Financial Advice
Many Canadians don’t understand the rules of the game. Taking the time to Learn these can give you confidence when talking with advisors, banks and even lenders. Not only will you better understand what to do with your money, but it will also be harder for you to be taken advantage of.
5. Key Financial Terms
Money is a language that many of us have never learned. Frankly, it can make us feel inadequate and discouraged. Being behind the 8 ball is not where you should be. How important is it to understand these terms?
Take ‘MER’ for example. MER is essentially the commission your financial investor makes from managing your investments. This number can mean the difference of thousands of dollars and in Canada, we are charged some of the highest rates… if you don’t know where to look (which is why #3 in this list is so important!)
6. Effective Planning
Too pressed for time to spend a few hours a month on your finances? Taking the time to learn how to automate your finances can greatly improve your money management and free up some time!
At Enriched we teach an effective strategy that can help you manage your finances in only 30min/month! (We will be teaching it here, live on April 7th.) Having a solid plan is the best way to get out of debt faster and increase your wealth as thousands of Enriched Academy students have found out.
“If you fail to plan, you are planning to fail.”
– Benjamin Franklin
7. Escaping The Financial Trap
There is a cycle that a lot of Canadians fall into. We don’t intend to, but it happens. We go to work, get our paycheck and pay our bills with little to none leftover. The thing is… if we don’t change anything, we could be stuck on this hamster wheel forever. No matter how fast you run, you’ll still be stuck on that wheel unless you make a plan to change.
“If you don’t learn to make money while you sleep, you’ll be working until the day you die.”
– Warren Buffet
The most important thing?
Invest In Yourself
Especially in times like these, the best investment you can make is in yourself. Invest in your financial literacy.
So many people don’t know what to do, where to turn. They are panicked and scared and that fear comes from the unknown. The answer? Education. With education comes knowledge which builds to confidence. Confidence in the decisions you make and that yes, you can survive these times. And that education is financial literacy.
Increase your financial literacy by joining the FREE live, online webinar presented by Enriched Academy and Loans Canada on Tuesday, April 7, 2020. Secure your seat here.
