Winning in Your Own Cash Flow Game
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I always heard the story that people keep complaining that they don’t have enough money to spend or don’t have any money left at the end of the month. They are living paycheck to paycheck. But to me they are considered the lucky one because many people are living credit card to credit card. Yes, they are having negative cash flow and have to use their debt to survive.
Actually in most cases, there is something wrong with their cash flow management. There must be something happening in their way to spend money before that caused this cash flow problem. The theory of the law of cause and effect applies here. If you want to know the reasons, you can refer to my article Reasons Why People Are in Debt.
Mind Your Own Cash Flow
If you read the book rich dad and poor dad before, you will know that one of the lessons that you need to learn is Mind Your Own Business. It is not about starting a business and taking care of it. In fact, the “business” here is your cash flow, your money and your future. Those are the important things for your life.
I always believe that if you want to success in your life, the first thing you must win is in your cash flow game. According to Anthony Robbins, there are 5 things we master and keep them in balance if we want to success. They are:
- Emotion Mastery – Master the way we feel
- Physical Mastery – Master the health of our body
- Relationship Mastery – Master our social life
- Financial Mastery – Master our personal finance or money
- Time Mastery – Master the time management.
As you can see, money is part of our success and it can affect other mastery too. Each of them is inter-related. I believe you have heard a lot of stories about how people ruin their relationship because of money or even loss control their emotion due to the debts.
So the conclusion here is Mind Your Own Cash Flow (Business) is the first step to success.
Strategy to Win in your Cash Flow Management
So let me share with you and discuss with you some of the strategies that I think we must use in order to win in our cash flow management:
- Understand your real problems. First we must know the reasons that cause your financial problems. In order to find the answer, I recommend you to start a budget from now on. A budget is a great tool to manage your money and keep track of how you spend your money. In this way you can easily build and access your cash flow statement and find out the status of the inflow and outflow of your money.
- Set a Goal and make a plan. You know your financial problem from your budget. Now you set a financial goal and make a plan to overcome your financial problem and so you can achieve your goal. Different people have different goals on their personal finance. If you any questions to ask or need any help from me, you can contact me. I will try my best to assist you to financial success.
- Stay motivated and stick to your plan. The main reason people aren’t succeeding is they are not motivated enough to take action persistently. Well, this is also the hardest part to control as it involves our emotion factor. If you want to learn the skill that I use to keep myself motivated, you can refer to my article 5 Ways to Get Motivation and Achieve Your Goals.
- Control your expenses. Ok the first 3 steps are more related to planning. Now let’s take some serious action. Controlling your expenses is the most direct and effective way to solve your cash flow problem. A lot of people get into the financial problem or debt because they spend money without a plan. This is also the problem of lack of financial literacy among us. Debt is something that keeps absorbing our cash flow from normal operation. If we have a lack of cash flow, our personal finance system will not work properly. You have to solve the spending problem before you can turn things around. So control your expenses today!
- Increase your income. Well, the other way you can try is increasing your income. This step is really hot. A lot of people are looking a way to start their part time business, build another income source or even get a part time job to make extra income. However, increasing your income will not solve your problem if you don’t control your expenses or solve the cause of your financial problem such as your spending habits etc. So take care of your money emotion first.
Stay frugally and be patient
My last advice is stay frugally and be patient. If you have financial problem, you have no choice but have to stay frugally to save more money to pay off your debts or solve any of your financial problems. Be patient, if you take enough time and hard works, you will solve all the problems. Please remember, after you solve all the problems, you will have a better life and then you can expand your means to live better.
Don’t give up! You are going to win in your cash flow game!
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Comments
2 Responses to “Winning in Your Own Cash Flow Game”
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Thanks for these great advices how become free.
Best Wishes,
Kamil
Hi Kamil,
Thanks for your comment.
Best Wishes
Harrison