Billionaire mindset helps me double my income in 1 year!
*The article is shared by a journalist specializing in finance and business.
In 2020, I write more than 100 articles and each such article brings me over 3,000 USD. Then I started investing, trying freelance work, and expanding my network. My 2020 income has doubled compared to 2019, largely thanks to the following changes in mindset:
“The one who works all day is the one who doesn’t make any money”
This is one of the famous statements of oil billionaire John Rockefeller. According to him, people who only know how to bury their heads in work without taking time to take care of themselves are people who do not earn money. In other words, even if they earn, they will have to use most of that money for medical treatment later.
Rockefeller advises people to pay more attention to their physical and mental health, improving through simple things like eating a healthy diet, drinking plenty of water, exercising every day, and getting enough sleep and rest. physical.
Health is the most valuable asset of every person (Photo: Internet).
In fact, many young people today want to quickly become independent from their families, be able to pay for things beyond their means, and live the life they want. Therefore, they rush to make money but sometimes forget the most valuable asset is their health. Overwork affects brain power as well as the development of creative thinking.
For me, I tried out freelance work. That means my time is more flexible. I still work in a disciplined manner so that my performance doesn’t suffer but at the same time maintain a work-life balance.
Diversify your income
I used to believe that getting a raise, a promotion, was the right way to grow professionally and financially. So I do only one thing and give 100% of my effort to achieve the goal.
However, it makes me feel very tired and pressured at times. I work overtime a lot, even on weekends. Despite my best efforts, the results were not what I expected.
So, I decided to change my mind and find a part-time job. You can feel comfortable doing a full-time job, but if it doesn’t meet your needs, sooner or later you will lose motivation.
According to one statistic, most self-made millionaires have at least 7 sources of income and they always have an emergency fund. Thanks to the Covid-19 pandemic, many people and I have learned to never rely on a single source of income, no matter how reliable it is.
Besides diversifying my income, I also actively save and invest. Every month, I deduct 20% of my basic salary for long-term savings. In addition, I also set aside a minimum of 6 months’ salary so that I can cover the minimum expenses if I quit my job and have no main income.
Monitor and plan monthly spending
Illustration: Internet.
One of the most important aspects of personal financial planning is keeping track of your spending. But it wasn’t until last year that I did this for the first time. A full-time job gives me financial stability. Therefore, there are times when my income is high, the more I spend.
It repeated for quite a long time, but in the end, I decided to change after reading the quote of an entrepreneur and inspirational speaker: “No financial planning is the door to life mediocre life”.
I start by tracking where my money is spent in the areas of my life. From there, I figured out which was the most expensive and how much money I could save and still live well. It will be difficult for you to develop your personal finances until you track your cash flows, make a specific plan, and stick to it.
Thus, thanks to the above changes, I have doubled my annual income and am on track to achieve my goals of financial freedom and early retirement. With the determination to change and find the right method, I believe anyone can improve their financial situation.
Source: GBR
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