There is a lot of wrong information surrounding personal finance, in this short article we will debunk some of them. The truth is, we discovered this misinformation has kept some individuals behind financially, out of ignorance some have condemned the financial decisions of their friends and family. So lets’s dive in!

You are throwing away money in Rent.
Not long ago, I came across a top executive in one of the largest financial institutions, and I heard him say a shocker; “I still pay rent”.
I immediately began to ask myself why would he have so much money and still decide to keep “throwing money away on rent”?
Still in my many thoughts, I had him say;
” You know I really like the house, a beautiful Italian build, and the owner has refused to sell it to me. So I took the money for the house and invested in real estate. Automatically, my real estate investments pay the bills and rent multiple times over, and I also don’t have to worry about facility maintenance, saving a lot of money in the process, so as long as I still feel comfortable, I still live there”.
Houses are liabilities as long as you live in them yourself, so instead of owning your own property and having to pay bills in form of structural and other forms of facility maintenance, he chose to turn that into an asset that brings you enough returns.

Finally, owning a house is good it will definitely help you save some extra cash. Nevertheless, always remember not to condemn that friend that lives in a rented house, he might be making more and saving more with his real estate investmen
Click the link below to keep reading
https://outliersworld.com/2020/06/01/some-of-the-biggest-lies-about-money/

The Richest Man In Babylon written by George Samuel Clason’s was published in 1926 but it’s content still remains relevant in this current time. It’s a must read for every individual that wants to learn about personal finance, or those that are already big on personal finance, but needs a refresher on its fundamentals.

In this article, we highlight important personal finance tips to remember. The book named this nuggets as the “seven cures for a lean purse”. The king of babylon called on a man named “Arkad” to teach the finest men in the land the secrets of personal finance so every man can be financially free.

Start thy purse to fattening.
This simply means, save 10% of your income. “For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to they soul”. Pay yourself first by saving 10 % of your income maybe more when you can.

Control thy expenditure.
This simply means live below your means. “What each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary. Confuse not the necessary expenses with thy desires”. This states the importance of budgeting so as to have extra to save , it also offers security in case there’s an emergency. In addition, the richest man in Babylon also enforces the need to not spend more than 9/10 of your monthly come. It also adds that your expenses expand to fit your income, always remember you need to find ways to increase your income and also find ways to decrease your expenses.You cannot manage what isn’t measured, remember to always keep 10%, this is a starting point for any individual that wants to start a savings plan, saving 10% is a good place to start.

Make thy gold multiply.
“The gold we may retain from our earnings is but the start. The earnings it will make shall build our fortunes. Learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you”. “Put thy coin to laboring that it may reproduce its kind even as the flocks of the field and help bring thee income, a stream of wealth that sall flow constantly into thy purse”. In summary, this simply means invest your money and let it multiply.

Follow the link below to keep reading

[url] https://outliersworld.com/2020/05/29/important-personal-finance-tips-to-remember-from-richest-man-in-babylon/[/url]

Achieving more with less was inspired by the book 80/20 principle written by Richard Koch. Before we proceed, it’s important to state the power of this fraction, it’s also of great importance to state that the 80/20 Rule is used in various industries. From helping students with passing exams to helping businesses increase their revenue by identifying profitable customers. Learning to apply this principle in your own life can help you eliminate waste and be more productive.
Before we dive in, it’s important to quote Timothy Ferris, he once “the 80/20 principle is the cornerstone of results-based living”. The principle teaches how to achieve more with less. This principle named after Italian economist Wilfredo Pareto is called a lot of other names; the power of distribution, pareto’s principle, the law of vital few and so on. By the end of this post you should have gathered useful insight into the Pareto’s principle. For the purpose of better understanding we’ve broken down this post into the following parts:

What’s the Pareto’s principle?
Application of the Pareto’s principle.
Pareto’s principle in school.
Pareto’s principle in relationships.
Identifying low output processes.

What's the Pareto's principle
In 1906, Wilfredo Pareto observed in his garden that 20 percent of the pea pods generated 80 percent of the healthy peas. He further discovered that 80 percent of the land in Italy was owned by just 20 percent of the population.

The Pareto principles states that in any situation twenty percent of the inputs or activities are responsible for 80 percent of the desired output or results.


Application of the Pareto's principle.

This principle by Pareto applies to every aspect of our daily lives. Do you wear 20 percent of your shoes 80 percent of the time? In a book, 20 percent of the pages contain 80 percent of the important information, 20 percent of customers produce 80 percent of a company’s revenue. In addition, 20 percent of the products you put up for sale generate 80 percent of your business revenue. Finally, 80 percent of the inputs we make generate the extra 20 percent of the desired results. This principle isn’t constant and can vary from time to time depending on your situation. It could be 75/25, 90/10, the variations are endless.

Nevertheless, one thing is constant, majority of results come from minority of causes. The big question then comes, how does this principle apply to your life?

There’s a difference between being busy and being productive. Majority of the populace believes working more hours will get them more results. The principle of getting better results is dependent on how well you spend the time you invest into your work. If you haven’t applied the pareto’s principle into your life yet, you are most likely just being busy.Let’s talk about it’s application.

Click the link below to keep reading

https://outliersworld.com/2020/05/26/achieving-more-with-less/

This piece was written by Ash Ali and Hassan Kubba, Ash being the first marketing director at Just Eat (one of UK’s tech unicorn company worth over £5 billion), while Hassan is a good orator and Ash’s investment partner for startups. In their book they established the fact that life is unfair, luck and randomness of life has distributed opportunities unequally.

In addition, their book also discusses the duality of believing in both luck and hard work, using this duo as tools to understanding the whys of life.

There is a lot to learn from the crazy success stories of the so called self-made billionaires, you don’t have to compare yourselves to them, as our dispositions, strengths and circumstances are all different and unique.

Furthermore, they made us understand the role of our Unfair Advantage. We all have some of the unfair advantage elements which can help leverage our strengths and circumstances aiding to build the future that we want. The truth is, these elements apply to every facet of life.

Their book divided our unfair advantages into 5. Follow the link below to find out your unfair advantage

www.outliersworld.com/2020/05/10/book-review-the-unfair-advantage-recommended/

It’s a proven fact that most of our life decisions are made based on satisfying our financial needs. Being financially free is breaking free from the chain of financial burden. It is when you are able to make life decisions without financial stress.

In this post you’ll be learning the following

Definition of financial freedom
Factors affecting your finance
The financial freedom framework
Action points that can help your finance

Financial Freedom can be described as a financial state where you generate passive income enough to meet your needs. It can also be described as a point where you don’t need to work for money anymore. Your money begins to work for you. You are financially free when your total annual expense is just 4% of your net worth, your net worth being 25 times more than your expense. At this phase, you can work when you want to, in addition you will also have enough time to do things you are passionate about. Being rich is you having money while being wealthy is money plus time.

The saying “planning for financial freedom is more of a marathon than a sprint” is more of reality than illusion. Breaking the strategies to achieving these goals into small chunks can help relieve the stress and would also make your journey easy and manageable. Money is the language everyone understands, with you having financial freedom you can speak at various levels and with this tool make the world a better place.
It is difficult to make progress without understanding where you currently stand financially. Having a good picture of your financial stand is a good starting point. There are basically two factors that determine your financial state.

To keep reading click on the link below

[url]Www.outliersworld.com/2020/05/12/stages-of-financial-freedom/[/url]

One of the best financial decisions you can make is who you marry. I do not mean choose someone who is a financial expert, or someone who has wealthy parents. The quality of having good financial habits is usually ignored during the courting period. What this period entails in this current time is couples going on expensive dates and exchanging extravagant presents.

The courting period is a time to show your partner who you really are financially. After wedlock, you might get surprised with the changed behavior of your partner towards his or her finance, this will be detrimental not just for your relationship but also your financial life.

It’s a time to know your partner, is he or she frugal, or rather wasteful? Know, accept and try to understand who you are with. Relationships are supposed to help you grow. Finding out these details about your partner can help you teach him or her good financial habits, and could also help your finances in the long run.

To read more on this topic please visit

www.outliersworld.com/2020/05/10/your-spouse-and-how-it-affects-your-finance/

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