Are you greedy for wanting money?

Are you ambitious or greedy for wanting more money?

"The difference between greed and ambition is a greedy person desires things he isn't prepared to work for"
Habeeb Akande
Assuredly, there has been a distinct preconception about the rich. It is either that they are greedy beyond belief, or merely insensitive to another person’s needs – in other words; people classify them to be selfish. The people who have built up a decent amount of wealth have done it over a long period. They struggle to balance their lifestyle with the fact that they also need to build a future alongside their expenses.
We would be lying to ourselves if we said that we have never hoped or for earning a large sum of money to fulfil some of our dreams. Wishing for something does not make you greedy; in fact, it makes you ambitious. When you wish for a good future ahead of you, the goals you set for yourself require you to accomplish certain things so you can finally get there. Even if the planning is frantic and all sorts of excited, driven by adrenaline when it comes to visualizing your dream, it still makes you take action. The strong ambition would then attract motivation. When others see this kind of ambition and growing motivation, they go on to naming this ambition as greed and will start perceiving you as a greedy person.
Realistically, money doesn’t create who you are. It can be the tool to underline who you are as a person, as an individual. The intention behind your earnings is what drives the reason WHY you need the money, or why you would like to build a better income for yourself. If your purpose is to create a long term wealth which can last you and your family without having to struggle in the future, this isn’t greed at all. This is probably the most practical way to live your life.
You should certainly not feel bad for wanting to earn and create opportunities for yourself, whether it is with regards to your career or investment. If you make money with something good in mind, then it will help you with what you had in mind. If you earn money with something sketchy in mind, it will become a tool that feeds into that particular thought process.
When you can’t take care of yourself, it is beyond impossible to take care of others in the process of doing so. When you take care of yourself, earn, work towards improving your potential, it something that doesn’t even come close to greed. This is what greedy actually looks like:
When you get blinded by money, eventually forgetting the value of those around you and the people who are important to you. Greed becomes evident when you solely think about acquiring more and more money — with no intention to make that money work in a way that it is helping others. You CAN want money without being greedy, and we are here to reaffirm that wanting more money does NOT make you greedy. As long as you remember that money can be a vital tool that can be used to help yourself and others in the long run, wanting to have more of it is perfectly sane.
With this in mind, don’t be afraid to save. It is your future and something that you need to look after. It is not someone else’s business to interfere with the kind of goals you have based on your personal challenges or beliefs. The best thing would be not only saving alone but investing, even if it is in the smallest amounts. The way your money will initiate a process where you earn from your investments will help you secure yourself even further than just having a successful career or a job.

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Working Hard VS Working Smart

Working hard vs working smart

Being rich is the dream of several people around the world, and someone who aspires to become rich has their own way of doing so. You can be rich and have your own ways of growing your wealth. Involving yourself in a regular 9-5 job can be one of those ways, but it is known not to work just by itself. Although a 9-5 job is a monotonous way of earning money, it helps to fill your pockets to make up for all the expenses that you might come across on a day to day basis. The only catch is, you earn a limited amount of money by it and so, the success that you gain from this 9-5 job is also limited.
The amount of hard work that you put into the job does not determine the amount of money that you will earn from it. Of course, it is a wonderful stepping stone from not having a job and not earning, to having a decent job and beginning to accumulate a decent amount of earnings, but it won’t get you too far if you’re not smart with your money. There is a constant battle — does a person need to work hard or work smart to become successful? We are not here to discourage hard workers or passionate employees, but we are here to promote a mindset that will encourage you to be smarter with your hard-earned money.
Let’s take a look at two hypothetical situations:
1) Michael is a construction worker who earns $45,000 a year, his job conditions require him to work under harsh conditions, sometimes even over 12-15 hours per day, which is much higher than the hours to a standard office job. He has no other source of income apart from his job, which would put him in an extremely difficult situation if he ever has the thought of leaving his job, or gets fired from his job.
2) Phoebe worked a 9-5 office job for a while before starting a side business on her own in order to generate more income due to the rising expenses in response to the economic ups and downs. She wanted to sustain her income and allow herself to have some flexibility when it came to her job, which is why she started a side business. The money she generated from her business was used to enhance it, while the rest was put into real estate investment, which helped her generate more. She is expected to make $250,000 out of her business and investments.
Who do you think attracted more wealth — the first scenario, where Michael only worked hard or the second scenario, where Phoebe worked both hard and smart to manage her expenses?
There really is no competition between them both, and there is no either/or with regards to working hard and working smart. Both of them go hand in hand, coordinate with one another to reward you with something bigger. What you choose to do with your money plays a big part in how you sustain your wealth. If you are merely earning to suit your short-term goals, this can be a big risk as you might accidentally fall into economic problems in the future. The more unique value you have to what you are doing, the more it will last you in the long run, in terms of income.
Working hard is an aspect that has been drilled within us ever since we start going to school. We are told that we should work hard to achieve our grades, to strive to work towards leadership. We can work hard to absorb as much information as we can, but if we prepare for exams in this way, it will only get us a limited grade. For an exceptional result, you would need to have a strategy, a motivation to solve similar kinds of exams to prepare yourself and a target in terms of how much you want to complete in the given amount of time.
The same goes for money. We are taught that working hard and long hours at our jobs after attaining our degrees is the way to go, to be successful. You might be able to achieve nobility or success within your field, but you might not be able to advance too much in terms of income if you’re not smart with what you do with it. Saving money for consumer goods could work out, but then again, the money will be spent and gone from your pocket. Rather than doing this, you should save to buy things that could possibly allow you to earn money from what you bought. That “thing” is defined as an asset because when you buy it, it eventually brings more money into your account instead of taking money away from your account over a period of time. Your hard and smart work, have a definite worth for your future. Don’t let them be enemies or frenemies — they are partners.

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Mistakes You Could Be Making While Investing

MISTAKES YOU COULD BE MAKING WHILE INVESTING

Investments can be incredibly tricky if you haven’t been a long-time investor already, but that is absolutely okay since you are never alone. With that being said, reconsidering investments and consistently being aware of your mistakes along the way can save you from a lot of trouble. Although it would pay to learn from the worst, it could also cause a possible pause to your investments in the future with the possible fear of risk emerging within you. (Read more about how to get rid of your fear of investment here).
Here are some of the common investment mistakes that might have slipped off your mind. If any of these mistakes sound common to you, it might be time to reconsider and re-evaluate your investment decisions.
The unclarity of investment goals.
Investment goals are incredibly necessary. Your goals are the guidance maps in order to help you with what you want to achieve with these investments. If you don’t have a goal in mind, or if you’re just stuck at a stage where you only have a visualized goal, start with laying out a step by step plan with what it is that you want to achieve. Everything related to business, investments, and money going in and out of your account, are extremely personal aspects that are based on your own experiences.
Buying high and selling low
Buying low and selling high is the central principle that revolves around investing. The intention, however, shouldn’t be to sell as soon as the market value of the property goes up again. Understanding the highest value that your property can attain, takes a long time and would require you to hold a property for a longer time in order to make observations about the market in such a sense. You might end up having the thought of regret with the property that you sold when you could have got a much better value for it later on during the years. People usually have the mindset of maximizing returns on a short-term level and would immediately buy high because that would benefit them the most at that given point of time.
Not reviewing investments regularly
Leaving investments unreviewed for a long time can take a toll on your portfolio in terms of balance. One asset class or one type of investment could be piling up within your portfolio and it could increase the risk concentration, meaning that if that one asset loses value, you would be losing a lot of money. You would rather have your investments reviewed and analyzed based on your investment goals so that you can re-strategize your plan and redirect towards the ultimate goal that you had envisioned.
Being unaware of your property’s performance
It is rather astonishing that over a period of time, people tend to have no idea about how their investments are performing. They usually just understand what is going on within the surface of the investment, but never in relation to their goals or portfolios. Keeping the contextual background of your portfolio in your thoughts is important because you might not understand if the return or the value of that investment is good or not through the vision of the financial goals that you might have set for yourself.
Not diversifying enough
We keep mentioning diversification several times, over and over again. Come to think of it it is heavily connected to most of the points that have been mentioned so far. Diversification and risk concentration are the keywords that you may need to keep in mind with regards to your investment portfolio. Not diversifying enough might make you concentrate your risk into one single investment, and in the long term, this will make you lose more than you gain. Your gains and loses are all linked to your optimum investment plan and the diversification will strongly determine whether your plans are being accomplished or not — even how far they have been accomplished.
If you have made any of these mistakes, they can be easily recognized and rectified in terms of the future. However, if you are a new investor, it is necessary to keep such things in mind before stepping onto the investment ladder.
“Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.”
~ Fred Schwed Jr.

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