I went to the bank yesterday, I was feeling that I could add more money to my IRA and build up my 401k. I am working on my retirement funds and building a business. Wow this can be challenging. What I found out, that my knowledge of money was limited and I had not done my homework and research throughly and had opened up the wrong IRA. My goal is to max out my retirement funds for each year. I got a five year plan.
What I learned is the importance of having a clear goal of how you plan to use your money and make it work for you. Not everyone sees your picture and you must define clearly where you want to go. The banker had other ideas that did not support my big picture.
I am still reeling from the 2006 to 2009 nighmare of economic downturn. I took jobs that were not to my liking and jumped into starting my home based business. I met a few lumps along the way and made some choices that did not take me to my destination. I can say I learned a few lessons.
Today, I am working with a team who share my goal of reaching financial freedom. The best way to get information is to study and work with a mentor. Take continuing courses on financial knowledge. Be willing to learn. What I discovered that I could save, however, I did not know how to invest. The trip to the bank was a reminder of how I had a mindset that would cripple my efforts to be more financially secure.
Here are my best tips to building your financial knowledge base:
- build on your current knowledge and look for industries that can use your skill
- read about companies in your industry, what is changing and where can you invest
- learn about the stock market
- invest some of your money into some stocks that you know and that you use regularly
- maximize your 401k and IRA each year
- have a goal for your finances
- reduce your consumer habits
- sell things that you no longer use or need
- create a second income from your skills or interest
- get a mentor who share your goals and has a proven track record.
Want to learn and earn about stocks, check out This is a great educational platform on how to change your lifestyle and create the freedom you want.
Want to spend up knowledge about becoming a wealthy investor, check out wealthyinvestor.net. Wealthy investor trade school.com. This has helped me to get my focus and work consistently on goals with a changing market condition.
It is now towards the last quarter of the year. I have made some changes in my financial household. I have kept my goals insight, paid off credit cards, and maxed out my contributions to my 401k and started self-directed retirement accounts. I took the plunge and got a mentor and take monthly classes. 2016 has been a change in my outlook and destiny.
Wishing you health, happiness and wealth
Chari Farmer Ogogo