This post is contributed by Mike Adams.
Financial security is key to making the most of what life has to offer. Is it any wonder that many people seek ideas on how to achieve financial successes? The bad news is there is no one path that will work for everyone. The good news is that there are approaches that work well in many settings. What’s needed is guidance from someone who found their path and wasn’t afraid to pursue it.
Simon Kronenfeld is such a person. As an individual who came to Canada and started with a job washing dishes, he chose to map out his future and pursue his dreams. That led to establishing a company that operated a little differently from the usual model, selling it for a tidy sum, and ultimately becoming a force in the field of real estate. If you’re curious about what helped him find his success, consider these seven points and how they relate to your future.
Take Stock of All Your Assets
One of the mistakes that people make is to overlook all of their assets as they map out plans for their lives. Assets are not just financial in nature. They involve the culture that nurtured you as a child, the ethics instilled during your formative years, and the knowledge you’ve gained thus far via formal education, independent study, and living life in general. As Simon Kronenfeld will affirm, all of these assets are just as essential to success as the amount of money in your bank account.
To that end, professionals like Simon Kronenfeld would recommend that you sit down and take full stock of what you have at your command today. Do include the money tucked under the mattress, or in a bank account. Just remember to include assets like skills you’ve acquired, information you’ve learned about how people conduct themselves, and even how strong a work ethic you possess. Once you have a full inventory, you may find there’s more to work with than you originally thought.
Create a Plan That Allows You to Save Money
Money isn’t always in plentiful supply, but there are ways to set aside funds. As a dishwasher,
Simon Kronenfeld understood the necessity of balancing the need to pay the bills while also building financial resources that would be helpful in the future.
Distinguishing between needs and wants can aid in this endeavor. It’s especially helpful when there’s not a lot of money coming in. By addressing needs first, then choosing to forego some of your wants in order to put money in the bank, you do gradually create the beginnings of a solid financial cushion.
Don’t be discouraged if the amounts you save at first are modest. The point is to save and place the funds in an interest-bearing account. In fact, establish two accounts. One is earmarked for future investment while the other is to help cover the costs of emergencies. Even if you can only put a few dollars in each one every pay period, do it. The balances will add up and empower you to do more.
Identify The Course That You Want to Follow
You know that you want to be a financial success, but what will you to in order to move forward from your present circumstances? As Simon Kronenfeld learned along the way, there are a number of things you can do.
More education in a field that interests you will help. For example, Simon Kronenfeld developed a strong interest in electronics. What he learned in formal and informal settings provided the groundwork for creating Electronic Liquidators Inc. and his unique way of doing business.
With that in mind, what course will you pursue to amass more wealth and create a more secure financial future? Do look at what’s in front of you right now and identify what to pursue based on your talents and knowledge. There’s likely to be more choices than you think are possible right now.
Be Mindful of Who Helps Along the Way
No one becomes a success by themselves. As Simon Kronenfeld will tell you, there’s always that first lender who is willing to finance the launch of a new business. There’s that first customer who takes a chance on an unknown company. There are investors who are willing to look more toward the business plan than the fact that the presenter is a novice.
When you receive help along the way, never forget what that person did to help you get started. The ability to remember who aided in getting you to where you are today only paves the way for future success. Why? Because that person may be the key that unlocks doors to more opportunities when they tell of what you did to build something from the ground up.
There’s another reason that Simon Kronenfeld would cite for remembering mentors and others who were there for you. The day may come when you decide to shift gears and pursue a new path to financial success. You can bet that when Simon decided to Electronic Liquidators Inc., there were those who followed his move with interest. Some of them were also willing to be there for him as he launched his career in real estate. If he had left them in the past instead of continuing to hold them in esteem, that may not have happened.
Identify Opportunities That Other Are Overlooking
How do you know what sort of opportunity is right for you? To some degree, it’s what you feel inside. Your gut could lead you to an opportunity, just as it helped Simon Kronenfeld build a successful business based on the purchase of refurbished and closeouts on electronics. If your interests coincide with a way to make money, you’re on the right path.
Evaluating the marketplace is another aspect of achieving financial success. What’s the competition like? How are they operating? Do you see ways to adapt their models, or maybe even come up with a fresh one all your own and become competitive? If the answer is yes, that’s an opportunity worth pursuing.
Evaluate and Refine Your Plans for Progress Regularly
Making a decision about how to pursue financial success is not a one and done situation. There may come a time when you’ve done all that can be done with one pursuit. The desire to try something new is real and should not be ignored. You can bet that Simon Kronenfeld can attest to that.
Even if you launch something that is consistently successful for years, do be open to the idea of moving on to a new project. Should something with potential grab your attention, study it closely. If you are enthused by the idea, make the necessary changes and go for it.
Invest in Yourself as Well as Your Finances
Life balance is important to your success. Building wealth is great, but it’s not worth a lot if the stress of work begins to take a toll on your health, or your life. Successful people like Simon Kronenfeld understand the need to balance hard work with personal well-being.
To that end, make time for family and other loved ones. While you’re at it, make time to rest your mind and body as well. Take care of yourself and it will be easier to keep building on your success. It will also afford the chance to enjoy the fruits of your labours.
Above all, remember that no one can walk the path for financial success on your behalf. Just as Simon Kronenfeld did, it may require a humble beginning while acquiring the resources and the mindset to move on to bigger and better things. Start on your path today, even if the steps seem to be minor ones at present. What you build today provides a foundation for what you will achieve tomorrow.
