At Alpha Omega Wealth, our goal is to get our clients on the right track to financial independence and becoming their own banker. We want to partner you with a financial advisor to help get you started on your journey and provide you with the right knowledge you can apply in all aspects of your life to continue to grow and develop economic wealth. Here are the 12 principles of financial prosperity that we believe are the key to becoming financially prosperous.
12 Principles of Financial Prosperity
Having a prosperous mindset is the key to eliminating poverty. Maintaining a scarcity mentality can keep you stuck where you are at currently. More value is lost due to wrong thinking than to poor investment choices, timing and other factors.
Keeping the “Big Picture” in perspective is what allows you to see how each one of your economic decisions affects all the others. Do not get stuck in financial tunnel vision.
Always measure your opportunity costs – what your dollars could earn if you did not spend or commit them elsewhere. Being aware of opportunity costs enables you to recover them and utilize them in a way that will grow.
Net worth is not the only goal you should be focusing on. The true measure of prosperity is cash flow.
Those with the gold, make the rules. Stay in control of your own money rather than giving others control over it. This ensures you are the one gaining financial wealth and not others working off your money.
The velocity of money is the movement of dollars through assets. Money that is accumulated and not put into good use results in stagnation. (Cash savings = money sitting).
The key to financial prosperity is to readily multiply your money. You want your money to have many jobs and develop wealth.
Live beneath your means – if you do not have the money, do not buy it. Credit cards should not be used unless in the case of emergencies.
Save more than you think you need. This gives a larger blanket to fall back on should anything happen. Rethink the idea of “retirement.” The best way to plan for the future is to create it.
Become the leader of your life, not simply follow the majority. The majority can only achieve average results, never above-average results.
Leave a lasting legacy for future generations. This extends beyond financial terms and more in terms of your impact on family wealth, educational wealth, community wealth and generational wealth.
Planning and design can only take you so far. You must act on your knowledge in order to see results.