A good financial plan is a road map that shows exactly how the choices we make today will affect our future – Alexa Von Tobel

Most of us will always have a limited money supply and so we must curb our appetite for spending.

In Taking Control of Money, we learn step by step how to establish financial freedom and how to ultimately create wealth – two valuable tools for you.

For me financial freedom is a journey. I still have money worries so I am not there yet. I am on the road and its a beautiful road to travel.

Let me give you what I consider to be some benefits of financial freedom.

1. Freedom From Debt

Imagine a life without debt. No credit card loans to pay, no mortgagees outstanding, all your income goes to growing your cash reserve and investments. I hear you saying such a world does not exist. Yes it does. To get there you simply have to learn to spend less than you earn.

2. Freedom to Increase your savings

I was asked the question, why save when you will only get a little interest on your savings? Here is my answer.

Savings is a natural thing that occurs when you spend less than you have. To put it in simply if your income exceeds your spending, you will have cash which you can then do with as you please. You save to build a healthy cash reserve and you save to have the money to take advantage of investment opportunities that may come your way. For example having the necessary deposit for a mortgage.

3. Freedom to do what you want

When you are not at the mercy of creditors, you can do a lot. For example, you can start your own business, move to another city or country or make other big decisions without worrying about paying your debt.

4. Freedom from Financial Stress

Without debt, you can avoid the physical and mental impact of financial stress.

5. Freedom to start creating wealth

Ultimately, wealth creation is what will give you financial freedom. But you can only create wealth if you have a positive cash flow to enable you take the steps. Wealth creation involves risk so you must seek advice from qualified professionals before deciding to put your hard earned money in some investment.

Get your copy of the book Taking control of Money. Also download your free Taking Control of Money Workbook.

But a great budget is only half the battle. If you are looking to not only save money at the end of every month, but to actually build wealth, there is still work to be done. Let’s take a look at what you can do to start accomplishing that.

Financial Discipline Is Critical

If you have set a budget and are sticking to it, you are already exercising great financial discipline. What you do with your extra money, however, may require you to change the way you look at that money. Most financial problems happen because people spend beyond their means. They buy on credit, or they buy things that they simply cannot afford. With proper financial discipline, you can learn how to pay the things that need to be paid and to save the rest of your money for emergencies or to invest.

There are many different financial disciplines to be learned, as well as many skills and mindsets. Discipline is something that gets better the more you practice it, even though it can be difficult to maintain at first. We all get tempted to make impulse buys, whether it is an item at the grocery store checkout or a brand new LED television. The key lies in both self-restraint and a discipline known as delayed gratification. With delayed gratification, we avoid purchasing things we cannot truly afford and instead save money until we can afford to buy them. It is a great way to learn the importance of money while gaining a deeper appreciation for things when you are able to purchase them.

Creating Wealth Is Equally Important

Now that you understand financial discipline, it is time to get to the most important part of it all- creating wealth. After all, you want to live a comfortable life and to have a happy retirement where you have as much money as you need to live comfortably, right? Creating wealth is all about reviewing your financial goals and determining how much you can afford to invest. Choosing the right investments is key, and you will want to diversify, but make sure that you are not investing money until all of your debts have been paid off.

Wealth creation is a wonderful way to create a better future for yourself and your family. Investments can carry risk and it is highly recommended, especially for first time investors, that you seek the assistance of a professional advisor before making any investments. Whether you choose to invest in stocks, real estate, or something else entirely, you will find that investing is a great way to build a nest egg for your future. Learning to build a budget is a very valuable skill, and when it is coupled with wealth generation, there is almost nothing you can’t accomplish!

Why not leave a comment if you use a personal budget.

Unproductive habits will follow you into the workplace, creating an obstacle for you and your team. As a entrepreneur or business owner, you set the pace for others to follow.

Bad habits at work

When you realise which habits aren’t contributing positively to your personal and business growth, it’s time to change them. You need to accept responsibility for creating an environment that allows you and your employees to flourish. Its time to stop procrastinating and start working towards turning around some of your not so good habits into ones that positively impact your life and business.

Everything rises and falls on leadership” says Dr John Maxwell.

Let’s take a look at some of these business practices that hinder you from being successful:

1. Always running late

If you find yourself always trying to catch up with the clock, running late at work or meetings and appointments, you will be perceived as unreliable. While you may think that being punctual is a minor detail, these are things that your business partners, employees and friends remember about you.

Ideally, you should be seen as a person who can manage time wisely, and the best way to exhibit that is simply by being on time.

2. Preventing your employees from socialising with each other

While at the office, people interact because they need to work in teams to get things done. They talk because they need to. But there is also the need to get together outside of work purely for the purpose of socialising.

Socialising outside of work will help your staff to get to know you and each other better. Make it a habit to encourage staff socials about once a quarter. Having a team that sees camaraderie in the office can help employees get along with each other. This will contribute to your business growth.

3. Shoddy email communications

If you have difficulty writing effective emails, or one of your team members doesn’t communicate properly, it’s time to do something about it. While emails have become second nature to most people, not everyone is good at writing professional emails. This can have a negative effect on your company’s reputation. Seek advice or offer free seminars in the office that will train the entire team how to communicate effectively, and you’ll notice that your business will improve.

4. Avoiding constructive criticism

Giving feedback as early as possible is important in helping people change for the better. Successful companies have a culture of communication, where they integrate regular feedback to staff and colleagues. How will your staff know that they are doing something wrong, or could be doing something better, if you don’t tell them? Just make sure that you think your words through to avoid hurting people. Remember to use the WWW and EBI method of giving feedback.

5. Mischievous comments on social media

With the popularity of social media continually growing, some people have a bad habit of venting their frustrations about work online. This reflects negatively on your business, and on you as the leader. Things posted online can sometimes never be taken back, so you may want to develop guidelines for your organisation around the use of social media.

With these things in mind, you can set concrete actions necessary to encourage the change that starts with you. If you model these changes, it will be easier to cascade down to the rest of your team, and in no time, big improvements will be seen in your organisation. Remember that admitting there is a problem in the first place is necessary, and now you can spot what needs to be changed.

Question: What business practices is hindering your staff productivity?