Wednesday 28 October, 2020

Achieving financial success in 2019

Entrepreneur, author, and television host - Paul Carrick Brunson has become recognised internationally as one of the most successful matchmakers and small business leaders in the last seven years.

He founded and exited three businesses, host two television shows, spent nearly a decade working directly for a billionaire.

“My goal is to help you live your best life,” he says. 

On Saturday, Brunson will headline the JMMB Group’s empowerment event, dubbed, 'Elevate'.

Brunson shared with Loop News, eight ways to unlock financial success in 2019. Check out what Brunson had to say in the Q and A below.

Paul Brunson (Photo via Paul Carrick Brunson's Facebook)

Q: How can one transform one’s New Year’s resolution into an achievable financial goal?

A: In order to achieve a goal, you must first believe you can do it. That mindset shift of self-belief in the execution of a goal begins with how you frame the goal. I’ve always been fond of “SMART” goal framework and found that it’s been helpful in my goal setting. Ensure that your goal is: Specific, Measurable, Attainable, Realistic and Timely.

Q: What are some good money habits that individuals can practice to achieve their financial targets?

A: When most of us think of financial goals we often think about ways to generate income. That said, its expenses that are most detrimental. Cash flow is critical to individuals and businesses. Therefore, expense reduction is one of the greatest money habits you can practice. My family has made it a bit a game. Our goal is to eliminate one household expense per month. It could be as simple as dropping a streaming music service or cutting back on eating out. If you can maintain a practice of expense reduction, there’s a higher likelihood you’ll have stronger overall financials.

Q: What financial options are available to individuals looking to make more money for 2019?

A: We live in what’s now being called the “Gig Economy,” where most workers around the world are engaged in some form of “side hustle.” This is key to the paradigm shift that’s also taken place. Never before has there been greater acceptance of contractors and people offering services part-time. Take advantage of this. Identify opportunities aligned with the areas you currently have skills and go after those projects. A common mistake people make while “side hustling” is using it as a chance to try something new. I’m all for trying new things but that’s for starting a new hobby.

If you want to make more money in 2019, identify your existing skills and monetize them.

Photo via iStock

Q: What would you say has changed the most in the global financial market and how should individuals improve their financial success from this change?

A: Without question, the internet has been the most significant factor in the global market, perhaps since the beginning of time. What I’ve found most interesting is that just because you know how to post on Instagram or send a tweet on Twitter, doesn’t mean you also know the rules of engagement on social or how to maximize your presence on the platform.

That void is exactly where people should focus in order to improve their financial success. Make it your focus to intimately understand how to leverage social media for your personal brand and business. Doing so will dramatically increase your income and impact in this world.

Q: How important is it for an individual seeking financial success to have more than one source of income and how do you go about this?

A: This is a topic that I do share about a lot. I recommend these three-pointers to get you started in developing more than one source of income.

1. Focus on becoming an influencer or thought leader within your industry

2. Launch one source at a time

3. Make your income sources interdependent

Photo via iStock

Q:  Where can financial goal seekers turn to for help if they are having difficulty achieving financial goals?

A: There are qualified experts in nearly every field. Personal finance is not an exception. I suggest going to either a CPA or licensed financial planner.

Q: How can individuals maintain a strong financial position after achieving their targets?

A: Accountability is the most effective way to ensure you’re maintaining anything in life. We have trainers to keep us accountable in the gym, we have dieticians to keep us accountable with our food intake, be sure to abdicate some responsibility to a qualified financial professional.

Q: What habits (non-financial) can persons cultivate to put them in a better position to make more money?

A: This is a brilliant question. Where there are many habits that would be helpful, I believe developing strong willpower is the most important.

Impulse decisions are often costly in all aspects of life but perhaps most, financially. Develop the habit of cultivating strong willpower and your life and money will change forever.




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