– When it comes to financial abundance and changing your life from going broke to going somewhere with your finance, in my previous video, I share with you that you really need
to change your mindset, really need to believe that there’s abundant of money
around, there’s plenty of it. That you need to change the things that you say to yourself,
that you need to be grateful. But those are all the mindset stuff. What you need to do next
are the practical steps, which I’m gonna share
with you in this video. (upbeat guitar music) Hi everybody, it’s Linh Podetti here. If you’re new to this channel, I’m an entrepreneur and a mother of three, and my mission is to help you guys achieve time and financial freedom. But before I go straight into my video, if you’re new to this, please support me by subscribing to my channel, and you’ll be notified about
my videos every single week. And if you have any Vietnamese
friends, let them know that I actually have
some videos in Vietnamese that I’ve started to launch
out every single week as well so that they can learn what
you learn but in Vietnamese. Okay, so step one is, if you think that you’re not a finance person or you don’t really like numbers, you need to change that straightaway. So like you, back in the days, I always knew how to save money, but when it came to personal finance it was a bit easier for me because when you work a nine to five
job, you’ve got the same income. When you don’t have kids as well, it’s a more manageable
kind of finance situation. But when you start to run
a business like myself, I run a recruitment company, and I’ve got all these
unpredictable revenue, unpredictable expenses and things, I remember why my business
cash flow was challenging. It’s because I said to myself
I’m not a numbers person. Because I said that to myself, I refused to look at my numbers. Whenever the accountant
gave me the balance sheet and the profit and loss,
I sort of glance over it and I don’t even know what it is. Those reports are not as important as the everyday sort of
management of my money. And it wasn’t until a few years later when I really cared about
the day to day measurement of where the money’s coming in, where it’s coming out and really monitor, it’s like the saying goes. So unless you measure everything that is going in and
out with your finance, you’re not going to be able to take your finance to another level. It’s like when you’re
trying to lose weight or, you know, change your body shape. So unless you actually measure, let’s say you’re trying to lose weight. Unless you’re measuring the
progress of your waist length or your shape, you’re not
gonna know where you’re at to be able to know where you’re gonna go. Same as with finance. If you don’t really track what’s going in and what’s going out and knowing where all the expenses
and income is going, you’re not gonna be able to change it. So you have to stop saying to yourself that I’m not good with numbers,
and hire the right people. So, I myself, use an
outsource bookkeeping service. They also tell me all of my
numbers, stats about my numbers, like, compare it from
month before, month now, why is it gone up, why has it gone down? So I really understand
where the numbers is going. Unless you care about your numbers, you’re not gonna be able to change. So if you don’t own a business and you’re just really wanting to take care of your own personal finance, I recommend using apps like Pocketbook, I think it’s called
Pocketbook, it is an app that integrates with all
your bank accounts and things and it extracts all of your transactions, and you’re able to actually categorize which ones are of a certain expense so that you can really see where
you’re spending your money. And the next tip I have for you is just really spend what you can afford. And when I say spend, try
to even spend on things that actually add value to your life. You know, we often get carried away with buying materialistic things. I don’t know, somehow luckily my parents brought me up quite humble, in a sense. They used to just drive really old cars and always bought second-hand things, so I never felt the need to go for the most expensive things or the brand, so I just grew up wanting what works rather than what’s branded,
so I’m lucky in that sense. So I never even got myself
an expensive handbag until later on in my 30s
maybe, when I could afford it. But I never buy things
that I couldn’t afford. The only thing that I
hated that I was spending was maybe on alcohol when I was younger. If I could turn back time,
I probably wouldn’t buy so much alcohol every
single week, drinking. But then again, those
are the great memories with my friends, I don’t regret that part. Now, when I say spending, it’s like, don’t spend because someone else has got something that you want in
terms of materialistic things. And when it comes to material
things, from my experience, it really doesn’t give you happiness. The things that give you
happiness is traveling, experiences, giving to others, and the money that I spend a lot on is things that go up in value. I’m talking about learning something, going to a course, a seminar, even a year’s worth of
education, ’cause remember, after your first 12 years of schooling, you’ve got the opportunity
to learn anything you want to be able to take your
business or your life to another level, so why not spend on things that is gonna add value, add value to yourself, to
make more money for yourself. The next thing you need
to do is really think about how you’re gonna make more income. So what I love about
business is that you’re able to create a money
machine that can generate more money rather than a capped income. But if you’re working for
someone, or you’re in a job and you really enjoy the stability, it doesn’t mean you can’t
build wealth in other ways. There’s properties, there’s shares, there is also affiliate marketing where you don’t have to fulfill
the product or services, you just refer people to
other people’s services and make recurring income,
even my business has a program, so if you’re interested let me know. So you have to really think about how else you can make
money, because if you rely on just the one income, first
of all it’s just very risky, second of all you can’t have more, you can’t create more
wealth, you want to be able to make more money to make
more wealth with that money. And the last tip I have
is setting things up on direct debit. So first thing you need
to set on direct debit is actually paying yourself,
so decide on an amount that you wanna pay yourself. Pay yourself as if you want to, it’s like a savings
account for yourself that, it’s like your wealth-building account, and decide on that amount,
whether it’s 10% of your income, or a fixed amount of money every month, and schedule that on a
direct debit facility, because what you wanna do is
you wanna pay yourself first. Don’t save after you’ve already paid out all of your expenses, ’cause
there’s never any money left. When you pay yourself, pay your savings, pay the things that
you need that will help with your wealth creation. Whatever’s left is what
you can use to buy things, ’cause even if you, so
of course the bills, and the utilities and things
you know you have to pay, so you’re gonna find a way to pay that. But you need to start to have that mindset where paying yourself
is just as important. And once you do that, whatever’s left, then you can buy your luxury
things or things that you want, because if you don’t do it that way you’ll always end up with not enough money to save for yourself. And finally, if I had to
give you my one last tip, is be generous in life. I find that, in my life,
the more generous I am, the more I give out, the more money comes in miraculous ways. So life is really about giving. Whether you want financial
abundance or not, it doesn’t mean that you
just try to hoard it, like whatever money you have you just keep because you never have enough. The more you give, the
more you share with others, somehow the universe starts to
bring you more opportunities, just more ways for more money to come in. So that little part, the last part, seems a bit hokey-pokey or fluffy, but it actually is the most important part that I really think that
has made my life change, because I’ve always thought
about how can I serve others, how can I be generous to others, and every time I’ve
done that, I find money sitting around somewhere,
or meet the right person, make the right opportunities, and that’s how my life
has really transformed into another level. So thank you so much for watching, and before I go, let me know, what is your challenge with your finance? What do you find that
is the most difficult in handling your finance? Love to hear your
questions so I could make another video about it, or
reply in the comments below. So thank you so much for watching, and I look forward to
seeing you again next week. (upbeat acoustic music)

1 Comment

  1. LinhPod says:

    Thank you so much for watching. Let me know in the comment below, what is your challenge with money?

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