If you are going to tap into abundance you must pay attention to cash flow.
The first thing to know about cash flow is, where is your cash flowing to and the second thing is, where should it flow to? Without knowing the starting point, it will make it very hard to know where to go. You are where you are. Pay attention to where you are. Listen, if you are a sheepherder, you have to know how many sheep you have, and you have to know where they are. Paying attention to what your sheep are doing is very important in keeping your sheep safe. The same with your money. Know where your money is, and where it’s going. Keep track of it. Is it going in the right direction and if it’s not, you have to “herd” it in the right direction.
The first direction your cash flow should be going is to God. If you’re part of a church you are to pay 10% of your Tithes to God, to help the church fulfill the mission it has (which should be winning the lost to Christ as it’s first priority).
The second direction your money should be going is to pay yourself. You will hear it by anyone that is rich. “Pay yourself first”. I say “Pay yourself second.”
The third direction should be some type of investment. The market, or your own business.
The fourth direction should be your bills.
Creating cash flow is vital to your financial health. If you only have one stream of cash flow (such as your job) and that stream dries up (as in you get fired or laid off, become too sick to work) then you no longer have that cash flow. So you want multiple cash streams in your life, so if one dries up, you still have the others. But even more than a survival technique, having multiple streams of income can make you a Millionaire.
It has been reported that the average millionaire has seven income streams. I don’t know how true that is, but I do know from my studies that they do have multiple income streams. From three on up.
What types of income streams could you create?
- A part-time business online or off.
- Investments that make a good return in dividends and hopefully raise in value too over time.
- Savings at 5%
- Positive income from rental properties.
Robert Kiyosaki author of Rich Dad Poor says the key to wealth is investing in cash-flowing assets.
So, watch your money, pay God and yourself first and second, save and invest. This is how the rich get richer and so can you.