The Three Essentials: GMI

Many people attain some financial success but never seem to attain what they want. Something stands in their way. They have part of the picture, but not the entire essential program for financial success.

To achieve real and sustained financial success you must understand and implement all three essentials – what I call GMI for Generating wealth or income, Managing your finances and Investing wisely. If any one of those three essentials is missing from your program or you neglect any one of them for long success is unlikely.

Generating income is about focusing on what you need to do every day to insure that you continue to generate regular income. It is about your job, your profession or career, your business, or your income generating investments. For most people their primary source of regular income is their job. To avoid debt, which kills financial success, to feed your family, and to build for the future it is absolutely essential that you devote regular attention to your primary sources of income. They are the foundation of all you build for the future, for your investments and your enterprises.

Managing your finances is equally crucial. Many people live from paycheck to paycheck. They may not know how much they actually have in the bank, what their investments are doing or what they are worth, or how they are spending their money. Because they do not manage their finances carefully they fail to save enough to invest for the future, or they may fail to save anything at all! It is impossible to avoid debt and to build investments for retirement, additional sources of income or passive income, or pay for large ticket items like college educations for the kids or automobiles, without either incurring crippling debt or investing wisely. It is not possible to save and plan for these things unless you manage your finances wisely.

Once you manage your finances successfully you will begin to build savings. Those savings must be invested wisely and managed in order to build wealth. There are many ways to do this, but it must be done.

Many people find all this managing and record keeping boring and tedious. For most people it is. It is, however just as essential to financial success as it may be tedious. However as you watch your investments grown and your debt shrink the tedium begins to pay off and become enjoyable.

In future posts you will learn the essentials on how to effectively manage your GMI to build wealth, reduce debt and attain success.

Wishing you success and prosperity,

Daniel R. Murphy
Helping People Learn to Build Wealth

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.