Tips to achieve financial success in your lifetime
Thu Jan 7, 2010 | | Posted in Finances
For some folks, financial success means peace of mind and not worry about debt and its intricacies. For others, it means more. More than they already have, no matter how much. If they get hands on $19 million, they are not satisfied. They would use any means necessary to be financially successful.
Let’s talk about us – the ordinary folks
What can you do to gain financial success – by legitimate, ethical and honest-to-God fair methods? From time to time, I have given my humble opinion and the opinions of experts of how to embark on this mind-boggling journey and achieve what we have always wanted to achieve. I say mind-boggling journey because that’s exactly what it is, at least for most of us. We spend our whole lifetime doing otherwise nothing but to achieve financial freedom and success.
Is success in personal finances success in life?
For the majority of folks – at least we have been led to believe – success in personal finances is success in life. The reverse, for these folks, is also true. That statement may or may not be entirely correct. It certainly is arguable. There are pros and cons to almost everything.
Well, come on the horse-driven bandwagon – slow and steady – and see how best you can achieve financial success. You gotta start today if not yesterday. That means start saving for now, for retirement, your kids’ college and for a whole lot of other things.
However, before you take your first step towards your financial success, change your mindset
- Take your personal finances seriously
- Believe in your ability to succeed
- Be willing to put in the effort necessary for your financial success
- Understand how much and what type of effort is necessary
- Commit to a plan and strategy for your personal finances
- The most important aspect to have the right mindset is being able to see progress in graduated steps.
My friend from the 60s says: “To say is one thing, to do it is another and yet the result might be totally different than say or do.” Let’s keep our fingers crossed.
The following are some tips to achieve financial success in your lifetime without losing your mind:
Take care of your debt first
Debt is not always bad. If you can manage it and manage it easily, without any significant hardships, then it can be a means of your family’s livelihood. So keep that in mind.
- Let’s understand what debt really is.
- If it’s written and the likes of Starbucks is in your genes, well, erase it.
- Avoid stinking debts if you want to be debt-free. In the long run, you lose anyway.
- Follow me to get rid of the debt.
- Understand that debt moderation is the key to successful money management.
- Big tip to get out of debt – change your mindset
Take care of your personal finances
First understand what and how things stand in your personal finances. If anything that you cannot appreciate and is useless, get rid of it or sell it if you can.
- We all understand but must realize what the concepts – surplus, debt, debit and credit – are.
- Now is the time as any to pay special attention to your personal finances.
- Figure out how much you can afford to get the 5 insurance policies you must have.
- Have a specific goal in mind when you apply for loan
Take care of your credit
Use wisely, any kind of credit can do wonders for you and your family.
- Understand FICO credit score chart
- Get your free annual credit report now
- Take steps to improve your credit score
- Manage your credit with responsibility and dedication
Find the best advisers
Easier said than done. But do your best. Follow these guidelines and ask friends and family.
- To invest, Find a good Financial Adviser
- Take steps to ensure your financial adviser is trustworthy
- To be debt-free, Find a good Credit Counselor
- To file taxes, Find a good tax preparer
- 7 Tips to choose a professional tax adviser or attorney
- Find advice from a live finance expert
In a Nutshell
Remember borrowing money is renting money and whatever you rent, you better damn make sure you are able to return it to its original owner.
Remember also what Mary Ellen Edmunds once said: “We buy things we don’t need, with money we don’t have, to impress people we don’t like.” Just think about it. In other words, you must stop and learn to live within your means.
I will add more articles to your financial success as the days, the months, and the years of my life wear out.
What do you think?
You might also like...
- Stick to your 2009 financial resolution
- Tips for tax-advantaged investing for a lifetime
- 10 Tips to shape up your finances in 2010
- Tips for the technical side of how to get out of debt
- Today’s financial news – Feb-19-2009
Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.
Read more articles in Finances
1 Trackback(s)