7 Money Rules for Financial Success
What if there were easy ways to improve your finances? Wouldn’t you want to include that in your life? More than half the population is living paycheck to paycheck. Rising prices make that even worse. Most of us are in this situation. But we do not have to be. Keep reading to find down-to-earth information you can use to improve your financial situation. So, let’s get to it.
Not all of us like math, right? There is one simple equation that can greatly
improve your balance sheet.
1. Earn more than you spend
Money coming in should be more than money going out. The two key components being, what you earn
and what you spend. You can focus on both
of these, earning more and spending less.
Spending less than you earn is a critical component of
increasing your net worth over time. There are numerous ways to accomplish
this. Some common strategies include going out less to restaurants, going
on a spending freeze, and keeping thorough spending records. If you find that
this frugal strategy works for you, that is fantastic since it is an effective
technique. It is all about directing your dollars rather than questioning where
they went. Calculating your cashflow will help you understand where you are at. [1]
You don't have to be limited by your current salary.
There are many ways to earn extra streams of income to increase your net worth.
You could invest or start a side business. In other words, put yourself in a
place where your assets can earn money for you. You are not only saving, but
also investing. Consider wealth creation from the standpoint of possibility and
how to make those possibilities a reality.
The starting point for this is ensuring that more money is coming into
your life than you are spending.
2. Pay yourself first
Instead of saving and investing what you have left over from
your paycheck, realize that you are the priority. Dedicate a portion of your income to you,
right off the top.
This can enable you to focus on the bigger picture
and not make impulsive purchases. People who save first, tend to
spend the rest on things they truly value and need.
This is easy to do with automation. You can set up contributions to a retirement
account or transfers to an emergency fund.
3. Build on good
It just feels good when we have a string of successes, big
or small. Keep that momentum going by
building on your positives. Focusing and
leveraging those things that work will, with time and action, put you way
ahead.
.jpg "Success quote from Steve Ferrante")
Increase your retirement contributions, spend more time with a mentor or maybe become an expert at something you enjoy and that is bringing in income for you.
4. Keep learning daily
Learning is a lifelong process. It is what keeps inspiring us
to learn new things and master new talents. A vast number of resources are
easily accessible at the touch of a button. The practice of reading, learning,
and asking questions is vital as a curious mind opens your eyes to
brand-new worlds and possibilities.
We have the chance to engage in new experiences every day. Learning daily keeps us sharp, relevant and primed for success when opportunity
presents itself.
Don’t have time? Try
this. Leave a good book on your pillow
in the morning. As you are getting ready
for bed, you will see it and be much more likely to pick it up and learn a
little before going to sleep.
5. It’s ok to say no
Being able to say no might be challenging at first
because you don't want to offend anyone. You might be concerned about what
they'll think about you or what their response might be.
It is important to keep in mind how priceless your time is.
Learn to protect it and reserve it for the stuff you like to do. You give
yourself the flexibility to be doing something you like or perhaps to
be open to new opportunities. This goes
for your time and also your money. It is
always ok to say no to investments you do not feel good about or do not understand. [2]
Saying no is OK, especially when you do
it politely and clearly. Others will respect that you are giving a
straightforward answer.
6. Be grateful
It’s hard to be grateful some days, isn’t it? We are constantly reminded of all the things
that we do not have. Consumerism is part
of the fabric of our society. If this is
true and we cannot change it, how can gratitude help?
Gratitude shifts your focus.
We gravitate to what we focus on.
When you focus on being grateful, you see and feel the positives. When is the last time you remember being grateful
and feeling something negative at the same time like fear? Probably quite a while ago. It is hard to be grateful and fearful at the
same time. Gratitude can even improve our health and overall happiness. [3]
.jpg "Investment quote from Warren Buffett")
Here is why it is important to invest in yourself. Time, money, and energy are all invested
entirely in you and pursuit of your goals. Not another business. Not towards things that are not important.
Watch the videos. Order the book. Find the mentor.
Why? Prevent
burnout. You can help curb fatigue and
burnout if you decide to put time, effort, and resources into taking care of YOU
and filling up YOUR bucket. A huge
relief.
People who get the encouragement they need and make
investments in their own happiness tend to feel more effective, have far more
motivation, and have stronger interpersonal relationships.
Investing resources into yourself will likely reduce stress
and boost your confidence to help you be successful.
Taking Action
This post is all about giving you useful information. Info is great but it doesn’t help you that much if you don’t do anything with it. You have the opportunity to take action right now. There is a great list of curated items in the list below to help you take action. Why not solve some of your problems right now. Bookmark this page and pick two of the seven to start on today. As the momentum builds, add in a third to keep building on your success.
Do you know two or three people that could benefit from this post? Please share and let them know that you are thinking about them.
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