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Everyone wants to achieve financial success. Complete financial success is a step-by-step process that involves a lot of patience and discipline. Webster defines success as, “favorable or desired outcome; also: the attainment of wealth, favor, or eminence.” Achieving your financial goals is easy if you master these key monetary lessons. Some of these steps will sound very elementary, but it’s still hard for most of us to follow them.
- Earn the salary you deserve – You should always stay up to date on how much you are worth as an employee. Don’t sell your time for less than you deserve. Always try to better yourself as an individual.
- Spend less than you make – Obviously in order to keep a positive cash flow every month you need to spend less money than you make each month. It’s a simple concept that millions of Americans just can’t understand.
- Realize that you can be financially successful – Before you can be financial successful you must believe that you can be successful. Keep a positive attitude and stay focused on your goals. Believe in yourself and you will be successful at everything you do.
- Learn to create a budget and stick to it – A budget is one of the most important tools to financial success. It is vital that you understand how much money you earn each month, how much money you spend, and exactly where it is going. You need to learn how to create a budget and then follow the plan. If you need help creating a budget we have tons of resources.
- Pay off credit card debt and cut up the cards – Credit card debt is the WORST debt you can have. Interest rates are outrageous on credit cards and more than likely everything you have on a revolving credit card debt is something you really didn’t need. Start paying off these debts today and cut up the cards.
- Have an emergency fund and a good savings plan – Set aside an emergency fund with at least $1,000 for unexpected events that may occur in your life. More than likely in your lifetime you will experience unexpected expenses so be prepared for them when they roll around. If you use some of your emergency funds replace them. Have a savings plan in place where you can quickly and easily replace spent funds. Only take out of the emergency fund when it’s a true emergency.
- Take advantage of all the benefits your employer offers – If you employer offers any type of retirement plan take advantage of the situation. Any time someone offers you money for free, take it! Find a penny on the ground pick it up and save it.
- Review your insurance coverage’s – Term Life insurance, auto insurance, health insurance, etc. These are very competitive markets so always make sure you have enough of the particular insurance and make sure you are getting the most competitive rates! Don’t throw away your money on unnecessary insurance.
- Set Goals – You have to be working toward something in order to stay motivated. Set short term, medium term and long term financial goals and stick to them.
- Evaluate your current financial situation and progress – Give yourself a checkup every week, month and year. Make sure you are staying on track to meet or beat your financial goals. If you are lagging behind pick up the pace.
- Keep your eyes on your money – Know where you are spending every dollar of your home each month. It’s always a good idea to write it down or find good software to help you track your spending. You’ll realize just how much money you are wasting each month.
- Reward yourself along the way for your achievements – Just like anything else in life if you get bored with it you will lose interest. It’s why 95% of all diets fail and why Americans are broke. If you get obsessed with saving and never rewarding yourself you will fail miserably. As you accomplish your short, medium and long-term goals reward yourself. Spend a little money on yourself and enjoy your accomplishments.
- Plan for retirement – If you are lucky to live long enough you will hopefully see retirement. When you get the appropriate age be sure you have planned to have enough money. Many people depend solely on social security and social security disability benefits for retirement and it may not be around when you are ready to retire.
- Invest – Since you are planning for retirement then you have to invest money. Figure out how much money you NEED each month and put the rest aside for savings. Divide it among retirement savings and everyday savings. You can’t save enough money!
- Make a will and keep it updated – Sounds depressing but make sure your loved ones are taken care of if something happens to you. Make sure you make a will and keep it updated regularly. The last thing you want to happen is mass confusion over your estate if you die.
- Keep good records – You should always keep good financial records. Keep organized folders throughout the year and after you file your taxes box them up and keep them for at least 5 years.
- Remember money doesn’t create happiness – Don’t get too obsessed with anything, especially money. There are multiple phrases about how money can’t buy you true happiness. There are many wealth people that die alone and unhappy. Stay focused on the true meaning of happiness in life.
- Don’t be afraid to take free stuff – Don’t be too proud to take a free gift if one is presented. Take advantage of every opportunity you have in life to get ahead. There really are some opportunities out that for freebies just be careful not to get scammed.
- Start Now – Quit planning to start next week and start now. Start taking steps today to meet your financial success goals.
- Become financially independent – Get to a point where you are financially successful and stay. Make saving a habit and spend wisely. Secure your financial future for yourself and loved ones.
Remember financial success will not be achieved overnight. It will take a lot of patience, planning and discipline in order to mater the steps to financial success. Please visit back often as we will continue to bring you articles how to improve your financial situation.