In propounding about life success, Brian Tracy, in the Psychology of Achievement, advanced that financial freedom is one of the six requirements needed. He said success is having enough money so that we do not have to worry about money.
Going by Tracy’s proposition, financial success would be when we reach that point that we don’t have to rack our brains about where to get the next meal or the next pay check.
For someone, financial breakthrough may be when he/she has enough money during retirement, while for others it is having a chain of businesses, however for an investor, the meaning of being rich is having enough money to cater to his family, and be able to give some out to others.
In any case, your desire to be financially successful will hang on these financial tips:
Draw a budget
Write down what comes in and goes out of your pocket so that you can be in control of your financial life. Draw up a budget at the beginning of the year. Simply write down your income at one side and expenditure at the other so that you know where your money goes as well as be able to track your expenses.
By drawing up budget you will be committed to your objectives. Ensure you adhere strictly to your budget. It is not only organisations or companies or governments that need budget, as an individual you too need it.
Have streams of income
It is good to have different sources where money comes to your pocket. Apart from your monthly salary that comes as a steady income, rack your brain on how you can tap from your skill to earn more money, or the business you can invest in to bring more money. Think of how to monetize your industry.
Put your Impulse to Check
Don’t always be pushed by your emotion but rather be guided by information. Have enough knowledge of the expenses you want to make. Don’t be controlled by greed and fear. Don’t be moved by glamour or what you see. When you can control your emotion you can always avoid impulse buying.
Don’t Buy on Credit
Avoid buying on credit. It drains your pulse. Avoid those who will persuade you to buy now and pay later. By the time you are paying later you are already paying double, and this may eat into your income and push you into indebtedness.
Spend less, save more
Ensure you spend less and save more. When you save more money, you are on the right financial path. When you have regularly saving you can make adjustments when the need arises.You can save by investing in profitable stocks, bonds, real estate and other investment vehicles.
Get yourself educated on the right channel. Get financial education that will earn you with acquiring financial information to make informed decisions when you are faced with investment opportunities.
Source for advice from knowledgeable financial advisers who have access to information.
Take care of your health, because they say health is wealth. Have information on what will make you stay healthy. Do regular medical check-ups. Eat good and nutritious food. Adopt good healthy habits and always consult your doctor.
Don’t be extravagant
Don’t be lavish. Don’t be wasteful. Don’t impress others because you want them to know that you are big. Don’t be what you are not. Live a moderate life.
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