Connect with us

Success Advice

4 Powerful Methods to Reach Financial Success In Life

Published

on

Riches!

In life, one of the major goals for many people is to be financially successful so they can live life without worrying how they’re going to pay their next bill. Financial independence isn’t created overnight.

You’ll find, those who are financially successful, are those who have worked hard a majority of their lives to get to where they are now. If you’re tired of living pay cheque to pay cheque, this expert guide will give you the powerful methods to reach financial success in life without worrying about money.

Here are 4 ways to become financially successful in life:

1. Ignore The Status Of Others

You may have heard the saying ‘keeping up with the Joneses’. It’s important that when you want to reach financial success that you ignore the status of others. You don’t need to keep up with what others are doing.

Your friends may be spending large amounts of money on insignificant things, this doesn’t mean you have to do the same. Many people fall into the trap of keeping up with others who are living the high life. The problem with this is that it can drain your funds quickly. You need to remember that although their lifestyle and income may be a lot different than yours, when it all comes down to it, no one cares about what you drive, where you live, or how you dress.

They care more about how you treat them. When you stop comparing yourself to others and focus on your own financial well being instead, you’re on the right path to becoming more successfully free in life.

“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.”
Robert T. Kiyosaki

2. Only Spend What You Need To

Another area where many people fall short is spending more money on things they want, rather than things they need. Many people use their money on items that aren’t really needed. If you focus on spending only what you need and use the rest of your money to pay down debt, or placing it in savings, you’ll find that over time you’ll be in a much better financial state.

A good way to work out how much you can afford to save is by:

  • Tracking your income and what you make every month.
  • Deducting your important expenses such as water, electricity, food and house rates etc.
  • Keep a small amount for spending on yourself otherwise you will become stale. Spending $20 a week or fortnight is much better than spending $70.
  • Place any additional funds, even if it’s $10, into a savings account.

Before making your next purchase, ask yourself, do you really need this or do you merely just want it?

3. Avoid Unnecessary Debt

Many people fall into the trap of taking out a loan in order to upgrade something that really doesn’t need to be upgraded at that time. Examples of this include upgrading a car, buying a new boat, or renovating the home. The key here is to decide whether or not you can wait and save the money first.

Think positively about money and debt . The process of becoming financially secure is all about thinking positively about money and how you will get out of debt. It’s a good idea to sit down and really analyze your income and debts to see where your money is coming from and where it is going.

Consider what we call good debt and bad debt.  Good debt is where you may have a loan on an investment property and, depending on your circumstances, may be eligible to access some taxation concessions. Bad debt on the other hand, is a high interest debt that simply eats away at your income such as credit card debt or purchases made on a store card.  Focus on paying down bad debt first.

4. Rewrite Your Life Goals and Create A Strategy

Last but not least, it’s important to set major financial life goals that you want to work towards. When you write down your goals you’ll begin to understand what’s required to make them become a reality.

Some things to ask yourself when you’re thinking about your goals:

  • Where do you want to be in 5 years/10 years/retirement?
  • Are there any foreseeable expenses that will emerge that may affect your ability to reach your goals? Such as children’s education or caring for elderly parents.
  • Do you have any debts that will need to be paid off before you reach your goals?
  • How much income will you need to achieve your goals?
  • Do you have any family or other dependents that rely on you?
  • What would happen to your family and dependents should you lose your source of income?
  • Are your goals realistic given your financial resources?

“Obstacles can’t stop you. Problems can’t stop you. Most of all, other people can’t stop you. Only you can stop you.” — Jeffrey Gitomer

Becoming financially successful is all about the road you take to get there. Even just making some small changes such as reining in credit card spending, paying off credit card debt and starting a savings plan can make a significant difference to your financial well being.

To achieve larger goals such as planning for a comfortable retirement, it’s worthwhile speaking to a qualified financial adviser. A financial adviser can help you to define your goals and work with you on a financial strategy that’s designed to make your goals become a reality.

What are you doing to reach financial success in your life? Please leave your thoughts below!

Steven McMeechan is a strategic marketing and communications specialist with over twenty years’ experience in senior marketing management roles across a range of industries including Information Technology and Financial Services. He works for Capstone Financial Planning and is based in Melbourne, Australia.

Advertisement
4 Comments

4 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Success Advice

Mindful Productivity: How Top Achievers Combine Focus and Balance

By being aware of your emotions, thoughts, and surroundings, you can work with your internal and external environments

Published

on

Mindful productivity

Your big-dream goals matter … but not at the expense of your health. (more…)

Continue Reading

Change Your Mindset

The Art of Convincing: 10 Persuasion Techniques That Really Work

The knack for persuading others can act as a catalyst for change, open doors, forge alliances, and effect positive change

Published

on

how to be more persuasive

Persuasion is not as complicated as it may sound. In fact, it is something that we have been practicing since childhood. Do you remember convincing your parents to let you skip school, asking your teacher not to assign homework, or persuading your boss to give you a day off? Well, these are just small examples of what persuasion looks like. (more…)

Continue Reading

Success Advice

5 Steps to Leveraging Industry Speaker Events for Career Advancement

Jumping into industry events is a smart move for your career, but there’s a knack to it

Published

on

How to advance your career by networking

Jumping into industry events is a smart move for your career, but there’s a knack to it. It’s not just about sitting in a room full of people. You’ve got to find the ones that fit your career puzzle, dive in while you’re there, and then make the most of what you’ve learned afterward. (more…)

Continue Reading

Success Advice

Overcoming Plateaus: 6 Powerful Strategies for Breakthrough Success

A plateau is not a full stop; it’s a comma that allows you to pause, reflect, and shift gears

Published

on

how to overcome obstacles for success

In the pursuit of personal and professional growth, plateaus are inevitable. They appear when progress seems to halt, despite your continuous efforts. But remember, a plateau is not a full stop; it’s a comma that allows you to pause, reflect, and shift gears. This article provides six powerful strategies to overcome plateaus and achieve breakthrough success.

1. Find Out the Root Cause

When facing a plateau, there is likely something causing you to sabotage your progress. Identify the root cause. What is sabotaging your progress? Examine your daily routine and how you spend your time. Are you wasting time on unnecessary activities? Or are you taking on too many tasks that you can’t handle?

Often, adding more tasks overloads your already tight routine and distracts you from focusing on the most important tasks. Therefore, often eliminating unnecessary activity will work to overcome plateaus. However, be cautious of not doing things right, such as tasks you have not yet undertaken or missing something. What actions do you need to take or improve to achieve your goal? Are you avoiding them, or have you not started yet?

2. Never Tolerate Problems

Once you’ve identified the root cause, never tolerate problems. If you tolerate them, you’ll end up staying stuck. You get what you tolerate. Once you recognize the problem you’re facing, never tolerate it. Instead, address and improve the situation.

3. Focus on a 100% Solution and 0% Problems

To overcome a challenge, it’s essential to plan how to get through it. Yet, people often find themselves asking, ‘Why is it bad?’ or ‘What is wrong with it?’ Questions of this nature limit our thinking, leading our brains to generate responses like ‘Because you’re not good enough’ or ‘Everything is wrong with you.’ These limited answers tend to resonate with the situation and drag you down further.

Instead, ask empowering questions without limits, such as ‘What is not perfect yet, and how can I turn things around while making a more positive impact?’ By asking unlimited empowering questions, you’ll shift your focus from the problem to the solution. Additionally, you will also notice that asking empowering questions can expand available options and allow you to see from an angle you couldn’t see before.

Focusing on problems rarely yields positive outcomes. The key to positive results lies in concentrating on the solution. The next time you face adversity and notice getting caught by unresourceful thoughts, snap out of it and direct your focus to a 100% solution and 0% problems.

“Obstacles are those frightful things you see when you take your eyes off your goal.” – Henry Ford

4. Cultivate Success-Driven Traits

Identify the traits you need to have and get rid of to become the person you aspire to be. Consider your specific goals – for instance, attracting positive relationships. To achieve this, note down the traits you need to embrace, such as being open-minded, gentle, healthy, and treating others the way you want to be treated.

Cultivate a positive mindset. Simultaneously, get rid of traits like criticizing others, having a short temper, and engaging in unhealthy habits like taking drugs.

Learn from individuals who have achieved similar goals. Study their traits, both the ones they have and those they’ve consciously avoided. Implement these traits to align with the person you want to become.

Once you have your lists of traits to embrace and eliminate, diligently follow them. Place the list on your desk or the door of your room, ensuring you read it at least once a day to reinforce your commitment to these traits.

5. Track Your Habits

Carry a notepad to track your habits throughout the day, especially those contributing to plateaus, as well as your new habits or traits aligned with achieving your goals. For instance, if your root cause is excessive internet use, record instances of mindless scrolling on social media. Note when you engage, the emotional state prompting it, and the approximate duration.

Calculate the total minutes wasted at the end of the day. This habit tracking makes you aware of the emotions triggering these behaviors (stress, boredom, and frustration) and the time wasted.

Additionally, track positive new habits, like reading good books and exercising. Document what you’ve learned from the book and the time spent exercising. This practice helps you build new positive habits by enabling you to compare today’s results with those from yesterday or a week ago. 

Moreover, consistently sticking to new habits for around 18 months transforms them into lifelong habits. Even if you take breaks, you will find yourself naturally returning to those habits.

6. See Obstacles as Opportunities

Every obstacle can be an opportunity to turn things around. If the economy is in a downturn, it’s time to recognize it as an opportunity to thrive while everyone else is struggling and focused on the problem. If someone makes fun of you or causes you trouble, ask yourself, ‘What can I learn from this experience?’

Alternatively, consider that the person underrating you is setting low expectations, which are easier to exceed. If your business receives a bad review from a customer, see it as free feedback that guides you on how to improve and take your business to the next level.

Always try to see different angles that others may overlook. This perspective can reveal aspects you might be missing. When you view a problem as an opportunity, it has the potential to foster growth.

In the journey toward success, plateaus are just temporary pauses, not dead ends. So, keep moving, keep growing, and make your breakthrough.

Continue Reading

Trending