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

  1. Jessica

    Feb 1, 2017 at 9:36 am

    Thanks for this brilliant pieces of advice. I’ll try to implement them into my life.

  2. steven

    Jan 8, 2017 at 7:24 am

    Have Drawn A Strategic Five Year Plan To Make Sure I Change My Life, It Involves sacrificing My Current Job Which I Did Way Back A Year A Go, And According To Plan Its Moving In Steps As Its Written In My Vision Book

  3. Nelly

    Dec 29, 2016 at 11:22 am

    Very motivating … need to adhere to these in 2017!

  4. Ewen Munro

    Dec 28, 2016 at 11:32 pm

    Great read, Steven! 😉 #keepgrowing #keepcreating

Leave a Reply

Your email address will not be published.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

Success Advice

5 Ways To Prevent Burnout & Still Be Successful

Published

on

how to prevent burnout
Image Credit: Pixabay

How often have you felt like time is going by so fast, and you wish it could just slow down a little so you could be more accomplished? With technology expanding faster than ever (and only increasing with speed), it can feel like a race toward success. The good news is, that is only a thought running amok in your head that’s not true. In fact, last year the United States alone added 250,000 new millionaires. (more…)

Continue Reading

Success Advice

Why Investing in Yourself Is the Best Investment You Can Make

Published

on

invest in yourself
Image Credit: Unsplash

Ambitious professionals can increase their workplace value and relevance by taking charge of their career development. Not long ago, employers helped loyal workers build their careers. Today – as it grows more common for workers to job hop – employer-provided career development is becoming increasingly difficult to find.  (more…)

Continue Reading

Success Advice

3 Time-Effective Strategies That Twitter’s CEO Jack Dorsey Uses to Maintain a Healthy Lifestyle

Published

on

how jack dorsey maintains a healthy lifestyle
Image Credit: Art Streiber

Time is scarce when you’re running an enterprise. However, being healthy is essential to withstand the pressure a CEO experiences. When you’re running against the clock, it is not always easy to make time for healthy eating and exercise. (more…)

Continue Reading

Success Advice

5 Ways to Magnetize Your Audience

Published

on

how to magnetize your audience
Image Credit: Unsplash

You’re putting yourself out there, which is brave. However, like many business owners, executives, and speakers, you may be struggling with this one question running on repeat — “How do I get them to…” (fill in the blank). That could be anything from, “buy my course”, to “pay attention to me”, to “listen to what I have to say”, and so many more. Regardless of what makes you nervous speaking to your audience, you’re not alone. (more…)

Continue Reading

Trending