Professional and financial success go often hand-in-hand. In order to achieve financial success, there are a few rules you need to follow (unless you win the jackpot, and even then these tips come in handy). Spending less than you earn is probably a simple one to start with, but even by following this, still not many people reach that level of financial success.
People who achieve the debt-free, healthy net worth life are following a few rules to keep themselves financially stable and to increase their wealth.
It is never too early or too late to start your journey to financial success. Therefore, we give you 7 rules on how to achieve this.
#1 – Set goals
The rule that keeps coming back: set goals! Every plan without a purpose or clear goal is likely to fail. Setting goals will give you a direction and you know what you are working towards.
Make sure your goals are SMART in order to make sure you formulate your goals in a clear and realistic way.
#2 – Stay humble
Stay in your financial lane and break the ‘keeping up with the joneses’ habit. Buying quality is never a bad thing, but buying something expensive to show off, is not a very classy habit to have.
If you want to be financially successful you need to learn how to live with the sources you have and be happy with it.
#3 – Stick with your budget
Oh, the lovely budget! Make a weekly budget and stick to it. If you can spend 50 pounds on food, get 50 pounds at the beginning of the week and leave the plastics at home.
Financially successful people always know exactly what comes in and what goes out. Track your spending at the end of the week and also make up a monthly balance. This gives you insight on how much you actually spend and where you might need to cut down or even can spend a little more (or even better, save a little more).
#4 – Keep your priorities
What does satisfy you and what is important to you. Make sure you have your priorities clear for yourself and implement those in your budget. Don’t let the spending of others influence you and your spending, you don’t know what their goals are or how much money they have and it is none of your business as well. Focus on you and your journey to financial success.
#5 – Keep developing yourself
There are always new things you can learn about money and you need to make sure that you get the information you need. People who are financially successful always make sure that they increase their financial literacy.
#6 – Earn more
Probably sound easier than it actually is. If you know it is time for a pay rise, renegotiate your salary. If you can do some extra freelance work on the side or make extra money with your band, go for it. We are not saying that money is everything, but being financially successful can save you a lot of financial headaches and is obviously never a bad thing.
#7 – Stay pro-active
No matter how financially successful you become, keep developing yourself. Learn at least 1 extra skill a year, go follow courses or do the team sport you always wanted to do but never sit still. You never know what happens in your life, so your extra skills might come in handy when you are out of a job or want to do some extra work on the side.
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Credit: Levo
Featured image: The proposal