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Personal finance is a complicated topic, and it’s easy to become overwhelmed by the amount of information available.
You may spend hours reading about money management and come out with little to show for it.
Money on the other hand doesn't have to be so difficult, there are a few essential principles that can make or break your financial future and you should know them by heart if you want to establish a healthy financial future.
when it comes to money a lot of what successful individuals do is simply follow Common Sense Concepts. Furthermore:
The game of reaching your full financial potential is 70% behaviour.
Successful people practice good habits, every day, for their entire life.
They’re willing to do what others are not.
Successful people also live intentionally with their money - meaning they use their money to live life on their terms and conditions.
That’s really what the secret “formula” boils down to. How you behave and the choices that you make every day.
Those choices are what determine your success.
In order for you to find financial success isn’t some huge secret or algorithm that takes expert-level knowledge to crack.
If you were to ask a wealthy person how they got there, you would probably be shocked at how simple their answers are. You’d probably leave the conversation thinking, “Heck, even I can do that.”
And you absolutely can. That’s because much of what successful people do when it comes to money is simply abide by common sense principles - many of which I'm about to discuss with you ,so below are 15 effective money strategies that will make a difference in your life .
1. Spend less than you make.
This is probably the most important common sense principle you can apply to your financial life. If you are constantly overspending and maxing out your lifestyle, you’ll never reach your full financial potential.
2. If you can’t pay for it in cash, you can’t afford it.
This mantra is the best way to avoid drowning yourself in credit card debt.
Waiting to make large purchases until you have the money will always pay off more than spending money you don’t have.
3. Forget about the Jones’s.
Living up to society’s definition of “rich” can be costly. Wealthy people know what their definition of financial success is - and that’s the only one that matters. They would gladly defy societal standards, rather than living a deceptively poor lifestyle just to keep up appearances in the eyes of their peers.
4. Protect yourself. Stuff happens. And when it does, your financial foundation can quickly crumble if the proper defences aren’t in place. You should seek to protect every aspect of your life’s work - from material assets like your home to your most important asset.
5. Pay your credit bills in full every month. If you want the second full-proof way to avoid going into credit card debt, don’t charge more on them than you can afford to pay off every month.
6. Money doesn’t buy happiness. Having money doesn’t mean anything. It’s how you use your money that creates your emotional response. There’s plenty of research to prove you derive the highest degree of happiness when you spend your money on experiences, not things.
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7. Slow and steady wins the race. No one becomes financially successful overnight. It’s a long road of practicing good habits and staying disciplined. If you keep searching for the instant button or speculating and gambling with your money, you’ll never reach your full financial potential.
8. Get comfortable with being uncomfortable. Investing is one of the most unnatural things you’ll do in your life. But you have to be okay with that - you have to be okay with the fact that markets rise and fall. Staying disciplined according to your Investment Policy Statement is the best way to find investing success.
9. Time is your most valuable resource. Stop thinking that you have time to catch up. Not only does your money need time to grow, but it needs time to bounce back from drawdowns. The longer your money is invested, the better your chances of financial success. Investing early and investing smartly is crucial.
10. Out of sight, out of mind.
11. Costs matter -
12. Money is like a kid. It’s incapable of managing itself
13. Your most important values must align with your financial actions.
14. Be debt-free. Or at least bad debt (for example credit card, other high-interest debt) free.
15. Live the life you want.
Well, folks thank you so much for watching and have a great day and I'll see you all on the next topic stay tuned.
Sam
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