Financial Success – Within Your Reach?

9 Oct 2012
financial-success

To attain financial ease, you’ve got to use the right ingredients and follow the right steps, like in a cooking recipe. There are several ways to achieve this, but a common base applies to all financial success: planning, skill, patience and a little luck. One thing’s for sure, the road is often long, so it’s best to start right away.

Be Prepared

Ensuring one’s financial security is not the result of chance and doesn’t happen by itself. Some people rely on the government for a smooth-sailing retirement. With the economic health of our ministries (or lack of), you ought to forget this notion. In fact, in the same way that companies develop their famous 5-year plans, why not apply the same plan to our personal finances? Recording our financial objectives must be written down in a plan. This formalizes everything and ensures reaching our goals. Success rarely happens by accident… so have a plan!

Develop Your Skills

Without doubt, it’s the part that turns us off: we like delegating the management of our finances to others. However, we’re ready to travel a good distance to save $100 on our new fridge. So why such an attitude? The expression: “We want your well-being… and we will have it” is often appropriate. In this case, how can we remedy this?

You owe it to yourself to acquire minimum competencies in this domain. Understand what others propose to us and try becoming independent. Whether through training, reading, or computer apps, attempt to develop your skills and interests. Stay informed and invest in yourself. It will surely bring you greater satisfaction

Cash is King

Ever heard this expression? “Cash is King”, that’s for sure, as he who pays his debt grows richer. These mottos confirm that one must distance oneself from passive and bad debts. Managing your debt is the ultimate exercise to attaining financial success. Stay within your means when buying and pay off your debts as quickly as possible. The order of the day is to avoid overconsumption. Easier said than done, isn’t it? Paying interest on goods that decrease in value goes against logic. Indeed, the secret of the successful is spending less than you earn.

Obviously, certain debts such as the purchase of a house or student loans to earn a better living are reasonable, but still, we must not go overboard with our ambitions and respect our repayment capacity.

Patience Required

Even if you’re armed with a plan, unforeseen events can arise. Job loss or bad investments can occur. In my case, my job was at stake last spring. Nevertheless, I focused on my objectives and stuck to my plan. The result? After some scrutiny, I kept my job. I maintained my ambitions and everything fell into place, finally, as it should have. Not letting small, temporary problems distract you from long-term objectives is truly the key to success. There’s a word that is easy to write, but hard to say. Cry it out loud: PATIENCE!

Adopt these four criteria in managing your finances and your future will be assured. The road will be long, with dead ends and pitfalls, but it will be an exciting journey, I can assure you.

Obviously, remember to enjoy life and reward yourself a little; you deserve it!

This article is from Mathieu Lajoie, author of the blog : Comprendrevosfinances.com




Posted in Blog, Financial Chronical

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