Are you among those who make financial resolutions each passing year then fail to put them into action? If you failed to live up to your resolutions – and many do – here are a few ideas that will prove to be extremely helpful once implemented.
Overcome Indebtedness
Eliminating debt is the first order of business. It doesn’t matter what type of debt it is – car loan, home loan, student loan, credit card loan, or certain quick loans. Your first goal is to set yourself free from debt as rapidly as possible.
Start saving (a little at a time adds up over time)
Saving as much as you can is your next step towards achieving financial freedom. Most millionaires have prudently saved more than they’ve spent over the course of their lives. They’re also quite conservative when it comes to choosing investment options.
Here we’re not speaking about the usual approach to savings (cutting down on daily expenses and saving a bit in the piggy bank). We’re speaking about saving a portion of your income automatically before you see it in your bank account. It is much easier to save this way than to rely on yourself to do so on a weekly or monthly basis.
Don’t Hesitate to Say “No.”
Investments are key. You may end up saving much more by saying “no” to certain offers than investing in them. For example, you can let go of deals that don’t measure up to your core values. Principled investing tends to be successful investment.
Save time by saying “no” to time wasting activity. This increases the time you have available to invest in actually earning more via a second job.
Say “No” to things you don’t need right away. That helps enormously in setting financial boundaries that you sustain consciously.
The Stock Market May Not Help Create Wealth
You may have heard of people making a lot of money in the stock market. What you aren’t being told is that these investors are among the exceptions. To succeed you must do extensive research to understand both how the stock market works and what industries to invest in. There will be ups and downs, and sometimes massive swings in the value of your holdings. It takes discipline to know when to hold vs fold. There’s no gain in buying at a higher value and then selling at a lower value when under crisis.
Be Disciplined Through Thick and Thin
Success isn’t often the outcome of a single action. It’s more about performing the right action at the right time. For this reason you need to be disciplined. You must discover the right financial route for you to reach your goals.
Quite often, it’s how you implement your investment strategy regularly that leads to success in the long run. You may lose out on money and time when you follow an improper route.
There’s really nothing complicated about getting ahead financially, especially if you plan wisely. Simply following these simple tips will help you discover your road to financial freedom and lead a happier and more prosperous life.
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