Tuesday, September 8, 2015, AM | Leave Comment
Being financially successful can mean different things for different people. Perhaps the best way to define financial success is when a person achieves control of his/her money instead of it controlling him/her.
If you want to regain financial control and achieve the lifestyle you want, here are 5 ways you can do so.
Stop Playing Helpless
Most people see themselves as unfortunate victims of the recent global recession and its aftermath, specifically the lack of job positions in different markets.
If you want to be financially successful, you have to change this kind of mindset as it can be detrimental and crippling to your goals.
If you can’t find a job, why not start your own business. Use your trade skills to create income.
Start a blog, write an eBook, manage accounting needs of other businesses, or make viral YouTube videos that will generate passive income.
If your goal is to maximize savings, don’t forget the basics. Sacrifice those fancy dinners at five-star restaurants or clubbing with your friends and spending money on overpriced drinks.
This, however, does not mean you have to cut your expenses by half or live like vagrants, borrowing from neighbors whatever you don’t have.
A dollar saved here and there can compound into large sums over time.
If you have debt that’s been prohibiting you from saving, get help from a debt counselor. They may cost money, but the service pays for itself by helping you streamline debt payments and avoid hefty interest rates.
Financial advisers can also be great resources for reorganizing your budget plan, investment portfolio, and emergency funds.
In addition, get mentored by financial experts, such as noahstjohn.com to build confidence and gain financial independence.
Invest Unused Money
If you have savings in the bank, don’t leave it all there. Savings accounts simply don’t offer enough annual interest for money to grow significantly over a period of time.
Instead, invest it in markets that you think are promising or low-risk. Your investment portfolio will really depend on your own risk profile.
If you can take more risk in exchange for higher potential rewards, go for high growth tech stocks and startup brands.
If you prefer safer and steadier growth, go for established companies like utility providers and oil suppliers.
It may have been said numerous times, but the importance of setting goals cannot be emphasized enough.
Blindly saving your dollars won’t have much power behind it if you don’t have any goals set for both the short-term and long-term timeline.
An example of a simple goal is to save $250 per month and then reinvest it into a company that you think will surge in the next 2 to 3 years.
Use these 5 techniques to start building your financial future. Although it won’t seem much when you start, the small dollar amount you save or generate will compound into considerable wealth later on.
Anica Oaks is a Freelance writer and web enthusiast. Read some of her published work on her Google+ page.