Is Financial Success Hard?
No. Financial Success is not Difficult. Financial success is not a hard task to master. It simply takes dedication, hard work and a little old fashioned commitment. It will require knowledge and wisdom.
Too many clients ignore financial truths. Do you run up large amounts of debt just to appear successful to those around you? Do you surround yourself with things that only make them feel better for the moment.They ignore the fact that a debt-free and well managed financial life is a wonderful way to eliminate stress, which? This is all too common in today's world.
What do you become financially successful?
Give more than you receive.
Spend less than you make (by earning more).
Make a budget and stick to it.
Attack high interest debt.
Set money aside in your storehouse.
First, you need to give more than you receive. If you wait to receive before you act, you’re leaving a lot on the table. You have to be willing to give your money, time, skills, and knowledge; when you act first, your giving becomes a seed which will produce a harvest when it hits the right soil. There are people in you life who need your help. Sow into them! This will give your life purpose and teach you how to receive from others.
You need to spend less than you make. Sounds easy? It is! You may think it is easier to cut expenses than to earn more. I challenge you to challenge that. Find ways to add value to your community. Be a producer and what your income take off. Be mindful when charging on your cards and you have to stop shopping without a purpose. Look closely at where your money is going. Look at what you already have around you. Get all current projects completed before you buy things for a new ones.
You have to make a budget and stick to it. Budgets not only tell you how to spend your money, they tell you how to save your money. You can easily see where your money is going. You can identify areas that you can cut back on. Then, you can set spending goals. A budget is a great way to challenge yourself. It’s possible that you see a budget as bondage. It’s not. A budget freedom. YOU decide how to spend your money on paper on purpose.
You must attack high-interest debt. Get rid of those credit card! Do not touch payday loans! Interest rates greater than 20% often allow you to qualify for leverage (outstanding balance) that you cannot afford. For example if you are not making progress on your credit card debt, despite paying all you can monthly is a sign you have exceeded what you could afford. Do not wait until tomorrow. Start now. When you pay off your debt, invest or put that money in your storehouse.
Once you have your debt paid off you should have a savings plan to set money aside in your storehouse. You may want new furniture or to go on a vacation. You should also save at least three to six months of money to cover your monthly expenses. This will cushion your budget from any repairs, emergencies, illnesses or job losses that may happen.
Financial success isn't difficult. It is simply a habit that you have to nurture and maintain. Take the time to sit down and get started. Work on it until it becomes second nature. The more you work on it, the better you will become at it. You don’t have to work on it alone. Connect with a Lionhood Financial Coach below to make more of your money!