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How can I be financially successful ?
I want advice or tips to be financially successful so that I can help my family live a good life
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6 answers
Updated
Jonathan’s Answer
I believe that a crucial step towards achieving financial success is to initially establish your own definition of what financial success means to you. This goal is highly personalized and depends on your unique experiences. It's vital to delve deeper into what you require from a financial viewpoint. By defining this, you can create a practical plan and ensure that you're heading towards the right path.
Remember, there's no single path to financial success in life, so it's essential that all the steps you take are tailored to your personal circumstances.
Remember, there's no single path to financial success in life, so it's essential that all the steps you take are tailored to your personal circumstances.
Thank you for taking the time to help.
Karina
Updated
Kim’s Answer
Karina,
It starts by defining your terms. What do you mean by "successful?" What is considered "a good life?"
It boils down to generating more income than you spend. Sure, there's a lot more to it. But by identifying "wants" and "needs" and making good decisions, you will get there! Example: there are good cars that are reliable transportation, then there are those cars that make heads turn as you drive by. "Image" costs a lot more than is necessary. Same for clothing, eating out, etc. Do you want to vacation every year in Europe, or are you more content exploring things closer to home? Will your children go to private schools and have tutors, along with a private coach to help them in sports? Will you have hired help to maintain your yard and home?
Financially successful people have enough cash reserves to be able to handle unexpected expenses - dog gets hit by a car, $$$$, etc. They have a good credit rating, so if they do have to borrow money, they can get it at a low interest rate. They invest. They also consider moving to someplace more affordable. The cost of living in NYC is outrageously high!
How to get there? A little at a time. Start young by investing. If your employer offers a "match" on your investments, take full advantage of that offer. Get a disability insurance policy to provide income in the event you are unable to work (I got in a car accident, for example. . ) Always take care of your health and your car - you need them to be able to work! If you have credit card debt, start putting extra money towards payments - you can start with the highest interest rate card or the one with the lowest payment. Once one is paid off, put that money towards the next one. Do not buy anything you cannot afford to pay for except if it is truly needed. Food and medicine. When you get a raise, increase the amount you are saving.
About "a good life" . . . that's up to you to define. Paid adventures are fun. But, your children can get lifetime experiences and memories going on a mission with the church, or some other such activity. A good life doesn't have to be expensive.
Anyway, hope this has helped somewhat.
Kim
It starts by defining your terms. What do you mean by "successful?" What is considered "a good life?"
It boils down to generating more income than you spend. Sure, there's a lot more to it. But by identifying "wants" and "needs" and making good decisions, you will get there! Example: there are good cars that are reliable transportation, then there are those cars that make heads turn as you drive by. "Image" costs a lot more than is necessary. Same for clothing, eating out, etc. Do you want to vacation every year in Europe, or are you more content exploring things closer to home? Will your children go to private schools and have tutors, along with a private coach to help them in sports? Will you have hired help to maintain your yard and home?
Financially successful people have enough cash reserves to be able to handle unexpected expenses - dog gets hit by a car, $$$$, etc. They have a good credit rating, so if they do have to borrow money, they can get it at a low interest rate. They invest. They also consider moving to someplace more affordable. The cost of living in NYC is outrageously high!
How to get there? A little at a time. Start young by investing. If your employer offers a "match" on your investments, take full advantage of that offer. Get a disability insurance policy to provide income in the event you are unable to work (I got in a car accident, for example. . ) Always take care of your health and your car - you need them to be able to work! If you have credit card debt, start putting extra money towards payments - you can start with the highest interest rate card or the one with the lowest payment. Once one is paid off, put that money towards the next one. Do not buy anything you cannot afford to pay for except if it is truly needed. Food and medicine. When you get a raise, increase the amount you are saving.
About "a good life" . . . that's up to you to define. Paid adventures are fun. But, your children can get lifetime experiences and memories going on a mission with the church, or some other such activity. A good life doesn't have to be expensive.
Anyway, hope this has helped somewhat.
Kim
Thank you so much for the advice.
Karina
Updated
Miguel’s Answer
Pursue online financial learning opportunities.
Begin setting aside money each month and deposit it into a savings account or mutual fund.
Steer clear of fast cash plans and easy wealth courses; exercise caution when seeking the education you require.
Save money now to enjoy spending it in the future!
Begin setting aside money each month and deposit it into a savings account or mutual fund.
Steer clear of fast cash plans and easy wealth courses; exercise caution when seeking the education you require.
Save money now to enjoy spending it in the future!
Updated
Joanna’s Answer
There's a variety of ways but the one thing you are definitely going to want to do is to increase your financial literacy.
I recommend reading " I will teach you to be rich" by Ramit Sethi for starters :)
I recommend reading " I will teach you to be rich" by Ramit Sethi for starters :)
Updated
Patrick’s Answer
I would also suggest the book "Rich Dad, Poor Dad" by Robert Kiwosaki. It covers a lot of the basic fundamentals of how to think about defining and achieving your own financial success.
Thank you for taking the time to help.
Karina
Updated
Madi’s Answer
Hi Karina,
Great question! One effective method to establish financial security for your family is by coming up with a strategy to handle your finances. For instance, consider allocating a specific sum from each paycheck to build a solid savings. Additionally, you could reserve a portion of your income for investments, potentially increasing your earnings. In summary, I recommend formulating a plan to successfully achieve your financial objectives.
Great question! One effective method to establish financial security for your family is by coming up with a strategy to handle your finances. For instance, consider allocating a specific sum from each paycheck to build a solid savings. Additionally, you could reserve a portion of your income for investments, potentially increasing your earnings. In summary, I recommend formulating a plan to successfully achieve your financial objectives.
I appreciate your support, Madi
Karina