7 Ideas About Successfully Managing Your Money

Financial Literacy

A set of skills and knowledge that enables an individual to make informed and effective financial decisions.

1. Have A Plan – Making financial decisions is made simpler when you have a plan, and it also keeps you on track to accomplish your objectives. If you fail to plan, you plan to fail.

2. Have A Budget – A tool that helps you keep track of your spending. It ensures you always have enough money for the things you need. A budget does not bind you; rather, it liberates you.

3. Understand Credit Cards – Credit cards should be used as a luxury, not a necessity. It is critical to understand that using credit and carrying debt are not synonymous.

4. Compound Interest – Simply put it is “earning interest on interest”. It will make any amount grow faster. He who understands it earns it; he who doesn’t pays it. (Albert Einstein)

5. Pay Yourself First – Saving money is non-negotiable. It’s not how much money you make, it’s how much money you keep, and how hard it works for you.

6. Read About Money – To succeed, you must read. Here’s a clue, you don’t know what you don’t know.  Reading helps you make smarter decisions about yourself and your finances.

7. Be Generous – Generosity is the secret ingredient to financial success. Generosity breeds generosity; the “pay it forward” effect occurs. Being generous also activates the Law of Circulation, which governs the flow of giving and receiving.

 

5 Character Traits for Financial Success

1

Awareness

It has never occurred to the average person who they could become. The average person grew up in a family where they were never encouraged to climb as high as they can.
2

Decisiveness

No one becomes financially successful until they decide to. Even if a person reads a book or attends a seminar. Nothing changes until they make a decision to do something different.
3

Action

Procrastination keeps many people from becoming financially successful. People always have a good reason not to begin doing what they know they need to do to achieve financial success.
4

Discipline

If you cannot delay gratification and discipline yourself to refrain from spending more than you earn, you cannot become financially successful.
5

Time Perspective

How far do you project into the future when you make a decision?

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