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



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.


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.


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.


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

Time Perspective

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

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