Barbara Hause MBA

Synopsis: 7 Things you can do to succeed financially

Those who succeed financially are not necessarily luckier or smarter than the rest of us. Instead they do a few things differently than the crowd in order to succeed with their money.

Whether you need to fine tune or do a complete overhaul of your finances the following 7 tips will help you achieve financial prosperity. These tips are not complicated or hard to do. In fact, they are so simple that most people dismiss them as unworthy of their attention and fail to realize their real power.

Here are the 7 tips to financial prosperity:

1. Discover solutions. Many of us have a fear about looking at the actual numbers. However, if you do  not have a clear picture of where you are, how can you determine what you need to do to achieve financial prosperity?
2. Stop speculation. Do you spend anticipated earnings before you see the money? Build a reserve  first and then spend according to your plan.
3. Eliminate temptation. Stay familiar with a prioritized a list of needs and wants. A bargain is a bargain only if you have already determined its primary purpose.
4. See the big picture. Plan your expenses and income for a year. When to pay fixed and discretionary expenses vary throughout the year. Some have to be paid monthly; others have to be paid annually, quarterly or at other intervals throughout the year.
5. Build confidence. Recognize the trade offs with the choices you make. It is okay to “splurge” and not feel guilty when you are familiar with your plan. You can make adjustments without causing a major setback.
6. Avoid a crisis. Be cautious when borrowing money. Over time interest, overdraft fees and late fees will accumulate to a significant sum of money which can never be recovered.
7. Remain calm. Take your time making financial decisions. It is when you don’t have a clear picture of your finances that poor decisions are made in haste or you can be easily influenced by advice that may not be in your best interest.
    

The common theme in each of the 7 tips is to get clear and to plan. When you have a clear financial plan and apply some simple daily disciplines to maintain it, you will have more prosperity in your life.

This may sound simple, but for many of us it is not easy. A financial counselor can help by providing the tools and support necessary to get the results you want in less time and with less frustration.