One of the main reasons people – this probably includes you – don’t think they can live a life of riches is because they didn’t learn what it takes to be financially-savvy when they were growing up. This is partly because you’re parents are still figuring out and mainly because schools don’t teach this sort of super-valuable information.
Now, we could sit here groaning about how the education is flawed in that sense (it’s all geared toward getting you the best job, but ignorant of money-management), or we could sit here and give you some invaluable money lessons that will help you out big time. Not sure which to do, we flipped a coin. It landed on the latter.
1. Your Mindset Matters
How you think about money is going to have a huge influence on your financial success. It has to. Think positively and you will be more likely to make money. Think about it negatively and you will be set up for failure.
2. Goals Are Great
In a world where life hacks get swapped via the medium of Buzzfeed on a bi-daily basis, it’s amazing that goal-setting has been celebrated more than it has. To put it simply: setting financial goals will help you understand exactly what it is you want to achieve in life. That means both short-term and long, and using the SMART method.
3. Budgeting Is Best
Budgets can seem unnecessary, but they are there to keep you on track with your day-to-day spending. It will let you know what outgoings you have, what you have coming in and how you can trim some of the fat to grow your savings even fatter. It’s the secret ingredient to making your financial goals come true.
4. Ask For Help, Man
There are so many decisions out there that can affect you financially and most of them we have no idea about. That’s why you need to ask for help. You get into an accident, you should call a professional that knows all about accident insurance claims so you get what you deserve. If you want to increase your passive income, you should speak to someone that knows about investment portfolios. If you want to plan for your retirement, get on the dog and bone to a financial planner. It’s all about asking for help.
5. Debt Is A Disaster
If you want to be alright financially, and that means free, you need to stay the hell away from debt because that stuff is nasty. Consumer debts, student loans, credit card debts, payday loans – they’ll all keep you locked into a repetitive cycle unless you’re careful. No matter where you are financially, getting out of debt should be a high priority for you if you want to have financial success. Period.
6. Retirement Needs Thought
One day, you will feel too tired to get up in the morning and go to work, but if you don’t start saving for that day you won’t be able to pack it in, retire and spend the rest of your life enjoy mocktails on a mocked-up beach in your back garden.