Tuesday, October 03, 2017

# budget # business

The 3 Financial Habits that Will Make You Richer



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If you long to no longer have to worry about money; if you want to be financially secure in your future; if you want to be one of the 1 percent, then there’s no getting around the fact that you need to whip yourself into shape and get into the business of cultivating wealth-making habits.

Obviously, in order to be really wealthy, you’ll have to either get lucky or work hard to get a great job or start a successful business, but it’s only healthy-wealth habits that will ensure you don’t fritter away what you do have, and these same habits will help you to, at least, be a bit richer, no matter what your financial circumstances are.

So, without further ado, here are some key financial habits that will make you richer:

Change Your Mindset

When you see your paycheck before taxes and how much lighter it seems after the deductions are made, it can leave you feeling like you don’t have enough, and that you’ve already lost a fair chunk of your income, making you less willing to give even more of your hard-earned over to savings. However, saving for the future is one of the best habits you can have if you want to be richer. You can get around this feeling of scarcity, by changing your mindset, and instead of looking at savings as another deduction, start looking at them as part of your wealth creation scheme; a way of increasing your riches in the future. This should make it a little easier for you to build up a nest egg.

Saving Credit for Real Emergencies

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You’re unlikely to boost your wealth if you use your credit card like it’s going out of fashion or take out loans to make unnecessary purchases. Although things like cash advance loans online and credit cards can be absolutely essential, most of the time they are not, and unless you reserve the use of them for those times when you really have no other option, your debts, and the interest they accrue, will drag you down and prevent you from being the richest you can be.

Setting Goals and Writing Budgets

It can be difficult to save money and accumulate wealth when you have no end goal in sight. After all, if you don’t have plans for all of that money, why not just blow it all now when you can have a good time?

That;’s why it’s vital that you, in the first instance, set some solid financial goals. These could be anything from saving for a downpayment on a house to accumulating $20,000 in five years so that you never have to worry about being short of cash in an emergency - all that matters is that the goal is sufficient enough to motivate you. There are lots of great budget apps that can help you with that, so it need not be hard. Just make sure that you keep track of your spending and keep updating your budget on a regular basis, to ensure you don’t end up wasting anything and your wealth can accumulate.

Once you’ve got into the habit of making and reviewing goals every 6-12 months. You’ll want to get into the habit of also drawing up a budget that will enable you to meet these goals while still living well right now.

If you do just these three things, you will soon notice that your wallet is thicker and there are a couple of extra zeroes on your bank balance!




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