Money is probably the most commonly word used around the world. Money, without which lot many things cannot be done. If one has no money, one will have trouble even feeding oneself, leave aside shelter etc. What should be our attitude towards money? How much money should we accumulate and how much should we give away. How many morals and principals can be broken to get more money? And why should we earn more money than absolutely essential? There are many questions about money that come in to mind. Because since ages its money and power that has motivated human beings.
For few of us power matters more than money. And paradoxically money always brings power with it. But power may or may not bring in money. For example if you are the most important person of your country but highly principled, you will have total power but very little money. (more…)
How many people wake up one day and realize that their financial house is a mess? I’ve noticed that this usually happens around age 40. Maybe this has something to do with midlife.
In any case, they wake up at 40 and realize that they only have 25 years left if they want to retire at 65. The first thing that they check is their bank account. Recent studies show that people only have around $50,000 at this age. The next thing that they check is how much debt they have. The average credit card debt is $5,000. When they do the simple math, they quickly realize that they are far from their retirement goal. Ouch!
The next thought that comes to their mind is, “How can I start this late and still finish rich? At least rich enough to retire at 65.”
If this is you, don’t feel bad. Most of us can relate to this. Here’s what you can do about it.
The first step is to figure out how much you need in order to be rich. Notice how I didn’t start with how much debt you have. Most other financial types would have you look at your debt, I don’t. (more…)
When it comes to financial matters, most people seem to be looking for ways to prevent becoming successful. Why else would they make the decisions they are making? If you are looking for your financial freedom, you need to know what it is you are doing to prevent it.
Once you know what steps ensure financial failure, you can stop making these mistakes. The sad thing is that one misstep financially can often set you back quite a ways. Here are the things that you want to avoid if you are looking for financial success:
Mistake #1: Spending more than you make.
This is the number one mistake that most people make. If you have credit card debt that you can’t pay off, you are living beyond your means. At some point your spending will max out your credit and catch up with you. At some point you will have to face up to your spending — it just can’t go on forever. (more…)
Financial success is not founded in a budget but in our mind. To be successful, we must shift our paradigm about money to properly manage it. This includes having a positive impression about money and therefore attracting it. It also includes feeling comfortable having money. If we don’t feel comfortable with money it becomes water in our hands, easily lost. To have a greater chance of financial success in life, we need to embrace the positive opinions we have about money but also recognize the negative opinions we have fostered and change them.
Let’s think about this in another way. Perhaps you hate your boss. You feel that all he does is sit in his big office designing his upcoming vacation while you are doing all the work. This bitterness will be reflected in your interaction with him as well as with other people. (more…)
Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.
There are however five future proofing financial steps that we can take to protect our current financial status, improve our future financial prospects and secure our long-term financial success.
1) Know The Different Between Good Debt & Bad Debt
Bad debt is any debt that accrues interest month after month on outstanding balances and includes credit card debt of course, which is now the most common type of bad debt that we are all burdened with. (more…)
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