Financial Luck

Your Financial Fate Is Not Sealed

Your Financial Luck!

Would you rather have financial luck or be good with money? Most challenges aren’t just because of unfortunate events. They ‘re usually founded on poor habits. Some may call it luck, but most money challenges can be dealt with with using effective habits. Even a minor unforeseen cost can be crippling, with unsuitable financial practices.  

While there are many habits that one might be guilty of committing, or proud to admit, there are a 8 that are time tested and backed by research as undeniable contributors to secure your financial future.

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  1. Save a portion of your paycheck every time you get paid. To stay consistently free from financial crises, you must have a consistent saving habit. Make yourself a guarantee that you’ll save a certain amount of each paycheck. This allows money to handle the inevitable emergencies.
  1. Set a tough cap on how much you can spend per month.  Over-spending leaves you vulnerable and more likely to face financial difficulties. Very excessive spending results in debt accumulation which is the ultimate financial curse and threat to your future. Look for other opportunities to have fun other than wasting money that you just don’t need to spend. 
monthly financial budget
  1. Use Credit cards to build credit for your future and pay off the balance on time everytime. Debt poses a huge challenge to financial safety and stability. Debt can be cumbersome to eliminate and most debt comes with costly terms that make debt a particularly expensive way to spend money. 
  • Guard against debt. If you have to use debt to buy something, particularly something that is not necessary, then it’s a safe bet you can’t afford. 
  1. Every week, spend a few minutes paying your bills. Make it a ritual that you execute one day a week. And Pay your bills first. Prioritizing is the key here!
  1. Charge fines, fees and over-interest daily. Knew that credit card companies earn more revenue from late fees than they earn from interest? The penalties for ATM’s are high. Those interest-free loans have enormous interest penalties unless you pay them off on time. 
  • Pay the bills in due time. Using ATMs which do not claim a fee.

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never ignore bills
  1. Raiding your savings, retirement and investment accounts. There may be times when you might be justified to dip into your savings or other accounts, just be sure it’s for a good reason. 
  • Cashing out part of your 401(k) for a trip to Disney World is not a good reason for that. Wiping out your savings for a vintage car is probably not even a smart idea. 
  • Retirement accounts are used to invest. Investment and retirement plans are built to invest and create wealth. When you take money out ofthemthey don’t work well.  
  1. No budget. And no budget. We just need a budget. Just one billionaire will have to have a budget. Financial limits are set in budgets, and limits help avoid financial problems. 
  2. Too much dining out. Is difficult to eat out. Even fast food is more costly than a home-made meal. Homemade meals often prove to be safer. 

Were you guilty of any of those attitudes?  

Think of someone you know who does have a good career but who appears to be struggling financially. Count how many of the negative habits that person commits is guilty of. Then imagine someone you know, who never seems to be financially struggling. So many of these horrible habits have they?  

debt free

The findings will come as no surprise!  For Resources to help your financial future check out https://keithjonescpa.com/resources/

Positive habits result in positive outcomes. Make sure your activities take you to a position you want to be in.  For tips on securing your future check out this!