Save Early and Often – It’s some of the most popular financial advice out there – start saving in your 20’s, and yet so many people don’t do it. I understand that people have other obligations such as paying off debts and getting established in their careers which can interfere with implementing a savings plan. However, most people don’t properly prioritize saving. If you treat saving like paying a bill and you make it totally automatic, you’ll forget you’re doing it. Create an automated savings plan when you’re young and get started. Even if the amounts are low at first, it’ll be easy to increase the amounts as your income level rises and your debts disappear.
Live Beneath your Means – Like saving, this is easier said than done. Those who get used to it will come out ahead in the end. If you earn $10,000/month, live on $5,000. If you earn $20,000/month, live on $10,000. Having a cushion in life really alleviates stress which, in turn, makes you even more capable of leading a successful, productive life. Those who live beneath their means are happier and richer.
Enjoy Your Work – if you hate your job, it’s probably not going to lead you to financial independence. If it does, the misery you incur while practicing that job probably won’t be worth it. Find something you enjoy doing. You only live once and throwing away half your life to earn a few extra bucks is probably the wrong move. People who love their jobs get a true sense of fulfillment from it and don’t count down the minutes till the weekend. I realize this may not be possible for all, but try to take a risk while you’re young and not pinned down by a big mortgage and family. You have the power to change the course of your life.
Quantify your Goals – I’m not just talking about big life goals such as buying a house or paying for your child’s college education. You should be setting goals for each day. I have a little book in my office where I write down what I hope to accomplish each day. That includes which clients to call and e-mail, what trades to place, a new technology to learn, etc. I make a little check mark next to each activity once it’s complete. Successful people have very detailed visions about the future and specific plans about how to get there. The clearer your path, the faster you’ll get there. Try setting daily, weekly, and monthly goals for yourself and see how you do. Be realistic in the process.
Be Healthy – Yes, it’s directly related to your success. In life, the trifecta of food, sleep, and exercise have a tremendous impact on your daily mood and ambition level. When your body and mind are feeling right, it’s easier for everything else to fall into place.
As always, feel free to contact me with any questions.
Securities offered through: First Allied Securities, Inc., a registered Broker/Dealer. Member: FINRA/SIPC. Financial Planning offered through First Allied Advisory Services & Premier Wealth Advisors, Inc. Premier Wealth Advisors, Inc is a Registered Investment Advisor. First Allied Securities & Premier Wealth Advisors, Inc. are not affiliated entities.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.