4 CRUCIAL FINANCIAL HABITS TO CONQUER BEFORE YOU HIT 40
Most people assume that having money is the key to leading a successful life. While it’s true that money makes the world go around, success doesn’t just happen simple because someone has money. On the contrary, whether rich or poor, young or old, sick or healthy, financial responsibility is actually more fundamental to achieving success than ready access to finances themselves. If someone dumped all the money in the world on your lap, you would be guaranteed to squander it all unless you understood exactly how to conserve and multiply it. Volumes upon volumes of books have been written on what it takes to become financially literate, but to be honest, it all boils down to one word – maturity. Here are four mature habits to practice in order to secure your financial future.
1. Pay Back Your Debt:
When it comes to managing money, time is a resource which is more precious then gold. It’s an undeniable fact that many people borrow beyond their means when they are young. One big mistake that borrowers tend to make however is procrastinating their obligation to repay debt before reaching retirement-age. Regardless of how bad your situation might be, try as much as possible not to retire in debt. The sooner you act, the better.
2. Build a Cash Reserve:
Most people have to live paycheck to paycheck in order to get by in life. However, if your financial situation hasn’t evolved in a way that builds savings by the time you’re 40, it’s time to reevaluate how you spend, and how you earn. Every person should live with enough savings in the bank to survive for at least eight months before running out of cash.
3. Do Some Estate-Planning:
It’s understandable if people feel immortal in their 20s. Don’t allow this false sense of invincibility to cloud your judgement the older you get however. Once you’ve started a family, or once you’ve developed some career success, it’s always wise to take stock of your wealth and plan on how it should be allocated in the event of your death. The sooner you get this planning out of the way, the faster you can get back to enjoying life in peace.
4. Stop Keeping Up with the Jones’s:
One of the easiest ways to waste money is by trying to be fashionable. People are constantly comparing themselves to others and hustling day and night in order to buy the latest iPhone, or the newest Tesla. If you’re a teenager, this type of superficial prestige might make you popular. But the more you mature, the more you should focus on buying what you need, instead of what entices you.
In the words of Rose Kennedy – “Life isn’t a matter of milestones, but of moments.” This is your moment. This is your moment to take command of your financial destiny and start making decisions that will secure your future. Yesterday is gone, and tomorrow is unknown, but what you choose to do here and now will determine whether you are powerful, or powerless, to the changing whims of fate. If you like what you just read from our blog, you’ll love the various informative workshops and events listed on our website and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Programs Academy for Business Coaching and Leadership Training can help you break past your daily struggles and start soaring in success.