- Identify your goals, write them down, come up with a plan to get there... check progress at least annually and tweak what you need to. A vision board can be a great motivator here. When we can envision what we want, it makes it more real and more attainable, AND easier to say no to other financial outflows that don't align with that goal. If you need more tips on this topic, see an earlier post "Choosing to Use Money As a Tool for your Life's Purpose". http://www.lotusfinancialpartners.com/blog/choosing-to-use-money-as-a-tool-for-your-lifes-purpose
- Auto-Saving. Very few of us accidentally save a bucket of money. Auto savings can be a huge key to your financial success. When done right, this means that BEFORE we spend the 'extra' money in our checking account, some of it is magically swept away to build towards funding our actual financial goals! In the biz, we call this PYF ~ Pay Yourself First.
- Invest. Through time, investing is one of the few ways that we can beat the impact that inflation and taxes have on your money. When investing, not only is it important to be in a diversified portfolio, but dialing it into the right allocation can go a long way to helping you not feel like you have to "watch the pot boil"... or repeatedly "pick up the lid" before your meal is done. Reacting emotionally can be very damaging here. Oh, and don't forget to take advantage of your 401(k) match if you have one! If you can't max your 401(k) contributions today, do what you can... and when you get a raise, give your 401(k) contributions a raise too!
- Protect what you have. This can be done by making sure you've got the appropriate amount of insurance(s) in place, you have your wills and powers of attorneys drawn up (and up to date!), AND that you're taking precautions to minimize ID theft, fraud and exploitation.
- Minimize Debt. One of the best ways to accomplish this is to come up with a spending plan... one that includes savings. Having a rainy day fund can help keep small emergencies small and avoid debt balances from building.
- And last but not least, conquer money 'silence'... At work too. Making a practice of negotiating your salary upon being hired, and with reviews thereafter can make a big difference in your take home pay... and your ability to do everything mentioned above. And don't forget to take those money talk skills home with you too. We all need to work hard to have open money conversations with the important people around us. (For more on this see an earlier post "Kick Silence to the Curb and Start Talking About Money" http://www.lotusfinancialpartners.com/blog/kick-silence-to-the-curb-and-start-talking-about-money
6 Habits of Successful Savers, Investors and Financial Goal Accomplishers!
October 17, 2019