Like an Olympic athlete, a financially successful person must have focus and exercise discipline. Those who really want it, get Olympic sized results. Here are 4 tips to go for gold in your financial life by creating a plan that works at getting you closer to financial freedom.
Get Real About Budgeting
I don’t usually use the word budget because It creates a negative emotional reaction. But there is no tip-toeing around budgeting being an important step towards financial success. So call it a spending plan if you need to. This means that you must be honest about how you spend your money and who is ultimately responsible for your financial results (that’s you). If you truly want to go for gold in your financial life and create a financial plan that works, you will find the process to be rewarding. An upfront investment in time and dedication to your goals will give you exponential returns. The rewards will be both financial and emotional as you see the benefits of your own focus and discipline.
Go for Gold in Your Financial Life by Investing More
I have often said that the word “Assets” is the sexiest word on the planet. The most financially successful people have assets working for them. Whether it’s through stock portfolios, businesses or real estate, the rich know how to make their money work for them. Do you set aside savings that will be used to invest in assets? If the answer is no, I challenge you to take a close look at how you can make this happen for yourself. When creating a financial plan that works for you… having assets work for you should be the ultimate goal.
Identify Non Supportive Sources and Steer Clear
Have you ever learned something new, became so excited about it and then suffered total deflation when you shared it with your loved ones who where not impressed with what you had to share? It is easy to stick to old habits and financial patterns when the people you are closest to share those same habits and patterns. When you go for gold in your financial life, it is essential to understand how your environment influences your financial decision making. Be sure to surround yourself with people who share in your same goals…who also want to go for gold.
Create a Plan That Works and Then Work the Plan
In our world of instant gratification and immediate results, the art of patience and delayed gratification have been lost. The reality is that creating financial success is not an overnight endeavor. The key is to make progress, celebrate your progress and then use it to build momentum. The beginning is no doubt the hardest part because it is slowest. Stick to your plan. The formula for financial success is not difficult…when your passive income from assets exceeds your expenses…you are financially free. Although the formula is simple… the process is not easy. But the result of financial freedom is the gold medal reward in personal finances!
The Take Away
You deserve to go for gold in your financial life. You have the power and ability to make financial freedom a reality. The key is to be honest with yourself about your habits in order to create a financial plan that works. Most importantly, don’t give up. It won’t happen overnight…but it will happen if you stay committed to your goals…and work your plan.