Develop A Sound Financial Plan

This topic is a little bit different from my usual but it is fitting for the self improvement series that I am working on at this present time

. I think that we all would agree that a good financial plan is vital to your success and is a fitting topic to include in a self improvement series. I for one know that having finances certainly adds to my overall well being. It takes much of the stress of off everyday life which is a plus in anyones book.

Now I am not going to tell you how to conduct your financial business by any means and I am not a financial guru at all. As a matter of fact I am not rich, or even close to it. I can only share some of the practical lessons with you from my lifes experiences. I have made many mistakes in my life so the small bit of information that I do have for you is worth its weight in gold because it was bought by bitter experience.

One of the keys to your success is to develop a good financial plan. This was my own problem for many years. I had no sound plan and on thoughts of how I wanted to work my financial situation to my benefit. As a result I was tossed to and fro and lived from hand to mouth. I would get paid, pay my bills, and have just a few dollars left to live on until the next payday. I was essentially a slave to the system. It gave me a bare sustenance and I just existed from day to day. I finally learned to do better after I had the experience of being self employed. I lived on a razors edge for quite a while and robbed Peter to pay Paul so to speak. I finally learned that if the business wont pay for itself its time to shut the doors. I had to learn how to divorce myself from the dogged determination to make it work at all costs. That mentality worked well for me while I was in the military but it doesnt necessarily work in the business world.

The thing which is more important than the plan itself is sticking to it. A bad plan can be a good plan if you are willing to make it work. You can always modify the plan as you go along but once again the key is to stick to your guns. You have to determine to make a start. Once you do you have to stick to it. It doesnt have to be a grandiose dissertation of how you will gallantly conquer every possible financial woe. It just has to be a simple plan. The key is to EXECUTE your plan. You have to stick to your guns and make it work. Just do it.

I remember reading that most millionaires become wealthy by following a disciplined strategy. In reality most of them are misers. Now this is a little bit extreme for yours truly but I can stick to a good basic financial plan.

I will never try to watch each and every penny that I make because I want to enjoy life also. I will limit the use of credit. I wont use credit cards unless it is an extreme emergency. I have learned to just not spend money if I dont have to. When I look around I see so many things that I bought and only used once or twice. What a miserable waste of the little bit of money that I did have. I have learned to just save up for what I want beforehand then to just pay for it with cash. When I buy it I have it to enjoy and I dont have to worry about a monthly bill.

The biggest thing that I have learned is that you can live comfortably on a small amount of money if you just dont create any bills. Day to day living doesnt take much at all. Its the recurring bills that take up all of our income. So the bottom line to keep money is not to spend money. Learn how to exercise spending discipline. There was a time in my life when I would leave most of my little bit of cash and all of my credit cards at home when I went out so that I wouldnt spend any money. I have gotten to the point now where I dont have to be as extreme. I have developed enough self discipline to not spend what I dont have.

Maybe you have your future mapped out financially, maybe you don't. A good plan is of the utmost importance to your self development. Riceland Enterprises

by: tishbite

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