subject: 5 Principles Leading Towards a Healthy Financial Future [print this page] Avoid Compulsive Purchases! Avoid Compulsive Purchases!
It happens to everyone! I can be pointed at with the "you did it finger!" I learned and through a couple of costly impulsive purchases, the important aspect lesson is to take my time and give it a day to sink in! Usually the aftermath of purchase sinks in a day later!!! just pre-tend you bought it for real and see if you are truly happy with the financial consequence.
Don't let pressuring sale tactics make you feel like you are going to miss out, because good opportunities are always around the corner! Have you ever noticed after you buy something you thought was a good deal, that same item is cheaper somewhere else a week later or that car!
I find by being patient I am not forcing my self into deals that just don't pan out to be all that great in the end.
Make a budget and stick to it as much as you can and it will help your financial future stay healthy for the long term.
It is a fact you will have to stick to a budget and plan for purchases you want and understand how long it takes to finance something for something expensive. Just think, the more expensive your purchase, the longer you will have to pay and the more interest you will pay.
It is always a good idea to round bills up a little! It is always a good healthy practice to caution on the favorable side.
Build up your equity over time.
So many of us want to have everything brand new. New stuff loses value from the day day it is purchased and the amount of money you will throw down the drain by upgrading new all the time, will add up to thousands.
Start small and work your way up, if your budget is strict. Once your financial wealth grows, one day, especially at retirement, buy new! By then you should have your lifestyle paid for!
4) Stat saving for your retirement sooner than later.
A healthy financial future depends on your ability to afford your retirement lifestyle! The sooner you start, the less you need to save compared to someone who may be considerably older.
Do you want to retire early or worry about money when you reach that age and wonder if you will be able to retire? Even if you started to save in an interest savings account while you learn better ways, it is better than not starting at all and this leads to principle number 5;
Continue to educate your self!
There are a ton of resources you can learn about to become a financial wizard! I would not recommend to try and reinvent the wheel like I did as that takes years of charting, testing and mastering your ideas.
However, if you have a natural ability for financial thinking, then I would say, "go for it!" Write all your ideas down! If you are like me and think about great financial planning strategies, you will develop awesome financial ideas, resources and understand all the best and highest returning investments you can make and possibly develop a product and website like mine. I encourage all financially bright people to take part in the community website at http://www.richestoretirement.com
However, after years of mastering finances if you could just pick up the material and understand what is inside my head without all the trial and error in figuring it out! It is worth years of expertise downloaded into your mind instantly and that my friend is the best investment you could ever make if you are staring out, or have a few good ideas, or continuing to master your financial knowledge. This article was written in 10 mins. My financial blue print I wrote for my self started back in 1998. A big difference in quality!
