A lot of folks seem focused solely on making money but how about managing the stuff you’ve already worked hard for? A lot of people forget that taking care of what they have will help them get better at enjoying the fruit of their efforts as well as being better prepared to further enhance their economic status.
If you’re ready to take charge of your past, present and future with regards to your finances, read on for our simple strategies.
- Start Early: Start investing your money as early as you can, even if it's a very small amount. Ideally, you should start investing in your 20s so you'll be financially more comfortable by the time you reach your 40s. Begin with the little things like all that dough you’re splurging on fancy lunches during the work week or week-day after work drinks at posh bars. Put it instead into a dedicated savings account and don’t look at it until six months later. Track it with some kind of monitoring system, no matter how digital or traditional it is. You will be surprised at how quickly that adds up substantially.
- Change Your Money Mindset: Think of how your cash can enhance your quality of life. View it as a tool to achieve your dreams instead of just seeing it as a means in itself. Tapping into your sub-conscious can help you shift old mental patterns so you are better able to map a brighter and better financial future for yourself. And if you start to feel ‘poor’ and get tempted to splurge on some retail therapy, just donate some cash to the underprivileged. Having a sense of how fortunate you are is a great way to get control on those urge to splurge cravings. Plus giving away small amounts of money to those who truly need it is a great way to earn some good karma as well as a feeling of wellbeing that comes from generosity.
- Take Responsibility: Some of us are happy to pass the buck, quite literally. We tend to consult our parents, spouses, or older siblings for advice on money matters and then do just the bare minimum. This is not very smart so stop being lazy and step up. Leslie Greenman, financial advisor and author of Dating Our Money, warns that it pays to be prepared for crises like a family member’s death, disease, or even disasters like accidents or natural calamities. She advocates being more proactive, by perhaps meeting a financial advisor or a counselor who can guide you better, or even surfing the internet for budgeting software to help you do this.
- Invest In The Best: While making investments is a good idea, avoid putting all your metaphorical eggs in a single basket. Instead, spread your money into multiple small investments so that your risks are minimized. Plan before you start out on any plan and be willing to adapt based on their performance.
- Know That You Matter: Barbara Stanny, a leading expert on women and wealth and bestselling author of Sacred Success: A Course in Financial Miracles, teaches her clients that being financially independent is an empowering experience and gives you the strength to be your best self. Update your knowledge about how money works, how the markets operate or even just the basic information of your banking options so you can upgrade or scale up according to your current needs.