Make These Mistakes and You’ll Go Broke

A lack of financial resources is a significant cause of stress. There are many factors that contribute to a small bank account. The most basic cause is outspending your income. No one can spend more than they make indefinitely. Sooner or later, the money runs out.

Several mistakes contribute to financial challenges. Luckily, a few changes in habits can get your finances back in the black.

Do you make these errors?

    1. Neglect to pay yourself first. One cause of being broke is the failure to save consistently. Many make the mistake of paying everyone else first with the intention of saving whatever is left over. There’s never anything left over with this strategy. Pay yourself first and then worry about your bills.

    2. No emergency fund. Without an emergency fund, your finances can take a serious tumble. You’ll be forced to use credit cards, dip into your retirement accounts, or skip paying some of your bills in order to pay for the surprise expense. All are serious setbacks to your finances.

    3. Fail to consider the long-term ramification of your choices. People that overspend are often focused on their short-term pleasure. Make financial decisions with a long-term focus and you’ll find your wealth growing year by year.
       
    4. Lack the necessary knowledge. Math, science, and English might be required in high school, but a personal finance class is rarely required. Unless your parents were financially responsible and took the time to share their wisdom, you’re on your own. Buy a few books or research online and begin to educate yourself.

    5. Avoid using a budget. Even millionaires can go broke without a budget. Sit down and create a reasonable budget that allows you to save at least 10% of your net pay.

    6. Spend money on “wants” instead of needs. We’d all like a sports car or a 70” TV, but these aren’t responsible purchases for most of us. Try spending your money on a stock, bond, or mutual fund. Most assets lose money quickly. As much as possible, limit your spending to needs rather than wants.

    7. You’re stuck. If you’re in a challenging financial situation, it’s easy to feel hopeless and stuck. Taking action becomes difficult. Getting yourself out of a financial hole can take time, but it’s doable. Get help from an expert if you need to.

    8. Overspend on your housing and transportation. It’s easy to make the mistake of purchasing as much home as your finances will allow. The same goes for that new car. However, it’s important to keep these expenses under control.

    9. Excessive use of credit. Using debt to purchase a home or pay for college can be a reasonable use of debt. Most other uses are toxic to your finances. You ultimately have to pay for an item or service, plus interest, when you use debt to make the purchase. Dealing with debt is like running against the wind. It makes everything harder.

    10. Spend more than you make. This is the core reason for a lack of wealth. You can never run out of money if you spend less than you make. Our society encourages unnecessary expenditures. Have the discipline to spend less that you earn.

Being broke is common. The only way to avoid being broke is to save regularly and spend less than you earn. Begin today to save at least 1% of your paycheck. Resolve not to use your credit cards. Keep increasing the amount you save each month and look to the future. You can live a life of financial abundance.

Choosing the Right Mortgage Provider for You

Financing a home is a decision that will most likely affect your budget over the next thirty years. Many homeowners focus on finding the right property or comparing different types of loans, but pay very little attention to which lender they borrow from.

Choosing the right mortgage provider can help you save money and avoid any stress that could be caused by poor customer service or billing errors.

There are a few things to be aware of if you are looking for a mortgage:

    1. Some real estate agencies work with lenders. This option might seem convenient at first, but it’s important to understand that the lender and the real estate agency benefit from working together and might not provide you with the best financing option.

    2. There are many affordable online mortgage providers. These services claim they can offer lower fees and rates because they save money by operating online. Rather than just believing their statements on face value, consider mortgage providers with regular, physical locations as well. Plus, it’s a good idea to see if they have good customer service.

    3. Some companies are actually mortgage brokers and not mortgage providers. Pay attention to how a company describes its services and look at the terms of the loan you’re interested in to find out whom you’re actually borrowing money from.

Do not fill out an application until you know more about the reputation of a mortgage provider.

Follow these steps to find a reliable lender:

    1. Ask friends, relatives, or your coworkers for a referral if you know someone who recently financed a home. You can also get referrals from realtors, accountants, attorneys, and other professionals.

    2. Check the local Chamber of Commerce and Better Business Bureau. This is a good way to find out about complaints filed against a lender.

    3. Look for online reviews. Try to find reviews from several sources to get a more accurate idea of the quality of the services offered.

    4. Read the lender’s official website. A reliable mortgage provider should have a detailed mission statement, a list of the services offered, contact information, and a history of their company.

    5. Call the mortgage providers you’re interested in. Ask them a few questions about their loans and policies. A reliable lender will take the time to answer all your questions without pressuring you into applying for a mortgage. They will ask questions about your finances and your ability to make monthly payments to help you select the best financing option.

The best way to compare mortgage providers and loans is to ask for a Good Faith Estimate. This document provides you with all the relevant information about the loan you’re interested in, including the interest rate, credit check fees, closing costs, property insurance rates, taxes, attorney fees, and the amount of your monthly payments.

Taxes and insurance are usually the same from one lender to another, but comparing interest rates and other fees will help you find a financing option that is a good match for your budget. A reliable lender will provide you with this document right away.

Select a lender that offers a loan that will help you meet your financial goals. For example, you might like a financing option that makes it possible to have your home paid off within a certain number of years. You could also look for a loan with monthly payments that don’t exceed a specific amount.

Once you’ve found financing options that match your goals, focus on comparing the reputation of the lender and the quality of their customer service. Taking the time to compare lenders is important, since borrowing from an unreliable company could result in additional costs and a lot of stress in your future.

How to Free Yourself From Behavioral Finance Biases

Behavioral finance biases are untrue preconceived notions regarding current or potential investments that can seriously limit your investing success. It’s not easy to recognize that you have these biases and changing your beliefs can be a challenging task.

However, it’s worth the time and effort to learn to put your biases aside when making investing decisions. This way, your investment choices can be based on effective research and an understanding of the true risk of the investment.

Use these tips to make wise investment decisions by removing the beliefs that are limiting you:

    1. Recognize if biases are affecting your perspective. Recognizing the issue is always the first and most necessary step.

    2. Consider the situation in which the bias occurred. Do you want to know a great way to become extremely successful? Try not to repeat your mistakes.
        • Avoid making the same mistakes again by fully recognizing and analyzing the situation in which they occurred.
        • We tend to behave the same ways in the same situations until we make a concerted effort to change.

    3. Realize the harm the bias caused. Consider what the bias has cost you in the past. What likely result would you incur if you continued to operate under the same belief?
        • Understand the negative consequences of allowing behavioral finance biases to continue to taint your decisions.

    4. Decide how you can do better the next time. What do you need to change? How can you prevent the same error from happening again?
        • Develop a plan that will allow you to work around your natural tendencies.
        • These tendencies are simply a result of human nature.
        • Be diligent in order to do better the next time around.

    5. Create a new routine. Make a new routine that will eliminate your bias. Develop a series of questions that will make it clear if you’re being affected by a bias. Questions are a great way to change your focus.
        • For example, if you are challenged by Herd Behavior (always going along with the crowd), ask yourself why you’re interested in a new investment. Do you really understand the investment? Would you still invest if it weren’t so popular?

    6. Think about the advantages of not being influenced by the biases. You’ve considered the negative consequences of keeping the biases. Now, consider the advantage of changing your perspective.
        • New behaviors are easier to implement if the advantages of changing are clear.

    7. Continuously monitor your thoughts and decisions regarding your finances. Diligence is the key. Always review your decisions to see how they’re affecting your investments.
        • Behaviors and thought patterns can take time to change, and some may be harder to stop than others.
        • Monitor yourself and you’ll surely overcome these biases.

    8. Continue to work through this process. Continuous working on overcoming these biases is a great way to keep you from backsliding. It’s okay to ask yourself, “How can I do even better the next time?”
        • Remember that you can always get better with everything that you do.
        • Avoid becoming satisfied too easily.

Removing behavioral finance biases is something that should be undertaken by nearly all investors. The quality of your investments is directly correlated with the quality of your decision-making. The various biases simply reduce the quality of your decision-making and negatively impact your investment outcomes.

Take the time to learn more about behavioral finance biases and monitor your approach to your investments. Change your approach if necessary. You’ll be rewarded with better returns and greater success.

Teaching Your Teen to be Financially Literate

Financial literacy is the facility to apply skills and knowledge to make wise financial decisions. Gaining these skills and knowledge is an ongoing process that begins in childhood.

Most states don’t have financial literacy requirements in education. It is on the parents and the children themselves to gain the necessary knowledge and skills. Unfortunately, many parents are as uncomfortable discussing money as they are discussing sex. They’re concerned about saying something wrong and not sure where to even start.

These suggestions will make it easier to educate your teenager about money issues:

      1. A game can be fun and educational. There are many free games online that teach financial skills. One good example is www.practicalmoneyskills.com/games. It’s a great way to get your budding tycoon off to a good start.

      2. Consider part-time employment for your child. It’s beneficial for a teenager to have a job during the summer. Some can handle a part-time job, particularly on the weekends while school is in session. Schoolwork should not suffer due to employment.
          • Your child begins to understand that sacrifices have to be made to earn money, even if the only sacrifice might be time.
          • Taxes become a lot more real and understandable.
          • Your teen also has to learn how to responsibly handle their money.
      3. Let them do a budgeting project. If you’re planning a vacation or looking for a cell phone plan, it might be a great opportunity to let your teenager do some research and present the findings to you. They’ll learn a lot, and you’ll get a break!
          • Give your child some parameters and provide helpful feedback on their work.
      4. Buying a car is commonly the first major financial event in a teen’s life. With a co-signer, your child should be able to get his first loan. This is a great opportunity to create a positive credit history.
          • They will also quickly learn about the additional expenses that come with certain purchases. There will be gas, insurance, maintenance, repairs, registration, and so on. It’s all these related expenses that must be considered when deciding if a major purchase makes financial sense.
          • Be hesitant to bail your child out if they struggle one month to meet their financial obligations. Help them work through the challenge.

      5. Credit and debt management are also important. Most adults wish they had done a much better job avoiding debt issues earlier in life. Credit is about being able to borrow money. Debt management is about being able to make good decisions about how much to borrow and paying it back reliably.
          • Teach your teen about credit scores and what determines a credit score. Explain how their credit score affects their ability to borrow money to buy a car or a house. It also affects their insurance rates and interest rates on loans.

Adding your child as an authorized user to your credit card will help them build credit. Pre-paid credit cards are another option. They might be able to get their own credit card when they’re 18.

Teaching your teen to make wise money and financial decisions has a huge effect on their happiness as an adult. Think about how much better off you likely would have been if you had been able to avoid major financial mistakes. Take the time to get your teenager off on the right foot. Start teaching them about personal finances today.

Top 10 Tips for Taking Back Control of Your Finances

Does thinking about your finances send a shiver up your spine? You may be afraid of your money. Your attitude towards money can affect you positively or negatively. Luckily, even if the thought of your finances fills you with dread, you can take certain actions that will enable you to take back control.  

These tips will help you get a handle on your finances:

    1. Don’t be afraid to handle your own bills. If you’re in the habit of having someone else handle your bills, begin doing them on your own and understand them. Take one day a month to sit down, go over your bills, and pay them.

    2. Consider getting a consolidation loan. If you have a lot of installment loans and credit cards, you may want to consider getting a consolidation loan. This type of loan combines all of your payments so you just make one per month and save money on interest fees.

    3. Ensure you’re saving money every month. A good rule of thumb to follow is to save 15% of your salary each month and put it into an account that earns interest. Once you’ve built an emergency fund that you’re comfortable with, start investing your savings.

    4. Consider refinancing your mortgage. When interest rates are lower than the one you started your mortgage with, you may be able to save thousands of dollars on your mortgage by refinancing. This is particularly true if you intend to stay in your house for years. Do the math to see if refinancing would be advantageous for you.

    5. Plan for vacations ahead of time. Plan for trips by joining travel clubs that can offer you tremendous savings. This can give you much more fun for your money.

    6. Make investments wisely. Investing in your future is good for you and your family. Seek professional help from a financial advisor if you’re unsure which investments would be right for you.

    7. Consider getting special accounts for Christmas and other special events. Do you always find that you’re short on funds during the holidays? Putting away a little bit each month can add up to a lot, when you save consistently.

    8. Car repairs may need a separate account too. Inspections and other repairs can cost a lot of money. Having a special account for these repairs can lessen the financial blow when you need to spend money on your car.

    9. Understand interest rates and fees on your credit cards. Make your payments on time to avoid extra fees. See if you can negotiate a lower interest rate with your credit card companies or switch to another credit card.

    10. Understand your taxes. If you can’t handle these yourself, hire a CPA to assist you. Learning how to do your taxes gives you a tremendous amount of confidence.

Rethinking your finances may take some patience on your part. These tips will help. Just try one strategy at a time. Once you get used to that strategy, add another. Repeat this routine until you’ve mastered all 10 tips. If you need further assistance, it could be beneficial to hire a financial planner to guide you through the details.

How to Protect Your Money While Using Mobile Payment Apps

Mobile payment apps make transferring money an easy process. However, it’s important to keep your personal finance information safe while using them.

Following these tips will help keep your information safe:

      1. Only use official mobile payment apps. The source of your apps matters. You want to avoid the fake ones.
          • Experts recommend obtaining the apps directly from the stores where you shop and not a random blog or sales page. Stores like Google Play and the Apple store also have official apps you can purchase.
          • Fake apps are floating around the Internet, so you’ll have to be careful.

      2. Get two-factor authentication. This type of authentication offers more protection for your finance and personal information.
          • Two-factor authentication is an extra step during the log-in process. After you sign up for it, you’ll have to enter your password plus a special code to get access to the app. The special code is usually sent via a text. This additional layer of authentication depends on your mobile phone number.

      3. Make your phone safer. Have you set up a pin and password for your phone? Making your mobile device safer is crucial to keeping your information from hackers.
          • It’s important to set up the pins, codes, and passwords before accessing the money apps.

      4. Be careful with public wi-fi. It may be best to save your mobile money app transactions for a secure network.
          • Public wi-fi is convenient, but it can be hacked. This could leave you vulnerable to people who want to get your personal and financial data.
          • Checking the network for security is essential before using an app to transfer money.
          • For an extra layer of protection, consider turning off wi-fi in a public area. This way you’re not tempted to use it by mistake because you forgot.

      5. Pay attention to your statements. The apps are easy to use and make transferring money a fast process, but you still have to pay attention to the statements and ensure each transaction is correct. You may want to log in frequently to check for updates.

      6. Report issues immediately. Waiting for issues to resolve on their own is not the best plan for mobile payment apps. If you see any transactions you don’t recognize on your statement or account, report them immediately. Transactions may be stopped before a hacker gets hold of your money. Also, report it to your bank.

      7. Consider a phone block app. Smartphones are a lifeline, so losing a phone can affect your business, family, and life. What would you do if you lost your phone?
          • You can download apps that will block access to your phone if it disappears or is stolen. These apps require you to enter a code or password from another device, and your missing smartphone is locked. This will add another layer of protection to your personal data.

      8. Check for updates often. Do you have automatic updates turned on? It’s important to keep the operating system on your mobile device current. Automatic updates will make the process easier, or you can do it manually.
          • Hackers search for vulnerabilities in older operating systems all the time, so keeping an updated phone is a good idea. You’ll have improved speed and the latest patches to stay safe.

Mobile payment apps are an easy way to send money. However, you’ll have to be careful while using them to protect your private information. Using these tips will enable you to take advantage of the convenience while bringing you greater peace of mind.

How to Become a Savvy Saver

During these difficult economic times, you may be wondering how you can save any money when you’re barely coming up with enough money to pay the bills. It’s important to be open to all kinds of ideas when it comes to saving money. If you’re willing to try anything to save money, your confidence will soar.

Consider these ideas to help you set aside funds for savings and investments:

    1. When it comes to saving, attitude is everything. What you think and feel about saving matters.
        • If you feel incredibly overwhelmed or pressured about saving, chances are that you’ll avoid doing it.
        • However, if you embrace the concept of saving and get behind the idea that you’re paying yourself for the future when you save, you’ll be quite excited about saving every payday and demonstrating some real saving savvy.
        • Avoid convincing yourself that you “can’t save because there’s just no money left after paying the bills.” Instead, tell yourself you will save something every week.
        • In general, it’s best to focus on positives and an “I can do it” attitude for saving money.

    2. Make a conscious decision to save money. Write this down and put it on a sticky note on your bathroom mirror: “I will save some money today.” Then do it.
        • Sometime each day, put some money aside for your savings, no matter how small the amount may be. Maybe you’ll save your change or maybe you’ll skip a cup of coffee or soda, but you will set something aside.
        • Deposit your daily savings into an account each week.

    3. If you must, start small. Even saving $5 or $10 per week is something. It signifies a commitment on your part to save.
        • It shows that you believe saving is important and that you can, in fact, succeed at it.
        • Starting small to work toward a larger goal shows you have saving savvy.

    4. Set a minimum weekly savings goal and promise yourself to exceed it. If you’re starting small, make an effort to exceed your minimum amount.
        • So, if you establish a weekly minimum goal of $7, anything over that amount is “gravy.”
        • Read on to see where you can find some “gravy.”

    5. Use coupons every single week at the grocery store. You can find coupons in newspapers, grocery store flyers, and all over the internet.
        • Your grocery receipt lists at the bottom how much you saved with coupons.
        • Take that amount of cash out of your purse and place it in an envelope for the bank.
        • Whether it’s fifty cents or $4.50, it’s money you saved.
        • Place your grocery savings into the bank where it will do some real good.
        • Now that is saving savvy.

    6. Learn from others who demonstrate saving savvy. Interview friends or family members who show they know how to manage money. Do you have a sister who’s an avid saver? A friend who always pays cash for his cars?
        • Ask to sit down with them and gather some of their saving savvy tips.
        • When did they start saving?
        • Where did they learn about saving money?
        • What tips for “beginners” do your saving savvy friends have to share with you?
        • Keep your mind open and pen in hand. Write down their tips.
        • Then, decide which tips will work for you and apply them in your life.

Keep a positive attitude and make a personal commitment to save. Set a weekly minimum savings goal and learn from the savvy savers you know. Practicing savvy saving will lead you to a brighter future.

15 Small Moves That Can Lead to Big Savings

Most of us would like to establish an emergency fund or pay off student loans. Big goals are great, but they can also be intimidating. There are small steps that nearly anyone can take to lead to big savings. Small steps are more comfortable and believable. For example, a moderate diet is easier to follow than a strict one.

Implement these small moves and reap the monetary benefits:

      1. Make one extra mortgage payment each year. It doesn’t have to be one extra payment made at the end of the year, though it could be. Instead, send in an additional 1/12 of a payment each month. On a 30-year mortgage, you’ll shave 5 years off your loan term by doing this.

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      2. Automate your savings. Maybe you can only save $50 a month, but those regular deposits will eventually grow into a significant amount. Save what you can and do it on autopilot. Pay yourself first and you’ll ensure there’s some money in the bank.

      3. Watch less television. Consider cutting down your cable package. After all, how many of those 250 TV channels do you actually watch each week?

      4. Use automatic bill payment. If you avoid late payments, you’ll also avert late fees. Many banks include an automatic bill payment feature with their checking accounts.

      5. Drop your bad habits. Tobacco and alcohol products are pricey items. Your health and your bank account will both benefit if you stop drinking and smoking.

      6. Keep your old car for one more year. If you can stick it out for one more year, you can delay costly car payments and higher insurance premiums for another year.

      7. Consider refinancing your mortgage. Do a few calculations and see if refinancing makes sense for you at this time.

      8. Examine your cell phone plan. You might find that you can go with a cheaper cell plan without noticing the difference.

      9. Shop generic. From cereal to pharmaceuticals, there’s a lot of savings to be found with generic products. Some you might dislike, but you’ll find many that are exactly the same as far as quality.

      10. Use the library. Since you pay taxes, those books in the library are partly yours. Go get your free library card and check out a few books instead of buying them. Interlibrary loans ensure that you can get your hands on nearly any book, free of charge.

      11. Buy used books. Many websites have used books for a fraction of the price. Two such websites are abebooks.com and alibris.com. You can even sell your books when you’re done.

      12. Eliminate your home phone. The number of households with a landline lessens each year. Since you now have a cell phone, it’s hard to justify also needing a home phone.

      13. Avoid ATM fees. Stay within your ATM network or get cash back at the store when you use your debit card. It’s unnecessary to pay for accessing your money. After all, it belongs to you.

      14. Prevent yourself from overdrawing your bank account. Some people seem to do this regularly. At most banks, every overdraft costs roughly $35. Even if you’re only overdrawn a dollar, you’re now $36 in the hole.

      15. Take your lunch to work. Eating out is expensive, especially if you do it daily. Even fast food costs significantly more than bringing your own lunch.

Are you currently saving money in any of these ways? Could you benefit from adding a few more? Add up how much money you could save by implementing these financial moves and imagine what you could do with all that extra money!

7 Expenses You Can Cut Right Now

Saving money isn’t fun, but it doesn’t have to be painful. It’s not easy to increase your income significantly, but you can realize a significant savings in many areas of your finances with a little work.

Just a little sacrifice in several areas will lead to more money in your bank account. A few options might actually be more enjoyable than your current situation.

Save money each month by cutting your expenses in several areas:

      1. Health Club membership. How often do you really use your gym or health club? How much does each trip cost you? If you’re paying $75/month and only use it three times a month, you’re paying $25/visit. Could you stay at home, use your running shoes, a jump rope, and some second-hand dumbbells, and get the same results?

      2. Entertainment. Taking a family of four to a movie can cost $40 or more, and that doesn’t include the incredibly over-priced snacks. A streaming service will only set you back $10/month, and you can watch all the movies you can fit into your schedule. The snacks are less expensive at home, too. Everything is cheaper at home.

      3. Transportation. Depending on where you live, public transportation can be much less expensive than driving, especially if you normally pay for parking. If public transportation isn’t an option, share a ride. Each day you share with another person will save you roughly 20% on your gas expense. Add another person into the rotation and you’ll save 40%
          • Are you certain you have the best auto insurance rate? Have you checked lately? The difference in rates charged by different companies can be staggering.
      4. Utilities. Adjusting your thermostat by a one degree will lower your energy bill by 3%. Dropping your thermostat by three degrees in the winter and raising it three degrees in the summer will save nearly 10%! Wear a little less in the summer and dress more warmly in the winter. You’ll hardly notice the difference.

      5. Morning coffee. It’s true that coffee always seems better when you purchase it at the fancy coffee shop, but is it worth it? How much is it costing you each year? If you buy your coffee on your way to work, the numbers really add up.
          • $4 x 5 days/week x 52 weeks = $1,040 / year. Investing that money at 8% would result in over $50,000 in 20 years. Would you rather have $50,000 or a cup of coffee?
      6. Prescription medication. There are many ways to save money on prescription drugs.
          • Switch pharmacies. The prices can vary tremendously.
          • Purchase your medication online. If you have a long-term prescription, you can save a lot of money by ordering your medication and having it delivered to your door. It’s much more convenient, too.
          • Ask your doctor for a generic. Generics can cost 90% less for the same medication.
          • Become healthier. With healthier habits, you may be able to stop taking many of your medications, with your doctor’s approval.
      7. Eat at home more often. If you’re tired of eating the same things, buy a cookbook with enticing recipes. You can eat restaurant quality food at home with a little practice. Eating out is very expensive, and the experience only lasts an hour or so. Invite a few people over and show off your culinary skills.

Are there any other areas you could cut back or eliminate? A few, simple changes can result in big savings. Saving money doesn’t have to be painful. Look at your finances and eliminate the expenses that provide the least value to you.

How to Achieve an Abundance of Wealth

Do you truly believe that it’s possible to achieve the financial prosperity you deserve? There’s no one set way to achieve an abundance of wealth; all you must do is find your personal path. Every path to personal wealth, however, begins with the right frame of mind.

A Wealthy Mindset

A positive mindset is the most vital part of any plan for financial success. Before you can succeed in the world, you must see the success you seek in your mind’s eye and believe you can achieve it. 

One way to develop this mindset is to study what other wealthy people do. If possible, set up a meeting with someone you look up to. Ask about the steps they took to get to where they are today. You’ll likely find that they’re an ordinary person who took some specific actions that led to their success. If you take those steps, you can enjoy the same success.

Plan For Success

If you have no idea where to begin, start by brainstorming ideas about practical ways to increase your income. Read books about inspiring entrepreneurs. Find business people in your community who can mentor you. Learn from those who have gone before you and found the success you seek.

If you have an idea about a business venture or additional income stream, brainstorm the next small steps you can take that will lead you in the direction of your dreams. What small step could you take today that will move you closer to your goal? How about tomorrow, and the next day?

Set clear goals and write them down. Plan out each small step and set a realistic timeframe to accomplish it. Get moving toward your goal by achieving something small each day. If you do, you’ll create unstoppable momentum that almost guarantees your success.

Be Flexible When Things Go Wrong

Things aren’t always going to go according to plan. Things will go wrong, but your response to the obstacles you face will determine your level of financial success. If you miss a deadline you’ve set or your results disappoint you, simply notice what’s working and what isn’t. Change your approach until you get what you want.

Grow Your Wealth

As your income begins to grow, alter your plans so you can experience greater financial prosperity. As you near the completion of each goal on your list, set a more exciting goal to replace it. This approach will help you to grow both financially and mentally.

Continue to challenge yourself. Celebrate each success along the way, but keep moving forward. Set goals for promotion in your career, sales in your business, and money in your bank account. Remember to set personal goals, too. Financial prosperity is worth little without a balanced life that allows you to enjoy that prosperity.

Listen to the Right People

Have you ever notice how people are quick to give advice about everything? Only listen to people who are experiencing more financial prosperity than you are. Why would you trust the advice of someone who’s broke? This is true in every area of life. Why take parenting advice from people without kids? Or job advice from someone who’s perpetually unemployed?

The people with the wisest advice are the ones who have practical experience that has led to success. If you can imitate what they’ve done, you’ll likely achieve similar results.

Most importantly, keep pursuing your financial dreams no matter what. If you set effective goals, envision your success, find wise mentors, and keep taking action, you’ll experience the financial independence you deserve.