Every time I see someone driving a Porsche, the two things that disturb me the most – “How he did and what he did.”
How are some people exceptionally lucky with their financial matters? I know many people who are at same level of income and expenditures, but still facing lifestyle inequalities. The one who is doing better, must be doing something extraordinarily better. Behind financial habits, it is our family financial, friends, and colleagues. We are living in a civilization, where regardless of our preference about discussing our financial situation openly, we usually speak through the clothes we wear, the houses we live in, the places we visit, the restaurant we choose to eat, the vehicles we drive, and so on. We all want to live life king size, but not many of us know how this really happen? Not every rich man is doing shifty things. Here are a few unusual tips about money that you can use and make things better.
Talk To Your Role Models
Ask for advice from people who live the life that you want to live. Consider their knowledge as valuable information that will help you make better financial decisions in the future.
For example, it may be good to ask for an advice from a colleague, already doing as a successful investor. I am not saying to follow his idea of making money. The logic is – having an idea and seeing whether that works for your or not.
Have A Purpose & Not Only Dream
Have a purpose in life, not only the financial consideration. A lifestyle means living the way, while financial targets are specific things that revolve around money.
One purpose of life is the “why” behind all the hard work and reasoning behind these financial objectives. Outlining your life the way you want to live, you learn to create financial targets and to it is better financial decisions that bring you to that lifestyle.
Save More For Rainy Days
Wealth is not measured by how much you spend, but by how much you have saved. Frame strategies for savings and not for spending.
It is completely in our hands that we can either spend all the money on the salary day or we can put some of it aside for retirement. If you invest in increasing your wealth, you’ll be able to retire earlier and fulfill your dreams.
Watch Out Your Lifestyle
“I don’t know where my money goes?” If you are looking for an answer to this question, then you can have that from your spending graph. Look at your bank statement and find out how you spend your money.
You will be able to find that you have spent twice as much money than your monthly salary. Expensive lifestyle can prevent you from saving and building your wealth. Do you think you will start to put money aside after the next raise or when you’ll move to a new job?
That is never going to happen. A few odds are always going to be there to save you from not saving. So, start today.
Grass On The Other Side Is Always Greener
Live the dreams of your own, not someone else’s. Do not copy your neighbors. In order to adopt the lifestyle of another family, you may have to spend every single rupee of yours like idiots. Be little wise and have some financial awareness. You should spend your hard-earned money on things that you really need and not on things that you want to use as a showcase.
Control Your Expenses
Reducing spending is a more powerful tool than revenue growth. It’s great to win more, but if you cannot save more, then your financial situation is not going to improve. It is also easier to cut costs than to earn more money. In addition, spending cuts have a double effect of lowering monthly payments required in the future.
Keep Your Debts Under Control
Life is easy on credit cards, but only to an extent. Debts are going to blocks your way to happiness for sure. It is important to understand that availing loan for your maintaining your lifestyle is the easiest way of pledging oneself to debts. It is perfectly okay to buy goods on EMIs, but try to finish the installments the earliest you can. Try to pay more than the monthly minimum rate to get rid of debt as soon as possible.
The credit is not the problem. The loans have a bad image, but nevertheless, they have allowed many people to make wise financial decisions relating to accommodation, transport, and education. As long as you make smart choices for loans, they can help you achieve your desired lifestyle. Do not spend more than your ability to repay. Avoid long-term debt. Think of credit as a tool that allows you to invest in your future and not to a new set of furniture for the living room.
Happiness is not how much money you have in your bank account, or size of your home or your car, but happiness is the fulfillment of your dreams. Don’t you think most of the dreams revolve around money?