Reach your goals and enjoy financial success

Sometimes, giving it a thought makes a world of difference!

12:33 17 December 2014

If you desire more financial freedom and greater prosperity, then you need to start off with a clean slate. 

 

Look back. Review. Start once again.  

 

If you have been feeling personal guilt due to past financial mistakes, it is prime time to let it go. Similarly, whatever liability you placed on your spouse, let go. 

 

Identify your strong suits. Hold a new financial strategy and work towards making it work for you. Work out where you want to be, say, in the next 6 months and devise a short term strategy. Tie it down to your long term strategy.

 

Carefully consider your finances; your bank statements, short-term loans, mortgage and retirement plans. If you cannot keep your account balanced and cannot explain why there is a deficit, you need to open a new account and close the old account once you have completed all the transactions. 

 

Strive to pay down your credit card balance. This is an important step in relieving financial stress and it brings a fresh beginning to your finances. Ensure that you make the minimum payments on all your credit cards so that you do not default on any. If you can pay down more than the minimum required, the better. Consider clearing debts with higher interest rates first as this saves lots of interest. 

 

It is important that you diversify your stock market investment, not just in one sector but across different sectors of the economy. Diversification builds a nest egg and raises your income level. Be more aggressive with your assets so as to get more returns on investment. Seek counsel from a financial planner on the best investment that matches your present financial situation and your long term objectives.

 

Consider options to cut down on monthly spending so as to put aside more savings. Give a thorough thought as to whether you really need the cable television, and options in which you can reduce the monthly spending on electricity. A little reduction in every aspect of your budget goes a long way to becoming debt free, and also adding on your savings account.