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Three Steps To Financial Success

Just cruising some websites today I came across "feedthepig.org" which turns out to be sponsored by the AICPA - a U.S. organization for public accountants. Check out this simple logic:

https://www.360financialliteracy.org/

That's it. How simple can it be?

Success Financial Steps Three

Well they are right... that is Financial Success, but does it make you rich - that is the other question that needs to be answered?

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Rich? Is that how we measure financial success? Perhaps it's a matter of degree.

I feel financially successful when I'm able to stay out of debt, pay the bills I do have, spend a little on "treats," and still manage to have a little to save afterwards.

Maybe that's not "rich," but it's better than the alternative.

Success Financial Steps Three

No, I already answered that. I agree that the points given WILL make you financially successful, but for how long?

My question is will those same points lead you to being rich (a point where you do not have to worry over bills)? What am I getting at? We live in a global econommy where inflation is the name of the game. You may have a very good job today paying you 'x', but a year later the money you make from that same job is NOT the same as it was - its' value is less, in a way you are 'worth' less. If you earn the same money and save the same amount you will actually save less and less until you cannot save. Thus back to my original question... can it make you rich?

I would add one more point to that list:

* Always be 'worth' more tomorrow than you are today.

Success Financial Steps Three

I suppose it would depend on how much you make in the first place, and how much you are able to save, and how much return you are making on your investments.

I have heard stories of people who ended up millionaires after scrimping for years (all their lives, basically) on a single income with many children, just by being diligent. Obviously those folks are rare, but it does answer the question "can it make you rich?" quite simply "yes."

So the other question is: How badly do you want to be rich?

Three Steps To Financial Success

I think the key is opportunity. Most people like the US for this reason, because it gives you the opportunity to become rich or should I say... there are more opportunities for you to become rich than in other places. I think in the example you gave it could be said that these people survived until one day they invested (time or money) in opportunity and it happened!

Three Steps Financial Success

Very logical advice. It may sound simple but for some of us, it may be difficult to achieve. Due to inflation, it may prove to be a challenge for any individual to save. However, it is prudent to do the following:

1) Do not buy things that you do not need.
2) Do not apply for a credit card. Contrary to popular belief, a credit card does not mean the individual has more money. It simply means that an individual is committed to taking a loan from the bank every month. The bank constantly misleads individuals by indicating in the credit card statement that, the minimum to be paid every month is a very small amount. What people fail to realize is, this is how individuals fall into debt. All monies must be paid to the bank on a timely basis and if not, interest accrues.
3) Cut back on your spending to avoid borrowing money from others.
4) Do not allow yourself to be pressured in going to an expensive restaurant or pub with friends. If you are fully aware of your financial situation, then just politely decline your friends invitation.
5) Never hesitate to make sacrifices, even if it means disappointing those you love. If you are saving towards something you or your family needs, then it is important to make sacrifices. For instance, if your daughter's birthday is approaching very soon and she requests an item that you know is unaffordable, do not hesitate to communicate this to her.

And finally, to achieve financial success, it is important for you to always be aware of your financial situation. If not, you will find yourself very quickly in debt.

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That is something I am very knowledgeable in and for which I am labeled 'miser' and 'cheap' sometimes, but I love to be debt free, as I am today.