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Setting financial goals is important for personal growth. Try these financial tips that will make you wealthy.
A lot of people have negative beliefs around money and finances. In order to grow you need to let go of unhelpful mindsets towards money, that will only keep you where you are financially. With money, comes freedom and opportunity. Just because you don’t have it now, doesn’t mean you can’t build wealth for your future.
Some people see money as the enemy, something bad and something difficult to come by. Challenge these thoughts and become your wealthiest with these personal growth financial tips.
These are the best financial tips that will make you wealthy:
Disclaimer: I am not a financial professional. These financial tips are meant for inspiration and motivation, and not financial advice. Please see a financial advisor. The content of this article is what has worked for me personally, and what I have witnessed from other people in my life.
Create a budget
This seems like an obvious tip to some, but it’s amazing how many people don’t have a actual budget. Sit down and calculate how much money you bring in each month, and divide it up to cover the necessities.
It can be shocking, once you sit down and actually calculate how much money you bring in vs. how much you spend on random things.
Live below your means
I know it’s difficult to get sucked into the trap of wanting to have the shiny, newest things. Hear me out, the people who drive around in an expensive, new car or always have the newest phone typically don’t actually have the money to be buying those items.
Don’t spend it because you have it, or you think you can afford it.
Example: Driving a brand new car that you lease each month, will let you drive around in a nice new car, but in the end you don’t own that car-you’re borrowing it.
Track your spending
The amount of money I used to spend on the most random, non-essential things is crazy. I was one of those people who just didn’t track my spending.
Use a financial tracking notebook, track your expenses and keep track of everything you buy, big or small-it all adds up!
Financial/ Spending Tracker Logbook-Create and link
Contribute monthly to savings
Start saving a small amount from each pay cheque. You can start with anything, even the smallest amount will add up and make a difference in the long run. Figure out how much you can save each pay and start seeing where you can cut back and save more.
Diversify your Income
Don’t limit yourself to your 9-5 that you can only make X amount of $ for X amount of time-you only have so much time in a day…create other streams of income (sell things, create products or crafts etc)
Diversify your skills, talents and interests to make some money on the side. The side hustle has become huge in the past few years, and for good reason. You’re not limited to the money you can make within your job, it is a lot of work up front, but you CAN do it. You put in the hard work now and it will pay off in the future!
Create Passive Income
This goes along with the previous point of diversifying your income. When I was at my lowest I felt like I was going to be trapped FOREVER in a job I absolutely hated, because I believed I could only ever make X amount of money from a job I had to physically spend 8 hours at, and that would be my life, until I died. Depressing, but a lot of people feel stuck this way.
Learning to create passive income is a great way to build wealth. Examples of ways you can create passive income are creating digital products, or blogging. (There are lots of options)
Pay off debt
Don’t go into debt, just to have shiny, new things. Stop leasing a new car every few years and never actually owning one.
It’s nice to have a fancy, new vehicle but in the long run you don’t own that car and you’re paying a lot of money just to borrow something, if you don’t end up buying the car out at the end of the lease.
It is SO FREEING to not have a car payment every single month…plus gas, plus insurance payments. This is why I will always buy a pre-owned vehicle that I can afford!
Pay off credit cards and don’t fall into the trap of paying interest. Things you bought on your credit end up costing you so much more because of the sneaky interest.
Read Financial Freedom Books
Read books that will teach and inspire you to make some financial goals and achieve financial freedom on your personal growth journey.
This is a list of some of the best books for financial freedom:
Rich Dad, Poor Dad by Robert Kyosaki
4 Hour Work Week by Tim Ferris
The Magic of Thinking Big By David Joseph Schwartz
Think and Grow Rich by Napoleon Hill
Final Thoughts
I hope these financial tips, that I have personally used are helpful to you as well.
Leave any thoughts or suggestions you have to share.
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