financial matters

Take Control Of Your Personal Finances

Take Control Of Your Personal Finances

I have been working in finances since I was about 18 years old, most of the time I was just guessing at what I was doing. Then one day I woke up and knew that I had learn the in’s and out’s of finances if I was to be successful. I found out early in my career that people that are financially successful at the ones that take the time and energy to regularly budget and plan out their finances. Most of them like myself have taken the time to get a financial education and continue to expand their knowledge over their lifetime.

Some of us go through life with no formal financial education and then there are others of us that have received a education in finances and receiving a education is a primary component of financial success. Here are some steps that will help you gain the financial foundation to help you to be financially successful.

 Mark your calendar to spend a few hours a week on your finances. 
Millionaires spend, on average, 8.4 hours a month managing and planning out their finances, according research by business theorist, Thomas Stanley. To be financially successful you need to dedicate time and energy just like the millionaires do. When I started my career I found out early that it takes dedication and time to regularly plan out my budgets and my road map to financial success. Don’t think it happens overnight like winning the lottery.

Set up a recurring date on your calendar to study your financial road map weekly and dedicate an hour a week just to your personal finances. Take a look weekly at your budget, look at your upcoming expenses and make sure you have the money in the accounts to cover your bills, then pay your bills which should already be automated to your accounts. Take a look at all the transactions for the week to make sure no one is siphoning money from your account and check to make sure that your accounts are accurate. Be consistent with this weekly money date and make it a fun time don’t think of it as a chore.

 

Commit 30 minutes a week to study about personal finances.

There are plenty of reading material on personal finances and financial education. The more knowledge you have the more you will feel comfortable with your finances. Don’t burn yourself out trying to learn everything overnight, break up your education sessions in to 30 minute increments. I love reading about personal budgets and financial secrets, but like  I said there are thousands of topics when it comes to finances.

Ask for advice from successful people that you know.

Talk to mentors, ask successful people to help mentor you. Seek out advice from people you know that are successful in business. Most of these people have made the mistakes that you will want to avoid, this is why it is best to get advice from them so you do not go through the same troubles that they have lived through. Take their advice to heart and make sure you thank them for sharing their information.

Gather information and put it to work for you.

Now that you have studied some different ideas and asked successful people for advice. Take these things that you have learnt and try them out for yourself. As you have done your research you have seen that there are lot’s of examples and strategies out there on the web, you need to look at these examples and strategies and see which ones best fit your finance goals and give them a try. If you try something and it does not work, don’t get discouraged look for something else that will fit your goals and keep looking till you find the one that best works for you. The key is don’t give up.

Hire a professional.

If at the end of it all you are still not comfortable about your finances then hire a professional to help you get your financial affairs in order. Sometimes we all need that helpful hand from a professional just to get started on the right track, and then there are those that just don’t have the time to dedicate towards their finances.

Conclusion.

Where ever you are in your financial path remember it takes dedication, time, energy and continued education to be successful with your finances. To be a master it takes a person to devote the time and practice consistently to sharpen their skills. If you devote the time to study and commit the dedication to honing down your skills with your finances one day you will be a master of your financial success.

 

Posted by Tom in Finance