Reaching financial prosperity doesn’t mean you have to be a millionaire. One must take the time and define their financial prosperity. Financial prosperity can be realized with a certain lifestyle. One must understand financial prosperity does not mean 2 homes 10 cars, it could as be as simple as firing your boss. Here are some rules for achieving financial prosperity.
Set a goal
When working towards financial prosperity one must define their financial prosperity. Example: Let’s say John currently make $30,000 a year and lives reasonably below his means. John decides earning $80,000 a year via self-employment allows him to have a nice house, a nice car, and the ability to take several vacations out the year. Earning $80,000 a year via self-employment is a very reasonable goal for anyone to accomplish.
Plan of Action
What are you willing to scale back on to reach your financial goal? Once a plan is in place it easier to visualize where you are headed. Having a plan of action builds momentum and confidence as you achieve goals. It is important not to deviate from the plan of action. The easiest way to stick to the plan is too go about it a subtle way. Once friends and family members know you are building a hefty savings account, I can almost guarantee problems will arise out of nowhere. Stay focused.
Live below your means
Living below your means should not be a temporary solution to gaining financial prosperity, but rather permanent. Once you have trimmed the fat out your life, it will be easier to see how fast you attain financial prosperity.
Self Employment
You can achieve financial prosperity working for someone, but I advise self-employment. If the company you work for decides to let you go all your hard work can quickly unravel. Once self-employed, if that is your goal, you have to make room for changes which come with self-employment. Once the adjustments are made, move on to lifestyle fulfillment. As an entrepreneur, some of the most happiest individuals were not people who made a hefty salary, but individuals who made enough to support the lifestyle they wanted.
Understand leverage and temporary solutions
Usually, when salary increases, expenses increase. Instead of spending the money on increased debt, one should spend the extra money on paying down and eliminating debt. There is no sense buying a house if you haven’t paid down your debt. If you live a bad neighborhood, make sure you rent an apartment in a better neighborhood. Renting an apartment is easy way to build wealth because of the unexpected expenses which may occur with home ownership. It is important to move to an area where public transportation is near to avoid the unexpected expenses of a car.
There are many ways to achieve financial prosperity, you have to decide to take action. No one is going to do it for you, plan it right and take your time. Good luck!