7 Tips for Financial Success

Sometimes, I feel that all or most people have the same goals when it comes to life. Become wealthy, save for retirement, live a debt-free life, and ride off happily into the sunset. The truth is, that all of us have different goals and have different views on how we live our financial lives. This is very important to understand the next time you’re at a social gathering and someone decides to give you a few nuggets of advice, remember that the race you’re running is most probably different to the race their running.

Here is a summary of the things I learned:

  1. Less ego, more wealth. Saving money is the gap between your ego and your income, and wealth is what you don’t see. So wealth is created by suppressing what you could buy today in order to have more stuff or more options in the future.
  2. Manage your money in a way that helps you sleep at night.
  3. Use money to gain control over your time. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance.
  4. Be nicer and less flashy. You probably want respect and admiration. Things don’t give that, but kindness and humility does.
  5. Save for no reason. Life will happen and you probably won’t expect the event. I’ve never met someone who said “I’m so glad I didn’t save for this unforeseen event.”
  6. Define the game you’re playing and make sure your actions aren’t influenced by people playing a different game.
  7. Respect the mess. There is no single right answer, just the answer that works for you.

In conclusion, know what anchors your life. You don’t feel the need for an anchor when there is no current, but when the high tide comes you will drift off in the wrong direction.  

Francois Le Clus (PGDip Financial Planning)

Photo by Zac Durant on Unsplash

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