Tips For Financial Success

Many people dream of being rich and independent. Financial prosperity is still one of the most important goals of many people. Although money alone does not make people happy and content and other things are at least as important, money makes many things easier. It is good to have enough money, because money worries weigh heavily. In this article, we present eight tips to help you become more financially successful.

Pay attention to your finances in time

Many people say that money has no special meaning for them. Remarkably, these are often those who have had enough. Money, on the other hand, becomes the central theme of life and suffering for many people who have too little of it. Many people only then become painfully aware of how important money is in our society and what it means not to have enough of it when the account is overdrawn and the next loan is no longer granted.

Fortunately, most of us can prevent money from becoming a problem by taking care of our financial situation in time. With a healthy awareness of how important your finances are, with some systematic thinking and some discipline, you can prevent money from affecting your life.

Don’t expect too much from wealth

Let me make one thing quite clear: Money is no guarantee for happiness and satisfaction. The vernacular says: “Money alone does not make you happy” and although many people know this, they may think deep down that all their problems would be solved if they only had enough money. Many rich but unhappy and dissatisfied people show this clearly. Money alone does not really make us happy, but it frees us from many worries, so that we can clear the way to take care of our happiness. Money can keep your back free and open up many possibilities. Money is a useful tool, but never confuse money with happiness, contentment and inner peace.

Find out what you believe about money and rich people

Who, you think, has better chances of achieving wealth and financial independence? The one who thinks that rich people are arrogant, stingy and cold or the one who is convinced that wealth and prosperity makes us generous, charitable and kindhearted?

It may sound strange, but it is true: What we ourselves think about money, wealth and prosperity unconsciously influences each of our actions and thus our real financial situation. So if you have not yet come to a green branch, then it may be worth checking what your basic attitude is to money and wealth.

An example: For a whole series of people, money and prosperity are downright reprehensible. Money stands for the “establishment” and because you don’t want to belong to the establishment, you’d rather stay without money. But please bear one thing in mind: What may still have a certain revolutionary charm today may no longer be so romantic in old age.

If you have found through these questions that you have a rather negative attitude towards money, it is helpful to change your attitude towards money and replace it with positive beliefs about money. Think alone, and perhaps in conversation with others, about the possibilities that sufficient money would open up for you. Think about what you do well and how you could help others if you had a lot of money. This approach can mobilize a lot of positive energy in us and change our attitude towards money.

Take responsibility for your own financial success

Many people want to be rich, but many do not want to take responsibility for making this wish come true. But if you want to be successful, you have to take responsibility for yourself, your wishes and your goals. If you want to be successful, you have to stop looking for guilt and reasons for failure or failure in other people, in the current situation or in society. Only if we always start with ourselves can we steer our life in the direction we want it to go.

If you want to be financially more successful, there are three central questions that you can ask yourself again and again:

  • What can I do now to be financially successful?
  • What can I do tomorrow to be financially successful?
  • What actions, ways of thinking and attitudes would I have to get used to in order to be financially successful in the long term?

You are always welcome to deal with these important questions and collect possible answers in writing. The emphasis in each of these questions is always on the word I. So: What can you do?

One more comment: Starting with yourself does not mean that you cannot be helped. The support of other people is very important if we want to be successful. But in the sense of an independent life you must also actively take care of the help of other people.

Set yourself financial goals

If we do not set ourselves goals, we leave our success to chance. Through goals, we focus our attention on what we want, increasing the likelihood that our lives will evolve in the direction we want them to. This also applies to the financial area.

Exercise: Identifying money needs for different lifestyles

For very many people it is a real dream to be able to live off the interest on their own credit for once, so that they no longer have to work. In order to make this your goal, you must first find out how much money you need to maintain the lifestyle you want. Of course, very different lifestyles are conceivable here.

At the end you will receive the sum you need per month to lead an “upscale life” in the example. If you take this sum times 150, you have approximately the amount you need to live off the interest. At 5,400 EUR per month that would be 810,000 EUR. You would therefore have to save this sum in order to be able to live off the interest with this “upmarket lifestyle”.

Please note: The sample calculation is not intended to suggest that the tips in this article only apply to those who earn better. The calculation can be carried out with any monthly sum. This example is intended to encourage you, because if you see that you need less money each month, the total amount you would need will be smaller and therefore more attainable.

Basically, it depends very much on what lifestyle you are aiming for. The more you expect on a material level, the higher the sum you need to be able to live off the interest and accordingly you need a smaller sum if you don’t need so many things. Here you have many possibilities to reduce this amount. You can calculate this bill with any monthly amount of money and run through different scenarios for lifestyles.

But have the courage to imagine sums that may not be realistic for you at the moment.

With this exercise you can find out how much money you need if you want to make a living from interest. Such a sum could then become your financial goal.