Today I have put together 10 financial habits which are almost always found amongst financially successful people! These are easy to implement, and really do work!
There are a few trends amongst people who are 100% in control of their finances, and this plays a big part into why they are ahead of most people when it comes to their financial situation.
Most of us plan to be financially free at some point in our lives, yet we often overlook the simple and subtle changes we need to make in order to actually reach our end goal.
I recently did a bit of research about some of the most basic and simplest things that people who are financially ahead do on a daily, weekly and monthly basis.
A few of these tips really are easy, and almost “obvious”, yet so many don’t even apply these in their own lives!
10 Financial Habits Of People Who Are Ahead Financially
You might also be interested in:
- 20 Inspirational Money Quotes You Need Right Now
- 30 Genius Money Making Methods You Must Try
- 5 Simple Ways To Becoming A Budget Queen
- 6 Ways To Becoming A Money Savings Expert Like No Other
I hope a few of these tips will be of good use to a few of you!
Please let us all know what you think of these, and if you have any other great financial habits to share, then do so!
Here are 10 financial habits of people who are financially ahead!
Habit #1: Don’t Spend More Than You Have
Probably the most obvious advice, right?
But the scary thing about this is that so many people actually do spend more than they actually can afford.
Get rid of those credit cards, and stop spending outside of your means just so you can live a flashy life or drive a nice car.
If your monthly income is $3000, then spend less than that.
Habit #2: Avoid Debt
Pretty much a continuation of habit #1, you need to avoid going into debt.
I recently posted an article containing 20 inspirational money quotes, and one of the quotes on there goes something like this:
“If you can’t pay cash, you can’t afford it”.
Now obviously it’s hard to pay cash for a home or an apartment, but it’s never wise to go into debt to buy things such as cars, laptops, mobile phones, TV’s, etc.
Habit #3: Have An Emergency Fund
It’s always a good idea to have a little bit of cash set aside just incase an emergency happens at some point and you need some quick cash.
Emergency funds can be built extremely easily, and should be a part of your financial plan!
Habit #4: Have More Than One Income Stream
Related article: 30+ Ways To Make Extra Money Today
Most financially free or financially well-off people create multiple income streams.
So how can you actually add more income streams to your current monthly income?
There really are a few different ways, depending on how hard you want to work.
You could start a side business, create an online store, become a writer, invest in stocks, invest in local businesses, figure out a way to monetise the one thing you are extremely passionate about, and on and on the list can go.
Unfortunately it’s not as simple as just telling you to do this, and then boom! More income streams created.
It takes time and hard work. I am still trying to work my way to multiple income streams!
Habit #5: Stick To A Budget
Budgeting is something everyone needs to learn to get great at.
There are a few ways which can help us become the best budgeters possible, and this will definitely help our finances massively along the way.
One important part is learning how to budget and how to create it. The second important part is actually sticking to your budget, no matter what!
Habit #6: Have A Plan
“I want to be rich one day” is NOT a plan.
“$3million in 5 years” is a plan.
Have a plan, a dream, a vision of where you want your personal financial situation to be in the near future.
I know I have one, and I sure as hell am going to do whatever it takes to achieve it!
Habit #7: Forget About The Joneses
You do NOT have to keep up with all the latest trends.
Stop buying unneeded things just because your friends, your family or even your neighbours are driving around in sweet, flashy new cars.
I see this so often, even amongst close family and friends.
Live frugally, and rather than spend $80k on a car, invest that in yourself, in your business, anything that will pay off long term.
Habit #8: Review Your Finances Monthly
At the end of every month, sit down and review how your month has gone.
This is a good time to see what you did correctly, and where improvements and adjustments can be made.
This also is a good way of seeing how your success is forming!
Habit #9: Work. Damn. Harder
If you have your financial goals, your business dreams, and your plan of how you want to achieve them, then just keep grinding at it.
Being financially ahead and successful isn’t an easy and overnight type of thing.
Keep working at it!
Most successful people spent years working their butts of before anything actually happened.
Habit #10: Be Realistic
Whether you are making your savings plan, your budget, or plotting your business dreams, try and be as realistic as possible.
This is particularly useful when it comes to savings and budgets.
Make sure your savings and budget goals are realistic!