The 10 Truths of Financial Success and Happiness financial articles
March 29, 2024 Financial Portal Free Newsletter Bookmark Financial Portal Advertise Here Submit Your Article Other Financial Articles

Main Menu

Financial Polls
Financial Quotations
Financial Articles (Index)
Financial Articles (Categories)
Bank Directory
Gold Price Change
Silver Price Change
Platinum Price Change
Palladium Price Change
Rhodium Price Change
Copper Price Change
Nickel Price Change
Specialty Metals
Other Metals
Currency Rate Charts
Taxe Rates Worldwide
BTC USD
EUR USD
EUR GBP
EUR CHF
EUR JPY
EUR CAD
EUR AUD
USD EUR
USD GBP
USD CHF
USD JPY
USD CAD
USD AUD
EUR vs. Other Currencies
USD vs. Other Currencies
GBP vs. Other Currencies
AUD vs. Other Currencies
NZD vs. Other Currencies
DOWJONES Index
NASDAQ Index
NYSE Index
NIKKEI Index
FTSE 100 Index
TSX Index
CAC 40 Index
DAX Index
HUI Index
XAU Index
AEX Index
Index Reports
Housing Price Index
Oil Price Charts
Gas Price Charts
Commodity Charts
Meat & Livestock Charts
Softs & Tropicals Charts
Grains Charts
Mortgage Rate Reports
US Interest Rate
World Interest Rate
Inter. Stock Exchanges
NY Stock Exchange
AMEX
Philadelphia Stock Exch.
London Stock Exchange
Euronext Lisbon
Korea Stock Exchange
Deutsche Borse Group
Hong Kong Stock Exch.
Toronto Stock Exch.
Debt Collection Agencies
Insurance Companies in Ireland
Insurance Companies in UK
Insurance Companies in USA
Consulting Companies
Plastics Charts
Trade Organizations
Advertise For Free!
Scam Letters
Other Business Resources


The 10 Truths of Financial Success and Happiness

By Kent Irwin,
ChFC, CLU, CAP, co-founder and CEO of eFinplan.com,
Columbus, Ohio, U.S.A.

www.efinplan.com

Advertisements:



Most people think financial success and happiness are connected, in a way they are right however happiness is not connected to the amount of money you make. How you think about and manage money contributes to your happiness. There are three aspects to wealth: Managing Your Finances, Managing Your Career and Managing Your Attitude

Managing Your Finances

1: Spend Less than You Earn and Save Money
This is the most obvious financial principal of all time; however, it is ignored with each swipe of the credit card. Have a budget, know where your money goes, and don't spend money on fun things until you have paid for your necessities. Someone once defined materialism as "Buying Things You Don't Need, With Money You Don't Have, to Impress People You Don't Like". Buying things never made anyone happy, and recent research has proven beyond a doubt that high income and net worth do not lead to happiness.(Roszkowski, Phd, Michael J., and John Grable, Phd, Cfp, Rfc. "How are Income and Net Worth Related to Happiness?" The Journal of Financial Services Professionals 60.1 (2007).
Accumulate money in savings accounts, retirement plans, investment portfolios, and your home equity. It is important to be prepared for difficult circumstances, such as unexpected medical expenses or a job loss. In addition, you may want to save to help your children attend college, for your own retirement, or to start a business.

2: Limit Borrowing
As a child in the 60's and 70's, we played Milton Bradley's "The Game of Life". I noticed then that players who purchased the smallest homes and who had the least amount of debt usually won the game. The reason is simple. You are better off earning interest than paying it. Try not to borrow to purchase depreciating assets such as cars and furniture. Practice patience, and learn the joy of delayed gratification.

3: Plan
Acquire a financial plan, either using software or paying a fee financial planner to write one for you. Having a plan gives you the road map to help you figure out your present location and to plan where you are going. People don't plan to fail - they fail to plan.

4: Use Advisors
Life is complex, and the only way to sort through the confusing maze is to utilize experts. Find and use trusted professional advisors: legal, tax, insurance, investment, and financial. You are the president of your personal corporation, and your advisors are on your board of directors.

Managing Your Career

5: Stay in School

Research proves that those with a higher education achieve higher incomes than those who are less educated. If you are in high school, excel and finish. Go to college, get a bachelor's and any advanced degrees you may need for your career. Whatever your chosen profession is, white or blue collar, become an expert by constantly expanding your knowledge. Every profession has classes you can take, or books and magazines you can read. Perhaps your employer will even pay for them. To stop learning is to stagnate. Our society is evolving and changing faster than you can blink an eye. You must constantly be learning in order to stay current, and perhaps to be on the cutting edge of innovation. Life of continual learning is much more interesting and fun.

Learn about financial matters. This will help you make better decisions and identify when you are being misled. Professional advisors are often better able to help those clients who have taken the time to educate themselves.

6: Work Hard and Be Engaged
If your employer has hired you to do a job, you owe them the hours for which they have hired you. Tragically, research has concluded that most people don't spend a majority of the 40-hour work week actually working. Don't look for ways to get out of work, look for projects you can take on. Create your own projects - make more work for yourself. In your spare time, turn off your TV, expand your knowledge, or possibly start a small business.

Too many people just move through life without caring about the world around them. Get involved in the things you are already a part of. You have a lot to offer.

7: Additional Sources of Income
You have heard the adage about not putting all of your eggs into one basket. Why then do we put all of our financial hopes into the basket of our employer? Your employer can and will change. Even though you were the hardest worker, with the best ideas and attitudes, you may find yourself unexpectedly filing for unemployment benefits.

Consider having additional sources of income through a small business out of your home. (Be wary, though, of home-based business and real estate schemes.) Think about the things you enjoy doing, and possibly start a small business or get a part-time job. For example, if you love to golf, consider caddying, or if you love to shop, think about a part-time job at your favorite store. You may also want to consider a second job to pay off debt.

Managing Your Attitude

8: Be Positive
Choose to see the good in everyone, everything and yourself. You may have to look hard for it. Anyone can find the things that disappoint and frustrate them. Choose to like yourself, others around you, and the wonderful blessings that fill the world. Having a positive attitude creates a state of mind for success and overall health.

"The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness, or skill. It will make or break a company ... a church ... a home. The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude ... I am convinced that life is 10% what happens to me, and 90% how I react to it. And so it is with you ... we are in charge of our Attitudes." – Charles Swindoll

9: Give it Away
The happiest wealthy people are those that give money away. If you don't have money to give away, give away your time. Be a friend to someone who needs you, or volunteer for your favorite charity. There are many hurting people that don't have the advantages you have had, and they need you. You will discover the biblical mystery that ‘it is better to give than to receive' (Acts 20:35).

10: Focus on Family and Higher Things
Live for good purposes outside and above yourself. Reach for the highest ideals in life. Contribute to the world around you. Leave a positive lasting affect on the world - this is a true legacy. Your family (spouse, children, parents, siblings) and close friends need you, and you need them. Make them your priority.

Summary
Being successful with the money you have is not easy or quick and there are no short cuts. Continue to educate yourself about financial matters and obtain a financial plan, Implement that plan using your team of trusted professional advisors, and monitor your plan regularly to keep track of your progress towards achievement.


Kent E. Irwin, ChFC, CLU, CAP, co-founder and CEO of eFinplan.com. eFinPLAN is the first and only web-based comprehensive consumer financial planning software designed for people who are trying to do a lot of their own financial planning. Find out more about how do-your-self financial planning at eFinPLAN.com



Published - June 2008











Free Newsletter

Subscribe to our free newsletter to receive news and updates from us:

 

Polls at Financial-Portal.com :

Poll #039
Will USA announce default on its debt?

Poll #036
Is there a secret world government?

Poll #034
Do you know that money is a good servant but a bad master?

Poll #033
Is Forex similar to gambling?

Poll #032
What is your occupation?

Poll #031
Do you ever spend money for things you can do without?

Poll #030
Do you know that it is extremely hard for a rich person to enter the Kingdom of God?

Poll #029
Why do you want to earn more money?

Poll #028
Are you determined and working hard to get out of debt?

Poll #026
What is your net yearly income (after taxes), USD?

Poll #024
What percentage of your income goes for paying your debts off?

Poll #023
What percentage of your income do you save?

Poll #021
What is the first step one should make to get out of debt?

Poll #018
Have you noticed that the more you give, the more you get?

Poll #017
What part of your income do you donate to charities?

Poll #016
What part of your income do you donate to Church?

Poll #015
What is the most important thing in getting out of debt?

Poll #014
What country has the healthiest (the most stable, reliable, and promising) economy?

Poll #013
Do you think credit cards are useful or harmful for people (not for bank owners)?

Poll #010
What currency is the strongest - in the long run (for the next 10-30 years)?

Poll #009
Do you have any savings?

Poll #008
Do you have any debts?

Poll #007
What is your religion?

Poll #005
What country are you from?

Poll #004
Do you think cash will eventually be removed from circulation?

Poll #003
What investment brings the highest profits with lowest risk?

Poll #002
What is the most reliable way to save money?

Christianity

Copyright 2004-2024 © by Financial-Portal.com
Legal Disclaimer