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Five Secrets of Financial Success
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For more information contact:
Tanisha Warner (713) 394-3202 |
Release Date: August 8, 2006 |
What is the true definition of financial success? Although it varies from person to person it can usually include: the ability to pay bills without worry, being free of debt, and having enough money in savings for things such as emergencies, family vacations, retirement, college funds and more.
However, being financially successful is easier said than done. Many consumers are lucky to have enough money to pay regular living expenses and often find themselves playing financial catch-up. In fact, according to the U.S. Department of Commerce, Americans spent more than they earned in 2005 - a negative savings rate of 0.5 percent for the year - a first since the Great Depression.
It is more important than ever to be financially educated and to understand where your money is going. However, having a realistic budget and general financial goals may not be enough to secure a lucrative financial future. With this in mind, the experts at Consumer Credit Counseling Services, a division of Money Management International, offer five secrets of financially successful people:
1. They have a “big dream”. Thinking outside the box allows you to develop clear financial objectives that are worth sacrifices, because strong desires bring strong results. Start by writing down your goals. Then, list realistic target dates for each goal. It’s important to also list short-term goals such as family vacations and major purchases.
2. They have a plan. Developing a long-term financial plan that supports your financial goals provides a clear sense of direction. Your plan should include a realistic budget and spending plan that fits your personal lifestyle and prioritizes items accordingly.
3. They are financially educated. Understanding money and credit, including your credit report, interest rates, and how to protect yourself from scams and fraud, are key elements of success.
4. They know the value of saving. Money set-aside for a rainy day, an emergency, or even the holiday shopping season will protect your budget and credit card balances from any temporary setbacks. Even setting aside a bit each month will help develop good habits.
5. They are confident. Don’t get discouraged by temporary setbacks. Success begins with a state of mind; you must believe you’ll be successful in order to become a success. Your road to financial freedom doesn’t have to be perfect. You can ‘try again’ as many times as needed.
“Building a secure financial future is hard work, but the payoff is true financial freedom,” said Cate Williams, vice president of financial literacy for Money Management International. “Work hard and make all the necessary sacrifices to get what you want to become a financially successful person.”
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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