As you take on the new year, there will be a lot of financial tips you can use to make the journey a lot easier. These nuggets of wisdom carry more weight if they come from people who have already made a name for themselves. It is easy to dispense tips on just about anything in life. However, there is more substance when it comes from those that are really practicing such tips.
To drive a point, you would feel a lot more comfortable taking the word of a carpenter on how to fix your window rather than a plumber. If you want to improve your photography, it would be better to talk to a professional photographer. It makes more sense than trying to get photography tips from an investment banker.
Financial tips vary from handling windfall money to saving money and even how to get into a business. One challenge you have to overcome is to properly identify which one works for you. To do this, you need to understand your current financial situation. You should also apply some thought into adapting any tips. It is not advisable to follow them to a tee because there are no two situations that are perfectly alike.
It is not uncommon to want a great start to the year. This is because it helps dictate how the rest of the year goes. A good start helps set a positive tone and these tips can sure guide you in the right direction. At the very least, it can inspire you to do good with your own financial journey and make a name for yourself.
Here are a few of the tips you can look into at the start of the year that comes from well-known and successful people.
Time is an important factor
In the overall scheme of your financial plans, time plays a critical factor. Carlos Slim Helú is a businessman from Mexico who was once regarded as the richest in the world and he advocates starting early. At a young age of 12, he already had bank shares and earning money from working for a family business.
What consumers have going for them is their shift to a habit of saving from spending according to Gallup.com. If you combine this characteristic with starting early then you have a solid foundation for your financial strength. However, early is a relative term depending on who is using it. Early can mean anything from tomorrow to next year. It might be better to just say start now than start early.
Learn to save money
Mark Cuban is one of the more popular billionaires being an NBA team owner. He is known to tell people that they need to save money and not blow their funds on unnecessary purchases. This is one of the simplest financial tips you would ever come across. Yet, it is one of the hardest to follow.
This takes a lot of getting used to but once you form the habit, it becomes harder to break off of it. It does not mean that you should not spend anything.The idea is to be smart with your money so you can save money. Rather than eating out every day for lunch, try preparing and packing lunch. You might also want to brew your own coffee at home rather than buying expensive coffee every time.
Find Your Passion
Oprah is already a household name being dubbed Queen of Media. She advocates believing in oneself and pursuing your passion. This is one of the more important financial tips in making sure that you are on track with your own plans. You need to find your passion and not just copy what seems to work for other people.
If you see that you neighbor is doing good as a photographer, you suddenly decide to pick up a camera and start taking photos as well. Unless that is something you really want, you are heading down the wrong path. After you invest in the equipment and even with a few lessons, there is a big chance you would lose interest.
You need to have the passion for the things that you do in life. This has a positive effect on the quality of life that you live. It will then ripple out to several areas of your life including your finance. If you are happy with what you are doing, you wake up excited and raring to go to work. If you are starting a business, it is better to find your passion and anchor the business on it.
Make your own path
Warren Buffett’s name is synonymous to sound investing. He has made his name and fortune by betting on companies other people did not pay much attention to. He also played the game for the long haul. If you are afraid of getting started in making investments to grow your finances then you need to look at this guy.
Making investments and using stocks can greatly increase your net worth and is one of the great financial tips. However, you need to look at this investment option for the long haul. If you buckle at the sight of a bad economy then it might not work for you. Historically speaking, the economy really goes up and down. The important thing is to note that overall, the market improves over time.
In creating your own path, you would need a certain amount of boldness in your actions. Just like how Eli Broad, KB Homes founder made his own path building homes without basements. With zero construction knowledge and even in real estate, he continued on with his crazy idea. He is now worth $1.7 billion.
Fortune.com findings are quite scary pointing out how 90% of startups could fail. The primary reason is that there seems to be no market need. Running out of cash comes second. You need to be fearless but you need to study your business move as well. Dare to dream but back it up with solid research and contingency plans. This helps you run and execute your plans well.
Physical fitness is one of the financial tips to include in your journey
Tesla founder Elon Musk is one of the most successful people in the world and Justine Musk shares one factor in his success. Being an ex-wife, she has seen firsthand how demanding the lifestyle is. It can take its toll with multiple meetings, deadline, and other project needs. The schedule can drain your energy if you are not taking care of your health.
Heart.org shares that 30 minutes a day of physical activity should be the minimum. The important thing is you remember to take care of your body. The healthier you are, the more you can accomplish. Getting sick can rob you of potential opportunities you could have for your finances.
There are a lot of financial tips that you can look into to start your year. However, spending time studying how the successful ones approached their own journey can be of big help. They can inspire you in making sure that you are on the right track. Their experiences can also give you the nudge you need to get started and follow dreams and make your own path.