Are You Determined To Be Rich?

The United States of America is the Land of Opportunity, where independence is valued, The American Dream is attainable, and everyone can succeed with hard work and determination.

But not everyone seizes the opportunity.

Are You Determined To Be Rich?

If you are determined to be wealthy, you must get on the right path to riches. Consider these top 3 habits to increase wealth.

Dream Big, Plan Better, and Implement Ferociously

One of the most tragic fates in life is that a person believes getting rich is out of their reach. They may see their parent’s struggle and believe that is their own future. Regardless of your family history or current financial situation, believing you can become wealthy is crucial to achieving it!

Being rich is not a privilege awarded only to a select few. Especially in America, anyone can be rich if they are willing to pursue it. Part of that process is seeing it, and believing it so hard you can taste it! To do that, you need to lay it out clearly.

Vision, planning, and execution are among the most important traits of the wealthy. These people are not satisfied with the status quo and develop, plan and implement ways of increasing their wealth. It requires a certain level of risk but living outside of one’s comfort zone may be the best way to improve your own future.

If you don’t pursue your own goals, you will end up working on someone else’s!

Having dreams is the best starting point. Feeling free to imagine the possibilities is an important exercise. Do you want a big house, many cars or to retire early and travel abroad on a regular basis?

Whatever you desire in life, it is important to make notes. From there, you can objectively set out a timeline to realistically achieve these dreams. This is the initial planning phase.

Dreams are great, but if you don’t set a time frame and the method to achieve them, dreams will remain nebulous wishes. It is important to turn each dream into actionable goals.

Consider what is required to achieve each of these goals and break them down into necessary, actionable steps. Once you have created a detailed, workable plan, include any training, and support you may require to achieve your goals. Will you need to go back to school or work with a financial planner? Research and find the best professionals to help you on your way. Will you need time or money to achieve a certain step? Write down ways to accomplish this.

Once you have the lifetime vision and the year to year plan, it is time to break it down to quarterly or monthly goals so you can measure your achievements and stay on track or revise your objectives. Don’t wait for the new year, a season, or any other excuse to begin.

Now it is always the best time to implement your plan!

Live Within Your Means

Most people know that maintaining a lifestyle that is affordable is the best way to be financially stable and become financially independent. It is also one of the initial keys to wealth.

Spend Smart

Saving is crucial to building wealth, but it is important not to focus so much on saving that you start neglecting earning income.

Mark Cuban wrote:

Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonald’s, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you don’t want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you?

This is a great perspective, yet taken to the extreme, the mentality of living frugally by clipping coupons and shopping sales can be so time intensive that a person may miss great opportunities to increase wealth. Put another way, is it worth spending an extra hour to drive and shop to save five dollars? Consider your current hourly income and also the income level you desire before taking on these seemingly worthwhile pursuits. Always ask yourself: Would your time be better spent working towards increasing your income?

Stop worrying about saving pennies and running out of money and invest your time in make more income.

Do eliminate all credit card debt as quickly as possible and once that is achieved, only use credit to buy goods and services you can pay off fully each billing cycle to avoid paying any interest or penalties. Credit card interest can cost up to 25% extra on your purchases. What would you rather use 25% of your money for in your life?

Be Grateful

Being grateful is about enjoying what you have and not feeling deprived of anything in life.

Don’t covet or buy things you can't afford. If you are in debt, stick to buying only the items you really need. Even if you increase your income, don't use that as justification to give yourself a lifestyle raise until you are debt free. If you live above your means, you won't ever become wealthy.

Pay Yourself

Saving is integral to becoming wealthy. Most people have heard the expression:

If you want to get rich, pay yourself first.

It is easy to believe that if you pay all your expenses like housing and credit card bills on time that you are financially responsible. All that is to take care of other people – probably complete strangers. They should take second place to you and your family. It is essential that you pay yourself first.

As little as ten percent of your income set aside every pay period in a high-interest account will ensure that your money will grow exponentially with compound interest. Once this has grown to a more considerable sum, such as a thousand dollars, consult your financial advisor for even better ways to invest those funds. Above all, start NOW.

Work Smart, Not Hard

Most people have heard that hard work will get them ahead in life. A lot of people have realized that this is not entirely true. Working hard is like being on a hamster wheel. A person just keeps going and going without ever getting anywhere.

Don’t be content with a steady paycheck. The average person chooses to get paid based on time — whether on a salary or hourly rate. Wealthy people choose to get paid based on results and are often entrepreneurs.

To ensure future wealth, you must work smart. Regardless of your profession, use your money to earn money. Invest in a financial model where your money earns money with little or no risk.

"On average, millionaires invest 20% of their household income each year," Ramit Sethi wrote in his New York Times best-seller, "I Will Teach You to Be Rich." "Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time."

The earlier you start, the better.

This is more than just speculating on the stock market and hoping for a big return. It is finding shrewd investments, such as real estate, where your investment remains tangible in a physical property and you can receive monthly passive income through rent.

Some people are intimidated at the prospect of owning real estate rentals. It is possible to do this without taking a huge amount of risk and without a lot of time or effort. Partnering with experienced professionals is a great way to get returns without a lot of knowledge or time invested.

A common thread among millionaires is that they develop multiple streams of income and adopt smart savings habits. They have a vision and the will to see their plan through to the end. Many live more modestly than they can afford. Most have accrued some portion of their wealth through real estate investments.

The best way to join this circle is to think of the future you desire and to implement your plan to achieve it as soon as possible. Get on the road to wealth today!

Knowledge is power and updated knowledge is the most powerful of all.

It takes discipline, but living within one’s means is key to accumulating wealth. Being financially responsible in the present is a good way to ensure a comfortable future.

These steps are good places to start a more conscious and directed route to achieving your financial freedom. Read, reflect and take what will work for you.

Bottom line is that there is no blanket strategy. Each person must evaluate their own circumstances, needs, and desires. Get the help you need to achieve financial freedom.

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much. 

-Jim Rohn


Above all, believe in yourself and believe that you will achieve your goal!

_________________________________________
Sources:

Lynda at Sonoran Sun | Private Equity Investments 

Mark Cuban On How To Get Rich

10 signs you'll never be rich

How to Become a Successful Millionaire in 7 Easy Steps

Have you ever wondered how some people become millionaires - and others don’t?

Or why some make it to the top, only to lose their fortunes?

This may have something to do with what is called a millionaire’s mindset. There are certain strategies to maintain wealth. Some of these people may just not have practiced the seven habits of highly successful millionaires.

Whether you are trying to grow your wealth to become a millionaire, or maintain your net worth, the following habits are key to success.

Whatever may be your reason for wanting to become a millionaire, you should develop the following mindsets:

1. Be Positive And Think Positive

The importance of having a positive attitude towards life cannot be understated. Positivity attracts positivity. Thinking positively will put you on the same page for thought processes as these successful people. 

Stated another way, success attracts success. In order to achieve success, it is important to be surrounded by successful people. The benefit of like-minded individuals should not be underestimated.

2. Go Above And Beyond

People will always prefer to do business with someone who always delivers more than what is expected. The willingness to do more than what you are expected to do has replaced the old attitude of “it’s not in my job description.”

A person who consistently exceeds expectations will always find plenty of business opportunities since being resourceful and reliable are highly valued.

3. Be Original

This does not mean doing something extraordinary, or being quirky. It means trusting your own instincts and daring to excel.

Richard Branson is a great example of this. Branson has dyslexia and had poor academic performance. His headmaster at Stowe School believed he would either end up in prison or become a millionaire. 

Branson started Virgin Records in his early twenties and continued to build his empire. He later founded the Virgin Group, which now controls more than 400 companies.

Branson followed his vision. He is a shining example of why it is important to follow your own path if you intend to be a successful millionaire.

4. It Takes Effort And Sacrifice

Some people have the idea that they are deserving of these fortunes without any effort. They are unwilling to put in the required effort or make personal sacrifices. We would all love to be wealthy and still spend hours on leisure activities until we succeed. Success of any kind can never be achieved without the element of sacrifice. 

Sacrifice and effort are the prices of success. The level of success required to be a millionaire is in direct proportion to the effort and the sacrifices made.

It is important to understand that making great sacrifices is part of the road to success.

5. Focus On Quality

People are attracted to quality. This is more than a desire to have premium brands. It is the recognition that a well-made item possesses durability and value. Adopt the habit of offering quality products and services to create value for your customers. 

Zig Ziglar said it best:

“You will get all you want in life, if you help enough other people get what they want.”

6. Always Improve

Innovation is highly valued in our society and has given rise not only to many millionaires, but to many billionaires as well. Google developed from the desire to organize information on the Internet and help users easily find the information they were looking for. As big as it is, Google is constantly updating, innovating, and offering new features.

To be successful, make it your business to constantly improve and get rewarded in return.

7. Save

A person will never become a millionaire if they are always broke. Having sufficient savings is not only a safety net and great insurance against failure, it can also be a lifeboat in difficult times.

Maintaining reasonable reserves is prudent for many reasons. It will help your business survive during lean times. It enables you to take advantage of unforeseen opportunities. The successful individual can take early advantage of investments or developments when others are still gathering up their resources. This habit will be indispensable in their quest to become a millionaire.

These are key habits shared by successful millionaires. Their beliefs and attitudes can guide you towards your million-dollar lifestyle. It may also help people who have acquired millionaire status and would like to know how to safeguard their wealth. Adopt these habits and you may find yourself on the road to riches.

Knowledge is power and updated knowledge is the most powerful of all.

It takes discipline, but living within one’s means is key to accumulating wealth. Being financially responsible in the present is a good way to ensure a comfortable future.

These steps are good places to start a more conscious and directed route to achieving your financial freedom. Read, reflect and take what will work for you.

Bottom line is that there is no blanket strategy. Each person must evaluate their own circumstances, needs, and desires. Get the help you need to achieve financial freedom.

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much. 

-Jim Rohn


Above all, believe in yourself and believe that you will achieve your goal!

_________________________________________
Sources:

Lynda at Sonoran Sun | Private Equity Investments 

Richard Branson - From Wikipedia, the free encyclopedia

Do You Recognize the 3 Myths of Financial Planning?

Most people have been given investing advice at some point or other in their lives. This advice is most often a well-meaning attempt to offer a solution. It can be repeated from person to person or generation to generation. In some cases, the advice being passed on is sound, but for others no matter how many times it may be repeated, it just simply is not true.

Vladimir Lenin said:

A lie told often enough becomes the truth.

So how is a person to know if the advice they are receiving is true or not?

With the changing times, strategies come and go. Sometimes ideas that worked for our parents are no longer valid. Can you easily recognize what still holds up and what has become a myth?

Here is a review of three concepts that need to be reevaluated for today’s investing needs:

Save 10 Percent Of Income For Retirement

This may have worked decades ago when our parents were working. That was a time when employees tended to stay with a company for life, received salary increases, pensions and had shorter life expectancies. The smart investor should now save at least 15 percent of their gross income beginning early on in their career in order to maintain their lifestyle in retirement.

If a person doesn’t start saving in their twenties or thirties, they will need to contribute a higher percentage. Starting to save in their fifties, a person would need to contribute much more of their income to make up for lost time. This can be thirty-five percent or more, depending on how late a person starts saving.

The myth here is that Social Security will be enough to meet expenses in retirement. This simply no longer holds true for most people. By the time a person is ready for retirement, they should have 10 to 12 times the amount of their final salary in savings. Annual income in retirement should be 70 to 80 percent of preretirement gross income to maintain the existing lifestyle. For most people, this amount is workable as fifteen to twenty percent stops being channeled into retirement savings. In addition, work-related expenses are no longer part of the budget and the family home is usually paid off by this time.

Of course, more than that may be required if there is a plan for additional travel or unusually high hobby expenses.

If Social Security is still available, it should be considered as a supplement to savings.

Have Three Months' Of Living Expenses For Emergencies

Long gone are the days when someone in their twenties starts at a company and works for the same organization their entire life. In today’s society, we have become familiar with frequent job and even career changes and the possibility of becoming unemployed much more often. It may be an unfortunate myth to have only three months of emergency savings.

It is prudent to have savings enough to tide a person over during longer periods of unemployment. Whether this is due to job loss or for health reasons, a person should have at least three to six months of savings to cover living for any emergency or more. If a person is in a specialized field where it may take longer to find a suitable position, that range needs to be adjusted higher – perhaps up to a year – with the amount in savings adjusted accordingly.

These funds are best kept in a balanced mutual fund which will have a higher return than a savings account but not much additional risk.

Invest In The Stock Market To Leverage Your Nest Egg

With all the manipulation and meltdowns of the stock market, there are people who still believe in gambling their future on stocks is a prudent investment. This myth is surprising. When a stock crashes, all the stockholder is left with is a worthless certificate.

For this very reason, investment in real estate is much more advantageous to gain wealth and cash flow.

A lot of people have become uneasy about in investing in real estate due to the economic recession that was triggered by the housing decline in 2006. This recession is often attributed to the housing bubble and subprime mortgages that preceded the meltdown. Interestingly, when the stock market crashes and people lose fortunes, these same people are just willing to chalk it up to the risk of the market and are willing to say goodbye to their hard-earned funds.

Real estate investment purchases offer a future income stream from property and are quite undeserving of all the negativity to this investment’s reputation. One reason real estate is a great investment is that no matter what happens, the property will still be there. The property will be there and people will always need a place to live, conduct business or for storage. “What if the property is destroyed?” you may ask. Well, property insurance will usually give you a bigger, better, and updated property in its place. What stock has ever offered that feature?

Real estate offers collateral, in the form of a building. The price may go up or down, but the building will stand and be a tangible and marketable structure. It can offer income in the form of appreciation which is the increasing value of a property over time. This means the owner will have income through lump sum cash gains from the eventual sale of property. The asset may also be used for cash flow, or rent, which tends to be much more advantageous as this cash flow tends to remain constant no matter what the value of the property. The smart real estate investor can profit from the sale of the property or cash flow from rentals, or both. It also offers tax advantages that the stock market cannot match.

There are many different types of real estate investments a person might consider for inclusion in a portfolio.

How Well Did You Score?

Were you able to recognize the myth straight off?

As Lenin said, hearing something often does not make it true. Financial myths are no different. Repeatedly listening to outdated or incorrect advice can be financially devastating.

While saving 10 percent of income for retirement may have been great advice in the fifties or even seventies, it no longer holds true as a prudent amount of annual savings for retirement.

In our modern society, job hopping and layoffs are commonplace. Having a mere three months' worth of living expenses for emergencies is very tight. In an economy where replacing a lost job can take anywhere from three months to over a year, having sufficient savings will alleviate the stress of getting through a period without income.

The stock market can be glamorous and offers the illusion of an unlimited gain. This seductive quality can draw in investors without any foundation as a “paper” investment. Real estate is an investment that can offer rich rewards over a long period of time. It offers tangible assets, return on investment in the form of lump sum gain, cash flow or both. It also offers tax benefits.

Knowledge is power and updated knowledge is the most powerful of all.

It takes discipline, but living within one’s means is key to accumulating wealth. Being financially responsible in the present is a good way to ensure a comfortable future.

These steps are good places to start a more conscious and directed route to achieving your financial freedom. Read, reflect and take what will work for you.

Bottom line is that there is no blanket strategy. Each person must evaluate their own circumstances, needs, and desires. Get the help you need to achieve financial freedom.

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much. 

-Jim Rohn


Above all, believe in yourself and believe that you will achieve your goal!


_________________________________________
Sources:


Lynda at Sonoran Sun | Private Equity Investments 

3 Steps To Financial Freedom

The Tightrope To Retirement

Smart, Sexy People Love Themselves First!

It’s February! The perfect time to talk about a taboo subject…

Who Do You Love The Most?

I was listening to the radio the other morning and the hosts were discussing something I found very interesting. They wanted to prove a point. They asked their listeners to write down on a list the names of the people they love the most.

After a short break, they came back on air and asked their audience to look at that list and notice who was number one, two, three and so forth.

The "aha moment" was that most people do not even put themselves on the list!

So, how is this a taboo subject?

Loving Yourself FIRST.

Before you get all embarrassed and self-conscious, stop thinking about… that!

What I plan to discuss today is even more secretive than... that!

Think about it: Have you ever discussed a romantic relationship with your friends? Or have they discussed one with you? I am willing to wager that most people have had a relationship discussion – on some level – at some point in their lives.

But, how many of you have discussed your personal finances with someone other than your spouse or accountant?

THAT is the big secret!

Aha! You are starting to see where I am going with this!

Smart, Sexy People Love Themselves First!

We are taught at an early age that finances and financial information are best kept private. “That isn’t anyone’s business!”

That may work well when everything is going well, but when someone finds themselves in less than ideal financial shape, personal finance can be daunting. It is often difficult to reach out for help. It is just too embarrassing.

Why?

Kids are taught language, history, sciences, PE, and a variety of other subjects in school. Very few curricula offer a financial education of any sort before college. When I was in school, we spent a total of one period learning how to balance a checkbook in Home Economics class. That was it! In a little under an hour, we were taught everything we needed to know about money for running a home.

Nothing about financial planning, budgeting, debt or any other any other practical knowledge. Forget investing and retirement planning!

Indeed the educational system continues to let us down when it comes to learning about money and finances.

So what is a better option?

The family?

This option may not be any better. Finances are often secretive discussions only a few family members are privy to. Often within families, financial struggles remain "behind closed doors."

Children are often kept in the dark regarding any financial struggles. It is often believed that sparing children from a basic understanding of money preserves childhood innocence. While this may seem kind, it only perpetuates the lack of knowledge. When older children have an understanding of income and spending, they will be better prepared for their own lives.

The withholding of basic financial information may have other consequences. When funds are low, children may be denied the status symbols which are a right of passage for many young people today. This may also be seen as a lack of love when no explanation is given why the latest phone or expensive sneakers can't be had.

Many people carry on as though there isn't any financial difficulty at all. Appearances must be kept up. All too frequently credit is used to maintain the illusion of a comfortable lifestyle. The buy it now and pay for it later philosophy is the financial plan of many households.

In the end, most families manage the best that they can and follow the idea of being secretive about money. Stay quiet about any trouble and be giving and charitable.

Do for others.

That is a great philosophy.

However, when we are trained at an early age not to discuss personal finances, it becomes difficult to have an open discussion and seek help when needed.

What has love got to do with it?

(Oh, yes! Channel your best Tina Turner right here!)

To some people, the idea of taking care of themselves – self-love – is a difficult concept to grasp. I’m not talking about treating yourself to that great outfit or new TV. Or spending that quality mirror time. You probably won’t even remember – or care about those things next year.

What I am talking about for this Valentine’s Day is some basic financial information to take care of yourself, FIRST.

So, feel free to discuss this with your friends in the locker room, or at that next social gathering ;)

I guarantee you that they will not be expecting a conversation on how to build wealth, stay out of debt, and earn returns on your investments!

So, let’s get started!

Even if you adopt one or two of these concepts, you will not only be ahead of the game, but it could make a huge difference sooner than you think. Check them out and learn more about the subjects that can improve your life the soonest.

Love your self so you have the power to take care of your loved ones!

8 Ways To Love Yourself

1 Love Yourself With Insurance

It seems unimportant – until you need it! Think seriously: if you lost something valuable, could you afford to replace it right away? Insurance should be your No. 1 financial priority because it will protect you from accidents, the material loss of your house or car and unforeseen illness. In the event of a tragedy, it may help keep you from going bankrupt to cover these expenses.

Your Large Ticket Items

Most people know they need car or property insurance. Make sure your policies are comprehensive. Even if you have an older car you use to commute to work, don’t waive the damage or replacement of your own vehicle to save a few dollars. You may end up spending extra hours taking the bus or train to work.

If you own property, make sure you are covered for all perils. If you have made significant renovations or have benefited from market appreciation, make sure your policy is up to date. The worst possible position for a property owner would be to experience a loss and not have coverage for full replacement value.

Your Business Or Income

Whether you are an employee or entrepreneur, insuring your income is important. There are several ways to make sure you are properly covered.

Disability Insurance provides for periodic payments of benefits when a disabled insured is unable to work. This insurance replaces anywhere from 45 to 65% of gross income on a tax-free basis should illness keep the insured from earning an income in their occupation.

Business Insurance protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability, and employee-related risks.

There is also Business Income Insurance which covers the loss of income a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or closure during the rebuilding process after a disaster.

Your Self

Not only are Americans required to have health insurance, or face penalties – it just makes sense. Having coverage for medical bills protects you – and your family from financial ruin if you experience a serious illness.

Whether this coverage is through your employer or on your own make sure you understand the cost and coverage of the plan, including your deductible, or how much you might have to pay before insurance takes over and any coverage for your family members.

2 Love Yourself By Paying Off Debt

If you have debt, once you have covered your expenses – food, rent, and health insurance and very basic recreation – using any remaining funds to pay off debt. Start with the high-interest loans and work down from there.

Think of this high interest as a negative investment. Don’t be fooled by the lower monthly amount that appears on your statement. While 1% or 2% a month may not look so distressing, you are losing 12%, to 24% (for disadvantageous cards) of potential investment earnings to interest payments every year!

Pay off the loan(s), take note of how much you were paying in interest and use that amount to start funding your savings or retirement fund. That should be easily “doable” since you have not deprived yourself of anything you already enjoyed or purchased. It was JUST interest on debt!

Find ways to pay down the debt faster. Prioritize the highest interest rate debt first and work your way down from there. Ask your creditor(s) for a lower rate – you won’t “get” if you don’t “ask!” Pay off as much of your balance as you can, as soon as you can, each month. Look for lower interest rate or zero interest balance transfer opportunities and move your high interest debt to these loans to be able to pay it off sooner.

3 Love Yourself With A Good Credit Score

This should be an easier one, yet it is still very important. Know your credit score. Your credit score is a number on a scale which gives an indication of your borrowing history. I say an indication because there may be transactions and loans that are not recorded, such as personal loans from family members or cash transactions.

Knowing your score is important because it gives lenders an impression of your borrowing ability, in terms of risk. A good score also helps you get more advantageous loan rates, such as when applying for home and car loans, and when renting an apartment, or getting insurance.

It is relatively easy to keep track of your score as everyone is legally entitled to one free credit report every year from each of the credit tracking agencies – Equifax, TransUnion, and Experian. It is a good strategy to request one of these reports every four months to space them out over the year.

Another option is to have a credit card that offers you a free report as part of your member services.

Check your credit report regularly for fraudulent charges, financial inaccuracies, and personal information – including identity theft.

To maintain a good score, pay your bills on time. In addition, keep a low debt-to-credit ratio.

4 Love Yourself By Paying Yourself First

Put money into a retirement plan or an account for investing as early as you can. It is a smart and easy way to pay yourself first. The key to growing your fund is to set up automatic transfers from the bank account where your income is deposited once or twice a month.

On that note, if your checking account does not earn interest or earns less than your savings account, do not keep a high balance in that account! Some people do this “just in case” of unforeseen expenses and justify the loss of interest by saying it’s only a percent or two. Nonsense! Keep just over the minimum threshold needed to get the benefits of waived service charges, etc. – plus the amount of your regular monthly payments. Transfer money in on a monthly basis, or as needed from an account with the most advantageous interest.

Contribute to a 401(k) plan especially if your employer offers contribution matching. That is a great way to accelerate your fund because it means the company contributes a certain amount for every dollar you contribute up to a specified percentage of your salary. No one should turn down free money!

In addition, 401(k)s allow you to contribute your pretax dollars, meaning the more you contribute now, the greater the growth will be with compound interest. you'll have more money down the road, and although you will be taxed when you withdraw the money for retirement, you will be taxed in a different income bracket. For 2017, the maximum contribution to a 401(k) is $18,000.

And if you don't work for an employer that offers a 401(k), open an individual retirement account (IRA) and contribute the most you can. The maximum contribution for 2017 is $5,500. Consider a self-directed Roth IRA. One benefit of a Roth IRA is that you can use the money to make your own investments. In addition, you won't be taxed if you wait to withdraw the money at age 59 and a half.

5 Love Yourself by Funding an Emergency Account

After you conquer any high-interest debt and contribute to your retirement funds, it's time to build up some emergency savings with at least three to six month’s worth of living expenses. Keep this money in a separate savings account so you won’t be tempted to dip into it. Better yet, put it in a money market fund where it is just as safe, still liquid - and you'll see better rates of return.

6 Love Yourself With A Home

A home is the biggest purchase most people will make in their lifetime. It comes with a lot of responsibility, and a great deal of expenses, however, it can certainly be a better option than paying down someone else’s mortgage!

To think of it another way, when you rent a property, you are paying into someone else's retirement fund!

Purchasing a property requires considerable funds. Most people are aware it requires a substantial deposit (a down payment usually 20 % of the purchase price), and a home loan, or mortgage. In addition, there are taxes, insurance costs, maintenance services (for example HVAC systems), and maintenance expenses (such as renovations or replacement of components such as the roof). A home comes with several advantages, the freedom to live in it as one chooses, there are some tax advantages and possibly advantages for first time owners. When the property is no longer needed, it can be sold and any equity it retained by the owner.

7 Love Yourself By Investing Wisely

Once you have automatic funding in place for your retirement fund and have topped off your emergency fund, it is time to consider investing in models with a higher return.

I do not encourage taking on any high-risk investments, such as the stock market unless you can afford to lose the money. We have all seen markets crash and investments tank. In addition, these types of investments often come with high fees. If you enjoy the thrill and are young enough that there is a good chance the market will bounce back before you need the money, proceed with caution knowing you run the risk of losing it all.

Bonds and money market funds are a safer choice.

My preferred vehicle is real estate. Real estate investment is simply the purchase of a future income stream from property. People always need a place to live! Some people think this type of investment is risky due to the meltdown in 2008. Just as with most investment models, real estate cycles from boom to bust. The key is investing wisely and consistently and to understand the options for an exit strategy!

8 Love Yourself With Professional Services

Again, not what you might be thinking! ;)

No Man is an island.

No one is self-sufficient; everyone relies on others. This saying comes from a sermon by the seventeenth-century English author John Donne.

Take advantage of the experts around you to benefit your life. This concept most certainly applies to finances. No person can be an expert on every subject. There are times when getting help is the wise course of action. Financial help can make all the difference to one’s bottom line.

There is an old expression that the only sure things are death and taxes.

It is always prudent to not only file taxes, but to do so on time. Some people feel professional services such as accountants, or tax preparation specialists are unnecessary. Many people struggle through tax preparation by themselves to save money. Often these tax professionals can save their client much more than they cost!

Professionals who are up to date on tax code, including allowable deductions, are a great way to maximize tax returns. They understand the best way to itemize deductions, including expenses for housing costs like mortgage interest or property taxes, charitable donations and business or educational expenses. They are up to date on eligible tax credits for dependents (usually children) and low-income earners. In addition, tax preparation fees are usually deductible in the year you pay the taxes.

The same principle applies to investments. There are times when getting a professional advisor makes sense. Whether you have them manage your portfolio or offer you direction for your own investing, tapping the knowledge of a professional can be the best way to grow your assets.

Referrals from family or colleagues are a great way to find competent professionals. Interview several and find one you are comfortable with and can meet your needs. Openly discuss your expectations, and find out the fee structure of the professional to ensure you will benefit from their service before entering into any arrangement.

By implementing strategies to manage your finances and prosper, you will enjoy peace of mind not only for yourself, but for your loved ones. 

It should now be evident that loving yourself, or taking care of your own needs is not a selfish act at all. By taking care of "Priority Number One" you give yourself the luxury of taking care of your loved ones to the best of your abilities.

Implement at least one small change in the following areas to improve your financial outlook:

• Insurance Coverage 
• Debt Management 
• Credit Score 
• Retirement Plan 
• Emergency Fund 
• Home Ownership 
• Investing Wisely 
• Professional Services

Set a goal to improve in each area by the end of the year.

The best way to take care of others is to take care of yourself first.

Love yourself FIRST and put yourself on the top of that list!

If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much.

-Jim Rohn

It takes discipline, but living within one’s means is key to accumulating wealth. Being financially responsible in the present is a good way to ensure a comfortable future.

These steps are good places to start a more conscious and directed route to achieving your financial freedom. Read, reflect and take what will work for you.

Bottom line is that there is no blanket strategy. Each person must evaluate their own circumstances, needs and desires. Get the help you need to achieve financial freedom. 

Above all, believe in yourself and believe that you will achieve your goal!

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Sources:

Lynda at Sonoran Sun | Private Equity Investments 

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Further Reading

7 Ways To Save For A Comfortable Retirement

Where to Find Low Risk, High Return Investments

5 Things Kids Need To Know About Money