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10 Ways to Build Financial Success.

Written by paul on September 19th, 2006 with no comments.
Read more articles on Credit Help.

Looking to improve your chances for financial success? The following ten rules will help you achieve long-term financial success

  1. Set Financial Goals – Assess and determine your long, short and mid-term goals to build wealth

  2. Know your financial situation – calculate your monthly living expenses and your monthly debt payments. Estimate periodic payments that may have to be made.
  3. Develop a realistic Budget – follow your budget and remember to constantly re-evaluate you planning and goals.
  4. Plan - Determine your needs for the future including periodic expenses and major purchases such as Cars and Appliances
  5. Don’t Spend more than you earn – Pay down your credit cards and installment loans such as student and auto loans. In theory you should pay the full balance of your credit cards each month, however this is not always possible so when making payments pay more than the minimum payment and do not charge more to a card you are paying down
  6. Save Plan for future expenses and try to save 10 – 15% of your Net income
  7. Pay Your Bills on Time – The best advice anyone can offer to maintain a good credit rating is to pay your bills on time. If you are unable to make your payments contact your creditors There are a number of good credit counseling services that will provide professional advice to consumers overwhelmed by their financial situation
  8. Use Credit Wisely – Know how much credit you can afford and keep monthly payments to within 20% of your net monthly income
  9. Record your daily expenses - Carry a small notebook and write down what you spend money on
  10. Learn the difference between needs and wants - Take car of your needs first.

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