With the start of 2017, an opportunity for a new financial future awaits for those who are willing to make financial changes in their life. This article discusses seven tips for turning over a new financial leaf in 2017. These tips are not “pop culture” advice or entertainment: they require great life changes and sacrifice. However, committing to these simple tips will guarantee new financial growth and success. These tips are truly life-changing.
Tip Number One: Reduce Your Expenses
Reducing expenses can quickly relieve financial stress. Restructure your expenses such as monthly housing costs, automobile payment, or other reoccurring monthly expenses to be as close to $0 as possible. Nothing is impossible unless you do not try. Remember, finances are determined by the numbers. Numbers do not lie and they do not change. If you can structure your budget with as low expenses as possible, your financial life will always be much easier. Some of these reductions may require some major life changes.
Tip Number Two: Go “Paid in Full”
Many Americans have become accustomed to purchasing homes and vehicles through financing. Mortgages, car loans, and personal loans only make life more difficult. By adopting a paid-in-full mentality, everything in life becomes much less expensive. In addition, a paid-in-full mentality can quickly increase your net worth. Sacrifice and even massive financial changes such as bankruptcy maybe necessary before you can adopt a complete paid-in-full mentality. Also, a realignment of what’s important in life may also be in order before a paid in full mentality can be adopted. If you are required to rent the least expensive option possible as you acquire financial knowledge so that you can live “paid-in-full,” it is still worth it. Starting from the “ground-up” will revolutionize every financial aspect of your life.
Tip Number Three: Work Easier
Over the years, we have seen many people working incredibly long hours. Sometimes people work two jobs or work a full-time job while operating a full-time business. Even in these situations, we have seen people desperately struggle just to stay afloat financially. Sometimes the best advice is to simply set up an easier work situation. If you’re too exhausted or simply do not have time to learn about financial things, then you need to shut down the direction you are going. You need to shut everything down. Take the time to slow down and plan the financial direction of your life. Make life easier and much more financially rewarding!
Tip Number Four: Work Smart
Hard work alone can bring very disappointing results. To achieve success in life, you must also work smart. How much you can achieve in your financial life usually comes down to a simple equation: how hard you work is multiplied by how smart you work. If you only spent 1/10 of the time each week planning on how you would work “smart,” then drastic improvement to your financial situation would rapidly occur. If you make plans to work “smart,” then your precious labor hours will no longer be stolen away on generating just enough income to pay the bills.
Tip Number Five: Do Not Put Off Financial Education Any Longer
Following closely the previous tip of working smart, tip number five is to finally spend time seeking a full financial education. People who do not have a financial education tend to work more hours with much less reward. In order to get a full financial education, you must first forget and reject everything that you currently believe about finances. A financial education can be life-changing if you are willing also to make massive life changes in accordance with your new financial knowledge. If you make following your new financial education a “life mission”, new wealth and ease of living will quickly follow.
Tip Number Six: Have Fun Getting Financially Smart
Getting financially smart can actually be fun. We all enjoyed playing Monopoly and over financial games when we were children. Financial endeavors and the accumulation of financial knowledge can feel more like an adventure then a burden if you pursue it in some a child-like, enjoyable manner. Setting up your life to enjoy a productive financial journey can be one of the best decisions you make during life. Make it fun. Turn it into an adventure.
Tip Number Seven: Get Out of Debt
Getting out of debt is great way to restore financial freedom. If you are able to make a solid plan that can get you out of debt in two to three years, take action on that plan! Treat it like an adventure. If you are unable to make a reasonable plan for getting out at debt, then you need to speak with a bankruptcy attorney. It is pointless to “spin your financial wheels” your whole life. It is also very disheartening to live your entire life paycheck to paycheck. Make a resolution this year that will truly change your life forever: get out of debt and make it your life mission to make a solid plan for your financial future.