Monday, April 24, 2017

Financial #Success : The Recipe


There is no one thing that leads to financial success in our everyday lives. We can think that coming into money or winning the lottery will cure all of our money woes, but for most folks that just isn't going to happen! In fact, even for folks that it does happen to, it doesn't always solve their problems, as they are still not treating their money in the right way! That is why you should think about financial success as more of a melting pot of different skills that lead to the same outcome. Read on to find out what they are.

Facing the truth

The number one ingredient or skill that you need for financial success is being able to face hard truths. But why is this important? Well, it’s because its all too easy to get yourself into a deeper and deeper hole with your finances, if you ignore what is happening.

In fact, it almost impossible to get yourself out of debt unless you first look openly and objectively at the situation. Yes, this can be painful. Yes, you can end up blaming yourself for getting into debt.

But these are the hard truths that you need to face up to do something about this situation. If you choose to bury your head in the sand like an ostrich, then nothing will improve, and you will never attain financial success!

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Asking for help
The next key ingredient that you need for personal financial success is the ability to ask for help. Sounds easy doesn't it, but for many of us our pride and egos get in the way, and we end up struggling alone with things that we are totally confused about, making ours lives even harder.

But if you are doing that then it's time to stop! Instead, look around for a specialist to help advise your with the financial issue you are dealing with like a tax attorney specializing in OIC, OVPD, and the IRS
or an accountant familiar with your field.

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Remember the goal is here is to be personally financially successful, not to be able to do all of your own calculations, or know the ins and outs of complicated tax law. So keep that in mind next time you're tempted to try and solve every problem yourself.

Budgeting

The next ingredient on the recipe for financial success is being able to budget. No that doesn't mean that you have to be a maths wizard! You don't need to know any algebra, trigonometry or loci!

In fact, all you need to be able to do is find some way of recording what is coming into your account and what is going out. With the aim of this to make these two things at least balance. Or, if possible, to have the inside higher than the outside. As then you will be earning more than you are spending.

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Now you can if you like spend hours devising your own spreadsheets in excel to do this. But a better use your time and resources is going to be to modify a preexisting one like this. Remember in budgeting simple is better, so don't try and over complicated things where you don't need to.
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