Rolling On – The Best Handful of Tips 14 – FINANCIAL FREEDOM
The reason that so many people fail to achieve their financial goals is that they do not decide on them early enough.
The sooner you start saving money, the sooner you will succeed in reaching your financial goals. It’s all about hard work and self discipline.
Financial freedom comes from setting clear objectives and keeping to them.
The five best tips to achieve your financial goals and make some real money
* Set long-term financial goals
Set a target. Make plans and review them regularly. Write them down and look at them from time to time.
If possible, make regular automatic savings.
Every year calculate your net worth and make any necessary changes.
* Pay off debts as soon as possible
It’s easy to get into debt but hard to get out of it. Pay off your debts and credit cards as soon as possible.
Manage your mortgage repayments carefully. Look for the best deal.
When possible, negotiate cash deals when buying household items.
* Develop a risk protection strategy
Invest in a good superannuation scheme.
Cover your risks with life insurance, income protection, trauma cover and health insurance.
Travel insurance is essential when visiting foreign countries.
* Get yourself a mentor or a good financial adviser
Make the most of other people’s experiences especially those who have had sound training in investing and accounting.
Get others to invest for you in sound compounding investments.
Don’t be too greedy. It is better to be certain of a good return than hopeful of a great one.
* Build up your investment assets
Aim for a nest-egg for the times when you are not earning due to unexpected bad health, redundancies, or early retirement.
Spread your risks. Diversify into property, shares and compounding savings.
“One of life’s great thrills is paying off that last instalment.”
– Geoffrey Moss
“Don’t put all your eggs into one basket – diversify your investments.”
SOURCE: “Secrets for Success. This book could change your life.” Moss Associates Ltd, New Zealand and Cengage Learning Asia. Also published as an e-book available from Amazon.com.