Advertising
Advertising

10 Finance Fundamentals To Act On For Success

10 Finance Fundamentals To Act On For Success

Most of us wonder why certain people are financially successful while we are still lagging behind. The common financial mistakes that we make happen to be linked to our financial instability. We make the mistake of living beyond our means again and again and we tend to spend more than we can afford to spend. We are seldom frugal, and so at the end of the month, we save almost nothing. We get caught up in the too-good-to-be-true investment ideas and end up losing hard-earned money. Another common mistake that we make is to invest our money at the wrong time and for the wrong reasons. While there is no hard and fast rule for financial success, the following tips should be considered if you want to get ahead of your peers.

1. Be Passionate And Motivated.

If you are not passionate enough about what you are doing, then boredom and a lack of motivation will inevitably create hurdles for you. Passion and a significant amount of motivation are necessary for financial success. So, think carefully before you start your business venture. Do only what you are sure will never bore you.

Advertising

2. Take Smart Risks.

What differentiates entrepreneurs from others is their ability to take risks. Know that business is a game of uncertainty and strategy. If you can plan well, strategize, and have all the necessary resources at hand (besides having a plan B), then you can easily afford to take financial risks.

3. Have Faith In Yourself And Be Dedicated.

Confidence is the key to a successful business venture. If you are disciplined and have perseverance and willpower, then your dedication will definitely bring you positive results.

Advertising

4. Stay Out Of Debt And Save.

Always make it a point to spend less than what you earn. Don’t give in to materialism so easily. Avoid temptation and be smart with your credit cards — they may tempt you to spend more than you can and at the end of the month you will curse yourself for spending too much. Try to have less wants — this is what causes many people to go into debt.

5. Read, Study, And Learn.

Read everything, as this will prepare you for any kind of outcome. Do thorough research about each and every thing related to your business. You will make mistakes, but do not let them deter you. Use those lessons constructively.

Advertising

6. Buy Businesses.

Buy as much business as you can. There is nothing like investing early in life. Try to own this good habit and buy shares of stocks in companies you believe in. Before you make investments in companies, make certain considerations, like whether you would buy the entire business if you could. The money that you earn from these investments should be spent on other investments for future financial growth.

7. Understand What You Own.

Do not make the mistake of investing in a business that you don’t truly know and understand. This is surely a recipe for disaster. Know the ins and outs of the business you are investing in. If you can make a child understand the business, then you know that you yourself have fully grasped it. Protect your assets by insuring them.

Advertising

8. Invest For The Long Term.

Always buy stocks with the intention of keeping them for the long term. Invest in companies which require low capital or which sell products which will always be in demand. Hold out against the urge to constantly buy and sell investments, as this will get you nowhere.

9. Maintain A Margin Of Safety.

Do your homework properly, because if you are an uninformed investor, then there is a huge chance of your investment not working out. Make sure that each of your investments will give you back more than you are currently investing. If possible, consult an expert before you invest because they can help you see all aspects and make the right decision.

10. Give Back To Society.

Lastly, whether you have enough money or not, always make it a point to donate some for those in need. It will not only make you feel good, but will also contribute in changing someone’s life for the better. As your investments grow, be sure to maintain this link to humanity.

Featured photo credit: frankieleon via flickr.com

More by this author

Mike Dawson

International Trade with Healthy Living Style

tips for finance 10 Finance Fundamentals To Act On For Success mediterranean diet Quick And Easy: How To Start A Mediterranean Diet Mochi Recipes 6 Easy Japanese Mochi Recipes For Beginners arbutin whiting cream Is Arbutin A Skin Brightening and Beauty Secret Weapon?

Trending in Budget Activity

16 Easy Ways to Treat Yourself 27 Websites to Sell Used Stuff Profitably 3Seven Tips to Save Money While Renovating Your Home 44 Ways to Make Every Penny Stretch in 2017 5Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising

Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

    Advertising

    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

        Advertising

        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

            Advertising

              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

                  Advertising

                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

                      Read Next