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10 Habits Financially Stable People Have

10 Habits Financially Stable People Have

Keeping your financial life stable requires some discipline and development of good financial habits. We all do not want to be in a financial hole that leaves us emotionally and psychologically devastated. It is better to protect our finances when we can, before situations cause our money to slip away from our fingers. That is why it is important to learn a thing or two from the financially stable.

1. They don’t spend impulsively

Money has a way of engaging us. This apparently happens to a big problem for us all as we want to take advantage of the “easier” life. Impulse spending means eating out and shopping extensively until we drain our finances. Financial stability can only be attained when we control and monitor our impulse spending.

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2. They save money

Financially stable people spend less than they earn. You may not have abundant capital but you can indulge in the right and important things and not overspend. This affords you the opportunity to save money. So learn to negotiate phone, cable and utility bills. Or simply reduce how much you spend on grocery, restaurants and clothing.

3. They track their spending

They monitor their spending. This can be done occasionally. Perhaps once a month you can write how much you have spent, and see what areas you are running deficient. When this is done one can understand how efficient he is using up his finances.

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4. They invest

Financial stable people do well to secure their future. Even when retirement isn’t lurking nearby you can start setting some money outside in deposits for investments

5. They eliminate and prevent debts

All debts are not the same. A loan that builds with high interest is not the same as low interest loans such as mortgage and student loans. Debt has a psychological effect that works against the debtor, so it is better to eliminate or prevent debts. Know how much you owe now, whether it is a car loan or credit card debt.

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6. They budget

Financially stable people budget their income. By using a budget they are able to ascertain where their money is going to and seeing that it goes to where they actually want it to go to. With apps like Mint and You need a budget you can take charge of your budget and start becoming accountable for it.

7. They respond automatically

Yes they do not procrastinate with their finance. They do not delay in the paying of their bills. By doing this there is no room for debt growth and affords you the opportunity to know what money can be used for personal expenses.

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8. They give up bad habits

This takes some discipline. But financially stable people understand that bad habits have a way of eating into their income and robbing them off their future joys. Things that truly make you happy are inexpensive and do not leave you swimming in financial wreckage.

9. They plan

There are special things or activities that you would want to reward yourself with. It could be buying a house, buying a car, going on vacation. This could be long term goals that require you to efficiently plan and achieve them. Instead of simply procrastinating, put numbers and dates on those goals. By doing this you can be consistent and see them to fruition.

10. They take care of their health

Financial stability requires some responsibility. You cannot accomplish nor do much without protecting your vehicle to success, besides medicine is expensive, from medication, examination to treatment. Financially stable people protect their finances by also protecting their health and ascertaining a healthy lifestyle. We all do know unforeseen occurrences can happen but please there are things one can manage and are still in your control.

Featured photo credit: http://www.morguefile.com via morguefile.com

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Casey Imafidon

Specialized in motivation and personal growth, providing advice to make readers fulfilled and spurred on to achieve all that they desire in life.

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Last Updated on June 25, 2019

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

Millionaires and billionaires read more than you think. In fact, the likes of Warren Buffet are said to read 1.000 pages a day. As the old saying goes “There’s no smoke without fire”; so, start off with these 5 incredible books!

1. The 48 Laws of Power

48-laws-of-power

    “If you are unsure of a course of action, do not attempt it. Your doubts and hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold; no one honors the timid.”

    On your journey to becoming a millionaire in your 20’s, there will be many people trying to manipulate you into doing what they want. This international bestseller by Robert Greene is the widely read by those in the entertainment industry because of its dog-eat-dog environment. This book is a must-read for anybody who wants to claim power and keep it. it’s a fun read that tells the story of some of the most powerful people in history.

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    An example of a law of power is: Always say less than necessary.

    • When trying to impress, the more you say the more common you look and less in control.
    • Be vague.
    • Powerful people impress and intimidate by saying less.

    2. Influence: The Psychology of Persuasion

    influence-the-psychology-of-persuasion

      “Often we don’t realize that our attitude toward something has been influenced by the number of times we have been exposed to it in the past.”

      This book explains the core strategies people use to influence others using real world examples. Robert Cialdini’s book goes over human quirks like the need to be consistent, and how you can use that in your marketing strategy to make more money. “People’s ability to understand the factors that affect their behaviour is surprisingly poor,” Cialdini says, “which leads to people making poor decisions without realising why.”

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      Cialdini includes real world examples of why people join cults, buy certain jewellery, or give to charity.

      3. Blue Ocean Strategy

      blue-ocean-strategy

        “Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value.”

        This book argues that leading companies don’t succeed by battling competitors in “Red Oceans”, but by creating “Blue Oceans” where they have uncontested market space to grow. It goes over case studies like “Cirque Du Soleil” who created a blue ocean by creating a circus platform that didn’t include animals or more than one act on at once but instead, decided to focus on talented performers and music who created a mystical storyline.

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        4. The Fountainhead

        the-fountainhead

          “A man’s spirit is himself. That entity which is his consciousness. To think, to feel, to judge, to act are functions of the ego.”

          The Fountainhead takes place in the United States, mostly in New York City, during the 1920s and 1930s. Billionaire Mark Cuban named his yacht “Fountainhead” after this book. This classic novel is about the struggles of an innovative architect named Howard Roark and his effort to achieve success on his own terms. Many entrepreneurs are inspired by this book because it depicts how you should be uncompromising when it comes to your vision and your goals. If you follow this way of life, you develop the ability to change the world and creating something unique.

          5. The Compound Effect

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            “Do you know how the casinos make so much money in Vegas? Because they track every table, every winner, every hour. Why do Olympic trainers get paid top dollar? Because they track every workout, every calorie, and every micronutrient for their athletes. All winners are trackers.”

            This book is by Darren Hardy the CEO of Success Magazine, he goes over how it’s the small, seemingly insignificant choices that compound to create success or failure over time. No one has a plan to be broke and fat but that’s what happens when you don’t have a plan and go along the path of least resistance. Hardy argues that you cannot improve something until you measure it and to always take 100 percent responsibility for everything that happens to you.

            So, those are five books you must read if you want to give it a try to become a millionaire in your 20’s. What are the best books you have ever read? Leave a comment and share these life-changing books with your friends to help them become successful like you.

            Featured photo credit: Bill Gates Foundation via businessinsider.com

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