5 Financial Success Principles Everyone Should Follow

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5 Financial Success Principles Everyone Should Follow

Personal Finance

April 1, 2019

Success leaves clues. If you want to be successful by earning more money and gain financial freedom, it all starts with your daily habits.

Your habits make and break your ability to living a wealthy life vs. paying the bills month after month. If you want to take your life and success to the next level, start applying these five success principles today.‍

1. Pay Yourself First

‍As the great, billionaire investor Warren Buffett said, “Do not save what is left after spending, but spend what is left after saving.” If you don’t pay yourself first, you are paying everyone else and it can be easy to end up saving nothing. Instead, use automatic deductions to always pay yourself first.

You can set up deductions for your 401K, IRA, savings, and most bills. Plus, the earlier you start this habit, the more you will benefit from compound interest over time.

‍2. Decide to Be Wealthy

‍As Jack Canfield (author of the “The Success Principles”) said, “If you want wealth, you must decide now from the deepest place in your heart to have wealth in your life — without yet worrying about how or if it’s possible.”

You need to decide what you want in your financial life. Whether it is to earn $1 million or $100 million there is no right answer. But you need to define success for yourself.

Start by asking yourself these questions:

How much do you want to earn?
What is your ideal net worth?
How much do you want to be able to save and invest each month?
What do you want your lifestyle to look like? (Car, house, vacations, etc.)
When will you retire? What will your day to day look like in retirement?

Once you know what you want for your future you can reverse engineer your life to get closer to achieving your ultimate vision.

‍3. Unlock the Power of Goal-Setting

‍Now that you’ve created a vision and start setting goals it’s important to give yourself the best chance to reach them by setting goals. A recent goal setting study I read showed how to give yourself the best chance of accomplishing your goals.

The participants were broken up into four separate groups. Each group did the following:

1. Think about goals only.

2. Write down goals (and think about them).

3. Share goals with a friend (as well as thinking and writing them down).

4. Weekly progress report to a friend (as well as thinking, writing, and sharing).

The results are astounding. Group four averaged a 76% completion rate while group one was 43%, group two was 56%, and group three was 64% achievement.

If you want to be successful and make changes it’s so important to write goals, share them with friends, and review them every day.

‍4. Become a Master of Your Money

‍If you want to become successful you have to be a master of your spending, saving, and investing. The most successful people in the world were diligent about saving, not overspending, and living below their means (at least in the beginning).

Start by setting a monthly budget, tracking your net worth, and finding new ways to increase your income.

‍5. Give More to Get More

‍As you earn more money you should always continue to give back and help others in need. Whether you volunteer your time or money, find an organization you believe in and try to help others.

‍Would you like to learn how to achieve your best financial future? Simply request a call from a Bayntree financial advisor today.

‍Bayntree Wealth Advisors, located in Phoenix and Scottsdale, Arizona, provides comprehensive financial planning and wealth management. The Bayntree team specializes in all aspects of financial health, including retirement planning, risk management, investment advice, tax strategies, estate planning and insurance.

Bayntree does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation.

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5 Financial Success Principles Everyone Should Follow

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