May 1, 2017
58 Views
0 0

5 Ways to Improve Your Finances Throughout Life

Written by

By Steven LaFleur
I am currently reading The Choose Yourself Guide to Wealth by James Altucher. Many find James a unique mind with a unique look on life, capitalism and the economy. As I near the end of his book I have come up with five themes I believe will improve anyone’s finances and financial life.
1. Live a Balanced LifeThere is a lot of talk about work-life balance in today’s world. I get that, and for me it is family first. With two daughters at home and a third child on the way, life gets busy. But what I have learned is that living a balanced life can mean having a lot of small weights on one end and one big weight on the other end. As long as your life as a whole is balanced, you will grow.
2. Create an Abundance MindsetThere is plenty of money, people and opportunity in the world. You just have to have an open mind to see it. Stop focusing on the worst-case scenario and start being an optimist. The S&P 500 has gone up over time, technology continues to grow at astronomical..

By Steven LaFleur

I am currently reading The Choose Yourself Guide to Wealth by James Altucher. Many find James a unique mind with a unique look on life, capitalism and the economy. As I near the end of his book I have come up with five themes I believe will improve anyone’s finances and financial life.

1. Live a Balanced Life

There is a lot of talk about work-life balance in today’s world. I get that, and for me it is family first. With two daughters at home and a third child on the way, life gets busy. But what I have learned is that living a balanced life can mean having a lot of small weights on one end and one big weight on the other end. As long as your life as a whole is balanced, you will grow.

2. Create an Abundance Mindset

There is plenty of money, people and opportunity in the world. You just have to have an open mind to see it. Stop focusing on the worst-case scenario and start being an optimist. The S&P 500 has gone up over time, technology continues to grow at astronomical rates and new companies mean more jobs.

3. Work Your Idea Muscle

Every day try to write down 10 ideas for a new business, blog, networking, anything that will help you grow or think will help others grow. Altucher states in his book that ideas are the new form of money. The more ideas you have the more potential you have to create value which creates money. Finance comes down to cash flow, which is a measure of what you bring in and what goes out; increase the amount that comes in with your ideas.

4. Create Themes to Achieve Your Goals

Say you have a goal to save 10% of your income and put it toward your goals. You first need to create a mindset around the theme of saving before you can begin to save, otherwise you will constantly be fighting yourself. And your goals that you’re saving toward, are they travel-related, family-related, retirement-related or future-needs-related? Having a theme creates a mindset which initiates action. Goals are important to have but creating a theme in your life around that goal makes it more tangible. (For related reading, see: 5 Ways to Boost Savings Now and Create Wealth Later.)

5. Learn to Look Around Corners

In Altucher’s book, he talks about different industries he believes will take off in the future and are strong possibilities for investment. My job is to not pick companies, but it does help to understand what the up-and-coming industries are so that you are prepared. You will open yourself up to potential business opportunities and investment opportunities.

I put together these five themes after reading The Choose Yourself Guide to Wealth, but what I have discovered is that these are themes that many successful business people have adopted into their own daily routines and lives. Investing, insurance and financial practices don’t do much good unless we have the money to invest, purchase insurance with or save. Great financial advisors know that money is a tool to create your ideal life.

(For more from this author, see: 5 Budgeting Steps for Young Families to Follow.)

This article was originally published on Investopedia.

Read on: Nasdaq

Article Categories:
Banking

Leave a Comment