By: Shad Lamm
Money is not everything, but it does create opportunities such as providing for your family, sending your kids to college, landing your dream home, and creating an ideal retirement. This is what financial success looks like. When you have total control over where your money goes and how to make it grow, you are setting yourself up for security and abundance.
Here are my four recommended habits for achieving financial success.
1. Save For Retirement, Pay Yourself First
As tempting as it is to just focus on the short-term expenses and ignore the long-term need to save for retirement, don’t. Especially if you don’t want to worry about finances in your old age. Your dream retirement is your responsibility and it can only happen if you make a point to make it happen.
In fact, the sooner you start, the easier it is to reach your goal. You can pay in smaller increments over a longer period of time while taking advantage of compound interest as opposed to playing catch-up with larger sums in a shorter amount of time. This is an effective method to reach your financial goals with less stress and worry.
2. Spend Less Than You Earn
Spending less than you earn is easier said than done, especially when there are bills to pay and money is tight. However, robust emergency and savings accounts are vital for financial success. Life throws curveballs (e.g., unexpected medical expenses or car repairs) and there are big dreams to fulfill (e.g., travel). Using whatever extra money you have left over for savings will prepare you for the highs and lows of what is ahead.
Take a look at your monthly expenses and see if there are any spending habits that can be cut down or eliminated—perhaps eating out less and cooking at home more often, or setting some ground rules when it comes to impulse purchases. The more control you have over your numbers, the closer you will be to financial success.
3. Have A Financial Plan And Invest Wisely
To reach any goal, there needs to be a sound and laser-focused strategy behind it. This is where an effective financial plan comes in. A financial plan will lay out where you want to go, how much money you need to get there, and what exactly needs to happen in order to get from Point A to Point B. Spending and saving habits need to be taken into account as well as an effective method for growing your money further through smart investments. Seek advice from your financial planner to figure all of this out.
4. Give Back To Charities And Society
Practicing generosity with an open heart allows you to truly see the impact of your hard-earned money when you can give back to organizations and charities who are doing great things in the world. Building financial success is not just about the money, it’s about making your dreams come true and creating your legacy.
While no one can truly tell the future, one thing is for certain: You have control over your money. The sooner you realize that, the sooner you can set yourself up on a path to grow your wealth, secure a hearty emergency fund for whatever life throws at you, and create opportunities to enjoy life and give back.
We’re Here To Help
Planning for financial success can be overwhelming, but you are not alone. We at Cypress Wealth Services would love to help you create a plan that will pursue the best outcome for any situation. Call our office today at 866.888.6563 or contact one of our offices today.
About Cypress Wealth Services
Cypress Wealth Services is an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. Cypress Wealth Services is comprised of professionals with diverse backgrounds and extensive experience and qualifications. Cypress Wealth Services is uniquely qualified to serve a broad range of client needs. Their experience and expertise act as a foundation for their client service process, The firm uses The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With offices in Palm Desert, CA, Tustin, CA and Anchorage, AK, the firm serves clients across the country in Wealth Management Services, Fiduciary Services, 401(k) Design and Management, Investment Reporting Services, Financial and Retirement Planning and more. For more information: visit www.CypressWS.com or call 760.834.7250.