5 Steps To Rule Over Your Financial Life Like A King



Life is not supposed to be hard, but sometimes we do things that make it so.  It should not be that way. Here are some of the many things we should do to make life easier and in the long run more fulfilling.



1.Automate Everything


Often times we are overwhelmed by our bills, but budgeting is a pain in the neck. We set one up but are unable to stick with it, or worse...never even  get one set. Do nothing and the financial mess continues to get larger and deeper.


Easiest way to keep budgeting to a minimum is to automate everything. All fixed-amount recurring bills; the mortgage, the car, the phone. Take a set it and forget it approach.  One less thing to worry about and many offer some type of discount if you chose to make automatic payments. Same goes savings accounts. You need these automated so that the deposits are made before you see it hits your bank.


2. Eliminate Debt


You got into debt over time, likewise you will not get out overnight.  With some discipline and the know-how you can eliminate your debt. Nobody said it would be easy but it can be done.  There are two fairly common methods:

Snowball - list all debt prioritized from smallest to largest amount regardless of interest rate. You make the minimum payments on all and direct the remaining funds to the smallest debt. Therefore eliminating that small debt rather quickly. Once the first item is eliminated, you move to the second item and so on.

Avalanche - list all debt from highest to lowest interest rate. Here the minimum payment on each debt is made, and all remaining funds go towards repaying the debt with the highest interest rate. Like with the snowball method, once the first item is completely paid off, you tackle the next item. This process continues until all debt is eliminated.


I believe in the avalanche method because it usually saves both time and money, making it the more logical method.  While those that may need to see a win, that they are making progress to stay motivated may need to utilize the snowball method.  Whichever method you choose, stay the course and you will get it done.




3.   Fund Your Retirement


You MUST pay yourself first. Set up a recurring deposit into an employer sponsored 401k, open an IRA;  or create an account with a robo-advisor. Do all if possible, but don't forget to spend a few minutes reading up on all available options.

Due diligence is important. Start small if that is all you can manage, and do so as early as possible. Rome wasn't built in a day!


Do not wait for the raise or bonus to arrive.  Do it now or you will always find something else to spend the money on.  Start today, not tomorrow, not next month, but now.


Forget about attempting to time the market.  This is a fool's errand. Even the experts can not do so. Instead invest in low-cost index funds. Since 1871, the S&P 500 has averaged annual returns of 6.88%. So utilizing the rule of 72 ,that initial $5,500 IRA you acquired will be worth approximately $11,000 in about 10.5 years and $22,000 in 21 years.  Not bad; now imagine you do this for the first 20 years of your working career. So set it and let it grow.


4. Apply Minimalism and Frugality Principles


Minimalism is a lifestyle where your possessions only own the things that add value to your life and forgo those that do not.  Your goal is to reduce consumerism, over-consumption and the clutter created by exessive possessions. You do not have to move into a shoe box where your only source of water is rainfall, but you realize that you don't need 20 pair of pants.


Frugality is simply being prudent with your money and avoiding unnecessary expenditures. Not buying the cheapest product, instead getting the best bang for your buck. This may be accomplished by buying generic or what is on sale. Do not go overboard with these or you might end up running the other way.


5. Keep Your Dreams and Plans to Yourself


The vacation home, the better car, that big promotion you are looking forward to; keep quiet about those. They are yours and no one else's. Many people are envious of others good fortunes.  

Instead of well wishes all you get is petty jealousy and ill will. Some even rejoice in your failures, not because they dislike you, but because they have no dreams of their own or are simply afraid to attempt their own.


Share them with they ones that will help you get there; those that will celebrate your wins and help you when you struggle.  We should not have to struggle to just get by every day. There is a better life out there. Go get it.


Please share any steps that you have used and helped you along your path to freedom.



The views here expressed are all my own and are not legal, professional or financial advice. Consult a professional before investing. Referral links may be found throughout. I only recommend products I believe in.  This site presents links to other sites but is not responsible for their content or privacy practices.

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