Planning to live a life of your dreams but don’t know how to sort your finances?
This post is for you.
We all have a dream but our financial obligations often get in the way of their fulfillment. If you feel the same, you can follow our way of managing finances and live the life you love. Here are a few steps we take for a better financial life.
Create several streams of income
It is always worthwhile to create multiple income streams. Of course, your day job is great and helps you get a beautiful lawn and a new car too. However, a second income stream doesn’t hurt. You can use the money from your day job to pay your bills and use the extra income from the second job to buy an appliance you love, save for a trip (like us) or simply maintain an emergency account. It all depends on you.
To get this extra stream of income, you could do a part-time online job, do yard sales now and then or simply do weekend jobs. If you are creative, try setting up an online shop and watch your little business flourish.
Always make a goal and stick to it
When you don’t have a goal, it is very easy to spend money on useless things. We could see items on sale and buy them immediately, simply because of the price drop. We don’t think twice whether we need it or not. This usually happens when you don’t have a financial goal to follow. If you make a goal and gather the motivation to stick to it, you will be making better financial decisions in life and won’t fall for impulse purchases.
The single best way to have a better financial life is to avoid getting into debts for as long as possible. Mortgages, student loans and credit card bills all add up to make your life worse over time. Don’t take a loan if you can’t service it for the next few years. In fact, avoid the use of credit cards altogether.
If you already have a credit card, then get rid of its overdue payments within the next 1 to 3 months. After that, either get rid of your credit card or use it only when absolutely necessary.
Don’t be afraid to take a risk
You can risk 5 to 10% of your funds and invest in some high return instruments like Ladbrokes. Don’t lose your sense of adventure just because you want to stay safe. Sometimes, these bets pay off and land you a jackpot. Other times, they could provide more than 10% appreciation on your money in a small time. Don’t miss these opportunities.
This is how we create the life we love. You can do it too.