10 Surprising Things Financially Successful People Do Differently

1. Get Paid What Youre Worth and Spend Less Than You Earn

It may sound simple, but many people struggle with this first rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even by $1,000 a year can have a significant cumulative effect over the course of your working life.

No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn. Often it's easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in savings. And, it doesn't always have to involve making big sacrifices.

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5. Have a Savings Plan

You've heard it before: Pay yourself first. If you wait until you've met all of your other financial obligations before seeing what's left over for saving, chances are you'll never have a healthy savings account or investments. Resolve to set aside a minimum of 5% of your salary for savings before you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.

5. Track your expenses with a money management tool

Do you know how much you’re spending on restaurants, concert tickets, that morning coffee? Paying attention to your spending habits is essential to building up your savings and staying on track to reach your financial goals.

Use a money management tool to automatically track expenses, categorize your monthly spending, and inform your decisions when setting and sticking to a spending budget. Better awareness of your spending will ultimately lead to better spending decisions.

4. Pay off debt and build credit history

Paying off debt should be one of your first steps to financial freedom. Since most debt carries significant interest, the longer you wait to resolve it, the more you end up owing. That translates to fewer opportunities to use your money to be financially successful.

Paying off debt is also vital because it helps you build a better credit history. In addition to the complex numerical scores that decide whether your credit is “good,” “fair” or “poor,” your credit report includes a detailed history that covers years of your consumer behavior. Although laws like the Fair Credit Reporting Act, or FCRA, give you the right to clear up parts of your track record by disputing mistakes, eliminating debt by closing accounts when you can is a much better solution.

One method of reducing debt you might choose is th

One method of reducing debt you might choose is the debt snowball method. This debt reduction strategy suggests paying off bills in order of smallest to largest, irrespective of interest rate. This is one of many ways experts advise on ways to become debt free. Paying off debt takes time, but reducing debt also helps to eventually rebuild credit.

A single missed payment can make your score drop noticeably, and transgressions stay on your report for years. Only take on liabilities that you know you can manage based on your budget.

8. Reinvent themselves

The financially successful know that things change with time and you can’t always stick to yesterday’s goals and plans. New opportunities arise all the time whether it be in business or in the tools used to manage their finances.

The last few years have seen a big movement in Cloud technology and how people can now manage their finances online with applications such as Mint, Ready for Zero, Betterment, Credit Karma (for credit scores) and many more.

There is information at our fingertips and the ability to access it anywhere, anytime. From a business standpoint, social media is here today, but what will it look like tomorrow and what business opportunities will the financially successful capitalize on in the future?

6. They focus on long-term financial goals

Instead of just making money and spending it, they take the time to create financial plans which enable them to reach long-term goals, and then they stick to those plans.

Final Word

Whether you’re a new investor just starting on the road to financial security, or a middle-aged investor looking at your upcoming retirement, these are the keys that can help you put yourself in a comfortable financial situation. Remember that achieving financial security often takes the greater portion of one’s life, and there are few shortcuts. If you’ve made good choices and have avoided most of life’s financial disasters, you will spend the rest of your life living on the fruits of your investments, possibly leaving an estate for your children.

What other tips can you suggest that can help lead to financial success?

Get Out of Debt

Debt management is a critical exercise for every successful business, and there's a reason for the saying "cash is king." Be different. Buck the trend. Don't rack up debt in the typical consumer fashion. The cost of an education and a primary residence are generally beyond most people's ability to pay for in cash. Beyond that, if you can't pay cash don't make the purchase. As far as education and the home, pay off the education before you buy the home.

As for the home, don’t stretch your budget. Buy what you can easily afford and pay it off as quickly as possible. Forget the advice about good debt and bad debt. All debt is bad. There’s a long list of financially strapped investors who had supposedly great and fool-proof ideas about going into debt to put the money to work in investments that would earn a greater rate of return than the cost of the interest rate to service the debt.

If you are an entrepreneur, debt may be a necessary tool. Putting your money into an appreciating asset is different than using debt to fund a new car, vacation, or wardrobe. Paying interest on consumer goods is simply a waste of money and undermines your financial foundation. Investing in your business is a way to increase your potential revenue.

Habits Of Self-Made Millionaires

Self-Made Millionaires Are Frugal

Perhaps the most easily identifiable habit of self-made millionaires is the habit of frugality.

Wealthy people are careful with every penny and every dollar.

They know how to save money and allocate their funds carefully. They never buy new when they can buy used.

They never buy if they can lease, and they never lease if they can rent.

They never rent or lease if they can borrow.

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For example, most self-made millionaires do not buy new cars.

They save money and wait until a good quality car is about two years old before they buy it.

Even then, they have the car thoroughly checked out by a reputable mechanic.

Once they feel confident that it is an excellent buy, in good condition, they buy the car and then they drive it for five or ten years before replacing it.

Self-Made Millionaires Know How To Save Money

Self-made millionaires develop the habit of regular saving and investment from an early age.

Here’s the deal, though:

Human beings are creatures of habit.

We very quickly adapt to almost any external condition or circumstance.

If you save 10% off the top of your paycheck, and discipline yourself to live on the other 90%, you will soon adjust your lifestyle downward slightly so that you are quite comfortable on the lesser amount.

In no time at all, living at this level becomes a habit and you stop thinking about it.

Many people are deeply in debt and the idea of saving 10% of their income, off the top of each paycheck, is too difficult for them even to consider.

9.They do more than show up at the office, do their jobs, and go home

They seek out ways to go above and beyond the call of duty, even if they are wage earners in a 9-5 job. 44% of financially successful people wake up three hours before work starts.

8. IRAs and retirement accounts

The earlier you start a 401(k), Roth IRA, traditional IRA or other retirement savings plan, the more it will build interest on your behalf. Each prospect has a different set of rules covering how it’s funded, taxed and penalized, and how you get money out. There’s a range of retirement strategies to choose from, so don’t feel limited in your pursuit to achieve financial success. Each investment opportunity is different, so there is something suitable for every kind of investor.

Using The Law Of Attraction For Financial Freedom

When you begin to save money, and you feel positive and happy about your growing account, these positive emotions imbue that money with a form of energy that begins to attract more money into your life, and into that account.

Old friends will pay you back debts that you had forgotten a long time ago.

You will have opportunities to earn additional amounts of money that had not occurred to you.

You will sell things that you had had for a long time that you thought had no value.

And as you add these amounts to your account, your account will develop even more positive energy, and attract even larger amounts of money.

This is an extraordinary discovery…

I had heard about this concept for many years, but I was always broke and there was never anything I could do about it.

Then, about two years after I got married and started my own business, I ran out of money.

I had been able to buy a house with my lifetime of savings, but now I had to sell the house to get the cash, and then move to a rented house.

At this point, my wife Barbara demanded that I turn over to her $10,000 from the proceeds from the sale of the house.

After some arguing I gave in. She took the money and deposited it in another bank account to which I did not have access.

No matter how many financial problems we had in the months ahead, she refused to even consider the possibility of spending that money.

This was her security blanket. The most remarkable thing happened.

From that day forward, we were never broke again. Even though it was the middle of a recession and businesses were going bankrupt all around us, we were never again out of money.

Every week, every month, business came in, the bills were paid, and opportunities opened up and exciting possibilities seemed to be attracted into our lives.

Within a couple of years, we were able to move out of the rented house and buy a beautiful new home in a lovely neighborhood.

Two years later, we were able to buy a home that cost five times as much on a beautiful golf course, overlooking two lakes with the ocean in the distance.

Save Money And Love It

There is an especially special habit that self-made millionaires and financially successful people learn or develop over time.

It is the habit of responding to incoming money in a particular way.

When we are growing up, we are encouraged to save money from our allowances.

However, as children, we look upon money as a tool with which to buy candy, toys and other things that make us happy.

As a result, we naturally begin to look upon saving as a punishment, something that hurts us and deprives us of the candy, toys and enjoyable things we desire.

At an early age, most people begin to associate savings with pain, with sacrifice, with loss of pleasure, satisfaction and happiness.

As adults, this negative habit is manifested in our desire to spend money as soon as we make it.

Many people in their late teens and twenties look upon every paycheck as an opportunity to go out and spend as much money as they can.

This is why it is generally known in the restaurant business that they will be the fullest at the middle and at the end of the month, on paydays.

People very early begin to associate spending with happiness and saving with pain.

Since the basic human motivation is to move away from pain toward pleasure, from discomfort toward comfort, and from dissatisfaction toward satisfaction, most people develop the habit of associating spending with enjoyment and saving with unhappiness.

Rewire Your Thinking And Gain Financial Freedom

Your job is to reverse the wiring on this habit.

It is to detach the wires from one set of attitudes and reattach them with a different set of attitudes.

Your job is to begin thinking in terms of pleasure whenever you think of saving and accumulation, and pain whenever you think of spending and getting rid of your money.

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