4 Financial Habits Of The Wealthy That Can Help You Beat Money Stress

Are you struggling with money? These financial habits of the wealthy can help you get on track.

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If you want to really change your life, you are going to need to learn to prioritize.

We all have limited resources, whether those resources are time, money, or energy.  We are all limited by time and energy in a 24 hour day, and that’s why it makes sense to focus our limited resources on creating those financial habits that will have the biggest impact on our financial health and wellbeing.

Here is what we recommend to focus on when building new financial habits:

  1. Identify where are you experiencing the most stress with your finances. What causes you sleepless nights? Is it the lack of savings? A non-existent emergency fund? Living paycheck to paycheck with too little income to pay your bills each month? A bleak retirement future? A tsunami of medical bills?  For me it was figuring out how to become less dependent on a job that was becoming less and less stable and more and more toxic.  I worried about getting downsized and all the consequences that would follow while at the same time drowning in work-related stress, over-achiever stress, relationship stress and burn-out. When I finally lost my job, I worried about depleting all the funds in my emergency savings account. That’s when I decided that finding other sources of income is important and came up with solutions for my most stressing problems. You can do it too! Focusing on the most stressful financial challenge in your life can be an effective place to start.
  1. Evaluate which new financial habit would have the biggest impact on your money. Take a moment to think about the impact each potential new financial habit would bring to your life in helping you tread the path to financial freedom.
  • Write down as many potential financial habits of the wealthy as you can that are related to your target financial challenge.
  • Prioritize your list based on the likely outcome from incorporating that habit into your life. Eliminate the bottom 80%.
  • Reexamine the 20% that remain. Visualize the impact each of the remaining possibilities will have down the road 1 month, 6 months, 12 months, and 5 years down the road. How will the habit impact your life 25 years from now?
  • Select the habit that makes the most sense after carefully considering the future. If you’re torn between 2 or more habits, consider which would be the easiest to implement. Never underestimate the power of momentum. You can swing back around and pick up the other habits in the near future. In fact, when you start seeing success and positive results from your initial efforts, you will be highly motivated to continue working on other financial habits to continually improve your financial health and wellbeing. Before you know it a positive domino effect will start as you build momentum towards financial freedom.
  1. Focus on being average at first.  Rome was not built in one day, so don’t try to master everything at once. Try to bring all the parts of your personal finances up to an average level FIRST and then strive to become a high achiever. Identify the areas which are the worst aspects of your financial life because that is where the greatest source of your financial discomfort is coming from. For me, I started with paying of all credit card bills and NOT purchasing items on credit that I could not pay off in full by the end of the month.  I focused on that for about 2 years.
  • What does this mean for you?  It means that you have to work on eliminating consumer debt, building an emergency fund, trying to save at least 10% of your income every month, get adequate insurance, and be consistently saving for retirement.  Make a budget and figure out which “hidden” expenses must be included in your budget for proper planning.  You need to be doing all those things BEFORE worrying thinking about “luxury items” such as buying  a vacation home or getting  a swimming pool.
  • Monitor your progress on a 1 to 10 scale,  and try bringing each part of your finances up to a “5” before attempting anything on a grander scale.
  1. Consider whether you have what you need to put the new financial habit into place. If you don’t have what you need to get started, ask yourself : can I get what I need or start small enough that the habit is viable? If you’re 75lbs overweight and spend every evening on the couch, you’d have to start small if your desired habit was to run 10 miles each day. You’d need running shoes, too. The same principle applies when forming hew financial habits. Perhaps you need practical and simple money management advice and helpful tools and resources to help you build new financial habits.

We only have 24 hours in each day so make sure that you are using your time wisely and effectively to build new financial habits that will benefit you in the long run.  It’s a fact that the most important habits are usually the ones that are the least appealing. if you want to change your life and reduce stress when it comes to money, start by working on developing some financial habits of the wealthy to enhance your finances.

Please Share Your Thoughts 

In the comments below, share with us:

1. What habits have you adopted to help manage and improve your finances?
2. Which one of the financial habits mentioned above will you try and why?

 

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About Darlene

Darlene is passionate and enthusiastic about helping women simplify their lives, develop stress resilience, regain balance, and find happiness, despite the personal storms life throws at them. She has published a popular series of stress management books which focus on simple, practical and healthy stress relief strategies, as well as provide FREE resources and services that help women become more stress-resilient.

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