3 Ultimate Strategies For Financial Prosperity

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Many of us are trying to achieve financial prosperity. We work hard, try our very best and still prosperity feels far away.

The way to handle money, colors every aspect of your lives. The colors and hues determine the education of your children, the sort of home you provide for your family, the type of contribution you make to our communities and not to mention the mundane things – like the kind of food we eat, the clothing we wear and the vacations we take.

Many of us have goals, dreams even, dreamt in HD full color. We work hard and strive to get the very best. However, when things don’t work out, we begin to feel we don’t deserve happiness, we put in less effort into achieving our goals, we fail and then we feel bad. Wash, rinse and repeat.

What is Financial Prosperity?

Financial prosperity is good fortune and thriving in that condition. Most people define financial prosperity as homeownership, car ownership, taking vacations around the world once a year, being debt-free, and being able to afford a comfortable retirement. Others simply measure their financial success as simply being better than their parents.

What are your indicators of financial success?

“Prosperity is a way of living and thinking, and not just money or things. Poverty is a way of living and thinking, and not just a lack of money or things.”

Eric Butterworth

 

Strategies for Financial Prosperity

To help you in the process of achieving financial prosperity, consider the following as the bare bones needed to start your journey to a fuller HD full colored dream:

1. Plan For Long-Term Security

Plan to achieve financial security and ensure you are able to sustain it. Take a long-term perspective and set the groundwork to get you there.

The idea here is to have a financial plan and stick to it. Find out what you don’t know but should – about your own personal and family financial situation. Then identify where you want to be and the deep-seated attitudes towards money that are preventing you from attaining financial security. Adopt new attitudes that will ensure that your financial goals are maintained in the long term.

“Positive thinking and positive attitude attracts prosperity, peace, and happiness. It also exposes us towards the path of achievements and success.”

Anurag Prakash Ray

2. Have Financial Protection Against the Unexpected

There are two ways to gain financial protection: insurance and emergency fund.

Insurance is a means to safeguard against financial loss. For individuals, we safeguard our income, access to health and even the lives of our dependants.  That is why insurance is such an important step to financial prosperity. Preparing for the unseen ensures that you are able to make the most out of your money.

On the other hand, we have an emergency fund. An emergency fund is basically a personal fund in which you can stash money away for a rainy day. Financial surprises are bound to happen from time to time and can create serious setbacks to your financial goals. Therefore, an emergency fund ensures that your goals are always on track even with financial setbacks. It also ensures that you are taken care of regardless of any eventuality that may threaten your financial stability.

3. Foster The Ability to Build Wealth

Cultivate the ability to build the kind of life you are always dreamed of. Remember, that your financial stability and well being is a function of your net worth. As a result, having a high net worth translates to a great life. While on the other hand, having a low net worth easily translates being one step away from debt. One small mishap could completely destabilize your financial stability.

Therefore, with an effective plan and financial protection in place, you can now focus on building financial wealth.  Building wealth requires that you earn more than you spend, investing the difference and being patient as time does its work.

“The strongest single factor in prosperity consciousness is self-esteem: believing you deserve it, believing you will get it.”

Jerry Gillies

A great way to do this is to pump money into your retirement accounts. Increasing your assets through this traditional method is a smart and easy way to increase your assets because they money will grow tax-free. Whats even greater is that it is also tax deductible.

If you have debts, try paying off your high-interest debts and work your way down your list. Paying down debts will help you save more (in terms of interest expense), which you can apply towards building a great asset base.

Bottom Line

Regardless of what your goals are, it makes a lot of sense having these three things in place. Don’t let all your hard work and success fall short because you didn’t have these things in place. If you follow these three principles, be sure to be well on your way to financial prosperity.

Oh! Don’t forget to include cultivate good habits that will ensure that you stay successful in this journey. Habits like diligence, persistence, patience and seeking God, are great to bring godly wealth and prosperity. This is particularly important considering the kind of society we live in that glorifies and rewards thieves as heroes by electing them.

Meanwhile, You can click on the following links to read more about financial planning and achieving financial prosperity:


Disclosure: This information is provided to you as a resource for informational purposes only. It is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

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Irene Makanga
Irene has an MBA in Finance and is an avid businesswoman, passionate about financial literacy.

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