I know you want to do well in your personal financial life. So let’s start here and get these the best 5 practical habits of financially fit people: facts of life that you will benefit from for your entire lifetime.
The purpose is to provide you with facts about the importance of financial independence, and how to build it and keep it.
Start to manage your finances in line with the goal of achieving financial success that will eventually create a level of financial fitness.
What Are the Best 5 Practical Habits of Financially Fit People?
Spending time at the gym and getting healthy and fit? Learning about the way how you eat, and setting up a proper eating regime.
Hmm, and so what about your level of financial fitness? Investing your time into learning to make, budget, keep, and invest money.
Being financially fit means being able to earn and manage your own money in order to meet and manage your current but also long-term financial commitments, needs, and wants.
As with any type of training, becoming financially fit requires first investing your time into learning the basic principles and understanding why, how, and best practices that others have used to achieve their financial objectives.
If one man or woman can do it, another man or woman can do it too.
This is Not Rocket Science But Rather Just a Pure Investment of Your Time into Financial Education
And if it would be, the principles are the same.
If you want to fly the rocket to the moon, you first need to know how it works, then practice and learn from others’ mistakes and apply what works, minimizing what doesn’t work.
Experiment slowly if you want to achieve positive financial results, and financial stability and keep it over a lifetime.
Valuable Best 5 Practical Habits of Financially Fit People
Shall we look closer at these very fundamental and easy-to-implement best 5 practical habits of financially fit people, that I recommend you start to implement in your life if you haven’t started already?
Financially fit people would do these:
- Before you buy it, earn for it (make it really yours)
- Always spend less than you earn (keep it yours)
- The budget on a regular and consistent basis (control in your hands)
- Live below your means (reasonable living)
- Build your Emergency fund (I know in Malta it doesn’t rain as much, but yet, keep your funds for rainy days)
As you see, we can break these habits into simple principles. Have your sources of income, spend only wisely and proportionately, and save for the future.
Very well attainable balance and living a great life.
So do you want to be financially fit? It is not only about eating carrots and cucumbers.
Healthy finances, healthy relationships with your family and close ones, and a healthy education level.
Also read: Is Passive Income a Myth? The Hard Truth about Online Money
Why Is It Good to be Financially Fit?
Why do you want to be physically fit and grow your muscles? You feel stronger, happier, and more content in your life and you have less stress since thanks to exercise, you get yourself moving.
So the same reasoning comes to me when I am asked why is it good to be financially fit. You grow your level of financial sufficiency, and you feel much more in control of your lifestyle and the way you want to invest your time.
The level of being content, while you keep working on your higher financial goals is that balance.
We all can be financially fit. It just takes a bit of effort. However, the effort is worth investing in, considering the benefits you will receive.
Just the step ahead towards your financial dreams.
Identifying Wasteful Spending as Your First Turn out Point
So when it comes to spending, it is funny and controversial that people love to buy things but don’t like the fact that others sold them these things.
Spending can go over your budget and this is nothing you have ever seen before. While it could be okay when you were a child and your parents would guide you on how to manage money, as an adult you have your own responsibility to budget your finances and manage your spending.
Budgeting Rule to Guide You on Wasteful Spending
We have a great budgeting rule, where 50% of your income is for essential needs; 30% on spending, and 20% for your savings for the future. Optionally, you can exchange 20% for 30% on savings if you have long-term financial goals you want to achieve.
As you already have money for your spending, then see what is your money actually spent on. If you already have 5 pairs of jeans, do you really need another one? Could you find a better use of this money to invest in your future?
Even though we still have a great amount of time to enjoy our lives, there are also activities we can enjoy without overspending.
When it comes to wasteful spending, I can recommend reorganizing consumption, mainly for food, dining out, clothing, and cars.
SMARTDOLLAR
When it comes to personal finances, financial stability, and health, there is nothing more satisfying than to get your current financial net worth written down on paper or planner.
This is a startup liberating point on your way toward achieving a higher level of financial well-being.
At this point, your net worth is in negative numbers, equal so you have no savings and no assets or you are ahead of the game.
This is where your advantage starts to be built up since you now have a clear understanding and you can set your financial goals.
Conclusion
As you see the best 5 practical habits of financially fit people are not complicated to implement into your day-to-day life.
Nothing will happen if you don’t take any action. This is a simple fact. So here is your guidance and learning material for financial literacy.
The next steps are up to you. You have a choice to decide, whether you buy the book, learn about finance and healthy financial habits, and get started with setting up additional sources of income.
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