6 Easy Ways to Simplify Your Financial Life and Feel Good

What would it feel like if you woke up each day feeling great instead of starting and ending each day worried about your finances? I know for many it would mean a life filled with peace and happiness. No one likes to feel that they are under the gun or in a constant state of urgency. Your home and work life doesn’t have to be difficult or stress filled. When it comes to our finances we have a tendency to not take care of them as well as we could. Responsibilities seem too large to manage and demands too numerous to fulfill but there is hope. It all begins with having clear goals and in being prepared.

Start by defining the why’s in your life.

 Don’t worry if it’s not perfect, you can tweak it at any time. In fact, it should be a living document that expands and contracts as you grow and your needs change. The objective is to make it simple for you so you begin to feel good about your finances and confident in your ability to create financial success.

One strategy to feeling good and simplifying your financial life is by investing a portion of your money in the stock market. You don’t have to be a mathematical genius or a stock market expert to be a prosperous investor. What is important is that you learn to develop an optimistic investment trading psychology along with consistent habits that will assist you in creating a solid financial foundation. This approach will help increase your confidence and strengthen your belief that you CAN accumulate wealth and that it is possible for you to no longer worry about your financial future. Over time, you will find that simple changes in your approach can make a big difference along the way and open the door to many more opportunities for you to take advantage of. The world will be yours when you become strategic about meeting your goals.

Successful Investing

Controlling loss is the key to be successful at investing. Small losses are the best losses. A long-term approach when investing is to understand that it’s best to have guidelines that you are comfortable following since there are days when wide swings in stock prices can leave you a bit unhinged. These fluctuations can appear disheartening so you want to take the time to develop a written investment plan that includes an exit strategy. By being prepared beforehand you are better able to handle the market if it moves faster than expected and your investment goes against you.  (To learn more tips on investing sign up for my free audio training Stop Struggling Building Wealth).

When you have a strategy to manage your risk you avoid large losses which will ultimately increase your trading success over the long term. Be prepared for this before you purchase the security by setting a price objective of how much you are willing for the investment to go against you before you take an action. Doing this in advance creates a go-to plan of action where you will be ready to protect your capital while shielding you from unnecessary losses.

It’s easy to feel good and confident in the decisions that you make when your investment is profitable but what happens when you are not making money? I’ve seen it happen time and again where investors allow emotions to get in the way and then make poor costly decisions that have lasting consequences. You, however, can avoid this trap if you are in control of your emotions thus avoiding reacting in a manner that may be costly.

Clear thinking keeps you from falling into this trap. Sometimes it’s a challenge not to get caught up when the market starts falling quicker and faster than you expected. However, do your best to live by the policy to not make investment decisions based on your emotions. A better choice is to follow the investment plan you carved out beforehand that will allow you to respond and stay in control using your plan, not your emotions. You want to avoid the emotional factor because fear and greed can lead to big losses that could take you many months to make back. Below I have six tips that you can use now that will help you build that solid foundation for investment success.

6 Easy Ways to Simplify Your Financial Life and Feel Good

1. Streamline your finances.  Consolidate your bank accounts and retirement accounts. Simplifying your banking saves you time. If you have several retirement accounts (for example a 401k plan, due to having a previous job, speak to your accountant or investment advisor if you can roll the plan into an IRA account. This will reduce paperwork and also eliminate some account fees, and make it much easier to manage your retirement assets.
2. Invest in your future. Start as early as you can to invest. Your investments will grow significantly over time.  A twenty-dollar bill saved today will continue to grow for your future.  Invest 5-10% of your income in an investment account to start on your journey to wealth.  I’m here for you if you need some guidance.
3. Follow an investment style that makes you feel comfortable and confident. Don’t place too much money in any single investment in case something unexpected happens.
4. Don’t invest money that is used for day-to-day living expenses. This will cause unnecessary excess stress and lead to poor decision making.
5. Reduce your credit card debt and how many you use. If you are paying a high-interest rate each month, call your credit company, speak to a supervisor and see if they will lower your rate.  If you have many cards because of low-interest rate promotions over the years, keep them open for credit scoring purposes, but use one card that has the best benefits. It’s much simpler to manage what you are spending when you have one card to pay and track.
6. Choose happiness.  Do what you are passionate about that makes you happy right now.

Are you ready for financial success? You can immediately add more happiness and peace by making the decision now that you want to feel good and are going to take some action steps to simplify your financial life. Begin with a few adjustments that you can you make now without making a significant change in your lifestyle. The answers may surprise you in how easily it can be done. Why wait? Make the decision to start today and feel good about your finances. You will not only thank yourself but it will also give you an opportunity to become happier about your future.  Start now on your journey toward financial success by integrating the tips I’ve shared. These significant life-altering changes are the roadmap that will assist you in enjoying life now and prepare you for an even happier tomorrow.

To your health, wealth, and happiness,

Bonnie
Wealth and Well–Being Coach

 

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