7 Signs, You Can Achieve Financial Success In The Long Run
Presently, you might not be earning that surplus cash. Today, you might not be saving enough and worry a lot about your future. But this does not mean that you cannot achieve financial success.
With time, your income will increase, and you will be successful. However, to gain financial success, you got to have some qualities. Below is a list of seven signs that will help you build financial success. So, keep reading as this blog can show you the future.
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The path to achieving financial success often takes you towards financial freedom. You can surely dream of early retirement and can roam the world around you. But for that, you must possess those qualities and habits.
Below is a list of some best signs that show you are capable enough of achieving financial success:
1. You Prefer Zero Debt
The Persian king Darius III was the biggest enemy of Alexander the Great. Debt is not much different and maintains enmity towards financial success.
Indeed, you cannot gain financial success and meet your long-term financial goals if you are easily in debt and have no intention of reducing your debt burden.
Thus, if you are a person who prefers to assume zero debt or in case you are indebted, you are trying hard to free yourself, then there is a greater possibility, you will achieve financial success.
Some \habits of such people include:
- You prefer to accumulate money instead of buying a car in finance.
- You live below your means and do not carry any credit card balances.
- You do not replace your old television, mobile phone, or any electronic gadget just because there is a new model on the market. If you do so, you prefer to buy them out of your savings instead of assuming debt.
2. You Started Saving Early
In our earlier years, more preferably our 20s, we are immature and do not prefer to save money. As soon as we earn, we become spendthrifts and spend a lot on clothes, accessories, fancy vacations, and whatnot.
However, not everyone is like this, and a few bright young individuals would not waste money. They invest it in the best schemes.
It allows them to grow their money for 30-40 years. Even though the amount they would save is tiny because of lesser income, it grows big over time because of the power of compounding.
Hence, if you are someone who started investing in your 20s, you are certainly on the right track, and there are high chances that you will gain financial success.
3. You Are Building Your “Net Worth.”
In simple terms, net worth refers to the difference between:
- Your total assets, such as home equity, cash and bank balance, retirement savings, investments, car, gold, and other valuable items
and
- Your total liabilities include your credit card balances, mortgage, student loan, and more.
If your net worth is increasing, may not be rapid, but steadily, then you can assume you are making the right financial choices and can achieve your financial goals in the future.
Hence, every month, when you save a portion of your income and apply it towards either paying your loans or investing it in investment schemes, you slightly increase your net worth.
4. You Set Financial Goals
Imagine yourself driving a car. You want to reach a particular address. If you are aware of the way and know exactly where to take that sharp right turn, you will arrive at your destination in a comparatively lesser time.
Similarly, if you know “How much you must accumulate?” and “In how many years you can accumulate that much corpus?” You are certainly reaching an address, you know.
Hence, setting financial goals is crucial as it gives you direction and keeps you motivated. When you have defined your financial goals, you try hard to achieve them. It makes you disciplined, more responsible, and, of course, rich.
5. You Are Not Materialistic
Who does not want to go on those lavish vacations? An oversize house and a Rolls-Royce car are a dream for millennials. But do you belong to this category?
Well, if the answer is no and you remain unmoved by these “kinds of stuff,” you are certainly on the right track. Yes, satisfied with what you have, and instead of saving money to buy the latest iPhone, save to invest in it.
You do not fall into the trap of endless wants and the never-achievable materialistic satisfaction.
6. You Do not Imitate
Sanity is the biggest weapon for winning the war, which in the instant case is to achieve financial success. Your friends are partying hard in expensive clubs, and your cousins are buying fancy cars in finance. But you are not imitating them. You stand tall as a stoic and never pay heed.
These are all wrong financial choices and might tempt you to waste money. But if you use your sanity and make wise financial decisions, one day, you will triumph over your friends, who will have nothing but remorse.
Hence, if you respect the time and remain committed to your financial progress, you will win the race, no matter what happens.
7. You Persist
Business is where the money lies. No wonder you cannot beat the income of business owners even when you become a CEO of a major company. In the end, you are an employee and will remain so.
However, you will achieve financial success if you are determined, persist, and try to set up your businesses. They assume risks. They are visionary, and back themselves.
Let me share a story with you.
There was a second-year college student named Lucas. Hailing from a lower-middle-class family, he barely had enough money. He dropped out of college. He started a business venture with his two friends.
His parents strongly resisted and started disowning him. After six months, the business turned out to be a farce, and there were no sales. Both his friends went back to college and pursued their studies. But Lucas persisted and started finding investors.
He successfully pitched his idea to an investor who hesitantly invested a few bucks. Still, the business never took off and failed. People mocked and side-lined Lucas.
The time was indeed appalling, but he never quit. Lucas was on his own. He worked extremely hard and went from pillar to post to get funding.
After eight months, he got some money. He was learning rapidly from his mistakes, and this time around, he was more mature.
After two more years, the lucky break came, and his business started returning to double-digit growth numbers. Soon, Lucas was the owner of a unicorn start-up built on high grit, determination, and sheer arduous work.
Do you relate to Lucas? If yes, no person on this earth can stop you from achieving financial success and your dreams.
