Be Financially Happy:
“11 Universal Laws of Financial Happiness”
1. Pay yourself First
o Pay yourself 10% of your take home pay
o Not to be used for unexpected expenses
o Permanent savings
o This is your bases to be financially free
§ This will increase your confidence
§ This will satisfy your soul
§ This will enable a worry free life
2. Control your expenses
o Establish and maintain a budget
o Budget only what is necessary
o Budget your entertainment too
o Be disciplined to follow your budget
o Make it a practice to live on nine tenths of your income
3. Make your money multiply
o Invest a tenth of your income
o “A Man’s Wealth is not in the coins that he carries, it is the stream of income he creates to continuously flow into his bank account.”
o Stocks is not the only way to invest
o Real estate—But they are telling me now Rental properties are the best way to invest
4. Guard your principle
o Ensure that the principle part of your income is not at risk
o Get professional advice
o Do not get involved in quick money schemes
5. Invest in your own home
o Own your own home and ensure that you keep it in good shape
o Invest in your home
6. Ensure a future income for retirement
o Insurance
o IRA’s
o Get out of dept
7. Become more valuable
o The more valuable you are to society the more you will earn
o Education, training, growing, knowledge, self development, etc. is something that no one can ever take away from you
o People will pay for your knowledge and skills
8. The goddess of luck
o Hard work—Thomas Jefferson said “The harder he worked the luckier he got.”
o Action—Take action on opportunities as they come up
9. Develop a plan on getting out of dept
o Make war on your dept
10. Live the life you love
o Your calling is your work
o Your Purpose is your calling
o Love what you do
11. Give back
o 10% to charity
Most newly-married couples are having a hard time adjusting to a different way of life, especially when it comes to financial matters. As separate individuals, your spending habits will differ. This is why you both need to make certain adjustments to combine the household budget.
Here are some ways on how you and your partner can make the ‘financial aspect’ of your marriage harmonious and organized:
- Understand the way that you both look at money.
If you and your spouse have different beliefs when it comes to money matters, sit down and discuss it. The key here is to be able to compromise. For some people, money is a security measure that needs to be saved. Other people spend it luxuriously and look at spending money as a means to reward themselves for their work. Still, other people are very thrifty that they hardly ever spend a cent of what they have earned.
Understand that the way that you both treat and spend money stems from how you were brought up by your parents. Think of everything that you need to discuss when it comes to your household budget. If possible, set rules on how you will spend your combined income on utility bills, food, mortgage, car maintenance, etc.
- Set future financial goals.
If you are newly weds and you are planning to have a baby soon, consider this when organizing your finances. If you are a couple nearing the age of retirement, you can make plans on where you will spend your leisure years. Setting long-term and short-term goals will help you finalize your financial plans.
- Share your money-saving skills with your partner.
If you have different family backgrounds, then you would have something to contribute towards organizing your joints assets. Make each other aware of your personal finances then think of ways on how you can further boost your money-handling tactics.
By following these tips, you will surely have your finances organized to lead a more comfortable lifestyle.
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