Steps to Financial Success

Steps to Financial Success

Chapter 2 of this lecture’s module looks into the building blocks of achieving financial success. As stated, in the contemporary world, people are bombarded with messages of how they borrow their way to get success in life. Even though the messages are powerful, they fail to address the backlash resulting from high interests, borrowing money, and the consequences of not paying back. Chapter 2 provides a critical foundation of how people can create financial happiness success and happiness. First individuals have to understand that financial success is not all about how much money an individual has. It is about having control over personal finance and living a debt-free life. Also being smart with money and making small investments will significantly help in the long run.

To move into financial success, I have taken the significant steps highlighted in chapter 2. First found effective ways of bridging the gap between how I want to live and how I am currently living. This will be achieved by understanding the regular income that comes in for me to live my current lifestyle and my base point including savings account, checking account, insurance protection, money market account, and my benefits (Chapter 2). I have also established organized financial records, long-term and short-term goals, an emergency fund, and a realistic budget. I have learned how to manage my finances when it comes to insurance, housing, income taxes, transportation, and unexpected expenses. To handle my credit debt, I have set aside a small amount of money to be deducted from my salary every month. I am also investing in real estate and my retirement plans with any amount of money I get from my salary. I think I will be able to achieve my financial success soon with this positive direction.

To get myself moving into a financial success pattern, my short-term plan is to have a complete monthly budget that covers everything including housing, oil changes for the car, savings for a replacement car in a few years, food, clothing, and other expenses. I will evaluate each month and track every expenditure and little mini-savings line item using Mint to stay debt-free. I will pay off a car loan by the end of the year since I have no desire for debt. I will also save a small amount each month for starting my own company.

In the next five years, I would like to own several properties in the city and have a big company. Apart from investing intensely, I aim to diversify my portfolio. I also want to retire if I am too old and sick to work with enough savings to not be a burden to my children. Work is good for me. I have an IRA, 401k, and HSA 59 to accomplish this. A large amount of hard work and savings will help me achieve these goals. I would like to have over a million dollars invested in NVDA through my company. I will start buying shares and when they are worth $3, I plan to give each of the members of my family, 10 shares of stock. By giving them shares, none of us will pay capital gains. Also, by stashing a reserve fund away – called an emergency fund – I can be prepared to face any unexpected expenditures without having to rely on loans, advances, and embarrassing situations where I have to ask friends for money. To aim for early retirement, I must begin early and start saving at least 25% of my income every month. This way, I will have created a huge corpus of retirement money that will enable me to lead a comfortable life.






Chapter 2: Define the Building Blocks to Achieve Financial Success. Module 1 Lecture.


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