Sunday, December 4, 2022

Three Things You Should Do To Improve Your Financial Situation

By Tim Gamble

Having financial problems? Most of the poor and middle class are, so you have a lot of company. Here are the three things you need to do in order to fix your financial problems:

  • Build capital (emergency savings) - This is HUGE to your financial success. Do whatever it takes to build savings: Work extra hours, get a second job, have a massive yard sale, sell those expensive toys (ATVs, boats, home gyms, and so forth), downsize your car to get out of the payment, and maybe even downsize your house if it is more than you really need.
  • Be happy living within your means - This is an attitude adjustment, which is especially hard for many people. You CAN be happy without a brand new car, or without taking a Caribbean cruise this year, or without yet another pair of $300 shoes. Don't worry about what your neighbors have and do, or what your friends might think about you. Reduce your expenses, live within your means, and be happy doing so.
  • Embrace delayed gratification - Back in the days before credit cards, installment plans, and payday loans, if you wanted something you had to save money until you had enough to buy it outright. This meant you had to wait to get it. These days, Americans feel entitled to whatever they want, and entitled to it NOW! Banks and credit cards companies have made fortunes off this entitlement attitude. Developing a little patience will go a long way to you making your fortune!

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