Many may agree that the ease of attaining financial independence is related to having the proper mind set and performing specific steps repeatedly as has been done in other successful projects. However easy it may seem to make money, I have no doubt that many will also agree that it’s the most difficult thing in the world to keep it.

These seven steps will empower you to increase your income, to take control, to retain earnings, and build personal wealth.

1.

Spend less (money coming in must exceed money going out) – This step seems so simple and quite obvious. Why is this step included when it appears to be common knowledge? Easy credit with low interest rates serves as a key factor in driving consumers to spend more than their collective disposable incomes.

The good looking things, the incentives offered, and our tendency to buy large ticket items such as automobiles, vacations, and home appliances can put a strain on disposable incomes. Considering your other living expenses, you can easily find yourself living from paycheck to paycheck or spending more than the amount of money coming in.

2.

Acquire the appropriate education and training to reach your goal – Sometimes the more educated about a subject you become, the more potential opportunities for failure you begin to see. Seek out the advice of experienced people to help you move forward and not get stuck trying to find ways to deal with that failure. It is essential that you remain alert and be prepared to go through the gateway of opportunity when presence.

3.

Learn to do the right things in a certain way and be consistent – The corollary to Einstein’s quote of insanity is that doing the same thing over and over again and expecting the same results is sanity. Learning to do those things that produce financial success and repeating them is wise and not dependent upon a particular business or profession or environment or possessing an exclusive talent.

4.

Accumulate capital, a consistent amount set aside from disposable income, to generate new wealth – Don’t waste another moment not being invested i.e. have your money working for you instead of you working for money.

5.

Practice good health habits – Poor health is the most costly circumstance you can encounter in life. As personal health decreases, healthcare utilization increases. To add to this, poor health keeps a person from working as much as a healthy person can. People who are in poor health are also less adept at dealing with stress and anxiety; and they get less restful sleep than healthy people do.

6.

Avoid or minimize the “Bandit or Gotcha costs” such as excessive interest and taxes, penalties, late charges, carrying charges, overdraft fees, and so on. In 2007, an FDIC study revealed that consumers paid fees of $17.5 billion annually on automatic overdraft loans of $15.8 billion per year. These bandit costs add up and direct a portion of your cash flow away from you, and towards someone else.

7.

Spend for value according to your predetermined goal – If you are wandering around aimlessly and leaving your financial success up to chance, there are those who are busy developing specific plans for making a profit off of you. In other words, if you don’t have a plan for your money, it will end up in the hands of someone who does have a plan.

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