Financial Success
How much is enough for you to be able to say you have achieved financial success? Is it one million dollars? Maybe it is one hundred thousand dollars. Some people might settle for twenty thousand in the bank and a steady job.
What you need to understand is that Financial Success has little to do with a number. True Financial Success begins and ends not with the amount of dough you earn but with how well your Required Needs are met.
Financial Success can be defined as having enough to meet your Required Needs. Everything on top of that is pudding.
So what do you require?
First you have to distinguish between what you require and what you merely want, which is easy enough if you are honest with yourself. At the most basic you need water, food, clothing and shelter. If you are reading this on your computer you probably require money for a monthly electric bill. You most likely have other needs too, like fuel for your auto or maybe you are paying off loans on your house or education. It is fair enough to lump these into your required needs. It is also a lot easier to admit what are merely wants and desires when you look at your financial life this way. Though your tastes may desire to be fabulously pampered with a life of luxury items it is hardly wise to call these desires Required Needs, though you may find you often do. This is something you can change. Why this is an important distinction is because your ability to develop and maintain wealth increases or decreases according to how smart you are about earning up to, and ultimately minimizing as much as possible, your Required Needs. All wealth is managed wealth. Said differently, all wealth is wisely managed if it is to be maintained whether small or large. The bottom line with what distinguishes financial success is how you take care of your needs not your wants. This brings us to the Three B’s of Financial Success: Budgeting, Buying and Borrowing. Financial Success is as common sense as having good habits in these three categories. The Three B's →Financial Success
How much is enough for you to be able to say you have achieved financial success? Is it one million dollars? Maybe it is one hundred thousand dollars. Some people might settle for twenty thousand in the bank and a steady job.
What you need to understand is that Financial Success has little to do with a number. True Financial Success begins and ends not with the amount of dough you earn but with how well your Required Needs are met.
Financial Success can be defined as having enough to meet your Required Needs. Everything on top of that is pudding.
So what do you require?
First you have to distinguish between what you require and what you merely want, which is easy enough if you are honest with yourself. At the most basic you need water, food, clothing and shelter. If you are reading this on your computer you probably require money for a monthly electric bill. You most likely have other needs too, like fuel for your auto or maybe you are paying off loans on your house or education. It is fair enough to lump these into your required needs.
It is also a lot easier to admit what are merely wants and desires when you look at your financial life this way. Though your tastes may desire to be fabulously pampered with a life of luxury items it is hardly wise to call these desires Required Needs, though you may find you often do. This is something you can change.
Why this is an important distinction is because your ability to develop and maintain wealth increases or decreases according to how smart you are about earning up to, and ultimately minimizing as much as possible, your Required Needs.
All wealth is managed wealth. Said differently, all wealth is wisely managed if it is to be maintained whether small or large. The bottom line with what distinguishes financial success is how you take care of your needs not your wants.
This brings us to the Three B’s of Financial Success: Budgeting, Buying and Borrowing. Financial Success is as common sense as having good habits in these three categories.
