5 Keys To Becoming Financially Fit (Part Six)

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How Can I Go About Becoming Financially Fit?

In Parts One and Two we looked at tracking expenses and the importance of finding out where your money is going. You cannot control what you do not track, so listing every single expense for at least a month is absolutely critical. I gave some examples of minor changes that you can make that will all help to save you money. None of those will be real game changers, but each little bit helps and when they are all added together it can amount to quite a savings on our way to becoming financially fit.

In Part Three we dove into savings and how that is an integral part of becoming financially fit and why having 6 months of expenses ahead is as good (maybe better) than having income insurance. In Part Four we looked at credit cards, and when to use them and how. Most recently in Part Five we discussed tackling debt and a plan to eliminate it. Here, in the final installment of our strategy on becoming financially fit, we are revealing the SECRET of the wealthy, and all of those who will become wealthy.

The ‘Secret’ To Being Wealthy By Becoming Financially Fit

In the previous five segments we focused on tactics and methods for reducing spending, initiating savings, using credit wisely and reducing and ultimately eliminating debt. Now we are going to talk about the ‘secret’ that every single person has had to use to become rich, and it’s the only way that those who are rich, remain rich. Those that violate this rule will sooner or later lose the title of being wealthy, and join a long line of those who used to be rich, and spend all day looking longingly in the rear-view mirror.

becoming financially fit

Ready for it? It’s really very simple.  Live at, or below your means. Sounds very simplistic, doesn’t it?  But in reality, that is all you have to do. Determine how much money you have coming in.  Determine how much money you need to cover your debt payments and savings.  Set aside 10% for investing as soon as you have your six months expenses covered as detailed in Part Three.  Spend less than the remainder and bank the rest. See how easy that was.  Of course, I am being glib about it, but there is hard truth in there too.

As much as anyone, I can appreciate the pressures that are brought upon us every day and the myriad of things that seem designed to separate us from our money. However, there are many things that we can do to help ourselves, some of them by just not getting into a bad situation to begin with. I am going to give you a few examples to think about and I am sure that you can think of others. If you have some really good ones, please share with others via the comment box. If it has helped you, share it with others. Even if it’s just an idea that someone else may be able to take advantage of ,even if you can’t in your present circumstances.

Becoming Financially Fit By Living Below Your Means

Seriously consider a smaller house, or even a condo. Take stock of your house. How many rooms and how much space do you really utilize on a regular and frequent basis. Do you need a formal dining room? A spare guest room? Two family rooms after your kids have graduated from college? Four bathrooms for two people? Well, you get the point that I am making, tongue in cheek. Generally, we have too much house.

DON’T buy a new vehicle. Buy a good used one. A million years ago we needed a good second vehicle for work. It didn’t need to be large, just fuel efficient and reliable. It was in the days before internet, so we bought the consumer’s guide and researched used cars. We determined that the Mazda GLC was perfect, based on its consumer reviews. We found one, bought it, and saved a bundle over going out and purchasing a new one. With today’s access to information (and sellers) this is a more foolproof system than buying a new vehicle. And a whole lot cheaper.

Buy used furniture. Buy used tools, garden equipment and household items. Instead of justifying why you HAVE to buy something or why it has to be new, look at it from every angle. Do you really need it, will you really use it six months from now? Everyone, including us, has far too much stuff (junk) that we would be better off without. Just like in the lottery, ‘I’ll take the cash instead,’ should be the motto. Oh, and one more thing. Don’t buy lottery tickets. Buy penny stocks instead. They are more fun to track and far more likely to return a dividend. Good luck on your goal of Becoming Financially Fit.

Till Next Time….

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Sigrid McNab

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Email: sigridmcnab@gmail.com

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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2 Responses to “5 Keys To Becoming Financially Fit (Part Six)”

  1. Hale Pringle Says:

    Sigrid,

    This has been a fascinating series. I hope you know that you have an eBook here. You would put these together in about an hour and have a nice book.

    The only thought that went by while reading this was that part of living below our means is constantly generating a slush fund. The heater goes out, the care breaks down, the fence fell down and the list goes on and on. These minor crises constantly crop up and if you aren’t ready for them, the savings account takes the hit, often setting you back to zero.

    Thanks Again,
    Dr. Hale
    Hale Pringle recently posted…Images for a Blog – Photoshop Elements – Magic ExtractorMy Profile

    [Reply]

    sigrid Reply:

    Glad you enjoyed the series Dr Hale. What a great idea about putting these together into an eBook.

    Your point about the slush fund is well taken, life is always going to throw curve balls our way. Like the boy scouts, it is best to ‘be prepared’.

    [Reply]

    Reply

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