There are things you can do that could result in zero profits or even financial ruin. And then there are things you can do to make monetary success more achievable, even if there is no guarantee.
Here are six steps that could lead to a brighter financial future.
1. Build an emergency fund
An emergency fund will tide you over during hard times. You can have more than one emergency fund – one could be a safeguard if you lose your job; another could be for medical contingencies; and the third could be used for miscellaneous expenditure.
2. Pay off your credit card debts
Having a credit card can be very useful, but it can also be a big liability as it makes spending money too easy. One of the core rules of being financially successful is to pay off your debts.
3. Find a job you love
Determine what you love to do and do it. People will notice when you enjoy your work, and there will be a greater chance of networking and promotion.
4. Open an investment account
Investing can provide an additional source of income, although proper research and practice are essential. Read up on investing, practise trading on demo accounts, and build up your self-confidence before you use real money.
5. Plan for the future
The maxim “if you fail to plan, you plan to fail” cannot be stressed enough. Planning for the future means asking what you want to achieve in five, 10 or 15 years, followed by actionable steps to get there.
6. Take a vacation every day
This step is not to be taken literally. Rather, if you love doing something, then you won’t treat it as a job.
This does not necessarily have to apply to your full-time occupation; it can be an endeavour on the side that you are passionate about. Work on what you love and eventually, someone might pay you for it.
This article first appeared in The New Savvy.
The New Savvy is Asia’s leading financial, investments and career platform for women. Its vision is to empower 100 million women to achieve financial happiness by delivering high-quality content through conferences, e-learning platforms, personal finance apps and e-commerce stores.