Zen Penny

Seeking the Path to Financial Nirvana

Be the Master of your Financial Destiny

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After reading Anxious to Please, a fantastic book on building self-esteem that will be covered in a future post, it dawned on me that that I needed a clearly defined set of personal ethics. Without them, I knew I was doomed to continue behaving in ways contrary to my beliefs and goals. Thus began a period of reflection and self-actualization that was born out of the desire to improve my personal and professional life. But in short time I saw the beneficial effects this process was having in my personal finances as well. Below are seven guidelines developed during this process that have improved my financial outlook.

1. Be Accountable – It is critically important to be honest with yourself and loved ones when it comes to your finances. Unless you can be open and honest your financial future will be shaky at best. Stop blaming your parents, your boss or the credit card company for the poor financial situation you’re in. You, and only you, are responsible for your financial well-being regardless of your circumstances.

2. Be Forgiving – When reflecting on the past, difficult emotions, guilt and regrets are bound to arise. Do not let past financial indiscretions hold you down. You only have control over what you do from this moment forward. Show some grace to yourself and others. The sense of relief you feel will help you make more positive decisions with your money now and in the future.

3. Be Proactive – Remember, it is never too early or too late to start preparing for your future. Every day you don’t have a financial plan in place, you lose money, whether it’s due to poor spending habits, high interest fees on your credit card or even lost returns on your investments. Take action and start today even if you can only contribute a few dollars a month.

4. Be Patient – Rome was not built in a day and neither will your fortune. Don’t try to time the market or participate in risky qet rich quick schemes. Planning for the long haul will secure your future and allow you to take advantage of new opportunities that you wouldn’t have had otherwise.

5. Be Smart – Always do plenty of research before investing. Seek reputable advice; do not trust the “financial gurus” you see in late night infomercials. Diversify your portfolio and then find your comfort level when it comes to risk tolerance. Don’t panic; use dips in the market to your advantage.

6. Be Consistent – Develop a solid financial plan and stick to it rain or shine. Even better if you can make your contributions automatic. Make consistent progress by frequently setting sub-goals and aggressively pursuing them.

7. Be Supportive – Having the support of family and friends will help you tremendously in the pursuit of your financial goals. Encourage others to do the same. We all have the responsibility to help each other out.

I hope these guidelines will help you move closer to achieving your financial dreams like they have helped me. Good luck!


Written by Zenpenny

March 30, 2007 at 4:31 pm

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