A Handful of Tips 64 – Financial Success

The five best tips to achieve your financial goals

The sooner you start, the greater your chance to succeed.  

1. Set long-term financial goals

Review your plans regularly.

Calculate your net worth every year and make any necessary changes.

2. Pay off debts as soon as possible

It’s easy to get into debt but hard to get out of it.  Pay off your credit cards as soon as possible.

Manage your mortgage repayments carefully.

3. Get yourself a mentor or a good financial adviser

Make the most of other people’s experiences especially those who have had sound training in investing and accounting.

4. Develop a risk protection strategy

Cover your risks with insurances, income protection, trauma cover and health insurance.

5. Build up your investment assets 

Aim for a nest-egg for the times when you are not earning.

Spread your risks. “Don’t put all your eggs into one basket.”

Diversify into property and into shares.

– Geoffrey

“One of life’s great thrills is paying off that last installment.”

SOURCE: “Secrets for Success. This book could change your life.” Moss Associates Ltd, New Zealand and Cengage Learning Asia. Also published as an e-book available from Amazon.com.