fbpx
U

11 Signs You’re Going to Be a Financial Success

May 11, 2017

11 signs you're going to be a financial success

Are you on the path to financial success? There are a few tell-tale ways to know if you are.

Becoming a financial success is within reach for most people. This is likely to be different for everyone, but the bottom line is that financial independence is possible when you maximize your financial resources to their highest potential.

At The Money Guy Show, we have seen what happens when people – ordinary, smart, hard-working people – decide they won’t stop until they reach financial freedom.

In truth, your financial success has much more to do with your behaviors and attitude about money than it does how much income you earn. If you exercise the right habits, millionaire status may not be such a far out dream after all.  Here are eleven signs, based on our observations as financial advisors, that you’re well on your way to becoming a financial success.

 

  1. You started investing in your 20’s

Time is your greatest advantage when it comes to building wealth over the long-term. When you are young and have thirty to forty years before retirement, even the smallest of investment savings has the time to grow and multiply with the power of compounding interest. The younger you are when you start investing your money in a retirement savings account, the more time it has to work on your behalf.

[Related content: Get Into Good Financial Shape While You’re Young]

  1. You set specific financial goals

It has been proven again and again that goal-setting leads to goal-achieving. You are the type of person who intentionally sets goals for your finances. You don’t live in reaction to your financial situation; you’re in control of it.

          [Related content: How to Prioritize Your “Next Level” Financial Goals]

  1. You live below your means

Debt has no place in the financially successful life. That’s why you are either debt-free or well on your way to paying down your debts as quickly as possible. Living below your means often requires short-term sacrifices in order to reap long-term financial rewards. That means you’re not carrying credit card balances, you aren’t paying a car loan, and you don’t finance a new flat screen television, just to cite a few examples.

  1. You defer gratification

And because you set financial goals and live below your means, you defer gratification until you have the means to afford the items you want with cash (and its equivalents). You are willing to postpone a purchase until you have saved up enough money to cover its cost, in full, once the bill comes in.

  1. You focus on your strengths

We know that your earning potential is linked to your ability to develop your strengths. No one can be an expert in everything. It takes five years or 10,000 hours to master something.  You invest in yourself and continue to learn and hone a marketable skill set so you can potentially earn a higher wage and set yourself up for long-term income growth.

  1. You see opportunity where others see challenges

You are an inherently optimistic person who sees opportunity in the face of difficulties and challenges. You aren’t necessarily on the hunt for the next Amazon investment opportunity, but you have secured your finances in a way that leaves you available to observe and seize financial advantages when they present themselves.

  1. You don’t make emotional decisions

When it comes to long-term investing, you know that it’s never a good idea to make a financial decision based on fear or other emotions that cloud your ability to remain objective. Your financial plan is set, and you are disciplined enough to stay the course.

[Related content: 5 Ways to Overcome Financial Fears]

  1. You’re patient

Patience is key when it comes to long-term financial success. You don’t fall for the “get rich quick” schemes. You are present in the moment and give yourself time to evaluate each situation that arises with a clear perspective on how it impacts your life and finances, and what should be done (if anything) to counteract any negative implications.

  1. You’re prepared for the unthinkable

Preparedness is necessary to protect the financial success you’re working so hard to achieve. Even though it’s an uncomfortable reality, you have addressed all the major estate planning categories: healthcare insurance, life insurance, disability insurance, car insurance, and you have a living will/last will and testament and a healthcare proxy. You also have an emergency reserve of cash to cover three to six months of your living expenses just in case.

[Related content: The Importance of a Proper Estate Plan]

  1. You include the entire family in the finances

Financial responsibility is a heavy burden for one person to carry. But when spouses and children are involved in the family finances, everyone can play their role to support and help the family achieve the financial goals together.

  1. You’re generous

Have you ever noticed that when you make a point to give your money away to your church and other causes you care about, there always seems to be more than enough? When you are intentional about where your dollar bills go, you often find that you need less money than perhaps you thought and, therefore, have extra to share that can have an impact in the lives of others. Never mind the tax benefits associated with generosity; that’s just gravy to reward a financially successful life.

 

Most Recent Episodes

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...