We all need money for our livelihood. But the relationship with money should be like a material thing but not more than that. Because when greed for money becomes higher rather than gaining it, you lose it. So let’s know how to build financial well-being with money.
Table of Contents
What is Financial Wellbeing?
Being happy, and having a healthy relationship with money is called Financial well-being. Earning money by doing what your interest lies in, spending money on the things you like, managing money like a manager, investing money to make more money without becoming broke, and achieving financial independence is what is actually called financial well-being.
How Should Your Relationship With Money?
Money can become a toxic relationship with us when we give more importance than our values. We should consider money as a material thing and the respect that you give to your earned money tells you how much you value your relationship with money.
Money management should happen considering what you need most rather than what you like most. Because the things that you need are very essential than the things that you like and they may be expensive somehow. So simply, you should manage your money, money shouldn’t manage you.
12 Strategies For Long-Term Success
1: Focus on Skill, Not Money
Skill is something that makes your financial well-being because it’s your passion that you love doing and for that, you are earning money. If you have skills then you can anywhere make a living. Never run behind money, upskill yourself then automatically money will follow you. This step will make your financial well-being.
2: Have A Job
We spent almost 10-15 years earning a degree through which we can make a living. So after spending that much hard work, you need to have a job in your hands.
And most people never go to school as their interest lies in other fields of life. I am not talking about them.
I am saying that you need to have a job in your hands soon after completing your degree or master’s.
3: Have a Side Business
You get a lot of time in your college, explore many things and stick to one thing that pays you and also makes you satisfied with your life. It may be starting a business, becoming an actor (or) actress, modeling, public speaking, singing or even dancing.
If your interest lies then follow that as your passion. Now you have a job in your hands and a side hustle.
Now you can continue doing both or do the thing that makes you more happy and more purposeful.
4: Have An Emergency Fund
We don’t know what happens tomorrow. So saving some amount of money is essential to clear tej needs in emergency purposes.
It may be a 6-month paycheck. That’s enough if you can invest some money in liquid mutual funds which are easily withdrawn.
5: Life Insurance
Life has no surety. Getting life insurance might become life-saving to family members. So take life insurance soon as you earn from your job or side hustle. This step will make you closer to financial well-being.
6: Investing > Saving
Never underestimate savings because those are our lifesavers of us in many tough times. But only with savings we can’t do much, whereas Investing can do much more than you thought.
Start investing as soon as you can. And know about your risk factor before investing in any of the platforms.
7: Depend On Yourself, Not On Money
If you depend on money, it may help you for time. And after pockets become empty who will help you now? No one but YOURSELF.
Depend on yourself because you can do anything if you believe and depend on yourself. This step will make your financial well-being.
8: Never Lend Money
Lent money will not come back to you; by the way, it creates many problems. The things that you stop doing are limiting the use of credit cards and stop lending money to others.
This will be the best decision that you’ll take in your life in becoming financially well-being. This will help you become closer to your financial well-being.
9: Never Fall For Scams
With the growth in technology, scams have also grown very widely. You need to beware of that so that you won’t fall into one.
The only way to avoid falling into scams is not to be greedy and maintain privacy as much as you can about your personal details.
10: Be Patience
Money has a strong relationship with money. And I don’t know whether money can buy happiness or not but I can tell you that it will solve most of the problems in our life.
Be patient and slowly take steps in the journey of your financial well-being.
11: Health = Real Wealth
The first priority in your life should be your HEALTH. You have money, freedom, and everything you dreamt about but if you aren’t healthy then who will spend that luxurious life and who will look after you when you’re unhealthy? So real wealth lies in your health and relationships.
12: Achieve Freedom, Not Money
The goal is not to achieve million dollars, the goal is to achieve freedom in life. Even though money can bring you freedom but the duty of achieving freedom through money should be your job.
Money can be earned by most of the people but it’s hard to earn freedom.
We can’t live without money and also at the same time we should know how to manage it, invest it and most importantly use it wisely for achieving financial independence. By following these steps you can be able to achieve long-term success in financial well-being.