Keys To Financial Success: A Simple Plan

Karen Kuebler from Better Budgeting is adamant that the keys to financial success lie in one main strategy - planning.

Many would argue that financial success has to do with a certain strategy or investment plan, but it couldn’t be as easy as planning.  Methodic, careful, researched planning is undervalued though.

Kuebler found that in both her personal and business finances, planning was a key in three different areas:

1.    Paying Down Debt - Knowing what your debt is, what your interest rate is and which one to pay off first requires some strategy and planning.  Just avoiding your debt can create more debt and focusing on paying off the largest debt may not be the best strategy to eliminate it quickly.

2.    Take Advantage of 401k - Many businesses provide a 401k plan and will match your contribution up to a certain amount.  Because even retirement plans are going sour, some folks have opted to not contribute at all which is not a great plan.  Whether you are self-employed or an employee yourself, it’s important to know your options and plan for your future accordingly.

3.    Budgeting - Kuebler confessed that earlier in her career, she wasn’t saving money and spent everything she made.  That indicates a lack of budgeting.  Being aware of what your financial goals are and working toward those goals – although it may take great discipline and some sacrifice – will prove worthwhile in the end.  This is true for both personal and business goals.

No one has ever claimed that true financial success is obtained easily or haphazardly.  Taking some time to plan for your financial journey is a good strategy all around.