Tips to Set Financial Goals and Make More Money

Tip #1 – Set Financial Goals

Don’t just dream about your finances getting better. Set financial goals and commit yourself to accomplishing them. This will keep you on track with your finances; and will give you something to look forward to.

Tip #2 – Invest in Your Career

Just like any other investment, an investment in your career could pay off considerably down the line. If you are currently missing the education or the training that you need to move forward in your career, then put some money aside to invest in your career.

Tip #3 – Consider Going Back to School

If you’re unsure of what to do on your current career path, then consider going back to school. Test the waters and figure out what it is that you want to do-or have an aptitude for; and then try again with a different career path.

Tip #4 – Keep Your Credit Card Balances Low

Try to keep your credit card balances under 30% of the total allowable limit. If there is some emergency, you will have a back up reserve of credit that you can use to get through it.

Tip #5 – Pay Credit Card Balances in Full

If you can, pay your credit card balances in full each time. This will prevent you from ever paying interest on the debt you are servicing.

Tip #6 – Shop Around for Insurance

When it comes to car insurance, there’s a good chance that you might not be using the best place. Instead of being complacent and sticking with your current plan, consider shopping around to find a better one.

Tip #7 – Avoid Unnecessarily Risky Investments

Instead of picking stocks, put your money into a mix of high-yield and low-yield bonds. Or into a fund that is well diversified and offers a reasonable, but low-risk return.

Tip #8 – Put Money in Index Funds

Instead of putting money into individual stocks, put your money into index funds. Successful investors know that, over time, you cannot consistently beat the market without taking on a significant amount of risk in the process.

Tip #9 – Seek the Help of a Financial Advisor

When you first start to invest, seek out the help of a financial advisor. The successful know that it is not possible to know everything; and that getting the advice of a professional is always a good place to start.

Tip #10 – Shop Around for the Best Mortgage

Another thing that people who are successful in personal finance generally do is shop around for a mortgage. Instead of simply taking the first that they are offered at the first bank they go to, they test the waters with a number of different companies to try to get a lower interest rate.