By Steven W. Harp, CLTC
Is Your Future Protected?
Your most valuable asset is your ability to earn an income. It provides for your day-to-day expenses, funds your long-term goals and often packs a larger financial punch than other assets combined. Property and casualty insurance can minimize costs from property or vehicle damage, but what if you lost your job and couldn’t find work for a period of time?
Artistotle said, “We are what we repeatedly do. Excellence is not an act, but a habit.” Athletes and leaders preach the importance of discipline and consistency. And it turns out that people who are financially successful have some powerful habits in common, too.
CONSISTENCY DELIVERS RESULTS
Like any successful endeavor, accomplishing financial goals involves time, attention and focus. Our research and experience with financially successful people, including our clients, points to several key behaviors that they tend to display on a regular basis. Here are some tips for following their paths to financial freedom:
- Establish and Follow a Budget
Financially successful people tend to manage their money carefully and conservatively. They recognize that early planning can help establish strong financial boundaries that guide life decisions and pay off long-term. In our 2011 Stick with It Study, individuals with higher incomes were associated with higher levels of budget discipline and tended to rank themselves high in that area.
Read more: Nine Habits to Financial Security | Northwestern Mutual
By Steven W. Harp, Northwestern Mutual Financial Network. Steve is a member of CS Business Builders leads group.