As I said yesterday, I know I’m a month too late, but anyway, I hope this information will be beneficial to you regardless. I know I had mentioned this sometimes last year, but let me repeat it for those who have not read my blog on this topic. Financial success can have a totally different expression from one person to the next, but one thing is for sure, the meaning always remains the same, that is, financial success is where an individual or company are able to meet their short and long financial obligations, without jeopardizing their financial future. This has nothing to do with the car you are driving or the clothes on your back, and as explained in the following article by Simon Barnett, financial success cannot be built on a mountain of debt.
We’ve all seen other people who we believe to be financially successful. They may drive sports cars, live in large houses and dress in expensive clothes. But how real is their financial situation? That may seem like a really strange question to ask. After all, surely all of these expensive purchases are a sign that they’re doing well?
In some cases, they may be. But it can also be true that appearances can be very deceptive. We can see this very clearly when we look at the bigger picture in many developed countries around the world. With large financial sectors, we would often have assumed that many of these economies were booming. But we’ve come to realize that the wealth that we all see is not always genuine. In many instances, wealth seems to be built on a mountain of debt. We can identify with this when we notice just how much people borrow on credit cards. It seems that many people have become used to borrowing large sums of money at very high interest rates.
What has all of this got to do with you? That’s a question that you may well be asking. This article is, after all, about your financial success. So why should you care if your friends and neighbours are using credit cards extensively? The reason is that this may well reflect your own spending patterns. It may indicate that your own finances aren’t built on the most stable foundations.
It should give you cause to stop and think about your own approach. How is your financial future looking? You may not have stopped to think about this previously, but your finances will probably be very closely linked to your future successes. Having a firm financial basis will put you in a good position to succeed. But things won’t simply happen automatically. You’ll need to work hard to achieve that success that you desire. You’ll also need to spend time thinking about your current situation. Are you confident that you’re in a strong position? Is your financial future looking bright? It can be hard to answer these questions without carrying out some analysis. In particular, you might want to review your current levels of income and spending.
It really is a mistake to imagine that your finances will simply sort themselves out. In reality, your financial future is completely in your own hands. You have the power to change things for the be