We’re all seeking financial success and in this economy, making that happen can be much more of a challenge. At Mint.com, we’re all about helping you build a solid financial education through tools and information.
We’ve also found it helpful to share such information from around the financial web. The stories we have today revolve around ways to build wealth through developing and sticking to solid financial habits.
1. Start early
First things first: start your kids out early on the road to sound financial management. When you equip your kids with the right attitude and habits about money, you’ll leave them with lifelong financial lessons that help them develop a strong sense of self-reliance. Jeff Bogle of Stop Buying Crap suggests one way for parents to be able to integrate financial lessons with children’s play time in his article Teach Your Children About Money Management by Playing Shopkeeper.
2. Take tips from weight loss
Just as we should work to educate our children on money, we should continue developing our own money-management skills. To improve ourselves (in general) and our fiscal discipline (in particular), check out how Drew Magary lost 60 lbs in five months. Learn the methods and principles behind his diet in this article written by The Simple Dollar: The Public Humiliation Diet: Five Things Worth Learning About Your Money and Improving Yourself.
3. Get things for less
On that note, there’s another set of skills that may serve you well as a consumer. By learning how to negotiate, haggle or barter, you can stretch your budget much further. This kind of resourcefulness has allowed many a family to live below their means while still being able to enjoy great deals, creature comforts and a self sustaining lifestyle. You can read more about living frugally in this article by The Smarter Wallet called Bartering vs Haggling: How To Get Things For Less Money.
4. Earn a bit extra
Here’s one way to earn extra income: The Casual Observer shows you how to Make Money Selling Photos. Thanks to the Internet, you can easily take a passion, interest or hobby and develop this into a money making channel.
5. Get rich, slowly
Most of us think they could never make $1 million. Becoming wealthy is something that’s just way too hard to do. At the same time, we want to gravitate towards the path of least resistance. No surprise that get rich quick schemes such as the lottery or slot machines are so popular. Many fall prey to scams or hope to inherit a windfall, all in the pursuit of the quick buck. But you’ll do better by taking a peek at Len Penzo‘s article 19 Things Your Suburban Millionaire Neighbor Won’t Tell You.
6. Hang out with your rich friends
Speaking of getting rich, Monevator gives one very insightful piece on the pros and cons of hanging out with rich friends. Do surround yourself with such friends, if you have them! Their “wealth mentality” could very well rub off on you. However, Monevator also discusses one downside to knowing people who make a lot more than you do. Find out more in his article Rich Friends, Poor Friends.
7. Learn to read your bank statements
Finally, you’ll want to stash your savings from your extra income into a low cost bank account. Although it’s not something many of us do religiously, it’s still a wise idea to learn how to read our bank statements. Check out Money Crashers’ Five Tips for Reading your Bank Statement.
Our message here today is to keep learning. And even if you didn’t get a chance to “start early”, it’s never too late to build a foundation in personal finance. What’s important is to start somewhere, to make a decision to take your finances seriously, and to stay dedicated to your goals. Consistency is key!
Silicon Valley Blogger (SVB) runs The Digerati Life and The Smarter Wallet, where she writes about general personal finance topics such as investing, budgeting, debt management and small business ideas.