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Key Tips for Getting Ahead Financially

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Key Tips for Getting Ahead Financially

A goal worthy of pursuit regardless of your age, getting ahead financially offers a number of benefits. Money problems are on record as being a source of emotional issues; physical health problems and they are capable of decimating interpersonal relationships. The good news is these key tips for getting ahead financially can help you avoid all of those problems— if they are implemented with diligence.

Here’s what you need to know.

Knowledge about Getting Ahead Financially

Earn to Your Highest Potential

There was a time when it was difficult to determine what a job was worth on the open market. Today there are a number of reliable sources to which one can turn to find out what a fair salary is for the work they do. This is critical because being underpaid is one of the leading causes of financial woes. Keep in mind; that life is a marathon, rather than a sprint.

Each year you’re underpaid has a negative effect on the cumulative total of your lifetime income. This can make a difference in your savings and investments, as well as the amount of Social Security assistance you receive when you retire. Make every effort to learn the going rate for what you do before entering salary negotiations.

Live Within Your Income

If this stuff is sounding like common sense, it’s because it is. Getting caught up in having the latest smartphone, the sleekest gear, the newest car and the largest home you can get (and yes, there is a difference between what you can get and what you can afford) is a recipe for a life filled with money problems.

Regardless of what you have, there will ALWAYS be someone with something better and there will always be someone with something not quite as good as what you have. Stop looking outward to measure your success, the only person you have to please in this regard is yourself. Odds are, those people whose possessions you admire so much are up to their eyeballs in debt.

Remember, you’re playing the long game here, not the short one. Immediate gratification does not last because there’s always something else to want. Think long-term; you’ll be happier and live more comfortably when your body won’t let you work anymore.

Avoid Credit Card Spending

Toward this end, it is very important to avoid credit card spending. Credit cards can dupe you into thinking you have more disposable income than you actually do. It’s so easy to charge now and pay later. The problem is paying later gets very expensive and can get out of hand rather quickly.  You’ll find an excellent overview on debt consolidation at the Freedom Debt Relief website if this has already happened to you.

Craft a Spending/Saving/Investment Plan

Having implemented the tips above, you’ll have positioned yourself to more readily take advantage of this one. The first step here is to get a handle on the amount of money you need to meet your basic living expenses. Here, we’re talking about your housing, utilities, food, clothing, transportation, and a reasonable amount of disposable income for entertainment and the like.

Financial experts recommend keeping these costs within a certain percentage of your income so you have enough cash left over to save and invest. According to the guidelines listed in Senator Elizabeth Warren’s book, All Your Worth: The Ultimate Lifetime Money Plan, allocating 50% of your after-tax income to needs, 30% to wants and 20% to savings and investments will stand you in good stead.

These key tips for getting ahead financially will help you save and invest for your future, leading ultimately to a life of financial freedom and security. Don’t stop here though; there is a lot more information out there to help you achieve this goal.

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