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The Beauty of Being Self-Reliant


By: Gynn Flores


Self ReliantI have been very independent when it comes to my finances. There have been many ups and downs in the past but no matter how hard it is for a single parent to survive financial crisis, I can say that I am indeed a survivor. Looking back – after watching my children grew up and have their own lives, I can never trade my being self-reliant to living a luxurious life as a dependent. This is how I found fulfilment and would gladly share my views to those who are seeking financial independence. You are self-reliant if you can support yourself and your dependents without needing the help or assistance of other people. This is hard to achieve as it means you have to earn more than enough for yourself alone. Many people work multiple jobs but still have a hard time coping without cash advances. Here are pointers on how to achieve self-reliance:

    1. Always make a budget and stick to it. Over spending happens when you subconsciously spend without knowing you can’t really afford it.
    2. Maximize your capacity to earn and still maintain enough sleep and good nutrition for yourself. Do not risk or force yourself to work when your body is giving signals that it is already depleted with energy.

  1. Teach yourself and your dependents the value of money. Be thrifty to allow your budget to match your lifestyle. Do not force to upgrade if you still cannot afford it.
  2. Be strong against temptations especially on the luxuries in life. Necessities should be prioritized. Luxuries can wait if something is still left after you have set aside enough for the basic needs.
  3. Know how to save for the hard times. You should set aside a certain percentage of your income for savings. This is the way to have financial stability. It is not enough to be able to afford the daily expenses but also to keep a small portion for the future in case of emergency and for your retirement.

Here are the benefits of being self-reliant:

  1. You do not need to seek approval from anybody if you are spending for your own needs.
  2. You have a free hand on what lifestyle you want for yourself as long as you can afford it. This is usually based on your earning capacity.
  3. You earn some respect as you do not have to be a dependent of anybody.
  4. You keep out other people from making decisions for you. This makes you in control of your life.
  5. You can live away from people you don’t like if you are self-reliant.

Self-reliance requires a lot of hard work and discipline that you have to impose on yourself. Do not be intimidated or influenced by others who are spending the money that they don’t have just because they drive nice cars or wearing signature clothes. All the luxuries can wait when you can already cash them. Relying to cash advances is a killer. A short time of enjoyment will be replaced with a lot of time pushing yourself to earn more just to level off your deficit spending.

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The Basis of Sound Financial Decisions


By: Gynn Flores


FinancialMaking sound financial decisions can be learned. Although some are born to have good business sense, there still no guarantee to financial success thus paving the way for services like credit counseling or business consultancy. Some people spend a lifetime trying to make it but others are blessed to hit the right note at once to succeed early in life. Here are guidelines that you can follow in making sound financial decisions:

  1. Identify your goal. Study and understand every opportunity thoroughly if it matches your objective. Do not make decisions on impulse.
  2. Identify the risks involved. Do some researches and talk to financial consultants. Weigh your options thoroughly with regards to the risk factors involved and the length of the return of investment period. Make a go for it if the risks are calculated and you have the means to cover for the duration.
  3. Personalize your approach and do not depend on other people to decide for you. After studying the pros and cons of the matter, decide for yourself. Listen to advices but never let anyone intimidate you with the decision you want to make. Bear in mind that losses will not be suffered by the person giving you the advice but by you only.
  4. Conduct a background check. Know the people involved and determine if they could be trusted with your investment. Trace the track record of the company and the people behind it. Their business must not only be registered with the proper government agencies concerned but also endorsed by prominent institutions or financial figures.

  5. Put your best foot forward when getting into something and be hands-on with the business all throughout the operation. If you can’t hire someone better than you are. Just see to it that your inputs are heard and considered with regards to safeguarding your investment.
  6. Do not be easily impressed on figures used in presentations. Those are all probabilities and might be overstated as compared to the actual revenues you can make. On the first sign of incidents leading to failures, be there to troubleshoot and do not wait for things to get worse before acting on them.

It takes a lot of maturity and experience to be able to make sound financial decisions. You will acquire this over years of taking care of your own finances. It can be on a trial and error basis which is quite risky but making a plan and sticking to it can save expensive mistakes. There are really no guarantees when it comes to making these important decisions but you can always protect your resources by minimizing the risks.

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