Successful Financial Planning for Your Life

Whether or not your financial life is successful can depend on many things.  However, it can essentially come down to three common sense tips.

Jonathan Pond, writing for Ponderings:

Enjoying a successful financial life is the result of three essential skills: First is earning – your ability to earn an income requires education, dedication, and resourcefulness. Technology and disruptive innovation may jeopardize many careers, so this also needs to be considered in assessing future earnings potential, especially by younger generation family members. Second is spending, or more specifically spending less than you earn. Habitual savers are almost assured of a successful financial life. Third is investing your savings so that they have the opportunity to grow without risking severe losses in declining markets. This requires patience and a disciplined approach to investing in all kinds of economic conditions.

These basics of financial success have never changed and never will in the future. Everything else is details, most of which are just common sense. This is the essence of stacking the odds in your favor of achieving and enjoying a successful financial life.