How To Attain Financial Success

By: Robert Hall

If you're thinking that it's about time you experience financial freedom in your life, you are right. We can start right here, right now by taking a simple test.
How frequently do you pay for rent?
How frequently do you pay for credit fees?
How frequently do you pay for your utilities?
How frequently do you pay for your grocery bills?
How frequently do you pay yourself?

Hold on-was the last question a mistake? No, it's there for a reason. Think about this, when we are making money, we usually pay everyone else except us. This is because we somehow think that when all is paid off, very little is left for us to enjoy.

This sounds logical enough, but here's a better way to attain success-take a percentage of your income regularly and keep it for yourself. The very wealthy have done this with their money for hundreds of years and apparently, it is still effective today.

The ancient and very rich civilization of Babylon, have laws of financial success plan we can practice today and one of those is to pay yourself first. Take away at least 10% of your earnings and put it in a 'financial independence account' which is the first step in your wealth building-and only after will you begin paying off your debts.

A portion of this financial independence account should be used to make payments on your insurance premium. Insurance premiums are good investments that don't require a lot from you. Save the rest of your money. If you don't spend your savings and the interest it yields, you will have a considerable sum you can invest with soon.

Now, some of you might have some debts that need to be paid. How are you going to climb your way to financial freedom if you have creditors waiting to cash in your paycheck right? What you need to do now is create another account, the Debt Clearance Account.

To put it simply, your debt clearance account is 20% of your income; this is used solely to pay back all your debts gradually. Write a letter to the creditor and let him know your financial plans. Guarantee him that as you keep making money, you are allotting a certain figure a week or a month for him until the whole amount is completely paid off.

What you have just created is a clear financial picture consisting of an effective financial independence and debt clearance plan. You will inevitably live a wealth building life from here on end.

Article Source: http://yourfinance.co.za