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Here are common sense money principles that will change your life. The game of reaching your full financial potential is 70% behaviour. Successful people practice good habits, every day, for their entire life. They’re willing to do what others are not. Successful people also live intentionally with their money – meaning they use their money to live life on their terms and conditions.

That’s really what the secret “formula” boils down to. How you behave and the choices that you make every day. Those choices are what determine your success

. Spend less than you make.

This is probably the most important common-sense principle you can apply to your financial life. If you are constantly overspending and maxing out your lifestyle, you’ll never reach your full financial potential.

  • If you can’t pay for it in cash, you can’t afford it.

This mantra is the best way to avoid drowning yourself in credit card debt. Waiting to make large purchases until you have the money will always pay off more than spending money you don’t have.

  • Forget about the Jones’.

Living up to society’s definition of “rich” can be costly. Wealthy people know what their definition of financial success is – and that’s the only one that matters. They would gladly defy societal standards, rather than living a deceptively poor lifestyle just to keep up appearances in the eyes of their peers.

  • Protect yourself.

Stuff happens. And when it does, your financial foundation can quickly crumble if the proper defences aren’t in place. You should seek to protect every aspect of your life’s work – from material assets like your home to your most important asset, you.

  • Pay your credit bills in full every month.

If you want the second fool-proof way to avoid going into credit card debt, don’t charge more on them than you can afford to pay off every month.

  • Money doesn’t buy happiness.

Having money doesn’t mean anything. It’s how you use your money that creates your emotional response. There’s plenty of research to prove you derive the highest degree of happiness when you spend your money on experiences, not things.

  • Slow and steady wins the race.

No one becomes financially successful overnight. It’s a long road of practicing good habits and staying disciplined. If you keep searching for the instant button, or speculating and gambling with your money, you’ll never reach your full financial potential.

Source: Jarred Bunch

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