The 11 Step Formula to Financial Success Must Read
Success stories, they’re all around us. From the friend who paid off her debt in just a few years to the couple who finally saved

enough for their dream home, it seems like everyone’s got a money success story to share. When we hear these stories, it’s tempting to think that the people who achieved financial success must have had some kind of magic formula.
After all, it can’t be as easy as adding A + B and getting C, can it? Well, actually, it can be that easy. In fact, there is a simple formula you can follow to achieve financial success. And best of all, it’s not some secret that only a few people know about. Anybody can do it. Just apply this simple success formula, and you will be well on your way to financial
freedom: Income + cash flow should be greater than your expenses. It’s really that simple.
If your income is higher than your expenses, you will have money left over at the end of the month. This extra money can be used to pay down debt, save for retirement, or invest in something that will make you even more money. Now, I know what you’re thinking.
How do you turn this simple formula into real results? Stay tuned because, in this video, we’ll show you how to do just that.
1. Never Stop Working
The key to being successful is to first find a way to make money that you can use to make even more money.
How can you do this without any special skills or training? The answer is to look into these steps and find what suits you and how you can start making more money.
• What do you enjoy doing?
The one thing that will ensure that you never stop working is if you’re able to find something that you enjoy doing. bove all, you should always ask yourself this question first, what do you enjoy doing? Then figure out a way to make money from it by either working for someone who’s already doing it or starting your own business. Once you have that figured out, it’s time to move to the next step, which is:
• What are you good at?
Sometimes you find that you’re really good at something, but it isn’t your first choice of what you would like to do. In that case, it’s time to start thinking about how you can make money from your talents. You need to analyze those skills and traits and see if they can work for you to make more money while doing the thing you love. Sometimes you can pick what you are good at as your main stream of income before you find a way to monetize your hobby.
• How much does it pay?
The next thing you need to do is research how much people are willing to pay for what you’re offering. Find out how much your fellow competitors are charging and get an idea for a reasonable price.
This will give you a negotiating advantage
of your choosing to go into employment. Or, if you’re planning on starting your own business, you’ll have a good idea of how much Kyu to charge for your services or products. Either way, it’s a good idea to have that
kind of Ban before you start working.Llon your financial success.
• How do you get to it?
Simply researching won’t cut it. You need to take action and get the ball rolling. The internet has made starting your own business easier than ever with platforms like Shopify,.Etsy, and even Facebook.
If you’re starting a business, look at the
logistics behind it. What licenses or permits do you need? How much will it cost to get started? What are the rules regulations in your area?
All of these are important questions that you should have answers to before you getm started. This will help your business be as legitimate as possible and avoid any shutdowns by the government due to not following the proper procedures. As for getting a job, the process is a little different. You should start by updating your resume and making sure it’s presentable. Then you can begin applying for jobs that interest you and attend any interviews that come your way.
When searching for jobs, look at the requirements and see if you meet them.If you don’t, is there any way you can learn the required skills? Once you’ve put all these things into perspective, it’s time to start applying for jobs and awaiting interviews.
2. Side Hustle
If you’re serious about earning more than you spend, it’s about time you start looking into side hustles. This will help boost your cash flow almost daily without the risk of interfering with
your main source of income. Side hustles can be anything from starting a blog to planning events or even creating cards and gift baskets that you can sell for profit. If you source the goods from suppliers directly instead of getting stocks from retailer shops, you can get them at a fraction of the price and sell them for a higher margin.
Before you know it, you’ll have built up an incredible network of people you can always reach out to partner with when you decide to take your business to the next level. Also, when things don’t work out in your 9-5, you always have the option to rely on your side hustle to get you through tough times until you get another job.
3. Save Money
Financial success isn’t a far-fetched dream and is very attainable, given that you have a plan and know what you’re doing. Among the long formula of attaining financial success, you’ll need to save as much money as you can, for as long as you can.
You don’t need to be extravagant with your plan, saving your whole paycheck every month, but you need to set up a savings account. Once the account is up and running, you’ll need a well-laid out plan to facilitate your savings, which you’ll need to religiously follow.
This could be anything from setting up a specific amount to be transferred to your savings account from your checking account every month or week. You can start small and gradually increase the ratio as your income also grows. In the long run, you’ll be surprised at how much you’ve managed to save. Make saving money your habit, and financial success will be right around the corner. Ask around and be vibrant in financial forums and communities to get more tips on how they managed to save enough money to last them a lifetime. Simply having the information and knowing the ideal strategy to go about it are two totally different things. So make sure you put in the work and save as much money as you can.
4. Create a Budget
By the time you were completing your O levels,
you must have already had some grasp of how important a budget is and the repercussions
of not having one in place. Not much has changed since then, a budget is still very important if not more so.
Creating and adhering to a budget is one of
the most important steps you can take on your journey to financial success.The best way to go about this is to thoroughly assess your spending habits and income. The essence of budgeting is to manage your income and maximize your savings by allocating your resources properly.
You need to track every single penny you spend over a period of time, as this will help you get a clear idea of where your money is going and where you can cut back. Without a budget, we end up struggling through the same old cycle of working to make money, only to see it all disappear come the end of the month with very little to show for it. If you are determined to achieve financial success, you need to be just as determined to create and stick to a budget.
5. Live Frugally
What is something most billionaires have in common? They are all frugal people, Frugality is often mistaken for being cheap, but that couldn’t be further from the truth. Frugality is the quality of being thrifty, and it is a key ingredient in the recipe for financial success. When you are frugal, you are mindful of your spending and always look for ways to save money. You don’t need to make drastic changes to your lifestyle and live on the extremes in order to be frugal.
Track your spending but also be more aware of your life, your financial life to be precise, and ensure that you’re making the right decisions.Financial success is achieved with time and discipline. You can, of course, enjoy some cheat days and spoil yourself, but impulse buying is a NO-NO if you want to achieve financial success. If you’re interested in learning more about frugality and how it can help you achieve financial success, there are many resources
available online and offline. You can start by reading books on the subject or following frugal bloggers who share their tips and tricks on living a frugal life.
6. Invest Your Finances
“The biggest risk of all is not taking one.”
— Mellody Hobson
Investing your finances is one of the smartest things you can do if you want to achieve financial success.
Investing allows you to grow your money while taking less risk than gambling or stock market speculation. After you’ve managed to save up some cash, the next step is obviously to start planning on how to invest that money that with time, just like a fine wine, will reap great results.that will only get better with age.
Of course, there are many different ways to invest your money, and the best way to go about it is to speak to a financial advisor who can help you understand the different options and find the best way to invest your money based on your individual circumstances. Before you start investing, it’s highly recommended that you at least have enough cash to sustain yourself for six months in case of an emergency. This will give you peace of mind and allow you to focus on your investments without worrying about financial problems.
7. Track Your Finances
Tracking your finances is something rarely done, and the shock that comes after you start doing it will push you to take your finances more seriously. Are you the type of person who spends unconsciously without really keeping track of where that money is going? If your answer is yes, you need to get rid of that habit ASAP because it’s been costing you deep expenses without you even realizing it.
I know how tempting it gets when we convince ourselves to make small purchases that we think we can afford, but those small purchases quickly add up and before you know it, you’re in debt. Once you keep track of your spendings, you’ll be able to at least know where your money is disappearing. This will assist you in making better financial decisions in the long run and you’ll get to enjoy the financial success that we all dream of.
8. Set a Savings Goal
Saving is good, but saving without a goal won’t guarantee financial success if you really want to get to a point where you can say that you’re financially stable. When you set a savings goal, you force yourself to focus on achieving that specific goal, and this will help you stay disciplined and make better financial decisions. The first step is to define what your savings goal is. This could be anything from buying a house to taking a dream vacation. Once you know what your goal is, the next step is to stick to the plan as intended.
Writing down your savings goal and keeping it where you can see it every day will help you stay motivated. Just keep comparing notes regularly to see if you’re still on the right trajectory. Before you know it, you’ll have saved enough money to achieve your goal and live a life of financial success.
9. Automate Your Savings
Automating your savings doesn’t literally mean that you have to get rid of your money bank and start using a robot to manage your finances. What it does mean is that you have to be more advanced and keep your cash far from your reach. Have you ever been in a situation where you know you shouldn’t spend money on something,
but you do it anyway because it’s right in
front of you?If the answer is yes, then you know exactly what I’m talking about. When you automate your savings, you make it harder for yourself to spend that money because it’s not as easily accessible. This will help you achieve discipline in savings and reach the ultimate goal of financial success.
10. Pay Off Living Expenses
You should focus your energy on paying off your living expenses as much as you focus on growing your wealth. This means paying off your rent, electricity bills, grocery, medical, and gas to ensure that you have smooth sailing all through the month.
You shouldn’t have to worry about where your next meal is coming from or whether you’ll be able to keep the lights on in your house. You can channel that energy into something more productive for your financial success. Another thing to note is that if you keep delaying or postponing paying your bills, they’re going to accumulate, and paying them off will be much harder once that happens. While you’re aiming for financial success, you should also focus on building good credit. This will come in handy when you want to take out a loan or mlake any other major purchase in the future.
11. Spend Your Spare Money
I know it’s nice to hear someone say that you should spend your spare money, but I’m not talking about going out and buying the latest designer clothes or shoes. What I mean is that you should use your spare cash to invest in your future. Look into investments that have the compounding power to move you two times closer to financial success in just a few years.
The investment you choose depends on your age and how comfortable you are with the risk that’s associated with it. However, financial advisors suggest that you take up the riskiest investments when you’re younger as you don’t have a lot of responsibilities. The older you grow, the more risk-averse you become. So what are some of the investments you should be looking into?
• Stocks
Stocks have been the talk of the town recently. Everyone and anyone is trying to get their hands on stocks, either buying or selling them.
I suggest you take some time to learn the tricks of the trade before you venture into this investment. Start by understanding what a stock is. Investing in stocks basically means that you’re buying a piece of ownership in a company. As the company grows, so does the value of your stocks.
If you own a share, you are liable to receive dividends at the end of every financial year when the company makes a profit. With this type of investment, the bigger the input, the bigger the returns. Although if you’re starting small, you might not see any significant return on investment (ROI) for a while.
• Bonds
Bonds are similar to loans and are mostly used by governments to source funds to run country projects.
As per the agreement, the government will pay you back the money with interest after a certain period has passed. Bonds are a great way to invest money for newbies as they’re less risky as compared to stocks. At the same time, you have to understand that you will not see any significant ROI for a while until the specified timeframe has passed. So if you are planning on using the money anytime soon, bonds are not the right investment for you.
• Mutual funds
Mutual funds are a more flexible investment where you can pull out all your money with little to no consequences. It also has a more diversified scope of investment since there are different kinds of mutual funds offered to clients depending on their needs.
Do your research well and compare the rates on offer before you settle for one particular mutual fund. Another thing many people forget to check is the rate paid to these institutions as holding tax. In layman’s language, that’s the fee you pay for keeping your money there every single month.
Ultimately there are still other ingredients you need to put into this meal to add some spice and make it more palatable to your taste. However, the salt is what we’ve provided today, and I hope it was enough to get you started on your journey to financial success.