How to Feel Comfortable Financially

Each of us will have a different comfort level with financial resources. What may be more than enough for one person may be unsatisfactory for another. Let us take a look at how we can be content with what we have, or change our circumstances to meet our needs and expectations.

Difficulty: Challenging

Instructions

Things You'll Need:

• Basic understanding of economics
• Realistic goals

1. Assess where you are: Are you at or near poverty level, in the big and vague area known as the middle, or are you one of the fortunate few whom the rest of us would consider a well-heeled fat cat? Take a hard a realistic assessment of where you fit in the financial scheme of things.

2. Where do you wish to be? Most reading this article will tend towards a desire to increase monetary wealth, so we will take this as a given. The question now becomes, why do you wish to increase your economic value? There is a multitude of selfish and unselfish reasons why any of us would wish for greater economic wealth. So, another hard and realistic assessment is needed, this time of your goals and aspirations.

3. As stated in Step 2, most of us have a desire to accumulate more money. But, after analyzing yourself and your motives, you may discover a new found contentment or an unrealized ambition. Whichever is the case for you, the question for this step is; where to go from here?

4. If you have discovered that your finances are in order with your needs and wishes, your focus will be on maintaining the status quo. If, on the other hand, you feel a need or desire for greater economic security, you will need yet another realistic appraisal of your situation and ability to change it to make your goal a reality.

5. Whatever conclusion you came to in Step 4, a long term plan of action is necessary. You may find as time passes that simply maintaining your current economic situation is harder than you previously thought; especially if you are one of the many who are out of work or retired. Accumulating greater wealth will, of course, require even more effort.

6. How to develop your plan: Depending upon your age and circumstances, your long term plan may be nothing more than a modest readjustment of your spending habits to engaging the services of professional financial consultants. If you are uncertain of how to proceed, speak with as many persons (family, friends and business associates) as you can and glean ideas. If, after a reasonable amount of thought and research, you are still uncertain of how to reach your level of financial comfort, engage a professional advisor.

Tips & Warnings

• From Step 1: Where you fit in financially often has minimal bearing on your happiness and contentment. Most of us have known persons of modest circumstances who are very happy and wealthy people beset by anguish and depression.
• From Step 6: Do not engage just any financial advisor or institution. Research whomever you decide to do business with thoroughly. There is much to lose if you do not do this and much to gain if you will.

[captaincrispy]

on 9/15/2009 Excellent article. Being financially comfortable certainly can make for a happier day.

[MyJB]

on 9/11/2009 Planning is the key along with purposeful action. Thanks for sharing. 5*