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What are theTop 3 to 5 Critical Factors for Financial Success


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Initial post: Aug 6, 2010 4:58:46 AM PDT
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Posted on Aug 12, 2010 12:43:55 PM PDT
5) Academic Intelligence
4) Professional Intelligence
3) Business Intelligence
2) Financial Intelligence
1) Spiritual Intelligence

Posted on Aug 19, 2010 5:14:23 AM PDT
Brett King says:
1. Money

Posted on Aug 21, 2010 7:39:37 PM PDT
Three to five really doesn't cut it. For example, Jamiel might be right on some of his suggestions, but he's missing out on so many more. Brett's suggestion is important, but it still misses the mark completely. One suggestion is the ability to learn from mistakes made by yourself and others. Another is self control. A third could be a confidence that you can be successful financially and in other ways. Of course, there are hundreds more.

Posted on Aug 24, 2010 12:23:07 PM PDT
Lola says:
Here's what has worked for me so far. In order of importance:

1. Cultivating the forethought, will (including a bit of self-denial, which I think keeps you striving since you are invested in the process) and commitment to save/invest now with the understanding that you will have money for some higher purpose later (whether it's in a few months for a vacation or in 20 years for retirement). I think of it as do I really need another Coach purse today in lieu of not being able to do what I want later on? [Obviously I do spend now on things I care about. I'm not living like a monk by any means but I consciously decide how to spend.] Money in the bank (short and long term) gives you flexibility and options - it's a great feeling.

2. Automate investments to make it easy. This tactic includes combining accounts and/or using the same banks/investment houses so you aren't having to track a bunch of different passwords, account numbers, fees, etc. Assuming you work, having direct deposit to your 401k and savings or investment account takes the manual work out of making transfers from a checking account - which you will likely never do. Plus, it's fun to see the balances start adding up through seemingly no effort of your own!

3. Prepare for emergencies so you don't have to max out a credit card, ask for a loan or dip into savings. I learned this at age 24 (I'm 32 now). I was so smug that I had retirement savings already and was cool with spending the remainder of my paycheck on whatever I wanted knowing that in two weeks I'd get another infusion. Cue a $600 chipped tooth. I had to make a payment plan with the dentist (lucky that it was even an option) and was SO embarrassed. I started a dedicated emergency fund thereafter that I use for car repairs and similar larger non-recurring expenses (bridesmaid dress, a new laptop, etc). I fund it KNOWING things will come up. If they don't, the fund keeps growing. I don't dip into it for whatever whim lest I be up a creek when a true emergency occurs (goes back to point #1). I also do the same for large recurring expenses like twice yearly car insurance premiums so I never have to scramble to pay a bill. Insurance comes under this heading too. I have seen friends get stuck with some bills when a parent dies suddenly and that seems entirely avoidable with a basic life policy. (I don't have kids yet so don't worry too much about it at the moment - other than buying my own health insurance through work.)

4. Watch financial fees. Use a low-cost brokerage/mutual fund company AND choose low-cost funds themselves. Index funds work for me. They also don't turn holdings over as much as managed funds. [Turnover generates taxes and fees for YOU every time THEY sell something.] Fee monitoring also applies to checking and savings accounts. Learn how not to incur them in the first place and dispute them as needed (most people don't bother which is easy money for the bank).

Those are the critical factors to my success. The rest is just fine-tuning. Among others, I recommend books by Ramit Sethi (for those new to investing), John Bogle (if you are more experienced) and "The Four Pillars of Investing" of William Bernstein if you are a sophisticated investor (it's not the easiest read). Best wishes.

In reply to an earlier post on Aug 25, 2010 5:42:21 AM PDT
Thank you so very much for your insightful input, you put a lot of your time into this response and I really appreciate it. I will have to say that "you have your act together" and you are going to be successful.

Best wishes to you Lola,
Don Redinius

In reply to an earlier post on Aug 25, 2010 5:47:02 AM PDT
Thank you W. J. Stanton,
Yes, I agree there are many many factors. Of course I am interested in all of them but ultimately there are the really significant items which create the most impact on success. I am hoping to create a list of these (knowing not all apply to each person) and then share them with others in various forums. I do appreciate the three you have supplied and have added them to my list.

In reply to an earlier post on Aug 25, 2010 5:48:02 AM PDT
Thank you James,
You have shed a new perspective on my thinking.

In reply to an earlier post on Aug 25, 2010 5:49:26 AM PDT
Brett,
Could you elaborate a bit on what the "success factors" are for obtaining money. Thanks

Posted on Sep 9, 2010 5:27:28 PM PDT
A great book in this subject is The Wealthy Barber where the author David Chilton recommends investing/saving 10% of all your earnings in a long-term growth portfolio like a mutual funds. He says have the money should come right out of your paycheck towards this purpose. The reason for doing this is to avoid you spending it.
In turn this money will grow into the hundreds of thousands of dollars and give you a nice little cushion for retirement.

Posted on Dec 19, 2010 10:55:42 AM PST
Alexander says:
We need more books to teach children on moral choices we make while dealing with money. I recommend the following book which is not only a captivating fantasy about a boy who wants to be rich, but also a great family read on moral choices: Midas Touch

Posted on Dec 19, 2010 4:52:17 PM PST
I'm a student but my basic 3 rules should apply to anyone.

1) Be cheap. The richest people in the world are.
2) Track your finances. Knowing where you're spending your money is probably the most important thing anybody should do.
3) Avoid spending too much time on Amazon. <-- I fail here.

Posted on Dec 26, 2010 6:54:07 AM PST
CK Coins says:
Has anyone mentioned that Silver and Gold are real money according to Ron Paul principles? And we are systemically killing the Dollar so we can become integrated into a new global economy that won't recognize our sovereignty .Oh well I guess that's not important :(

Posted on Dec 29, 2010 11:38:54 PM PST
Dog_Ma! says:
CK! Don't throw in the towel so easily! What you have to say is important. Go for it.

Posted on Dec 30, 2010 4:40:24 AM PST
Last edited by the author on Dec 30, 2010 4:41:41 AM PST
CK Coins says:
I find it particularly disheartening that over 30 years of retirement money was transferred fron personal accounts to the Wall Street "Investment Banksters" in a month. Then we continue to kill the buying power of the dollar that we have to depend on for savings through our company retirement plans. I suppose if you have NO job and no income and no assetts you are now a model citizen in this economy. They are using a healthcare law to make sure the rest of us get caught in the net just in case you saved some real assetts that were not liabilities for "Banksters" that you will never be able to depend on . At any rate a debt created NOW is a TAX to be paid later,according to Milton Friedman.

Posted on Jan 21, 2013 7:30:53 PM PST
Goldeagle says:
Save diligently and invest wisely. Set an investment goal and objective, understanding your tolerance for risk and how much time before you will retire. Saving the first $ 10,000 is critical, then if you can keep doubling your 10k so you can reach $ 100K, once you are there, then you can do some real investing. If you can double your 100K at least four times, you would become a millionaire. Using the rule of 72, dividing 72 by your annual return will tell you how long it will take you to double your 100K. If you can get a consistent 8% annually, it will take nine years for you to double your 100K to 200K. In short, to double your 100K four times, to 1.6M, will take you a total of 36 years. That means the younger you start the better chance you will become a millionaire. For young people, invest religiously 5K into a ROTH IRA (E-Trade or Scottrade) and buy 1-2 stocks each year (you have until April 15 to do so for the previous year). You can withdraw your principal (in this case, 5k; for people who are 50 or older, 6k) from your ROTH IRA at any time without any penalties or income taxes, just do not touch your profit. For those who are older and close to retirement, deduct the maximum amount allowed for your 401k or 403b, also make sure you use your flexible spending accounts for both medical expenses and child care expenses, with the recent 2% increase (or reinstatement) of the payroll (SS) tax, it will save you not only federal income, state income but also SS tax. Any taxes saved would be more money for you to invest. Good stocks to buy: OXY, CVX, COP, HFC, MPC, PSX, ABBV, AUY, SLW, GLD, SLW, FFC, JPC, JPI. GLTA we all need it.

In reply to an earlier post on Jan 22, 2013 3:14:45 PM PST
abuse reported for spamming your book

Posted on Nov 2, 2013 10:46:33 PM PDT
[Deleted by Amazon on Dec 8, 2014 10:47:00 AM PST]

Posted on Jan 12, 2014 12:47:19 PM PST
Jason Oman says:
I actually posted a BUNCH of great concepts millionaires use to become successful on 1 of my blogs at http://77MillionaireSecrets.com so you're all more than welcome to go check those out and implement whichever concepts you feel would help you most! :-)

I was able to figure out those factors & concepts from interviews with all the millionaires in my books 'Conversations with Millionaires: What Millionaires Do to Get Rich, That You Never Learned About in School!' & 'Conversations with Female Millionaires'.

Hope it's SUPER helpful for you home business rock stars! :-)

Jason Oman
#1 Best-Selling Author from TV
http://JasonOman.com/AboutJason

PS: My latest success resource is called "Unlimited Home Business Success" because it reveals the steps/formula for creating winning ideas for products & services to develop income streams from. Check it out at http://JasonOman.com/Home-Business-Success/ :-)
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Discussion in:  Finance forum
Participants:  14
Total posts:  19
Initial post:  Aug 6, 2010
Latest post:  Jan 12, 2014

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