ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to be More Financially Secure

Updated on May 7, 2020
Tidbits25 profile image

From rags to financially secure is her modest goal. She writes about personal finance tips and her journey towards achieving her goal.

Source

I thought after graduation, money would just flow in abundantly and I would live happily ever after with shopping. Oh boy, I was wrong.


You can make better choices from other people's mistake and learn a few nuggets of lessons learned as as consequence.







Building Wealth Takes Time

And true what they say the earlier you start, the better. I would take the extra mile and say I wish it started from your birth. But not everyone is lucky to make smart financial decisions for their children.

But as soon as you are able, try to save every bit of penny you have to accumulate and not to spend on something you see in the store which just gives fleeting joy. The real joy in life cannot be bought.

If I could turn back time, I will accumulate the money given to me on Christmas, savings from my allowance, the cash gift for winning a local beauty pageant, the income I earned from selling sugar-coated peanuts, and ice candy.

During college, I would've saved my scholarship proceeds. I would've saved the money I bought on self-help books, clothes, and, beauty products and other knick-knacks. To be honest, just a few pieces of clothing, food and some pocket money for transportation is all I need. My parent pays for my rent and expenses back then.






Invest in Your Trade Tools and Skills

Being an accounting graduate, for me it was a laptop. Excel was not taught in my school although it was one of the prime universities back then. Mostly the discussion about computers was theoretical.

I needed a laptop but my parent couldn't afford. I grappled through my first working years bothering my coworkers how to do basic stuff which eat out on my confidence and affected my performance at work.

I could've easily learned basic and advance Microsoft Office skills conveniently if I had a laptop.

Had I saved enough for it, I would've been able to buy one easily and be a rockstar in my workplace.


Be Intentional in Personal Decisions

When we are young, possibilities are endless. It is a fun time to be alive. But what some younger ones don't know is that this can all go downhill with one mistake. You have to set your priorities straight.

If you are one who is physically tempted but want to abstain in intimacy until you are married, then you might consider not getting into any relationship at all even casual ones to focus on your career. But if you are more welcoming of getting intimate you should protect yourself by taking contraceptive pills or using having a condom with you if you are a man. You may be in denial of your desires because of cultural stigma but if you tend to act out on it, better to accept that you have this way of thinking and impulses and get protected.

Our partners may have different plans that we don't know of and this can derail our own personal goals.

Every Cent Counts

Imagine the money I would've have accumulated when I graduate college had I done all of the things I mentioned above. I would've had cushy cash on hand to start my way in the corporate world.

Take advantage of rewards cards like Mercury Suki card which has lifetime membership and no expiry. Over time, points will accumulate and you can buy medicines or vitamins, snacks and beverages, and toiletries from the store using this card.

Spending time on sites like myLot during your free time will make you earn money that goes into your Paypal account while meeting new friends and having some social intellectual satisfaction.








Let Go of Shoulds

Do not feel deprived when you are not able to buy all those fancy things, get into the trend being donned by your peers. Know that you are working on something more important.

Yes, happiness can be bought because shopping is fun and there is so-called retail therapy, but it doesn't bring long term peace of mind and security and if you weigh the two together you will realize that the latter is more important.

Do not think that just because you are a certain age, you need certain things to feel successful or that society thinks you should have. Think that you have the option not to tie yourself in a 30-year house mortgage and installment loans on car and furniture payments. Be advertising-proof so you don't start maxing out credit cards through mindless shopping and consumption.

In short, avoid inflationary lifestyle where every time you get extra income you level up as well in your spending. A better way would be to live below your means and grow your savings. It is your life, your time and energy that you pay for these things.

Or better yet, do not incur one. But if you are already deep in it, dig yourself out of it. The stress and mental clutter it gives will wear you down in life. Imagine in our current covid-19 situation, if one loses his job and has no other source of income to pay mortgage, it can be devastating.






Savings, Investments and Sinking Funds

Autosave is one way to save money where a portion of your salary automatically to a savings account every payday.

Investing your money to make it earn interests and dividends is also one way to grow your money.

A sinking fund is money you are building for a major expense.

As a fresh graduate starting out you can start building on a freedom fund. This will give you some room to explore and find a job you like instead of slaving away in a job that you hate or gets you nowhere.

If you have a child, it is good to start a college fund starting from birth.

As a 30-year-old, you can beef up your retirement fund or maybe an early retirement fund

Everyone should have an emergency fund. Our current Covid 19 situation is one example of an emergency situation where you lose your job, having an emergency fund is a lifesaver.




Don't Put All Your Eggs in One Basket

Having Multiple Sources of Income

If there is one most important solution to financial insecurity, this would be it. It cushions the risk in case you lose your 9-5 job. This is like diversifying your portfolio and not putting all your eggs in one basket. This takes more time to build and needs more initiative, effort, creativity, and research.

For example, if you want to start your own business, it will be difficult finding one which works, but if you get successful at one, that extra inflow of income will make you feel more financially secure.

Writing on hubpages.com is one of the small ways to have another source of income. The key now is to stay motivated and inspired and just like in everything in life is to give it your best and better.

I will personally look back into this list to guide me in my path to financial security and how my strategies would evolve through time. I hope this will be of some help.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2020 Micha ELa

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://maven.io/company/pages/privacy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)