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6 Must Decisions for Your Financial Success

He that is of the opinion money will do everything may well be suspected of doing everything for money. — Ben Franklin

Let’s face it, we make many decisions every day. These decisions shape our lives.  Our financial success  hinges largely upon decisions we make with our financial choices.

Like most other things in your life, you can achieve financial success by making wise decisions.

Without further ado, I would like to share some of the important decisions you can make to shape your financial destiny.

1. Marry the right person.

Unless you’ve decided to stay single, choosing your alter ego can influence financial decisions you will make together. I am ceaselessly amazed at those who marry someone without knowing,  if he or she can think alike when it comes to financial choices they have to make together.

No wonder that money remains the prime reason for divorce in this country.

Try to spend as much time to understand how your partner values money for your happiness and financial success together.  Don’t allow financial recklessness as an excuse for otherwise a nice person to stop you from becoming financially successful.

2. Give others more in service than you expect them to pay in return.

Your financial success is rooted in your desire to go the extra mile not once but always to create value for others. This simple decision will inspire you to find work that you enjoy doing most.

It’s natural that if you love what you do, you will immerse yourself in the work to become the best; and, the by-product of your hard work always translates into more income as long as you stay persistent.

3.  Never forget to save even on a modest income.

How you handle your money will define your quest for financial success. Most people don’t achieve financial freedom not because they don’t make enough; most people don’t achieve financial freedom because they don’t save enough.

There are many who have achieved financial success on a modest salary of $30,000 or $40,000 a year;and,  I’ve personally known some friends who have committed financial suicide even after making over $500,000 a year.

Try to limit your discretionary spending to no more than 20% of your salary. Commit yourself to save at least 20% of your salary, and keep saving more as you earn more over the years.

4.  Decide to take personal responsibility for your financial decisions.

Being responsible for your actions will lead you to learn from your mistakes and improve your decision-making ability with your finances.

It’s okay to make mistakes, sometimes,  as even the brightest among us make many mistakes in their lives. But, it’s not acceptable to blame others for your poor financial decisions.

No one likes failures, but successful people always celebrate their failures as much as their financial success. After all, failure is a mother of success.

5. Happiness comes from within.

Most of our financial problems relate to our innate desire to live like Joneses. You can’t find lasting happiness by being possessed by your own possessions.  Yet, countless people try to impress others by spending money that they don’t have.

When you sacrifice future earnings to achieve instant gratification, you are limiting your ability to prevent red ink in your balance sheet because you are making a poor choice of enslaving your chance to achieve financial freedom.

Your financial success relies less on how much you make, or a degree from an Ivy League school; it depends more on how much common sense you exercise with your money every day.

6. Use credit wisely.

Try to keep only  few credit cards from well-known credit card companies such as MBNA.

One of the major pitfalls along the way to your financial happiness is to use credit unwisely. The quest to buy possessions without knowing the real need is a sure way to become a victim of hedonic treadmill.

Try to exercise self-imposed limit on spending so that you can pay off your credit card bills monthly in full. Occasionally, we all splurge on few things beyond what we can pat in full. That’s why I like credit cards from MBNA because not only they offer low-interest rates, but also an outstanding customer service.

The key is to buy only what you can afford to pay, and pay it promptly. The journey to your financial freedom is not difficult if you make decision to manage your money wisely. If not, money will surely manage your life.

Choice is yours to make. These 6 decisions can propel your journey to become financially successful. Do you agree?

Readers:  What are the decisions you have made to steer your life towards the path of financial success?


What Buddhism Teaches Us About Personal Finance @ Prairieecothrifter

Get Your Finances in Order With the Help of the Internet @ Modest Money

The Smoother Path to Wealth @ Jlcollinsnh

It’s Time To Cut The Cable and Home Phone @ iheartbudgets

Photo by: Horten123

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Comments (33)

You break it down so well Shilpan, one wonders why so many have so much trouble following this simple formula. I guess for some–you, for example–these decisions are common sense. But maybe many others have to learn them ‘the hard way,’ I don’t know. But I feel sure that even those who may have gotten off on the wrong foot in their financially independent life can readily get back on track and succeed by following your prescription!

Thank you, Kurt! Isn’t it amazing that most people marry someone based on the looks more so than on financial values?

Hedonic treadmill is in its prime power in our society; it’s victimizing anyone who wants to be possessed by his or her possessions.

I feel that your first point about finding the right partner is critical. I know heaps of people who end up fighting over money because they have different ideas on how it should be managed.

I can’t agree with you more, Glen! Thanks for your comment.

I’m so glad I picked a good partner that is on the same page financially as I am. Right now, he is the sole breadwinner, so we have to be extra careful and mindful of everything we do!

Just read your article on Yakezie. You are an awesome writer, Michelle! I really enjoyed reading your story. I think Jefferson has great talent to view a problem and create an opportunity out of it.

I read Glen’s and then Michelle’s comment and thought, yeah, that’s right. #1 is the most important.

then I started rereading the post and though, no it’s #2.

No wait, #3. No, no. #4…

and on down the line.


they’re all critical keys.

Great post Shilpan!

Thank you my friend! I cherish your wisdom and friendship.

Those are all important. Getting divorced is a great way to ruin your finances, so picking the right partner is terribly important. So often people tend to blame the economy, their family, their job, etc for why they are not successful. We are all responsible for our own financial situations and how we deal with them. Great list.

You’ve summarized it well, Kim! Thank you.

[…] Street Smart Finance mentioned me in 6 Must Decisions for Your Financial Success […]

[…] 6 Must Decisions for Your Financial Success at Street Smart Finance. We could certainly use more personal responsibility in this country. […]

Having the right spouse and partner is in the right spot at number one. I know more than a few friends who make many times more than I do but are exponentially worse off because of a spouse who spends to much money. It doesn’t matter how good you are at managing your own money if your other half is spending all of it on your behalf.

That’s so true, Jonathan! Your financial strength is dictated by the weakest link(AKA your partner).

3. Never forget to save even on a modest income.

– totally agree with this point. Too often people use this excuse when really… EVERYONE can save something!

Thank you for your comment, my friend!

Excellent post as always and thanks for the link.

I have done many of the things on this list and they are important. One thing I am still working on though is finding happiness within. It is really hard to do this when people around you have expectations or ideas about why happiness is physical. I am getting there but the materialism does creep up on me sometimes.

I know that’s it’s a tough act to find happiness within when we are trained to find happiness from outside in.

Well said. That is exactly it. I have been trained to find it outside.

These are all great, but the spouse tip is definitely number one! Without the right partner, nothing will go right …

Agreed. 99% of your happiness or misery is related to having right or wrong alter ego.

I love your first point especially. I watched many people’s financial situation crumble because of basic philosophical financial differences with their spouse. It’s difficult getting ahead when you can’t agree on which direction “ahead” really is….

You are right on the money, Joe!

[…] 6 Must Decisions for Your Financial Success on Street Smart Finance […]

#2 and #3 are key from your list. Doesn’t matter how little you can make, you must save!

Marriage is the contentious once, b/c what of all the people who end up single forever?

I can’t agree with you more on #2 and #3, Sam! I am not insinuating that marriages bring financial misery; On the contrary, married people who are in harmony with their value for money and happiness are far better off than a single person.

[…] Street Smart Finance mentioned me in 6 Must Decisions for Your Financial Success […]

[…] So why are we so against us keeping separate finances?Shilpan @ Street Smart Finance writes 6 Must Decisions for Your Financial Success – Let’s face it, we make many decisions every day. These decisions shape our lives. Our […]

[…] Smart Finance writes 6 Must Decisions for Your Financial Success – Let’s face it, we make many decisions every day. These decisions shape our lives. Our […]

[…] 6 Must Decisions for Your Financial Success He that is of the opinion money will do everything may well be suspected of doing everything for money. — Ben Franklin Let's face it, we make many decisions every day. These decisions shape our lives.  Our financial success  hinges largely upon decisions… Read more […]

Fantastic advice, Shilpan! Especially marrying the right person!

[…] type who likes to print and post on your fridge “words to live by,” check out “6 Must Decisions for Your Financial Success” by Shilpan at the blog Street Smart Finance. An immigrant to the U.S. who has succeeded the […]

Hi Shilpan,

I totally agree with all your points in this post, especially No.1. I think if I did not choose my husband over other men, I would not be as frugal as I am today. his being money-wise has helped me overcome being an impulsive buyer and to focus more on saving than shopping. Thanks for the tips :)