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?

Elsewhere:

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