Half Point / Getty Images / iStockphoto
Throughout the holiday season and into the new year, GOBankingRates spoke to financial experts from all walks of life and industries about what people can do to save more, spend less, invest more. strategic and finally achieve good financial health.
Tip: 19 effective ways to manage your budget
See Also: 25 Ways To Save 20% More On Your Pay Without Even Trying
In other words, tips on how to live a richer life, but there are different types of wealth.
Many of these financial experts talked less about things like credit card payments and interest rates than about living a life rich in relationships, accomplishment, and purpose. Material wealth, many of them believe, is hard to come by and almost impossible to enjoy if you don’t have the kind of wealth that can’t be counted in dollars and cents.
Here’s what they said about doing well and feeling great in 2022.
Good to know: 101 easy ways to save money every day
What should you do to enrich your life? Well it depends on your age
Janet Patterson, a loan and finance expert with Motorway title loans, suggests pursuing goals and resolutions that change with your priorities as you get older. She gave the following examples:
- 20 years : “Choosing a new sport and focusing on career development, which includes applying to different companies to gain interview experience.”
- 30s: “Investing in a stock market or in real estate may be the best option for building an asset for years to come. It can also be useful when buying a house.
- 40 years : “Start interacting with your friends and family on an emotional level and let go of any long-held grudges. “
- 50 years : “Increase the use of sunscreens because skin cancer is on the increase in people between the ages of 40 and 50. “
- 60s: “Write stories and memories more often. Be more grateful and take a healthy outlook on life in general. Spend more time with children or grandchildren and take routine checkups.
Save Money: 16 Effective Ways To Cheat On Yourself To Save Money
Ask yourself different questions at different stages of life
Greg Wilson, Chartered Financial Analyst and Co-Founder of ChaChingQueen.com, also offers tips for living well which vary according to the different stages of life.
“If you’re 20, understand the time value of money,” Wilson said. “Maximize your 401k. In the future, you will thank yourself. If you’re in your 30s, figure out what’s important to you. Do you want to retire at age 60 or over? Do you want to spend more time with the children? What do you want your career and family life to look like over the next several decades? If you’re in your 50s, make your New Years resolution to bond with all the family and friends you wish you had spent more time with in the past 10 years because you were too focused on your career and your money. Slow down and strengthen those bonds.
Read: 37 Life Tips That Will Save You Money
Responsibility is part of well-being. If you’re genuinely interested in living richer in 2022, demand better of yourself who enjoys spending without thinking about the pursuit of material excess or instant gratification.
“I think people prioritize their wants over their needs, which results in excessive purchases of unnecessary goods,” said Grace Alvarez, editor of the business consulting firm. Best LLC Services. “To be honest, money management isn’t that hard. All you need is a little self-control and self-awareness.
Melanie Hanson, Editor-in-Chief of EDI refinancing, agrees with this sentiment.
“Make sure every penny you spend has a purpose,” Hanson said. “A lot of people waste money out of habit, lack of attention and lack of forethought. Whether it’s continuing to make minimum payments on your loans without a clear plan to write off debt someday, paying for a subscription service you haven’t used since canceling your favorite show, or buying produce for an imaginary version of yourself who loves to cook and eat veggies, we’re all spending money that’s not going to help us in the long run.
Warning: 25 things you should never do with your money
Focus on the five Ps
Expert in financial security and Count on yourself Founder Pamela Yellen thinks that success or failure in money and life comes down to what she calls “the five Ps”:
- Passion: “You have to want to reach the goal enough so that you don’t get discouraged when the finish line proves difficult to reach.”
- Persistence: “Most people don’t get it right the first time. Ironically, each setback increases the likelihood that the next try will get closer to the target, if not directly hit. “
- Planning: “People who set goals who are successful set a plan to achieve their goals.”
- People: “Family, friends and coworkers can give you the extra boost you need to reach your goal. Enlisting the help of others greatly increases your chances of success.
- Positivity: “Is achieving a goal a burden, a responsibility, a sacrifice, or even a punishment? It can be – if you choose to think of it that way. But if you can imagine your path as an adventure, an opportunity, a competition, and a growth experience, the result is much more likely to please you.
Perhaps the best thing you can do in 2022 is to help your children, nieces and nephews live rich lives in the future by focusing on their education today. The cost of college is insurmountable at times, but you can start cutting it right now – and you can make it a group effort.
“Invite your friends and extended family to join the savings mission by contributing to college savings accounts in place of or in addition to more traditional gifts, which are often quickly outdated or thrown away,” said Patricia Roberts , COO at Gift of the College, Inc., and the author of “Route 529: Parents’ Guide to Saving for University and Vocational Training with 529 Plans.“ “After all, there are at least 18 birthdays and 18 annual holidays between the birth of a child and the pursuit of higher education. If just 10 loved ones contributed $ 25 for each occasion, a child could have over $ 14,000 by the time college arrives, assuming an estimated annual rate of return of 5%. If $ 50 were donated by a total of 10 close friends or family members, a child could have more than $ 28,000, and so on.
Ultimately, living a richer life begins when you adopt a new mindset.
“The best little change you can make costs nothing,” Wilson said. “It is to be happy. You don’t need more. You just need enough. Learn the word “satisfied”.
More from GOBankingTaux