- Category: Education Trends
- Created on 15 January 2015
- Written by Don Barden
- Hits: 1211
Resolutions for the New Year offer hope for new beginnings and opportunities. According to Forbes, New Year’s resolutions are made by 40% of Americans and less than 10% achieve their goals. In order to make self-improvement possible, economist and CEO of DDS Financial Don Barden created the Top 10 Financial Tips for 2015.
1. Opt for the advice that is applicable to you. Don’t follow every piece of financial advise you hear on the radio or television. Advisors may sound confident and have great intentions, but there is a good chance their advice is not meant for you. Get guidance from someone who is actually speaking to you and is fully aware of your current situation and financial goals.
2. Focus on income first. This is simple. How do you solve money problems? Make more money.
3. Manage your expenses, but do not obsess over them. Too many people are OCD on expenses and calculate every single expenditure. Sadly, they miss out on many of life’s opportunities. Several talking heads like to penny pinch. That’s fine but consider on what you are missing if you cut too many corners?
4. Discover your purpose. Find what you love and what you’re good at. Then decide how you can make a living doing it. Commit to working with a mentor who can help you discover your purpose and gifts. Then use them. Not only will you be happier, the impact you will have on others is priceless.
5. Beware of this CPA. Don’t listen to a CPA who 1) Makes less money than you do, or 2) focuses on expense and tax savings before they focus on revenue (see #2). A lot of people “outgrow” their accountants – that’s fine – they know it too. It’s up to you to take action and align yourself with someone who is trying to help you grow.
6. There’s no business like your business. If you own a small business, don’t contribute to your own 401(k) but instead invest in your business first. If you have employees, contribute to their 401(k) and help them, just not yourself. You are a better investment than Wall Street.
7. Relax. Don’t worry about variables outside your control. The market will continually shift no matter how financially savvy an individual is. Turn off the news from time-to-time and focus on what’s important. Family first, everything else second.
8. Take control by making time. Take control of your finances by making time to review your budgets everyday. Start with a daily review of your bank accounts and expenses. Take action everyday. This will allow you to achieve the clarity you need to make purposeful decisions. “Control” is where you find financial freedom.
9. Take Breaks. Go on vacation and relax. Life is too short for you to miss out on great experiences. Taking breaks allows you to rejuvenate your mind for more productivity in the future.
10. Give it away. Set a goal for financial giving and time allocated toward mentoring others. It may begin small, but in the end, it is all you will remember.
About Don Barden
Don Barden is a classically trained economist who earned his M.B.A. in Global Technology Management and International Business with an undergraduate B.B.A. in Economics and Finance. He is currently completing doctoral studies with a Ph.D. in Finance.
Barden's work challenges and motivates people to think deep about their beliefs, and reveals a plan to consistently achieve maximum communication and growth as an out of ordinary leader. Barden's "unfair advantage" theories are revolutionary in today's economy as he leads you on a journey that exposes the myth of modern sales and communication techniques. As a corporate executive and leader, Don has personally averaged over $1 billion in annual sales. He is highly praised for his ability to see "three sides to every coin.