Often I am asked, how do you achieve success with your finances? I have found it takes vision, discipline and faith to become successful. I am including 10 steps that, if you follow, will help you achieve the results you desire…

1. Ownership
Come to a understanding that God has created everything in this world and you must look to him as the source for all your needs. Learning to submit to his authority in the area of money allows you to live a life of peace within your heart and mind as he lovingly will provide everything you need.

2. Stewardship
Accept your role as a manager or steward since it is your responsibility to submit to The Owner as you will be held accountable for your efforts. With time you will learn he wants you to become a conduit so he can utilize all of his resources through your faithfulness.

3. Tithe/Save/Spend
The simple principle of tithing 10% first, saving 10% second and living within the remaining 80% should be the starting line. As you begin to accept and implement the concept, I encourage you to increase the tithe and savings as your faith, knowledge and self-control increases.

4. Earning Capacity
Everyone has the ability to earn money so let’s imagine that you are a money machine that you will deposit money into on a weekly basis. During the remainder of your life you will earn money for the services you provide.

The average adult will earn over one million dollars in their lifetime so you must understand that the management of your money is as important as your earning capacity.
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5. Interest
Learn the principle of simple and compound interest. Invest the money you save so it can begin producing a harvest for you. The more your money makes the less you have to deposit into your money machine.

6. Debt
Minimize or eliminate your debt as you are depositing into someone else’s money machine. Remember when you have debt you are controlled by the bank or mortgage company and it is their rules that will be applied in uncontrollable situations.

7. Financial Plan
It is imperative to have a written plan with goals, objectives and a budget. The average investor does not and they will not attain what they have not defined. Review the plan at least annually so you can adjust it as your goals and situation will dictate the need.

8. Understanding Risk
Every investment has risk and you must define all your choices into one of three categories minimum, moderate, or aggressive. Utilizing an investor profile will allow you to establish a baseline risk tolerance in which to compare your investment options.

9. Cost
Every investment choice has fees and cost to manage the investment. Management, trading, acquisition, brokerage and governmental fees are the major ones to decipher. It is your responsibility to completely understand and have disclosed to you all fees as they will erode the return on the investment.

10. Diversification
Another way to avoid risk is have your investments diversified. Remember Grandpa always said, ‘don’t have all your eggs in one basket’ and that is what diversity means. If you have money in the stock market I would suggest utilizing a index strategy that buys one of every type of investment in its market place and provides you the diversity with low cost and better profit.

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