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10 Important Tips to Help Improve Your Financial Situation

 Money can reach us in many ways, and everyone has their own personal path towards economic independence and wealth; some people have invested money in a currency whose value has increased over time, while others have preferred to invest their time and energy into doing something they love and believe in.


Either way, luck seems to play a significant role in achieving significant economic success, but researcher Tom Corelli claims otherwise. He was interested in the differences between the practices of successful and rich people and the behavior of those who are not economically successful and reached ten important conclusions about what each of us should do or stop doing in an attempt to get rich. If you know these tips, you can take a few steps forward into the financial future you have always wanted.

Financial tips

1. Start meeting new people

68% of rich people claim that they enjoy meeting new people. This is because most people who have achieved economic stability have made an effort to make a good first impression and have continued to invest in themselves and in their relationships with others even after becoming rich. These well-established people don’t forget to compliment new and old acquaintances on their successes, and always remember to wish them well during the holidays. So the next time you go to a social event try to meet new people and talk to them - who knows, maybe your next business opportunity will pop up.

2. Don’t depend on fate

Only in rare cases can one rely on luck or fate, and only on decisions that are not essential to your economic future. When it comes to issues that are really important, rich people set their own course of life and don’t rely on good fortune, as opposed to many people who fail to reach wealth and blame their fate or luck, as well as on other factors beyond their control. Many of these people invest their money in less smart places such as in the lottery and fortune tellers, rather than learning abilities that will help them get ahead and get rich. Prefer to invest your money in improving abilities that can guarantee you a better future rather than relying on luck.

3. Love your job

85% of people who managed to establish themselves well financially argued that they liked their job, while most people who didn’t succeed saw more disadvantages in their workplace. It is very difficult to increase income with a negative attitude, especially when you are used to a situation that isn’t satisfying. So if you don’t like what you’re doing, you may want to change your situation and invest your time and energy into an area that you’ll want to push yourself forward in. At the end of the article, you will find a method that will help you discover what this field can be.

Financial tips

4. Maintain your health

Well-off people devote considerable time and investment in maintaining their health, including visits to the doctor, maintaining a healthy lifestyle, exercising (76% of successful people exercise 4 times a week), maintaining a balanced diet and of course not having harmful habits. Many people who don’t have money don’t believe that there is a link between success in maintaining health and financial success, but in fact, not paying attention to your health may lead to higher expenses in the future, which raises the cost of living and prevents the possibility of saving a lot of money. 


5. Take calculated risks

Only 6% of the low-income people who participated in the experiment agreed to take risks to improve their economic situation, but more than 50% of people with high incomes agreed to do so. Although these affluent people may have less to lose from the same risk, most of them testified that at least once in their lives they took a risk leading to a major and significant economic loss, but then they continued on their way instead of having negative feelings about the wrong investment. If you took a calculated risk that didn’t work out, learn from it and get back on your horse.

6. Watch as few reality shows as possible

Of the low-achievers who participated in Tom's experiment, 78% liked to watch shows where they could peer into other people's personal lives, while only 6% of high-achievers watched reality shows. It should be noted that in general, the study showed that economically successful people watch television for less than one hour a day according to Tom's research, and the same applies to social networking sites, so it is recommended to reduce these activities in general if you wish to spend more time on investing in actions that will advance you and your life.

Financial tips

7. Read books

Dr. Seuss once said, “The more that you read, the more things you will know. The more that you learn, the more places you'll go,” and 88% of established people agree with this statement because they are careful to read books on personal and professional development and historical literature for at least 30 minutes a day. In contrast, only 2% of participants in the study who were not financially stable testified that they devote little time to reading books. So choose a book now that will help you improve an ability you feel you lack - the more information you take in, the more tools you will have for success in life.

8. Get up early in the morning

More than half of the high-income businessmen in Tom's study woke up at least 3 hours before their workday began - at 5 am. They spent most of their time planning what they had to do, working on personal projects (if they worked as salaried employees for others) and exercising, and many of them also practiced meditation for 10-15 minutes. Don’t mistakenly think that these people don’t sleep enough, because 89% of them sleep for 7-8 hours each night, and go to sleep at the recommended time: between 9-10pm.

9. Meet positive people who inspire you

Tom's research found that successful people benefited mainly from communicating positively with people who were not negative and, moreover, with people who inspired them, while many of those who did not succeed were seen as gossiping about others and complaining about their lives to others. If you want to be the first type of person, you can find those that will inspire you in your neighborhood, by attending cultural conferences or doing volunteer work.
Financial tips

10. Invest in what really matters

Most people who are financially unstable spend a lot more than they earn. You probably know people who buy expensive cars, smartphones and many other things, but you have no idea where they got the money for all this. Wealthy people, on the other hand, maintain a very clear division of financial expenses:

  • 20% for savings
  • 25% for rent or mortgage
  • 15% for food
  • 10% for entertainment
  • 5% for transportation

The remaining 25% is spent on clothes, medicine, and education.
If you follow this plan, you can achieve at minimum economic stability, and even perhaps slowly get rich and save correctly.

So how can you find the thing that will help you become rich - your passion?

After Tom's study, he concluded that successful people first began doing something they liked, which only later became a source of income. If you are still looking for your passion to become a successful source of income for you, here is an action plan that can help you:

1. Make a large list of all the things you like to do, and highlight those that require special abilities that you have.

2. Now choose 10 things from the list that you like more than the rest. Put them on a new list and rank them on a scale of 1-10, with 10 being an activity you not only love but also makes you happy.

3. Then, re-evaluate the 10 activities according to the level of income possible for them. For example, if you like to knit, think how many scarves you can knit per month and how much money you can earn from selling them.

4. Finally, score each activity according to its position on both lists - the one that gets the highest score will be the best activity for you that can also bring you money and make you happy, which will push you forward to succeed in it and turn it into a thriving business.

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