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How to Become a Financial Optimist

Do not take setbacks too seriously

Throughout your life, you are bound to live some pretty frustrating moments, such as the one when you lose a job. The most important is that, when this happens, you do not lose yourself too. Remember that setbacks are only temporary and you can always find a solution to improve your situation.

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How to Become a Financial Optimist

How to Become a Financial Optimist

https://www.success.com/how-to-become-a-financial-optimist/

success.com

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Key Ideas

Being an optimist

Being an optimist almost always provides you only with advantages. Including in the financial field. While you might be facing lots of stressful days, as we all do, there is certainly room for more optimism, financially speaking. For instance, a good start could be to focus on actions that lead to the improvement of your financial health, rather than on how bad your financial reality looks like.

Enjoy the small joys in life

When living your life, you should definitely consider enjoying the small things. This applies to the financial field too: learn how to enjoy and celebrate every small win, as this will eventually lead to the great wins.

Do not take setbacks too seriously

Throughout your life, you are bound to live some pretty frustrating moments, such as the one when you lose a job. The most important is that, when this happens, you do not lose yourself too. Remember that setbacks are only temporary and you can always find a solution to improve your situation.

Optimism rocks

In almost all aspect of our lives, optimism rocks. And so do optimists. This is why is important to surround yourself with optimist people, who share your perception of things, including when it comes to finances.

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SIMILAR ARTICLES & IDEAS:

Learned Optimism in Psychology

Learned Optimism in Psychology

This is a concept that suggests that we can always change our attitude and behaviour, be aware of our thoughts and stop our negative self-talk.

Learned Optimism is a positi...

Pessimism Vs Optimism

Pessimism is defined as the anticipation of good or bad things to happen in the future, while optimism is generally considered the opposite. Optimism can be defined as the individual difference variable reflecting the extent of which we hold positive expectancies for the upcoming event.

The ways in which we think affects our health, well-being and success, even though the situations are the same.

Benefits of Optimism

  • A positive impact on many aspects of physical and mental health.
  • Provides motivation to work harder.
  • Greater career success in life.

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Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Try making a budget

  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.

Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

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“The Freedom Finder”

The freedom finders like to spend on new experiences in the pursuit of “living life to the fullest.” 

Try using a budgeting app or immediately allocating a portion of...

“The Relationship Protector”

The relationship protector is often family-oriented. If they can support them emotionally and financially, it gives them their sense of achievement at having helped. 

A relationship protector is far less likely to make spontaneous investments when others depend on them, and their conservative approach to saving prepares them for retirement. 

“The Opportunity Seeker”

They’re always looking to expand their options, and every financial decision is carefully calculated to maximize growth. 

The opportunity seeker has to watch out for taking on more risk with business initiatives or investment opportunities. Spending time with a professional to seek a second opinion can help you assess whether the newest opportunity is the best one for you. 

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