{"id":3238,"date":"2015-12-27T14:43:37","date_gmt":"2015-12-27T11:43:37","guid":{"rendered":"http:\/\/secretformulaforwealth.com\/blog\/?p=3238"},"modified":"2020-07-06T12:52:46","modified_gmt":"2020-07-06T09:52:46","slug":"financial-security","status":"publish","type":"post","link":"https:\/\/secretformulaforwealth.com\/blog\/personal-finance\/financial-security.html","title":{"rendered":"Are You Putting Your Financial Security At Risk?"},"content":{"rendered":"

\"financialC<\/span>onventional wisdom has led us to believe the false notion that financial security comes from a job<\/em> that commands the highest pay based on our level of education, skills or experience.<\/p>\n

Unfortunately, few realize that the real joy of financial security is in the ability to enjoy freedom of time, good health, loving what you do, and living a life free of financial pressures due to a lack <\/em>of money.<\/p>\n

Accepting the premise that you are responsible for your own financial future usually precedes this accomplishment.<\/p>\n

Here are 4 warning signs that you are actually putting your financial security at risk:<\/strong><\/p>\n

1.\u00a0 You can’t survive for more than a month without a paycheck<\/strong><\/p>\n

If you always find yourself in a situation where there is too much month<\/em> left at the end of the money, you have to take the time to carefully examine the underlying cause.<\/p>\n

Strange enough, this predicament is also prevalent among high-income earners.<\/p>\n

They fail to manage their money and start looking for quick fixes, ending up in debt, which happens to be easily accessible.<\/p>\n

2.\u00a0 You do not have a solid workable<\/em> plan to get out of debt <\/strong><\/p>\n

Getting into debt to buy things you don’t really need or to appear rich in front of your peers, can only lead to financial destruction.<\/p>\n

Funding your lifestyle from the liabilities<\/em> side of your personal financial statement is a sure way to end up burdened with more debt than you believe you can ever pay off.<\/p>\n

Forget about instant solutions to getting out of debt, change your financial habits and start working deliberately<\/em> towards being free of consumer debt.<\/p>\n

3.\u00a0 You anticipate poverty in retirement and you’ve accepted it as the norm<\/strong><\/p>\n

One of the biggest fears retirees face is not having enough retirement income to survive.<\/p>\n

Your retirement savings <\/em>will surely be depleted if you keep drawing out more money than you put in. That is why the concept of saving for retirement is flawed<\/a>.<\/p>\n

Instead, the focus should be on establishing how much income you need <\/em>to live the life you desire in retirement, and then start investing<\/em> in assets that can generate such an income.<\/p>\n

Retirement is not a good time to discover that the plan you hoped would work is so defective that you have to shrink your dreams to fit them into your income.<\/p>\n

4.\u00a0 You do not have a written <\/em>financial plan<\/strong><\/p>\n

A financial plan helps you get clear on the gap between where you are financially and where you want to be, so you can devise means of bridging that gap.<\/p>\n

As the saying goes, failing to plan is planning to fail.<\/p>\n

Taking the time to commit yourself on paper enables you to keep score of your financial accomplishments as you work towards your financial goals.<\/p>\n

Most people spend more time planning a party, a weekend getaway, or a holiday than they do when it comes to planning their finances.<\/p>\n

If you spend less than an hour a week planning your finances, it is all too easy to fall into the trap of failing to have a say about where your money should<\/em> go.<\/p>\n

This will keep you from achieving the freedom and fun that comes with spending your time doing things you enjoy, without putting your financial security at stake.<\/p>\n

To find out more about how to create your own customized written financial plan, click here to download<\/a><\/strong> ‘How To Create Your Financial Plan In Four Quick and Easy Steps’<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Conventional wisdom has led us to believe the false notion that financial security comes from a job that commands the highest pay based on our level of education, skills or experience. Unfortunately, few realize that the real joy of financial …<\/p>\n

Are You Putting Your Financial Security At Risk?<\/span> Read More »<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[397],"class_list":["post-3238","post","type-post","status-publish","format-standard","hentry","category-personal-finance","tag-financial-security"],"yoast_head":"\nAre You Putting Your Financial Security At Risk? - The Secret Formula For Wealth Blog<\/title>\n<meta name=\"description\" content=\"Conventional wisdom has led us to believe the false notion that financial security comes from a job that commands the highest pay based on our level of edu\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secretformulaforwealth.com\/blog\/personal-finance\/financial-security.html\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Augustine Mwanje\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html\"},\"author\":{\"name\":\"Augustine Mwanje\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/#\\\/schema\\\/person\\\/14f29a24185de7755126b1b233673cb8\"},\"headline\":\"Are You Putting Your Financial Security At Risk?\",\"datePublished\":\"2015-12-27T11:43:37+00:00\",\"dateModified\":\"2020-07-06T09:52:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html\"},\"wordCount\":586,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/02\\\/financial-security.png\",\"keywords\":[\"financial security\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html\",\"url\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/financial-security.html\",\"name\":\"Are You Putting Your Financial Security At Risk? 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