sometimes we all need a little inspiration to start saving more money. Here are 7 incredibly inspiring stories to inspire ultimate financial success
Americans are carrying more debt than ever before… on average $137,063 per household. Yet, inspiring stories of people who have conquered their debt and taken control of their finances also exist and can provide a roadmap for a brighter future.
These stories will inspire you. They’ll also show you that a debt-free existence starts with small, day-to-day choices. Let’s take a look at seven financial stories that illustrate how you can take control of your money and your life.
- Cutting Your Expenses
One couple found financial freedom by drastically cutting their monthly expenses. This involved lots of soul searching and defining what they wanted out of life. They also had to make radical choices.
Once they acknowledged what financial freedom meant to them, the pieces of the puzzle fell into place. First, they sold their home, liberating themselves of an expensive mortgage payment.
While in the process of selling their home, they did extensive research to determine which states had the lowest cost of living, a temperate climate, and great agricultural prospects. (Their goals included creating a homestead.)
Based on this research, they found the perfect property with lots of acreage and agricultural prospects. It suited their needs far better than their previous property and cost a mere fraction of their last home. One-third less per month.
Today, instead of worrying about paying their mortgage, they invest their time and money into gardening and other hobbies. They feel less stressed and have even started to build a substantial savings account.
- Surmounting Student Loans
Student loan debt cripples people at one of their most vulnerable times in life, the start of their career. Yet, one millennial decided to take matters into his own hands and turn his life around.
After graduating from college, this marketing and communications specialist found himself mired helplessly in nearly $30,000 of debt. Instead of giving way to feelings of hopelessness, however, he decided to get proactive.
How? He applied a minimum of half of each month’s take-home pay to his student loans. This meant making many sacrifices including missing dinners with friends and nights out on the town.
Yet, three years later, he made his last loan payment while every single one of his friends still remained squarely in debt. This financial self-discipline has helped him go on to build an emergency fund and retirement fund.
- Taking Control of Investments
One man sold his mutual finds (high-MER Investors Group) and reinvested the money into traded funds (low-MER exchange-traded funds) through a company that utilizes robo-advisors.
The result? Despite having to pay penalties to sell his mutuals, it proved well worth every penny because of the new sense of financial freedom that he gained. And he cut down on the investment fees that he paid, too.
When it came to investments, he realized that he had more choices. Good option brokers pointed him in the right direction allowing him to cut his expenses but still see a healthy return on investment.
- Increase Your Income
Another financial success story increased her income by 24 percent in one year. How? By focusing on the earning side of her finances.
As she explains, too often people tend to focus on cutting expenses. But she decided to improve her situation by making more money.
She understood that all of us have more opportunities to increase our annual income if we can recognize and seize them. When she shifted her energy toward bringing in more bucks, the results astonished her.
- Purchase a Home Strategically
For another of our success story couples, the dream of finally owning a home materialized. Both spent their adult lives renting, which proved great for them when they couldn’t afford a house.
But once they started earning more, they began to ponder the long-term benefits of a real estate purchase. After years of researching and saving, they went on a strategic house hunt.
Eventually, they found a home to buy and secured a mortgage with a payment equivalent to their monthly rent payments. Because of their careful purchase, they now enjoy the same standard of living while building equity.
- Stick to Your Goals
The thread running throughout all of these stories remains sticking to your goals. A method that worked beautifully for another couple who wanted to change their financial outlook.
After creating a budget and sticking to it, they eventually achieved their goal of paying off their mortgage early by doubling their payments. They also maxed out their Tax-Free Savings Accounts (TSAs).
Finally, they created a travel fund for their dream vacation, amassing more than $5,000. This couple realized that they could achieve multiple financial goals and still save up for a little fun in the process.
They also knew that deciding on clear monetary goals and then chipping away at them through daily spending choices would add up to big financial benefits later. Thinking positive remained another important step for them, too.
- Budgeting to Reach $100K
Despite a move to New York City, one advertising executive managed to save her way to six figures. How did she do this despite living in a town known for its hefty price tag? She created a strict budget and followed it to a tee.
To meet her goal of saving $100K, she started by setting limits for every aspect of her life. This included hard numbers for how much she could spend per month on items such as entertainment, clothes, and groceries.
To avoid impulse buys, one of her major weaknesses, she even followed the “24-hour rule.” Before making any unnecessary purchases, she waited 24 hours to think it over. If she wasn’t obsessing over the item after a full day, she didn’t buy it.
Sticking to a rigorous budget over the course of nearly a decade didn’t come easy. But looking at her savings account now, she feels elated. She learned that with some willpower and determination, saving proves possible even in the Big Apple.
Inspiring Stories to Help You Achieve Financial Freedom
Which of these inspiring stories struck a chord with you? Financial success cases can motivate you to look toward your own future. They provide insight into how you can achieve your goals and write your own financial freedom stories.
At Life Tips, we’re here to help you take control so that you can live your best life. Contact us today with your questions and comments. We’d love to hear from you.