Success in Life

Posted by on December 18, 2009 | No Comments

Your personal success in life largely depends on how you define success in life and what you are willing to do in order to achieve success in life. Though a lot of people may perceive attaining success in career as success in life, it is important to note that this alone does not guarantee having success in life. If you have a young family and you’re midway through your career, there are many other more important things which you must juggle to better guarantee your chance of success in achieving a happier life.

Having success in life often means managing your finances so that you can relax and enjoy your family life. Investing wisely is important, especially when you are young.

Invest Wisely

Having a healthy financial nest egg is essential to ensuring success in life. It certainly isn’t the only thing in life, but it is the basis for feeling safe and secure.
* Strive to pay off your debts, especially the ones with a high interest rate such as credit cards. There is good debt and bad debt. Good debt is things you own that don’t depreciate and only grow in value such as your house and your investments. Bad debt is things you have bought that only depreciate over time such as electronics (although some of them are necessary to do your job), cars, and toys.
* Invest in RRSP’s and the tax savings you receive you can reinvest or pay off your debts.
* Stop spending foolishly such as $20 here, $40 there on stuff you don’t need. Be wise, go to garage sales for your kids’ toys (they will only use them for a few years at best) and eat in restaurants and fast food counters only occasionally. Your pocket book and your health will thank you.
* Talk to an investment advisor and find an investment portfolio that works for you. If you are younger, you can have a low percentage of your investments in higher risk stocks, but the majority should be in blue chip stocks that are relatively safe. Once you have a portfolio set up for you, stick with it, don’t get too emotional when the market rises and falls. Don’t panic and sell everything. By the time you retire, you will have made a good profit.
* Diversify your investments so that you are spreading out your risk. In other words, don’t have all your eggs in one basket.
* Don’t rent if you can buy. If you buy your property then you will see a return on your investment.
* Do not dismiss insurance as unimportant. There are many plans that suit your different needs and the pay-out lump sum can come handy in rainy days, whether it is a life insurance or an endowment plan. In the long term, it can actually benefit your family and yourself.
* Have some of your investment money accessible should you need it in a crunch. Don’t lock everything away. You will need a few thousand dollars on hand should your car break down or your furnace die on New Year’s Eve.

Spend time with family

When we are mid-career we sometimes neglect the needs of our family. We may forget to enjoy our children and we forget that they are an integral part of our success in life. We may see them as a nuisance or an expense. Couples need time together and sometimes it is hard to squeeze in that time. However, so do the children. Success in life depends on how you spend your time. Kids don’t want to be interrogated every time we see them. They don’t want to be pushed out the door, and shoved into bed. They not only want, but they need play time, fun time, time to laugh with you. Take vacations with the children so that you can truly enjoy each other, and deepen the relationship so that when the difficult teen years hit, you will have a solid relationship to fall back on. When people get older and reflect on their success in life, they usually regret not spending enough time as a family. Success in life depends on how much time you spend with your family.


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