Discipline Is Still Needed For Financial Success

Discipline and Money Management 

Many things have changed, but the basics of making money remain the same. Discipline is a skill you will need to create wealth and become successful financially. Winning the lottery or being born as a billionaire Saudi princess will not happen to most of the general population. And it even does not come to a percentage - when you look at people who are rich that way. So hoping for an unrealistic way to become wealthy will not do any good and that sort of thought should be avoided in the first place.

It is not hard to achieve your financial dreams. You only need to know a few simple, basic rules. And following those rules with discipline will make you accomplish your goals. Many personal finance websites are packed with these basics to explore for free. You only need the willingness to learn and apply towards reaching your financial goals - and you need discipline to accomplish that along the way.

If you are reading this article right now, it is highly likely that you already have a decent paying job or entrepreneurship. If you don’t, you will soon have it because you are a smart and educated person, and that’s what lead you to this website in the first place. Discipline can make the difference between two identical same level money earning individuals reaching financial goals and never reaching financial goals.

Let’s look at two imaginary individuals A and B. Both have good paying jobs. Both live in the same city. A spends all his money eating out at restaurants, taking expensive vacations on credit cards, buying the latest electronic gadgets, and living in expensive houses he can’t afford. He has lots of credit card balances and never disciplines himself to set aside money for the future. His logic is that life is too short not to enjoy - and he wont be able to enjoy these once he is old. So let’s enjoy as much possible right now and forget about the future.

Author/Copyright: Ahmed Dawn www.adawnjournal.com

B takes a different approach to life. He thinks life is too short to work for someone else - and he does not want to spend all his life working for a corporation only to pay off his credit card bills and things he would not have enjoyed in the first place. He aims to end working for someone else and wants to live on his own terms as early as possible - while he is still young. He disciplines himself saving and investing every penny he can get and so far he is doing pretty good. He was inspired after reading a few articles and books by financial author A. Dawn and reading more financial books and articles to enhance his personal finance knowledge since then. His favourite one is this: Ten Timeless Personal Finance Tip.

The obvious difference between A and B is that A will still have to work to pay of his credit cards bill when he will be required to get hip replacement surgery. A failed to realise that to enjoy his life now, he chose to work all his life to pay off his bills. He will never be free from his debts and will die one day working and worrying paying off his bills. B will accumulate enough savings early enough to retire and enjoy his life without working for someone else and without worrying about paying off his debts. He only needed the willingness to learn and the discipline to apply what he learned.

It is still not too late or early, regardless how old you are, to decide whether you would like to be A or B. I have chosen to be B and I have many tools to offer to help you reach your goals for free. Feel free to browse all my websites listed on the right panel of this page. And don’t forget - discipline cannot be replaced by anything else and has no substitute.

Personal Finance Author Ahmed Dawn Picks Best Personal Finance Books

Top Personal Finance and Money Books

First Published: November 11, 2009 ADawnJournal.com

If you are a novice in the personal finance world and would like to broaden your money management knowledge, a good start would be to kick off your reading with a few timeless personal finance books. But how should you pick the first few books to read considering there are thousands of books written and available on the topic of personal finance?

Today, to make your life little simpler, I will give you a list of my top picks – 5 simple and easy-to-comprehend financial books to kick off your financial journey. One point to emphasize – don’t stop reading after finishing these 5 books. Your financial well-being depends largely on your financial knowledge. Always continue reading more financial books and literature to enhance your personal finance knowledge. Read, learn, and follow your financial roadmap to become successful financially. A Dawn Journal will provide you with great and reliable information to help you go through your financial journey.

Basic personal Finance Books

1. Your Money or Your Life by Dominguez and Robin

A very different type of personal finance book. It will give you a new perspective on life, work, and money. By working for someone else, we are trading our precious time for money. You could spend this time with your family or doing something you enjoy, rather than working for someone else and making them rich. That’s why working for someone else is making a dying – it’s not making a living. The authors show in this book how you can gradually switch from making a dying to making a living. I encourage you to read my full review here: Your Money or Your Life – A. Dawn Journal Book Review

2. The Millionaire Next Door by Thomas Stanley & William Danko

This book reveals how ordinary people can achieve extraordinary financial success by living below their means and practicing discipline. True millionaires don’t spend, dress, or act like millionaires and they have not inherited wealth or won lotteries. You can be a millionaire too by making smart money decisions and following proven steps other millionaires take mentioned in this book.

3. The Automatic Millionaire by David Bach

There is no shortcut becoming a millionaire. All you need is to use common sense to cut unnecessary expenses, pay yourself first, and make your financial life automated. Bach shows how you can put your financial life on autopilot and reach your goals without spending hefty time on money management. Bach is the guy who coined the term “The Latte Factor®”. What is The Latte Factor®? It just simply means that you cut on unnecessary small spending everyday and save or invest them to reach your financial goals.

4. Getting Loaded: Get Ready, Get Set, Get Rich by Peter Bielagus

Is it possible to become financially successful just by saving a couple of dollars a day? Peter Bielagus shows how to do it in this simple yet insightful book, step-by-step. The author discusses all you need to know about money and how you can use time on your side to build a strong financial backbone. This book is specially recommended for young graduates who are just entering the workforce and to anyone else who wants to be financially strong without having lots of money.

5. Invest Now by A. Dawn

This is a beginner’s guide to show you step-by-step how you can start investing for the first time with very little money. Although Invest Now is written for Canadians, the procedures mentioned would work in any industrialized country. Invest Now is written in very simple and easy language – avoiding all financial jargon. A must-read for those who want to know how financial markets and products work.

5 Money Tips for Financial Success

Five Personal Finance Tips You Need to Know Right Now 

In order to become financially successful, you don’t need to spend year after year pursuing an MBA. Doing simple things consistently and religiously year after year can lead to the path of financial success. Today, I will describe 5 such things. 

Spend Less Than You Earn
 – Stick to spending less than your income, and financial success will come to you. This is the most important financial tip ever. If you can’t do this, doing everything else will be meaningless. 

Pay Yourself First
 – Depending on your ability, save 5 – 15 percent of your gross income into an investment account, mutual funds, registered account, etc. Stick to this plan as long as you can afford to.

Build An Emergency Fund – Set aside six months’ (or more) worth of living expenses in a savings account or in an investment that is comparatively safe and can be withdrawn in a short notice without paying any penalty. 
Set Goals - Know exactly when you would like to accomplish various goals throughout your life such as buying a house, paying off mortgage, retiring in the future, and so on. Take necessary steps to realise these goals. 

Review Progress
 – Review your progress at least once a year. If you are not on the right track towards achieving your goals, change and readjust your financial roadmap. Consult a fee-based financial professional if necessary. If you don’t have the knowledge to invest by yourself, seek professional help. I recommend fee-only financial professionals.

Canadian Financial Blogs

Financial Blogs In Canada

First Published: June 7, 2009 ADawnJournal.com

It is time to present a list of Canadian Financial Blogs for my readers. There are many (probably too many) blogs out there these days—not all of them worth mentioning. In search of blogs that can be mentioned here, I have set some standard criteria to follow. Each blog needs to go through these filters, thus providing you with only quality writing and a pleasant reading experience.

Here are the filters for the ADJ litmus test:

·   The blog must have its own domain name. Free hosted blogs are simply not professional and lose credibility. You can’t simply expect to be taken seriously if you are on a free hosted site.

·   The blog must be three months old.

·   The blog must not have too much time lags between posts.

·   The blog must present original, vibrant, timely and timeless content.

·   I am featuring only English language and family-friendly blogs.

·   Blogs with low Google PageRank may not be approved but will be given special consideration to be listed.

This post is going to be updated from time to time to add dynamic, promising new blogs. If you come across a blog that you would like me to add, send me an email via my contact page or write a comment underneath this post.

I will be using sites’ own descriptions to describe these sites. For example, A Dawn Journal would appear as: A Dawn Journal – A blog on Personal Finance, Investing, Entrepreneurship, and More. Sites will be listed in alphabetical order – this puts A Dawn Journal on the top spot. Let’s begin our list.

Canadian Financial Blogs – The List

A Dawn Journal A blog on Personal Finance, Investing, Entrepreneurship, and More.

Canadian Capitalist – A personal finance blog to help Canadians navigate their way through the alphabet soup of financial acronyms: RRSPs, RESPs, TFSAs, mutual funds and ETFs

Canadian Personal Finance Blog – Personal Finances and Consumer Concerns, essays, stories, examples and how to articles with a distinctly Canadian Point of View

Canada Personal Finance Website – A personal finance website written in simple and understandable terms from a Canadian perspective.

Four Pillars – Investing and personal finance

The Dividend Guy – One Guy’s Journey to Passive Income Through Dividend Investing

The Financial Blogger – Got Money?

Thicken My Wallet – Everything to do with thickening your wallet

Million Dollar Journey – The Making of a Millionaire – A Canadian Personal Finance Blog. Daily topics include The Smith Manoeuvre, RRSP, Canadian discount brokerages, Questrade, early retirement and book reviews

Worthwhile Canadian Initiative – A mainly Canadian economics blog

Where Does All My Money GoWhere Does All My Money Go

NB – I will be adding more sites slowly

Toronto Stock Exchange Has Launched A New Portal Called TMX Money

TSX Launches TMX

First Published: June 15, 2009 ADawnJournal.com

Toronto Stock Exchange (TSX) has launched its new financial portal “TMX Money.” Visitors will be able to access a series of new features and investment research tools to make informed investment decisions.

Some of these tools are:

– Stock screener
– Financial calculators
– Stock Market glossary
– Customizable ticker
– Business news
– Exchange Traded Funds (ETF) portal
– And much more

I like ETF portal the most. Exchange Traded Funds (ETFs) are growing in popularity and opening up new investment opportunities and possibilities. I encourage you to check out TMX Money’s ETF section as it provides helpful ETF information. Visit TMX Money for more information.