Are You in Charge of Your Financial Destiny?

by Miranda Marquit · 7 comments

Unfortunately, in life we experience setbacks. This is as true in finances as it is in anything else. I know that sometimes it seems as though it’s one thing after another. We had a flood in our basement just before Christmas, then 4th quarter estimated taxes for 2010 were due in January, and of course, we just finished sending checks to the State and the Federal governments for taxes. You probably have similar experiences: times when it seems as though one bill follows another.

Sometimes, too, we experience unexpected emergencies and catastrophes. When we have these setbacks, it can be tempting to think that we will never be able to get on top of things again. However, if you take the time to be in charge of your financial destiny, and make sure you are engaging in good financial behaviors, you might be able to weather the unexpected a little better.

Do You Rely on Someone Else for All Your Income?

To some extent, we all rely on someone else for income. Someone, somewhere, has to be buying a product or service in order for us to have paying work. But are you relying too heavily on your employer to ensure that you have the money you need?

Too much dependence on a more traditional job can mean letting someone else have a little more control over your financial destiny. If someone else decides to fire you, they are taking away your income. If they decide to increase your portion of premiums for health insurance, or slash benefits, there isn’t much you can do about it. And that can leave you with little control over your financial destiny.

Taking Control of Your Financial Destiny

Do you have to quit your day job and become an entrepreneur in order to control your financial destiny? Not necessarily. But you might need to cultivate some income diversity so that if something does happen with your traditional job, you aren’t as financially devastated. Dividend stocks, some web sites, or a small side business can all help.

You can also take control of your financial destiny through planning. Set aside money for emergencies, and save up for retirement. When you build up an emergency fund, you are more likely to be able to absorb the costs that come with natural disasters, or accidents. Saving up for retirement can help secure your future. When you are properly insured, your assets are protected so that your losses aren’t as great.

Bottom Line

There are certainly things that you cannot control in life. However, you can control your financial destiny. With some planning and preparation, you can put your finances in a state that allows for you to weather storms, and come out ahead. At the very least, learning about how money works can help you get back on top after you have been down. Many successful entrepreneurs have lost everything — more than once. However, they know how to get money to work for them, and they usually have plans for recovery. When you go out and take charge, it is possible for you to control what happens to your money.

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{ 7 comments… read them below or add one }

Jenna, Adaptu Community Manager April 26, 2011 at 2:19 pm

One of my mentors in college taught me to always have an exit plan for work. Although she called it a “stepping stone”. Always know how the job you are doing right now will be able to help you step closer to your next goal in life.

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Mano April 27, 2011 at 7:11 am

Yes indeed. Planning effectively is the key to take care of our finances and other things. There’s nothing more effective in efficient planning, organizing things well, and Taking Action . :)

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Lulu April 27, 2011 at 7:53 am

I think one of the most important things is to have an emergency fund so that when life throws those curve balls at you they do not overwhelm you or wreck your budget for the month.

It is always good to have a plan and it really shows you the importance of having a budget as well since that is your financial plan. I do believe that we can control a good deal of our financial destiny….we just need to put in the work up front.

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Ericaatgobankingrates April 27, 2011 at 3:40 pm

I think its also important to be in control of your financial destiny in a relationship. So many women abdicate their power to the person they marry – especially if he makes more money. Even if you quit your job to be a stay-at-home mom, at least stay on top of all financial affairs.
– Erica

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Mano April 28, 2011 at 8:43 am

yep, Be wise in handling your financial destiny. It is important to know how to spend money wisely. Whether you’re a man or a woman, it is a must to control your financial destiny effectively. however, this is not instant to a lot of people.

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Michael Real April 29, 2011 at 5:01 am

The rule is simple : if its your money, be the one to take control of it. That is how things should be from the beginning. Thanks for sharing the article by the way.

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Witty Artist April 30, 2011 at 4:30 am

The most important is that you don’t rely 100% on your traditional job. You must keep your options open. Make the best of every chance and opportunity you see, cause you might never know.:)

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