Do you want to splurge on a dream vacation to a tropical paradise? Would you like to have a savings account that is bursting at the seams? If you want more financial freedom, you’re in the right place.  Wealthy individuals don’t become well-off overnight; they exercise self-discipline and patience. This article will reveal seven secrets of the wealthy that will move you closer to your idea of financial success.

1. Decide you want to be wealthy and make a plan

The first step to gaining wealth is admitting you want it.  To solidify your proclamation, you have to write it down. Creating a plan will turn your dream into reality. Write down your goals and the steps you will take to get there. Your plan can be in the form of a budget, a list of bad financial habits you’ll replace with financially healthy habits, or you can enlist the help of a financial advisor.  After your plan is in place, tell people you know and trust to reinforce your goals and create accountability.

2. Pay yourself first

Save before you spend.  The best way to pay yourself is to set up an automatic payment to a separate account. At least 20% of your income should go to said account. Sometimes 20% is not possible. In this instance, subtract your income from your monthly expenses to calculate your disposable income. Your disposable income determines how much you have available to put towards saving.  If you notice that the amount left over after expenses is low, take a closer look at the monies going out.  Are you paying for wants or needs? Can you reduce or eliminate costs?

3. Pay down debt

Having debt is not conducive to your financial security because it prevents you from making the most out of your money. Decreasing your debt will ease stress, improve your credit score, and reduce the number of bills you have to pay. Focus on debt with the highest interest rate first and make payments above the minimum required amount. Also taking advantage of balance transfers is a beneficial move because it can significantly decrease the amount you pay towards interest.

4. Live below your means

Wealth cannot accumulate if you spend it.  That is all.

5. Cook your meals

I’m not the best cook, but I do it because I know it will save me money. Anyone eating my food will just have to grin and bear it because I am on a budget.  To give you more perspective, according to the United States Department of Agriculture, an average weekly grocery bill for one person is $77 and eating out costs an average of $12.75 per meal. If you were to eat out seven meals in a week, you would spend $89.25, not including the cost of the other meals you eat during the week.  Would you rather spend $89 on seven meals or $77 on more than 21 meals?

6. Invest

There is a misconception that only the wealthy invest in mutual funds and annuities; this could not be further from the truth. In fact, part of the reason you become wealthy and stay that way is because you invest your money. When you invest, multiple streams of income are created.  Marine FCU has trained professionals who can show you countless investment options that will get your money working hard for you.  While investing, be sure to diversify your efforts, because if you don’t, it’s similar to putting all your eggs in one basket. When all the eggs fall out, you’ll be left with nothing.

7. Say NO to instant gratification

I know that cute pair of shoes goes perfectly with that outfit you plan on wearing Friday night, but do you need it? Probably not.  If it’s a want and it’s not in your financial plan, just say no!

Okay, the secret’s out. If you implement these seven secrets, you will be well on your way to wealth and financial stability.  Before you exercise any of these seven secrets, you must follow bonus secret number eight.

8. Stop procrastinating!

These are just a few ways to achieve financial independence.  Share your secrets to becoming wealthy in the comments!