Fitzsimons Credit Union


Fitzsimons Credit Union blog

Change How You Think About Money: 5 Things You Can Do To Become Wealthy

Change How You Think About Money: 5 Things You Can Do To Become Wealthy

How do you define wealth? Some define wealth as having a lot of money and possessions. But consider this definition: “wealth is the difference between what you earn and what you spend”.

In 2015 the National Bureau of Economic Research estimated about 15 percent of NFL players go bankrupt within 12 years of hanging up their jerseys. Why does this happen?  Generally speaking, the problem is usually a lack of financial management skills. If you don’t know how to manage money, it won’t matter how much you have. Your habits contribute to your financial success or failure. 

If you’re not financially savvy and you suddenly come into money, the temptation is to increase your spending in direct proportion. That’s a mistake. Without a sound financial strategy, your new wealth can disappear as quickly as it came. Truly wealthy people have a plan in place to protect the money they have, and more importantly, keep it growing. Rich people have money. Wealthy people know how to keep it.

The good news is, you don’t have to be rich to be smart. If you earn a living wage, you can change your financial habits and create personal wealth. Just follow these steps:

1. Get out of debt: One of the keys to financial success and security involves paying down debt, as well as avoiding future debt. Pay down “bad debt” first, such as credit cards, car loans, and any other loans that have high-interest rates. Some loans can benefit you during this process like refinancing your auto loan to reduce your monthly payments or taking out a low-interest personal loan to consolidate high-interest credit card debt. In fact, you can talk to one of our Financial Consultants who will help you put together a strategic financial plan specific to your needs.

2. Create a budget and live within your means: Look at your monthly spending habits to see where you can cut back. Ideally, only 25% to 35% of your income should go to housing, but there are other budget items to consider. Use this handout as a guideline to create your own budget. Focus on needs versus wants – is a zippy new sports car really worth the hefty price tag when a reliable used car can get you where you need to go for far less? We can all learn from billionaire Warren Buffet, who continues to live in a modest house that is worth a scant .001% of his total wealth.

3. Set financial goals: Spend wisely. Look at every purchase as an investment. The goal is to spend on things you truly care about and have money left over for life’s little (sometimes big) surprises. There is nothing wrong with wanting the latest tech gadget or going on lavish vacations, as long as they fit within your budget.  Check out apps like Savings Track to help you set financial goals and stay on track. Fitzsimons Credit Union offers partnership programs to help save and earn money on services you already use like cell phone plans and auto insurance.

4. Invest in the future: Acquire assets with the money you save; look into investments, retirement plans, and healthy savings accounts. Retirement is the biggest investment you can ever make. The earlier you start, the better. Take advantage of employer 401(k) plans, especially if they offer matching contributions. If you are a first-time investor, take a look at these investing apps that can help you dip your toes in the world of investing. Looking for more financial planning expertise? Visit with our in-house financial consultant, Steve Van Sky. He can help you reach your retirement goals or life goals in general.    

5. Give back to your community: The mark of a truly wealthy individual is how they give back and treat others. Check out ways you can give back to your local community. There are many fantastic organizations in Aurora, Colorado that are looking for a helping hand. 

Comments are closed.


equity mortgage skimming telephone scam 104EZ 1st home 1st Mortgage 2nd Mortgage a partnering credit union account safety tips account security accounts anniversary anschutz ANSCHUTZ CAMPUS anschutz campus credit union anschutz credit union anschutz credit unions anschutz financial institution apps ATM atown AURORA aurora community Aurora Credit Union aurora credit unions auto auto loan auto loans AUTO PROMO auto promotions auto purchasing AUTO REFINANCE black friday borrow budget budgeting budgets building credit building teen credit business accounts buying a house buying a new car buying an old car calls car buying CAR DEALS car financing car refinance CARBUYING carbuying for teens Cardvalet cars CARS IN AURORA cars to fit your family checking Children savings accounts childrens hospital Childrens Hospital Colorado childrens miracle network childrenshospital CHRISTMAS MONEY christmas presents cmn college college affordability Colorado Comitis Crisis Center Community community credit union Community Involvement Aurora conserve credit credit building credit card credit history credit report credit score credit union Credit Union Leaders credit union strong Credit Unions for Kids credit unions in aurora CUNA cutting costs cybersecurity data breaches debt debt-payoff Denver Area Credit Union deposit diy do it yourself Dreams Thrive Here drive-in education Emergency Funds equifax Executive Team experien extra income Extrasbenefits Fin Lit finance a business finances financial education financial fit financial goals financial literacy Financial Literacy Classes financial mistakes financial planning Financial resources for parents FINANCIAL STABILITY financing your vacation finding the right car for you Fitzsimons fitzsimons army hospital FITZSIMONS CREDIT UNION Fitzsimons Credit Union CEO fraud free credit report free tax help getting ready to move gift cards Giving Back goals Grocery Cart Races h&r block h&rblock heloc Helping the homeless hispanic outreach historic aurora history holiday accounts holiday budget HOLIDAY LOAN HOLIDAY SAVINGS holiday shopping' holidays home home buyer Home buying home improvements home investing Home Loans home selling homebuying homebuying mistakes housing how to prepare house to be sold how to save money on auto loans identity identity theft ilovemycreditunion income tax income tax return insurance interest rates Internal revenue service International credit union day invest IRS Juntos Avanzamos Juntoz Avanzamos Keller William:5280 Home Team kellerwilliams lastpass leasing a car library LikeABankButBetter line of creditt loan loans LOCAL Making a Difference making your money work for you member appreciation event. member benefits Millennials house mobile app mobile deposit money mortgage Mortgage Loan mortgage refinance moving my tax return national credit union month Nerdwallet new car new home new vs. old car NEW YEARS FINANCIAL RESOLOUTION new years resolution new years resolutioons online online learning and fun online safety online security Partnering Credit Union phone photo deposit ProtectMyID rainy day fun read realtor advice red rocks REFINANCE representative retirement safety SandraNeves save SAVE FOR THE HOLIDAYS saving Saving for a vacation SAVING HABITS saving money SAVINGS savings for children savvy saver accounts scam Scam alerts Scholarship scholarship grants school security security breaches selling your home selling your house senator Small Business small business loans small houses smart savings smartphone southlands Southlands credit union spanish speaking stanley marketplace starting a business stolen identity student loans SUMMER SUMMER DEALS summer vacation taming the debt dragon TAX HELP tax prep software Tax refund Tax return tax season tax tips Taxes teachable moments teaching children about money teen accounts teen debit cards teen scholarships thanksgiving thanksgiving dinner This Is Aurora TOGETHER WE ADVANCE TURBOTAX university used car used car loans Vacation vacation savings vacation tips VEHICLE REFINANCE Von Willebrand Disease VP of Finance wealth winter is coming WITHHOLDINGS Youth youth month youth savings accounts

Federally insured by NCUA |  Equal Opportunity Lender  |  © 2019 Fitzsimons Credit Union  |  303-340-3343  |  1-800-933-5839

Fitzsimons Credit Union recognizes the importance of ensuring our website is accessible to all users. We are in the process of redesigning our site in accordance with the requirements of the Americans with Disabilities Act (ADA) and will be publishing updates to the website within the next several months so that our content is readable via non-graphical, text-only browsers. We appreciate your patience during this process. links to third party websites that may not be controlled or owned by Fitzsimons Credit Union. Fitzsimons Credit Union may not be responsible for the content of the alternate web site neither does it represent either the third party nor the member if the two enter into a transaction. Fitzsimons Credit Union does not represent either the third party or member if a transaction is entered. Privacy and security policies may differ from those practiced by

NMLS #459085
Shared Branch Logo  CO-OP ATM Logo Centennial Logo



AFF NCUA LogoEqual Housing Logo      

Please Note:

You are now leaving the Fitzsimons Credit Union website. We are not responsible for
the privacy practices of any other web site. We encourage you to read the privacy policies
of any web site you access, especially if individual identifying information is being collected.

Fitzsimons Credit Union does not represent either the third party or member if a transaction is entered.

Continue Cancel

Don't ask again