by Thomas Purcell

Created on: November 16, 2010

Yes, it's possible to live without regrets, but you have to approach life with some sort of plan, or model. Most people ask how- well, here are some basics, that everyone can work toward and life that life of no regret.

Get a good job, but upgrade your skills through training or education to make yourself more valuable to your employer- constantly. Upgrade your resume every 5-7 years to keep yourself competitive on the market, and ask for yearly raises or promotions. If you don't get them after 2 annual requests- move on. (If you are unemployed for more than 18 months, its time to broaden your job search, get retrained or consider moving to where there is more work) 

Save a portion of your paycheck weekly and put it toward a rainy day in a place you can get to it easily, like a checking or savings account, until you have about 6 months income on hand. 

Invest a portion of you income in a wide variety of long and medium term investments. Do not invest solely in one place, like the market, real estate or gold, since you will then be subject to the vagaries of that single market.  

Maximize your tax deductions by hiring a professional to do them. Moreover, use professionals in specific fields to make sure you get the most out of your money, particularly as your net worth grows and you get older. (Being retired is NOT living on a fixed income- Social Security is indexed and a good retirement plan allows for inflation, and should not preclude you from enjoying your golden years)

Don’t purchase a new car worth more than 30% of your annual income. Don’t get a mortgage payment more than 30% of your monthly income.  

Insure your assets with quality policies, but don’t over-insure yourself and drain your monthly budget. 

Don’t carry month to month balances on high interest store cards, and minimize your credit card use so that your outstanding balances are kept short term- less than six months. (Do not purchase things on credit when the financial future is questionable.) 

Don’t overspend- make a budget and stick to it. Keeping up with the Jones’s is a recipe for disaster.  

Be emotionally prepared for rainy days, including deaths in the family, divorce and loss of job. These will happen, it’s not your fault, and you will recover if you plan for them.  

There is no one formula for success and the only common note to success is hard work and perseverance. Procrastination

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