http://www.jble.af.mil/News/Features/Display/Article/260547/

Unfortunately, not everyone is financially sensible. It’s hard to admit, but you may be one of those people. How can you tell? You can start by taking a look at your finances. If they are in ruins, the chances are you have made some mistakes along the way. But, this post isn’t here to criticize and make you feel bad; it’s here to help. Accepting the errors of your ways is the first step towards becoming financially stable. The next step is to look at the people who are as role models.

With that in mind, here are the traits you want to copy.

#1: File For Bankruptcy

First of all, bankruptcy is a last resort because the consequences can be dire. Not only are your assets up for grabs, but you can destroy your credit rating too. However, there are times when a bankruptcy attorney comes in handy. Financially sensible people understand this and use bankruptcy as a way to clean the slate. It is by no means a get-out-of-jail-free card, and you shouldn’t exploit the system. Still, you can clear unsecured debts without risking your livelihood or the livelihood of your family. Remember that secured debts stay no matter what, so a student loan won’t disappear because you file for a Chapter 11.

#2: Play A Long Game

Making money is about short-term gains for average men and women. They see a house, buy it, and flip it for a quick profit. Not a bad piece of business, right? Sure, it worked out this time, but the luck may change in the future. Rapid deals have too many variables, and that means they are risky. The sensible people try and avoid short-term profits and aim for long-term ones instead. They do it by investing in solid if not spectacular bonds. Apple and Facebook may be stock exchange staples, yet they steadily make money over time. Even Warren Buffett agrees.

#3: Cut Costs When Times Are Good

When money is tight, it’s obvious that reducing your expenses is essential. But, the logic changes when a person comes into money. Rather than maintain the same attitude, people spend as if money grows on trees. Well, not the men and women who have a considerable amount of wealth. Although retail therapy is tempting, they keep the purse strings tight. That means they don’t change their car or move properties, and save money for a rainy day.

#4: Wake Up Early

The idea of waking up three hours before going to work is spine tingling. However, a study shows that 44% of financially successful people share this trait. In simple terms, they get up and prepare for work mentally before they go into the office. That way, they don’t just turn up, clock in and coast through the day. From eating breakfast to reading the paper, they give themselves and their bodies the best chance of success. Most people can’t say the same thing because they get out of bed thirty minutes beforehand!

Finally, they have a routine because a pattern encourages consistency.