How to Take Charge of Your Financial Destiny

With a new year underway, it’s time to seriously consider how you will take charge of your own financial destiny.

Too often, it’s easy to sit back and let someone else have too much control over your finances.

Instead of remaining a victim of circumstance, make it a point to take charge of your financial destiny in the coming year.

Taking Charge of Your Financial Destiny

Your Money Attitude is Everything

The first step is to pinpoint your money attitude.

Your financial attitude has a lot to do with whether or not your feel as though you can take charge of your financial destiny.  Many of us think of our finances as something outside our control.  We are worried that the boss will fire us.  The market is doing poorly and that is the reason our finances are failing.

While it’s true that there are things that happen outside our control, and those things can impact our finances, that doesn’t mean that you have no control over what comes next.

You are in control of how you respond to the situation, and it’s up to you to determine what your next steps will be.

On top of that, you can even be in charge of the resources you have at your disposal to combat a financial setback.

The first thing you need to do is recognize that you can be in control of your financial destiny, and that you don’t always have to be subject to circumstance.  Adjust your attitude to recognize that you are ultimately responsible for your financial success, and you are more likely to feel empowered to take the steps to make your financial destiny a good one.

Diversify Your Income

take charge of financial destiny

How will you take charge of your financial destiny?

If you want to be in charge of your own financial destiny, you need to avoid relying too heavily on one source of income.

If your only source of income is one day job, you are at the mercy of your employer for your financial well-being.  As a freelance writer, I am wary of becoming too dependent on any one client for gigs.  What happens if that gig dries up?

Look for ways to diversify your income a little bit.

You don’t have to quit your day job for this to work.  Just look for little ways to build up more assets.  From creating an income portfolio, to starting a side hustle, to encouraging your life partner to get a part-time job, there are different ways to diversify your income.

When you have multiple streams of income, you aren’t as devastated if you lose one source of income.  Your other revenue streams can pick up the slack to some degree.

Reduce Your Liabilities

When you have financial obligations, particularly debt obligations, you are not fully in charge of your financial destiny.

Your resources technically belong to someone else!

Work on reducing your liabilities so that more of your money remains at your disposal.  Pay down debt as quickly as you can, and try to avoid taking on a large number of debt obligations.  Focus on building assets of value that can provide you with potential returns.

As you reduce your obligations, your money becomes your own, and you are far more likely to be able to dictate where that money goes.

Prepare for Financial Setbacks

Financial setbacks are going to happen.  You need to be ready for them.

An emergency fund can help you avoid complete catastrophe in the event of a medical disaster, job loss, or natural event.  Your emergency fund, paired with adequate insurance coverage to protect your assets, as well as a somewhat diverse income, can help you weather financial setbacks with a little more grace.

Prepare ahead of time for the future, and you won’t be at the mercy of whatever money difficulty life presents.  You’ll be able to take charge of the situation, and increase your chances of remaining financially viable.

Bottom Line

You need to be ready to be in charge of your financial situation.

It’s important that you take charge of your financial destiny.  Recognize that you are in charge of your response to difficulties and problems, and then take the steps needed to avoid letting circumstances and others control your financial success.

How will you take charge of your financial destiny?

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Published or updated January 3, 2013.


  1. In order to improve I always take note of my current situation and figure out how or why I am in the situation I am in. After I understand why I work on the change!

  2. I think I am confident with our financial destiny. We have followed most of the tips and techniques I learned from reading personal finance blogs; that is, diversified income from our small business, stocks, CDs, and other savings. We have also reduced our debt to almost 80%, which we expect to be paid off within the first quarter.

  3. Jane Savers @ The Money Puzzle says:

    As a single mom I rely on my one income for everything. I do worry about meeting my expenses so I am trying to push my boss, every so respectfully and politely, to assign us regular days off so I can look for part time work. He is hesitant to do this as he likes the flexibilty of any day, anytime scheduling and he knows it is easy to find a fill in if someone calls in sick.

    I need to find ideas for work that I can do on my own time without a fixed schedule. Any suggestions?

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