OK – Let’s give the Recession a break this time around and talk about something else for a bit. The Holy Grail of Life – the Secret to being successful.

It must be more than a coincidence – I looked closely at some immigrant families that  have migrated to the US,  and I saw that almost all of them have characteristics that fall into several of the following : Successful, Highly Educated, Thrifty, Rich, Happy…you get the drift. So I thought to myself, what are these folks doing that makes them so successful? They must have some magic mantra chant. My research led me to the following facts which seem to have a major influence upon their success:

1. Relationships are for keeps - If you want your partner to be perfect, then you’d better be perfect too. Since being perfect is impossible, it follows that neither you nor your partner is ever going to be perfect. So, once you enter a relationship, don’t take the easy exit. No relationship is going to be perfect, so learn to live with imperfections.

Financial Impact – No messy divorces, no alimony, peace of mind.

2. Stretch your legs only as far as the edge of the blanket you own - in other words, learn to live within your means. Of course, use credit if you must, but use it wisely. A friend of mine confessed that he was able to save about 45% of his monthly take home salary (ok, no mortgage), but isn’t that great? This rule would also mean – no maxed out credit cards, no new flashy car till the old one breaks down, no Bahamas cruises….and so on.

Financial implications – More money in the bank, more savings, emergency fund, secure future.

3. If you want something, be ready to give something up too - In other words, Sacrifice is the name of the game. You want an emergency fund in the bank? Then cut the cable TV out and watch TV online instead.  You want to visit your family back home abroad each year? Then skip that expensive 1080p Plasma TV. You want that nice family home in 10 years? Then replace the BMW buying plan with the Camry buying plan instead.

Financial Impact – Excellent long term returns.

4. Make your kids successful, sacrifice for them - We all want our kids to be successful. To ensure this, make sure you sacrifice your personal time. Are the kids exams nearing? Then, cut down on the outings to the mall and the TV times. Kids grades slipping? Punish the entire household by cutting TV time, Gifts, Movies and Outings. Ensure that the kids get the message that studies are critical – to everyone in the family. Who are the kids hanging out with after school? Make it your business to know.

Financial Impact – Comfortable old age. Rich kids pick out fancy nursing home for you in your old age.

5. Learn the value of money and teach it to the family as well, be frugal, not a Scrooge - Practice thrift and teach it to your kids too, but don’t go overboard. Buy the right stuff in the right place. Use coupons but avoid a coupon obsession. Cut the Plasma TV, but buy a good TV for the family room.  Buy that purse you liked, but stay within budget but buying it on sale instead. Get the kids the Wii, but only as a Birthday gift. Switch off the lights when you leave the room, but even more critical, ensure that the kids do it too. Give the nephew that birthday money, but as a Savings Bond, not cash to spend.

Financial Impact – More money in the bank, financially educated family, Excellent long term returns.