Each person has their own idea of financial security.  In most cases this is determined by their current financial situation and what stage of life you are in presently.  Take for example a student fresh out of college.  Their idea of financial security might include having a job which provides enough income to cover their student loans and other expenses without real thought to the long years to come.  On the other hand you may have the baby boomer facing retirement.  They may have a grossly different view of financial security as they begin their golden years and worry if they have saved enough money to sustain their desired lifestyle.  Regardless of what your “idea” is for financial security, there are a few common practices that each person must master before achieving their success. 

Debt Management
It is common to assume that more mature people have a better chance of managing their money by default.  After all they have had years of experience to learn from their mistakes and develop good financial habits.  One exception may be debt management.  For the first time in decades the younger generation may be in a position to handle their money better than previous generations if they are able to learn from the current financial crisis and avoid the mistakes of previous generations.  Managing your debt or avoiding debt in the current economic climate is the first step in finding financial security.  If you are already up to your ears in debt do not despair, it is never to late to take the necessary steps needed to get out of debt.  The point is this: if you have a high debt burden you will struggle each day until you face the problem and get out of debt.

Building Wealth
Achieving financial success is not a crap shoot.  It requires sound financial decisions and the ability to delay gratification in order to invest in your future.  You must have a long and short term goals and a financial plan to reach those goals.    Investing in your future is not only important in your lifetime but that of your children as well.  Take advantage of employer matched retirement programs, diversify your portfolio and stay on top of where your money is to ensure you get the most return on your investment.

Planning For The Expected
Let's face it, life is full of twists and turns and no one can predict what will happen down the road.  With that in mind each of us can realistically expect to face certain situations in our lifetime that we can prepare for in advance.  The loss of a job, birth of a child or death of a spouse are not things that we can know years in advance, however there is a good chance each of us will experience one or more of these or similar situations.  Saving money is essential to financial stability.  You may call it a rainy day fund, an emergency fund or any other name you wish, as long as you actively save money for life's expected surprises.