Overhaul your money habits JUNE 5, 2013 BY OLA EMMANUEL ([email protected]) LEAVE A COMMENT Ola Emmanuel | credits: File copy Are you someone who can own a business or can build enduring wealth, a fundamental sign is ability to save some amount of money even when you have too many things to spend money on? If you have the habit of spending all or above the money that comes into your hand, it will be difficult to move yourself to the realm where you can think about having a financial legacy. Let’s refresh our minds with this assertion: Financial responsibilities will always increase to meet the amount of money one may have. Or naturally, there are too many things to spend money on therefore whatever money that may come into someone’s hand already has myriad of needs waiting for it to take it away. To some, they are quick to borrow money to clothe themselves, to keep up with peer pressures, to satisfy some other needs or meet certain financial responsibilities. They find it difficult to keep their spending within their income. In these people, the will to discipline their desires to fit into their means is lacking. Not only are they not thrifty, they are actually in debt in order to satisfy personal desires. To become an achiever, the starting point is ability and discipline to spend less than you earn. Not that the income may be sufficient to meet your needs in the first place, but it is a duty to discipline yourself to spend below your income. It is a sacrifice to make; that is why it is called delayed gratification. It is wrong to gratify all your desires as soon as they show up. Some desires should be delayed today so that a better tomorrow can be established when the desires satisfied in the midst of surplus. In the face of rising costs of basic necessities, it calls for special ingenuity from anyone who wants to achieve something meaningful to properly manage whatever money that comes into his or her hand. But some people deliberately live lives that cannot be supported by their incomes. Not a few of this group of people have worked themselves into troubles by their false lifestyles. Before they realise themselves, it would have been too late to start anything meaningful that is longer lasting and life-sustaining. Many, in their pride, would have gone too far on the wrong lane that it becomes so difficult for them to adjust and bring themselves back on the right track. They fail to realise that the real strength in human being is ability to own up and be humble enough to make correction when it is certain that the way one understands life is not really what one thinks it is. To overhaul your money habit, you need to identify all your financial needs and responsibilities, understand the needs that are necessary, the ones that are luxuries, the needs that are important and urgent, the ones that are important but not urgent, and the ones that are neither important nor urgent (i.e. ability to prioritise personal financial obligations and responsibilities). Also, not a few believe that when they finish the money in their pockets today, they can always ask another person to give them more. Their attitudes and mentality is like the person they are asking money from doesn’t know how to spend money or he has too much that he cannot spend therefore he should transfer it to them to help spend it. Many people desire to own properties or have their own businesses but their present consumption habit may be the bane of their financial success and the obstacle before them that will not allow attainment of their targets. It is natural for human being to pick up consumption habits. When some of these habits are indulged unchecked, it will lead to what can hardly be managed or controlled. This is what makes some pick up untoward behaviours and they become huge problem to the society. When you choose a lifestyle that cannot be supported by your income, sooner you will be tempted to seek means of gratifying the lifestyle in noxious ways. Conduct a check on how you spend money and what you spend money on. Do you spend money without plan? Are you an impulse buyer or do you buy things that afterward you begin to ask yourself why you buy it? To emphasise Robert Kiyosaki’s submission, clearly some products or properties are actually liabilities, not assets. Some people run frantically to acquire liabilities that they think are assets. In exploring this money habit issue, we are going to examine some challenges and give a checklist to help.
Posted on: Wed, 05 Jun 2013 09:24:31 +0000
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