All my life I have made huge mistakes with money, I made a lot (no BS) and I spent a LOT. It’s just now (at 24 years old) that I’m beginning to make sense of it all. Below are 5 habits I’m guilty off that ruined my finances, they are sure fire ways to send your finances down the drain so if you while you’re reading you realise you’re as guilty as me, it’s time for a change!!
5 Sure Fire Ways To Send Your Finances Down The Drain
Not Understanding Money: Some people have the wrong attitude towards personal finance. They think they know what they’re doing but in reality, they’re in the darkness sinking deeper and deeper into trouble. Make sure you’re educated about how to manage your money, how your money works, where it’s going, etc..
Not Having A Budget: Wandering through life without a budget is like wandering in a dark room filled with sharp objects; You’re bound to get cut at some point or another. Have yourself a solid budget to keep your finances in check. It would be much easier for you to save money and avoid a financial meltdown if you create a realistic budget to stick to.
Not Working On Increasing Your Income: If you’re not progressing you’re regressing. I’m always challenging myself to make more, not that I’m greedy LOL but I just want to have more leverage on my expenses. That isn’t bad is it? Times change, things happen and the cost of life is increasing everyday.. If you’re not committed to increasing your income either by working for a raise or setting up your own business, in 5 years time you’re going to have a big problem.
You Think You Deserve More: OK I’m the most guilty, Let me explain: One of my major financial problem was that I spent more than I had to. A few years ago I was working three jobs, not because I needed but because I was trying to increase my income (see latter point). I had a ton of money coming in, so what I did with it? Blew it all away because I thought I deserved it since I was working so much. Out of all that work I have $0 to show for. Make sure to find a balance in your life! 🙂
Spending Money You Do Not Have: I plead guilty yet again; throughout my life I have always spent money like mad, leading me to having to borrow money (from family luckily, never banks). I was living way beyond my means and spending money that still hasn’t made it to my wallet yet. After a while it all caught up and it came crashing down. This is a very, very dangerous things to do and I beg you to check your spending before it happens to you as well.
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Till next time 🙂
Hi, I’m Chris Lee. In September 2013 I decided to quit my job to focus on building up my business. Glad to say that till now all is going well and I think I made the right decision but it’s only because I have learned how to properly manage my personal finances.