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What Keeps You Away From Personal Finance
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What prevents you from doing personal financing?

There are several reasons why people don't make a habit of running their personal financing. Most of people because of this actually aren't on top of their finances. They aren't fully aware of their realistic incomes and outcomes, don't know which areas of their money management to improve and can't properly prepare for future financial situations. Lets look at what prevents you from doing personal financing;

- Not being aware of personal financing benefits - If someone told you you could spare 1000$ a year, just by implementing personal financing, would you do it? A year has 12 months, a month has 4 weeks, which gives us 48 weeks. If you put around 20$ each week aside, you'll get 1000$ on the end of the year, waiting for you at Christmas times. Personal financing requires a set of habits most people don't have, and a discipline to remain loyal to financial goals. Once you start doing it, you'll also understand yourself more deeply. You'll think twice before buying something, because you'll know in which area of your budgets and expenses those numbers will go to. Some financial decisions will bring you money in the future, some will take it. If you buy things you consume or wear out, you've most likely made an unecessary expense. Whoever starts doing personal financing and continues doing so for at least 4 months will find enough reasons to continue doing it even later.

- Wrong idols - We all have attitudes towards things. Some of them we got from our parents, some from friends and some from other social environments. But seldom we get attitudes towards things related to financials from experts in that fields - people who have made a financial fortune. There are countless resources - e-books, how to's, audio books, webinars, seminars, etc. arranged by people who can be considered a reference for attaining wealth. Explore such persons, their aspects and views on things related to financials. They will provide you with a set of information and advices you can implement to make a change for yourself. Most of those you haven't even heard of or tried doing.

- Mental illusions - People avoid doing things they're not comfortable with. If you find yourself doing something, but your conscience or 'inner voice' keeps telling you to stop doing it, you won't feel good. Examine yourself and see why you wouldn't feel good about doing personal financing. Would you feel like a financial freak? Would feel too dependant on money? Would you have to change too many things in your life when you took a realistic look at your current financial decisions? There are many questions that might pop up, and sometimes not many answers, but solving these issues will help you a lot in the long run.

- Not being aware of what you loose if you're not doing personal financing - Think of all the benefits, and then look the other way around. Everything you're not doing good, you're doing wrong. The security that you'll feel while doing personal financing will do much for you. You won't get in awkward situations because you forgot about some debts, or to pay for something, or how much exactly someone else owes to you. These debt management issues almost always occur due to lack of personal financing.

Overall, you're missing a lot if you're not doing personal financing. Money can slip through your fingers without you knowing. It's a stupid situation when you look back and, after earning tens of thousands of dollars a year, not knowing where they are anymore, and you're left with debts. Personal financing is a wide field of money management undoubtly necessary for creating financial security, and even better, wealth.


Street Talk

Money has a way of evaporating on me, lol.

Reply
  about 6 years ago
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