You may wonder why you find yourself in a financially embarrassing condition most of the time, even when you are expected to be buoyant owing to the fact that you earn a good pay. Some factors many people take for granted and your actions and inactions can be responsible for your predicament.
Not minding that your budget can put you in some financial strait. Some people never make budget while some others make budgets and hardly stick to it. Making budget may not be fun but it will surely help you a great deal.
Creating a budget helps you know your financial status from time to time, making you aware of where to make the necessary adjustments and this will help you plan ahead with peace of mind. You can also go further by putting these short, medium and long term plans on black and white to spur you to put them in perspective.
Living too large and living above your means or even trying to upgrade your standard of living because you earned extra money can even make you go broke before you know it.
Not considering how little sums could add up to become a large sum of money can make you go broke. By the time you carelessly spend some thousands or hundreds of Naira you consider insignificant, before you know it you most have spent a great deal. On the reverse if you save up those little sums of money you consider insignificant before you know it, you have a large sum of money in your account.
When you procrastinate your decision to start saving or investing you will discover that you will always go broke because there will never be a time that you have fulfilled your dreams.
Having itching hands in regards to money and never been able to restrain yourself from spending unnecessarily can make you go broke. When you cannot discipline yourself on your spending habit but will rather choose to always spend, spend and keep spending provided you have access to money no sooner will you discover you are broke?
Depending on others to make decisions for you in regards to your financial life and not taking the bull by the horns will make you go broke.
Not educating yourself on financial matters will leave you in the dark concerning your finances and consequently make you go broke. So how do you come out of these, educate yourself by attending seminars and reading financial articles. You have to establish the fact that there is always a point in your life where you don’t just read for the heck of it but to extract knowledge from your reading to help you in life.
You can also educate yourself by studying and watching closely the life of people who have succeeded financially in their live endeavors, what made them succeed and the reasons that made others fail financially.
Living a superficial life and intending to impress others could make you go broke. If you must stay put financially you must look away from expectations and influence of people that does not meet your needs.
Watch your health so that you health does not drain your resources as it is very true that health is wealth. When you watch your health and stay healthy you will save money to meet your other needs.
Don’t expect to get rich gambling as lasting wealth don’t come by gambling but through hard work, discipline and dedication.
Hope Ikwe
