Topic: Habits that can lead to your financial failure in 2024 - page 2. (Read 900 times)

If you want to improve your financial status you must improve yourself person who wants to get rich but is still in a poor mindset doesn't have a chance to achieve this goal, self-investment is the ideal first move like making your look more presentable, so if you talk to other people they will not just degrade you, next is to invest in knowledge, you can have this through your experience and of course to other people, reason why rich people becomes richer because of the knowledge they have gained to the billionaires and millionaires the power of mindset, next I guess one of the most important is ignore what other people says negatively and focus with your self and goal, making a financial plan is a risky way but again no one trust you but yourself to become successful if many people disagree with you its all your fault if you follow them its not other peoples decision what will happen in your life.

Procrastination is a parasite that can cause one not to meet up with opportunity that may never come across in life again. To gain financial success it is important things must be done immediately,  waiting for a convenient time to start us very bad idea to gain success.  If you one to succeed financially in whatever you are doing right now he best time is to start now and never to Procrastinate it. Procrastination can lead to continuous Procrastination.

People are not patience any more again,  they feel it is waste of time following due process to gain success,  if one really understands the road that leads to success, it's not something that occurs immediately.  It takes consistency for one to make success financially but some people do not understand this, instead they want it fast that will cause them to problem.

Social media and instant life have influenced young people today. The existence of social media and the feeling of wanting to be recognized makes people willing to throw away their money just to fulfill their desires, not their needs. I don't have a problem if someone wants to buy branded goods. Provided that he already has financial freedom. But what most people experience is that they spend their paychecks just to be looked up to by others for having branded goods. This is a very bad lifestyle for the younger generation to have.

One of the most important attitudes for someone who wants to achieve financial freedom is the ability to postpone the desire to buy something. A famous study was conducted known as the Stanford Marshmallow experiment. Where the attitude of delaying getting rewards will enable someone to be financially successful in the future. This is the same as those of us who invest in crypto where there are people who can't wait to get rewards and there are long-term holders who collect coins little by little and set good selling targets in the future.

What you say is very true, it is not a good choice to listen to influencers on social media when it comes to finances, we must be able to manage our own finances and never use money for things we don't really need if we want to have financial problems.
In achieving financial freedom there are different ways to be financially successful, as you said there are those who have to work hard to achieve financial success and there are even some people who work casually but have different results from people who work hard, indeed It would be better for us to have a way of managing our finances that is truly appropriate to what we need and not spend the income we have on things we don't need.

Exactly! Because some of these influencers were paid to do such thing or they made money through offering crash courses. It's on their own interest and their financial advices might not work for us and that is the reason why we need to think twice before taking their advices.

Of course, why would someone listen to those influencers on social media? doesn't make sense specially in terms of financial and other matters that pertains to our money. So still need to develop our own strategy, our own habits on how to be successful and not be a failure this year.

Each and everyone of us are built different, throughout my life's experiences, I have seen people who manifested money very quick and then there are individuals who will have to grind it out year in year out to make money. So just strategized what works for you and not copy others as everyone is not the same as far as financial and money goes.

Seeing and following what is seen on social media is wrong for me. Their appearance on social media is not their real appearance, aka fake, which is far from real life.
I think something like that is not worthy of imitation for those of us who see it. We remain firm with a plan that has been made carefully and is full of calculations.
Minimizing unnecessary needs no matter how small and preparing no matter how small emergency money at any time are good habits that should be implemented in annual financial planning.

Most young people today don't think about their future because they prioritize the present, living in luxury, but in my opinion, it's not natural for them to force a luxurious lifestyle if they themselves don't have a clear job and their exit situation is only working as a employees or laborers. of course if they already have a clear job with an income then that is not a problem, because I myself have done it where I buy what I want using the money I earn myself.
someone who thinks about their future, of course they will definitely save money even though they don't have a job because they know there is a future that must be prepared for, therefore we should save for the future, only a few young people think about this, most of them spend money on style to suit current circumstances.

On the time that you are really that on these ages then it would be somewhat normal that you will really be thinking about having lavish life because you arent that thinking about the future aspect or things that do
happen not until on the time that they are the ones who would really be providing or simply they are the ones who would really be finding on the money that they could spend. This is why there's no sense of responsibility if you are really that still living with your parents since you do know that there's a source that you can get on acquiring those things but on the time that you are the ones who are really that needing to make money
then that sense of responsibility would really be waken up on which means that it would be changing up everything.

Just dont rush up because it would be always best that you should be wary on the things thats happening around. It would be better that you should get involved with investment and business
as early as you could on which we do know that not all would really be that sensible on doing so.

Yes, I agree with this because in my environment this is a reality, many young people in my environment are forcing themselves to be stylish, by buying high-value branded goods, which perhaps is a requirement of today where we have branded goods and high value is a sign that we are rich, but we don't know exactly how many young people are like that and what you say is true, even though it's not that important to them, but maybe it's because of prestige that drives them to buy branded and high-value goods. .

What I regret is that many of those who force themselves to be stylish by buying branded and high-value items are still at school, obviously they don't have jobs and don't have an income. so some of them style themselves by forcing their parents to buy them what they want, even though what they want has high value so it's rare for people to have it, this is because they look too much at the styles of other people who clearly have enough money , they should be able to look at their family's financial situation to be stylish, because if they really want to be stylish they should just adjust it to their financial situation, don't force them to look luxurious in front of many people because that will torture them.

Even those who don't have any comfort zone still find it difficult leaving their poverty and lack stricken environment for the fear of leaving their perceived friends and relatives. I've come to realize that anything we do in life with fear in mind doesn't flourish. Fear is a weapon, a negative weapon at that.

Anyone who's ever afraid of failure will always depend on what opinion people have of them to form their decision. If we've to count anyone who ever invented anything we will find out that they didn't win at their first attempt. There must have been series of failures before they succeeded.

Those into Ponzi schemes will understand  this better.

That's why working smart is much more appropriate than working hard because nowadays people don't need to spend energy and sweat to work, instead they just need to move other things to reach the stage of success. Investing and doing business are two ways that make it easier for someone to gain wealth, but they must be accompanied by the ability to run it because it is impossible for people to succeed if they don't know how to run it.

Talking about efficiency may require looking at opportunities and someone who is accumulating wealth may have to work ten times harder than someone who has already acquired wealth. Preparation factors, capital and availability of opportunities are other important parts and where someone can progress quickly or slowly to reach this stage of success. Something that is done with preparation will be easy to evaluate and business requires a process to achieve success and vice versa with investment.

Social media is one of the reasons why many people end up having the cost of living continue to rise when their income also rises. Seeing various displays on social media makes people always interested in doing what other people are doing or also buying what is trendy even though it is not that important and just to fulfill your desires or even just to show off, so it is very necessary to carry out financial planning and be disciplined with what has been planned and only spend more from the excess budget which would be wiser if saved or used as an investment.

one way to overcome overspending if we are not that good with saving is just increasing the income, but even then its easier than said, but will definitely expose greater risk of overspending at even higher level, but overall if our income are high enough our overspending can be allocated to spending for increasing an asset like real estate and so on, overspending not necessarily bad thing if we spend on something that can be sold at a higher value in the future.
its only problematic if we buy something like electronics that depreciate overtime as the value can hardly be retained but even then these electronic can be sold later on which mean still good enough at least to buy.
so basically overspending in my opinion is okay as long as we have idea that the thing we are buying are like some sort of investment for the future.

I would add overspending since any one who is not following a certain budget but dares to overspend will sure to end up with financial failure. While spending could be the easiest, saving on the other hand could be the hardest. And it takes self-control and discipline throughout the process so that one will only spend on the necessary things and avoid all those unnecessary stuffs as it could only lead into budget shortage that may cause eventually to take a loan just to overcome the financial failure.

Can't really say this one a bad thing to do. If you feel safer with the way you do and it does generate quite decent of money in a long run then it's fine to just keep it that way. Sure, leaving your comfort zone could make your income and revenue become higher but it takes time to actually learn what are you trying to do so you just not throwing away your money just because you are trying new things.

This just depends on what kind of easy you meant. Some of the stuff that is considered easy is fine to do as long as you know what is the risk and what action to do

To add to what you’ve said, I once listened to a podcast that spoke about knowing if you’re just busy or investing in your future. Your comment reminded me of the strategies mentioned to determine the different. One of them was that you should ask yourself if what you’re spending time on is helpful to the person you’re chasing to be or path you’re chasing to be in 5 years from now. If what you’re doing isn’t in line then it’s waste of time and a distraction. Simple method to know what you’re focusing your energy on.

We may list as many as we can but the year has nothing to do with it; the extent of how good this year would be, depends on us. Not because you risked and invested, then a positive outcome will be guaranteed. There will also be time that taking the risk won't be the best thing to do. On my end, you'd only suffer from financial failure if you will fail managing the risk and managing your cashflow. Failing is a normal thing and there's nothing wrong with it. What's wrong is to go all out without knowing the margin between risk and your overall capital; obviously if loss would eat 30% of your total capital as early as first quarter then it will already be hard to engage with another for this year, and if you will push through, out of frustration, that is where bigger failure could take place.
Indeed, investing to knowledge is a good thing but doing what you're good about will be a huge advantage. Not only because you already have knowledge but also you are more likely enjoying it which would be your fuel at times of struggle.In addition, being knowledgeable won't be enough to conquer anything, keep in mind that you should be good at it. Perhaps you will be facing a big project or investment, if you know to yourself that you are good at that field then it won't be that hard to adjust and create a positive outcome.

To a certain extent I think that it's fine to focus on a specific area where we know a lot about and want to generate the highest possible return out of it. The problem is that we are at risk to forget looking at the bigger picture. Especially when it comes to trading and investing, so much depends on the general market sentiment that even the best trader in one project will struggle to offset the losses in a bear market. That's why I would add the point of failing to focus on the bigger picture to your list, as an important point that we should invest time and research on.

The concept of passive income is about the efficiency and effectiveness of efforts that emphasize the importance of strategic approaches rather than solely relying on hard work. Working hard typically involves putting in a significant amount of time and effort to achieve a goal, whereas working smart involves optimizing your efforts to achieve the same or even better results. Passive income often comes from investments, businesses, or assets that generate revenue with minimal ongoing effort.

There is difference between those who have already acquired wealth and those in the process of accumulating it. Wealth accumulators might focus on immediate returns, while those who have already achieved financial success understand the value of building sustainable and passive income streams over the long term. People can create a more sustainable and resilient financial future by understanding how to generate passive income through smart and efficient methods. It's not just about the output but also about optimizing the input process for long-term success.