Topic: Habits that can lead to your financial failure in 2024 - page 5. (Read 812 times)

If you can’t leave your comfort zone, then you might find it difficult to be successful in life, you won’t be getting everything you need easily, so you have to fight for what you need. Some people are finding it difficult to be successful, but they don’t know they are the cause of there problem, they are just too lazy to leave there comfort zone to struggle, you can’t seat at a place and you think you will be making it, you have to struggle if you want to make it.

Nobody wants to fail, and that’s the main reason why some people are not taking some actions because they are scared, but seriously if you can’t take risk then you can’t be successful, when taking risk, you have to keep it in mind that either you can win or you can lose, but if you are scared to lose, then you will never take risk, and you won’t be successful. Actually when taking risk, we shouldn’t take risk which is going to affect us negatively if things go bad.

That’s why some people are scammed most especially people in crypto space, if you are looking for easy ways to look for money, then you might even end up falling for Ponzi scheme which will be offering you high reward within a short particular period of time, and people that are looking for quick money are likely going to fall for scam.

If you want to do something, never say I will do it tomorrow, it’s better you do it instantly, some people have ruined their career just because of procrastination, that’s another thing which I know is always  one of the things that can lead to failure, so always make sure you avoid procrastination.

Being in your comfort zone will not lead you to your own failure. Actually, most successful people are already into their comfort zone but they just want to achieve more and they know that they can do more. On the other hand, I understand that some people are in their comfort zone and that makes them stagnant and no growth at all. But in today's period when you're in your comfort zone, having a stable salary, a stable job and all such, it's a good thing to have them.

Procrastination is an enemy to success, this habit is a bad one that can make one not to even take a step in life. Procrastinatng will alwsys  make you feel as if their is time for you to start up. I know it is never late to go after a project but it is worse when one knows the right thing to do but posting it, for it to be done later, with is habit it can't be possible for one to achieve success.

Procrastination always make people to miss better opportunities that can take place once in a life time. Procrastination is a sign of not prepared of achieving greatness.

Very good point OP and indeed what you said is what makes the situation financially difficult for ourselves because of some of the factors you mentioned.
It's hard to overcome all of them at the same time because there is a lack of confidence in ourselves that makes it even more complicated.

I feel some of the points mentioned including the last point in the matter of discipline and always procrastinating. This is something that is actually quite simple but difficult to leave behind because after all when we try to be disciplined and try not to delay anything it is precisely things like this that are difficult to do.
But indeed in this case there is always a resolution that must be done over time, we cannot change it overnight but there is a process that we must do so keep processing even though in this case we cannot eliminate everything at once but with good habits and starting to avoid things that make us hampered financially it is already a very good step to take.

I think the fear of failure or the fear to lose is a big issue when you aim for financial success in the future. It’s hard to see and gain profits without losing in the first place, as most those who are in the peak of success these days have experienced losing a lot before.

Having the fear to failure will certainly put limits to your own potentials to succeed in the future. So do not keep with this kind of mindset because that will obviously won’t help you in the long run.

The title says these can lead to financial failure and the post suggests it can hinder my growth, so which one is it?
Not participating in the market in fear of a loss will not lead to a person's financial failure. Cautious people tend to do good financially. They don't make spectacular gains but they usually save up a lot and profit from stable investments like bonds.
Your pieces of advice are very general and won't mean anything to most people. How am I to know which things are not necessary in my life? If we all knew that we'd save so much time.

everything on your list is true, I have also experienced that being in a comfort zone is really a time bomb, in order to live safely in the future what we need to do is always look for things that challenge us, even if it is too comfortable with the wrong partner then your economy will worsen. So I added,
👉choosing the wrong partner will make your economy worse in 2024
finding a calming life is really easy, we just need to stay away from things that disturb our minds, we even have to stay away from toxic people as much as possible who really destroy our lives. 2024 has just begun, let's be someone new, even better now.

that's right, in my opinion there are still many people who can't manage their finances properly like spending what they shouldn't do because it's not too important either, but this still happens a lot and maybe they still prioritize their own needs and tend not to prioritize their basic needs first,  and by not recording expenses it can load them experiencing problems in finance this certainly needs to be considered, because even though they have a large income, but if they have bad habits then they will not be able to achieve financial freedom.

I think that by recording expenses it has helped them in dealing with finances, because that way we will know where the money that has been lost is, and if we really have good thoughts,  of course we don't easily spend what we shouldn't like buying what is not too important, because there are people who buy an item even though they don't really need it and this is of course due to their own will,  so I think this needs to be addressed so that there are no problems with existing finances.

Yes you are right, many of them end up having unhealthy finances because they have expenses that they can't actually afford to spend, or in other words more expenses than income, it becomes a habit that must be changed. We should only focus on basic needs first that we cannot leave behind, while for other needs such as secondary or tertiary needs we should consider carefully, whether we really need it or not.
There are things that we must prioritize, there are things that are not necessary at all. We should already know what we should prioritize, because basic needs are needs that we cannot forget every day.

Being stuck in your comfort zone is pretty relaxing and depressing at the same time.

I'm afraid to try new things, I stopped trading for a while since I said to myself that maybe I'm not just good at it, but I'm willing to try it again once I've saved some money as my capital. My problem now I believe is that I always buy things that I "need" to cure my boredom, and sometimes, I spend a lot on it. So now, I decided to not spend any of my Bitcoin, hodl for a while and earn some and will sell it once a new all time high happen.

And I'll use my profit to start a little business to accumulate more money as much as possible.

This is very interesting topic and I love everyone's suggestions. Things that consider the reasons of financial failure is the fear of living our comfort zone and No perserverance, self discipline and do not accept constructive criticism. the things I mentioned are the qualities that we need because I believe that when you learn to accept mistakes and suggestions from other people, especially when you learn to take risks, you will see that your decision is right and it is possible to be a reason to achieve you financial freedom that you want. We have nothing to lose if we don't try.

That just a common advices, I don't think it's important. Nowadays mental health discussion, motivation, self development, online course etc are hot topics, many people watch it, but there's no action after that.

The most important thing is taking action, not only watching tons of motivations or evaluations.

To achieve successful financial, you only need two things: to learn a high income skill and know a way to hedge against inflation.

Many of us are afraid to try new things and don't want to leave our comfort zone because of worries. I have been there and honestly, I can say nothing will happen if you just stay on what you used to and won't explore for new opportunities. It's normal to have worries but if you won't take risk then you can't gain anything.

Well, I think too much spending for wants instead of what is only necessary can also cause financial failure. Because if you can't manage your finances properly (not thinking wisely) spending here and there just because you have money on hand is also a factor to fail. We need to be wise and think of what is the best thing to do currently that can be beneficial for the future. That even the time comes we're already incapable to work, we still have sources to earn money.

👉 Repeating the mistakes of the previous year.

We as humans make a lot of decisions, either financial or non-financial, and sometimes, or many times, our decisions do not go the way we might have expected. What we ought to do is learn from those experiences so that we do not repeat the same mistakes in the future to avoid problems that occurred in the previous instance.

However, many of us tend to make the same mistakes again, many once or more than that, and that makes us face repetitive problems, and those problems become losses for us if we make mistakes in a financial market such as the cryptocurrency market. Not doing that will make us gain more success in our endeavours.

-Good financial management
-Good emotion handling
-Realistic goals and targets
-Dont let others influence your decisions in life
-Doing in depth research if you are into something

There might be some things which might had been missed but we know that challenges and hurdles is always been part of life. This isnt really just
that only limited on financial aspect but also in other aspects in life as well on which you should really know on how to assess and find up solutions if
ever that problems would be existing. We do know that its never been that so simple on dealing up with life challenges but as we do go further ahead
on which experience would really be able to make us that sustain at least.

More than 90% of the financial problems people have are due to two reasons: buying a house beyond their means, buying a car beyond their means, or both. It can also be summarized in that the main problem is spending more than you earn, and buying houses or cars beyond your means leads to this.

The rest of the tips are not bad, but they do not address the main issue.

What you say is right, anyone who does not have the courage to face failure will certainly not be able to face this problem, but if we can study the mistakes that made us fail and can correct them, of course this will lead us to the success we want.
Of course, it takes courage and knowledge to run a business. Without courage and knowledge, of course we cannot make the right decisions about the business we run and those who can recover from failure will of course be able to correct the mistakes they have made. and don't do it again.
When we decide we don't want to go bankrupt with the business we are going to build, of course we have to continue working for other people and we have to feel satisfied with the salary we get from the place we work.

honestly spending is not wrong, even living a life that we want also not wrong despite making us spending more money than it should be but we should also know to have solid income and if not investment to back our life up.
I mean we can be earning some good money, investing it, and live off the profit from investing and we can be living luxurious enough because usually the profit of investment also astronomically high at bullish market like this.
I think it depends on how we manage our money, if we think we can afford some good luxurious thing from calculating our profit from investment and income and still left some money to save up its fine.
but the thing is that majority of people that are really consumptive in this regard, just buying every luxurious thing they see despite the fact that their earning is not really sufficient that they usually entangled in the debt and therefore making them fall into poverty thats the thing with many of people.

Having the inability to control spending is probably the most reason why people don’t succeed financially. People focus more on satisfying their wants instead of sticking to their basic needs so they can still save up for their future. The outcome is they always run out of their budget and end up buried with their debts.

If this attitude will not be changed, financial failure will certainly be the end result. And having consistent financial failure will lead into emotional and mental damage until that certain person decides to end his life if he will not be properly guided by the people around.

Fear of failure is something that people often experience, especially when they want to do business. Actually, failure is not something to be afraid of and failure does not mean the end of everything.
And this must be able to change the mindset about what failure means in our minds, make failure a step towards success and instill it in our minds so that we don't give up easily and stay focused on what is planned. And often the fear of failure can affect our performance so that we cannot focus and make it a mess and even fail, and after failing give up which means there is no progress in life, especially financially.