Topic: Ignore Financial accountability to your detriment (Read 485 times)

You should also not discount the education that a person receives from an early age up until when they enter the world looking for work. If somebody is taught early on the significance of money, instead of just learning some basic numbers and math, then they are likely to fair a lot better. You'll often find things like private education will cover this extensively, to fully prepare their students for the world of financial sharks that operates around them. Everyone is susceptible to things like advertising that is trying to pry money from our wallets every day and lots of people over extend themselves into debt, which can lead to a vicious downward spiral and make it much more expense to get back to zero.

If you want your money to grow higher to make you popular in your environment, you are capable to do that by investing the money on some decentralized investments that will add more profits to you, and if you want your money to remain low in your account in away you will not be wealthy, you are capable to do that by not investing the money on potential assets that will improve your wealth.

If you are ready to always take opportunity that will increase your money in the future by having different sources of income in your environment, you can secure good wealth that will last you and your entire family to enjoy and to multiple.

 I know that many people no that securing wealth for their unborn children is a good thing someone can ever do to eliminate poverty for their unborn children by creating some quality wallets and store some coins that will bring good results in the future.

The number one purpose to money is security, its important to recognize because ultimately it underlines what will succeed or not.  Its easy to forget because the world currently and for some time is saturated with speculative assets and markets biased towards fast gains and leveraged trades but its still true on the fundamentals that security of an asset is what matters.  Its also why everything sells off so often because of leverage and because this polar opposite is what yanks things back, only when markets are scared do they end up being more realistic on this point or its more greed I guess.

As we have our own necessities and priorities in life, you are the only person who should know where to allocate your income into. And if you know how to manage your funds, whether you have small or big income, you can still allocate some savings if you want to. This will determine how resilient you are in achieving your targets. It will also make you a creative person as you battle your day to day living expenses.


On the note of health insurance, I believe, you will appreciate this once you are getting old or sickly and you need medical visits and you have medical expenses to pay for. For me, I would invest on this one. Not only for you but for your immediate family as well. I would go definitely for child trust fund. This for me is also important if you can afford to.

That's why investors and financial practitioners would suggests that you use or put your money into things that'll generate more income for you.Having a balanced financial accountability is crucial especially when you want to be in charge of your finances in terms of decision making and actions.

That's why they say knowledge is power.Being able to take responsibility of your financial situation and understanding the importance of financial accountability helps individuals and organizations make choices, avoid unnecessary risks, and achieve long-term financial goals and stability.

I fully agree with you, we are responsible for our own actions in life and need to accept the choices we make. When it comes to financial accountability there is no point in searching for the mistakes in others, in the end we always have the final decision in where we are going to spend, save or invest our money. This doesn't mean a good investor is not going to make mistakes. Everybody is going to have losses in their life, that is just part of the game. As soon as there is risk involved there is a possibility for us to lose our money and we need to live with that. The important part is to learn from our mistakes and try to not to repeat them. Luck is not something we should be counting on, because it's mostly having an impact short term on our finances. Over a long enough period of time, our own skill and making financially sound investments is going to outweigh luck. Which is why I keep track of all my investments and will keep checking if I made the right call on my trades. We should all own our mistakes and learn from them for the future.

Well of course you are accountable of your money because
it’s yours hence why you can never blame anyone if you end up
losing all your wealth.

If you want to be better and more responsible
in holding your money then take a step back and write
all your purchases from now on. Take a look at which you spend
money on the most and see if you really need to be doing that.

Being financially secure would require lots of work and patience
but it will pay off greatly.

Yes there comes a time in most people's life when they can earn as much as they want but the point is that it should not be limited to earning money but you have to see how much money you earn at the end of the month or at the end of the day. Let's say if a person earns 1000 dollars a month then many may say that this person has earned a lot but it mostly depends on how much of your money you can keep for yourself at the end of the day. If you earn your money and spend it unnecessarily in various sectors then it will not bring you much benefit and at the end of the day you will end up in trouble. So whatever amount of money you earn you should spend it in the right place and not spend it unnecessarily and create a liability in yourself.

The expectation for men to take financial responsibility within their households implies a significant aspect of traditional gender roles and societal expectations. Men are often viewed as the primary providers and are thus expected to manage the financial affairs of their families. The pressure to fulfill this role can be immense, especially when considering the welfare of multiple dependents. Men may feel compelled to shoulder the burden of financial accountability, knowing that their decisions can have consequences for their families.

Ideally, Society shouldn't see financial responsibility and accountability are masculine traits. Both men and women can and should play active roles in managing household finances, regardless of traditional gender roles. Collaborative decision-making and shared responsibilities can lead to more equitable and sustainable financial practices within families. Ignorance may contribute to financial mismanagement, but People need to be provided the knowledge and resources to make informed decisions.

Let's take a look at financial intelligence because you have a point. That is just the fact that some people have the chance to get rich, but due to a lack of intelligence in finance, they will still be complaining or they will still remain poor. Management of your own finances is hard in some cases and is also simple in others, which will send an arrow directly to your childhood because many people tend to have their financial discipline at a young age or from the family background they came from, which is a fact.

For instance, if a son is raised up in a rich home and a son is raised in a poor home, you can’t say that their financial discipline or management will be the same. I can assure you that even their financial planning will be different because everyone plans with what he is used to. That is why you find it hard to see a poor man who makes it to get rich are not usually engaged in unnecessary spending than the ones born and brought up in a rich family.

  A wise man once said that riches work with generations. For instance, if your great-grandfather is wealthy, your grandfather will be rich because he will not put more effort into looking for money. Your father will be slightly rich, and then you, as the son, will get poor. The process continues till it reaches the extremely poor stage, which is when it will rise again. While if your great-grandfather's father is extremely poor, your grandfather will try his possible best not to be so poor, and it will be hard for him to get that rich, but let's say he is in the average class, then your father will be rich because he will also try to be more than his father, so you, as the son, are possibly getting richer if you work harder to change the narrative of your father’s wealth, but if you are raised and taught how to spend without planning, then it is possible for your son to get broke again, and this process continues. 

Financial accountability is what makes you and your family safe through hard times. Every person in the earning age should be financially accountable.
A pension fund is the first thing for your financial accountability. If your employer provides you a pension than it's fine otherwise you need to have a pension fund on your own. In some countries social security funds do cover pensions. Another thing you need to have is an heath insurance, the wider the coverage the better. Most even suggest a health insurance but personally I'm not a fan of it. Another financial tool to implement for your kids is child trust fund. Every parents should do it for their child.
 

I don't know if I understood you well. Do you mean financial responsibility or financial accountability? Because there is a difference.

Financial responsibility is the result of holding yourself accountable and trying to control expenses and spending so that they do not go out of budget or cause you to go bankrupt later if the expenses are large. Therefore, this is your responsibility and you must pay close attention to it.

As for financial accountability, when someone holds you accountable or you hold another person accountable, that is, your manager or direct boss at work holds you accountable for your work and the expenses he has placed in your hand, or you hold accountable the people who are under your control at work.

In short, responsibility is that you hold yourself accountable, while accountability is that someone else holds you accountable.

I have a different view in this case because in my opinion, accountability is important to manage our finances and organize them properly in terms of income and expenses because with good accountability we can ultimately adjust the income we have for expenses that are sure to follow which in the end this also makes the financial stability we have smoother.

As for Investments when we are in an investment something it also adjusts in the end because if we can make a comparison calculation then it is certain that in that expenditure we must have included investment and unexpected funds for us to keep ourselves today (for daily needs) and the future (investment) running smoothly. It will be wrong if we don't care about accountability in financial management because it will cause our income and expenses to be unbalanced.

Having a budget and strictly following its provisions is very important if one wants to be financially accountable. However, there is always a need to review budgets to check if one will continue with the budget or review it. There are always distractions that would want to entice us not to follow our budgets but with discipline and determination, we can always overcome them. 

I might be unlucky but most of the women I have come in contact with are great spenders. You will see their husbands always complain about how they spend money on mostly articles of clothing, phones and cosmetics. I agree that some women are prudent especially if they have children. They will always consider the wellbeing of the children before they spend. I just think that financial accountability is not determined by sex because both male or female could be wasteful spenders.   

It in the end, a concern of how much financial intelligence one has. It is not just about saving money or anything of the likes. It is knowing when, how much, for how long and with whom, that matter most to being more financially accountable than otherwise.

 There's no saying financial accountability is gender based but most men marry so that their wives who they believe are more financially disciplined would manage the funds better.
 I think men love to spend more than women do and where a man is the head of his home with more than one persons to take care of, how can such a man have a choice if not to be nothing else but accountable for how he handles his finances. Where he fails, the feedback echoes into his generation of how much a worthless person or an infidel the man is. All this many times is due to the fact that these people failed to be financially accountable perhaps because of ignorance, but that's not an excuse.

While external factors can impact us, ultimately, our choices shape our financial well-being.  Imagine taking ownership of your finances and making informed decisions for a secure future. The observation about the limitations of a single income source is insightful.  Economic instability highlights the importance of diversification.  Imagine relying on multiple income streams to create a financial safety net.

The emphasis on consistent planning, regardless of income level, is key.  Developing an investment strategy, even with a modest income, can yield long-term benefits.  Imagine building a financial foundation, brick by brick, to weather economic storms. Financial resilience requires a proactive approach.  Taking responsibility for your finances, diversifying your income sources, and planning for the future, even in uncertain times, are essential for a secure financial future.

Without a budget, it's easy to lose track of your money and fall into irresponsible spending habits.  Imagine living paycheck to paycheck, unable to account for where your hard-earned cash goes. The concept of financial accountability as a detailed report on your spending is insightful.  Taking ownership of your finances and understanding where your money goes empowers you to make informed decisions.

The distinction between reckless spending and responsible use of funds is important.  The story of your cousin who wasted his earnings highlights the potential consequences of financial irresponsibility.  Imagine prioritizing short-term pleasure over long-term investments in your career development. The connection between financial choices and future opportunities is crucial.  Not investing in skill development, like your cousin neglecting courses, can have a significant impact on employability.  Imagine missing out on career advancement opportunities due to a lack of necessary skills.

Financial accountability for me means having a budget for your income and being disciplined to stick to the plan, without a budget it's easy to spend money on unimportant things or expenses that can be carried over. Income earners must be very strict in their spendings, any expenses that's not in the budget should be discarded, except it's perhaps on health ground, without this when you have money in your pocket, a lot of distractions that requires you to spend money will always present itself, this is why financial discipline can not be overemphasized. Lastly where financial accountability really matters is how anybody priorities their personal budget, that's where the difference between financial freedom or financial bondage lies.

I think it's more about financial management than accountability, unless we're talking about accountability of, say, someone responsible for using taxpayers' money to the public. It's important to have an understanding of how much one's earning and how much one's spending on which activities. It's not necessary to keep track of everything, and good planning, to me, involves planning a little extra funds to cover some unexpected expenses.
If we're talking about investments, one can set small goals and make small tasks for oneself, and then analyse how it went.

What you said here is the facts which stand hidden to many wastage is the most dangerous thing in life mostly once it come to do with financial wastage such as inability to invest appropriately on what will yield income, the problem of failure is associated to this wasteful of money because it takes you back hundred time your required position to be because what you would have solved as a problem keep facing and you must solve it dragging one backwards. But when proper usage and adequate accountability is made with money it position you far ahead of problem and life task as what would have required your Man power alone can hire external manpower to assist solve the tasks.