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.

Know how to manage money to avoid financial responsibility. Many people do not manage their money properly and they remain poor in this way you can meet your needs according to the plan spend some money to buy all the products or services you like and ensure financial security in the long term. All these you can do without compromising your quality of life. Allocating some part of the budget for the future will make things easier.

Duh, in this world that's made to go around by money, being financially responsible is probably the least that you can do so you won't go homeless, if this wasn't the case, we'd never care about money. I'm curious about this financial house that you're talking about though, it's the first time that I've heard of such term, is this like your financial goal or something like and is being embodied by your house? I can agree with you on that last one, a lot of my expenses these past few months wouldn't have been possible if I don't have a budget for the expenses, helps a lot when you can recall where you've spent your money, that way you know what you can take away and see the potential money left over if you remove some of the excess or unnecessary expenses in your budget.

What you mean by financial house can also be likened to a financial scope that we have or that we already have so that each of us can make a little analysis in order to give birth to newer plans. Both expenditure planning and income planning must continue to be worked on as closely as possible, because now what is more difficult to maintain and cultivate well is the level of income. As for the level of spending, I think everyone can manage it well as long as they have money and the awareness not to spend it on things that are not important.

I agree with your points, and I'd like to add a few suggestions to enhance financial accountability. Firstly, utilizing tools like budgeting apps or spreadsheets can be incredibly helpful in staying on track. Secondly, having specific financial goals (like saving for a down payment or building an emergency fund) will keep you motivated to stick to your financial plan. Finally, it's important to remember that learning financial accountability is a process; making mistakes is normal. Being kind to yourself as you learn adds sustainability to the practice and helps you stay committed long-term.

I think this is part of financial literacy, which many failed unfortunately. There are so many people who are always short in their finances despite having high salaries. There are also many businesses that crumbled down because money coming from them were treated as personal by their owners.

The family of my mother started one business after another. They all ended up bankrupt. The main reason is that they weren't financially responsible. They weren't financially educated. They get money from the business for their personal use. They borrow from it without paying. The business could only absorb so much. It would give up at some point.

I think there should be someone on top of you who should take care of the accounting if you're not a responsible person because making yourself accountable is a very tough task. You just can't blame yourself for your mistakes unless you are a man of faith and words. It needs a big and courageous heart to say that I'm wrong.

If you're accountable for say your wife or your father then it'll be more practical because then you'll fear more. But in my opinion one should learn and make himself accountable to his own being. That's the skill that if someone learns it it'll be better for him in his entire life.

Financial accountability is good but very difficult practice, it takes a courageous and discipline person to be accountable for his money, money is use for planning and anyone to sustain his or her wealth your money must be channelled into meaning ventures.
For example I have an uncle who has attain a highest level in civil service Job in my country, though when he was in active service, I never see him spending extravagantly but i notice something  about him, recently he looks like someone who is broke,  i feel that he has taken some wrong steps or decisions that has made him to be like that.

I think one of the major suspects for this kind of situation are credit cards.

Lots of people nowadays are spending money that they do not have yet. They are willing to pay loans for the rest of their lives in order to buy something luxurious. I would understand using loans to buy a house or when setting up a business but it’s usually just phones, shoes, or cars which generally do not make sense to me.

This makes way for people to have their incomes vanish before it even hits their wallets. This is why it would seem that many highly paid people do not progress into their financial states.

Financial accountability has big impacts on the ability to make the best use of earnings and investments. People need to allocate funds to different expenses such as bills, savings, investments, and discretionary spending, if they want to gain better control over their finances. Without a budget, it's easy to overspend or misallocate funds, leading to financial instability. Money needs to be tracked where it is being spent, this can identify areas for potential savings or areas where spending can be optimized.

Accountability needs people to set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. It builds disciplined spending habits, which means resisting the temptation of impulse purchases. There will also be unforeseen circumstances to be prepared by building an emergency fund. Flexibility and adaptability are essential components of financial accountability.

Great advice OP, and i will say this is one of the best financial advise that everyone should be aware of and know how to practice in order to be financially accountable for their earnings as well as spending. Having a table, just like a scale of preference in economics, will be a big heads-up to be financially accountable to your income and how you spend them. Spending lavishly without putting it into something profitable will only make you become poorer in the end. Before taking money out for spending, it is necessary you already jot down what they will be used for in order to be accountable for them in the future or when coming to balance the account. Everything has to do with addition and subtraction and when you understand what you are getting at, you won't have any problems when accounting for used money.

Wasting money never brings anything good in our life. Financial wastage should be prevented by all of us. As soon as money comes, we should separate money for daily use from it and then save the remaining money.  Everyone should practice saving because life is uncertain without saving.  Many rich people have become worse off because of reckless living.  Everyone should have a little plan to manage life properly. Because unplanned life is the same as careless life.

Many of the middle class that came from having nothing are wiser but it doesn't mean that there are no people that won't commit any mistake. The problem with those reckless people that every payday, they already have allocation for it for pleasures and stuff that they have never done when they were poorer and young. There's the inner child of most of them that want to buy and do things that they weren't able to do in the past and so they allocate their salary on it because they will just have another payday after 2 weeks or so. While the rich always becomes richer, they know how to take care of money and they practice delayed gratification and that they want to invest their money instead of buying the wants that they need. It's normal to start with some pleasures to enjoy your money but you don't have to all in what you've got and still have that portion bigger for your long term plans than short term.

This is the hard part. Trying to eliminate unnecessary expenses. There are things that we are addicted to which will take quite a long time to het rid of. Some habits as well is now like a traditional things in life. Another thing that is hard to resist is responsibility. I meant the extended family responsibility. Where you have to be taking care of Expenses when it comes, including your personal expenses. Such thing decreases the growth of an individual since they have to think of other and themselves especially when the individual is not yet financially stable but struggling.

Financial responsibility must be taken seriously as one can never improve without being financially conscious. Before you can get rich you must first know what your financial house is like. When you know what your financial house looks like it will be easier to start your journey to financial independence. It can be said that the first step in this journey is to know the financial house well. Also when you budget your expenses you will find that there are many unnecessary expenses that you can eliminate if you want.

Financial instability is caused by lack of proper management of finance due to one reason or the other. Most time spend extravagantly because they have multiple stream of income forgetting that the stream may dey up some day, and the amount generated from the stream would have become a bed Rock by investing from it. Many also want to start enjoying the fruit of there labour while the fruit needs to be planted. After eating the fruit which would have been planted to bear doth fruit they end up not having a fruit or a tree that will bear a fruit to eat. That's is what makes many people go broke. Because of not knowing the right time to strike.

Yes. any money that comes to a man's hand should supposed to be a slave to work out another money. Money is like a stranger, if not properly handle with care in the first visit, next time it will not come any close.

Most people are like that and they always come up with excuses about why they behave the way they do, but they do not change their ways, so it is not surprising that when people finally retire, they get surprised by the low amount they receive as a pension and discover that now they have to live with that amount for the rest of their lives, but if they had saved their money over the years, they will be in way better shape and they could have kept their current lifestyle without too much of a problem.

There's nothing like that, they won't manage your funds because you can't even pay their salary (read: your income is little). It's only for the rich because they can afford to pay the salary and they have a lot money which they don't have time to manage it. Financial accountability need to start from yourself instead of trusting to whom you don't know the reputation.

You're correct everyone needs financial accountability, there are many old athletes and public figures who become poor right now because they can't manage their money.

Thank you for the reminder OP. I don't know how common it is in real life, but every time I see a tv programme on how to manage family funds, the cases are really incredible, especially those from the USA. Those people don't save, they spend all the money they earn and, even worse, they get credit as if there were no tomorrow.

I can't understand that mindset, maybe because I grew in an environment that encourages accountability and they didn't. What do you think? are these cases so unusual, or are they really that common?

Many factors can cause a rich man to lose his wealth besides financial accountability. Wrong business decisions, loss of job or contract, shacks or scams, health problems, government policies, natural disasters, conflict or war, etc could destroy the wealth of the most prudent people.

Spending without a plan or having a budget is one of the reasons why people mismanage their money. Financial accountability is the ability to use funds in a manner that you can give a detailed report of how you spend the resources. Funds shouldn't be spent recklessly because we are not accountable to anybody.

We should know that we must account for our wastefulness or prudence in the future. I know a cousin who was lavishing all he earned as a seafarer on clubbing and women. He failed to enrol for advanced courses in his field while other staff spent money and upgraded. The company later did a staff evaluation and laid off all staff who didn't upgrade their knowledge. Today, he is still unemployed and looking for a means of going back to the marine academy.

Anyone who doesn't or isn't financially accountable is quite irresponsible, cause there must be a limit between what to spend and what to save in your income, funds must be kept aside for emergencies and for reserves and other necessary kinds of savings, but if your financially irresponsible you would rather engage in worthless spending habits and end up having no investment, insurance or even any back up funds.

It takes a level of disciple to be able to say no to thigns like spending, its not an easy task to stop those kind of habit if you already got them.

agreed with this some people are just not that good at financial management that they are overspending whatever income that they have and that causes them to be losing their wealth quite fast enough.
investing should be followed up by proper planning of growing the capital, compounding is one way to achieve greater height of capital growth that could make us become more and more wealthy.

the people that don't grow their capital even though investing they instead take whatever the profit to buy something they desired while not necessarily important to have like sports car, etc will definitely find themselves in a hard situation where they just gonna be losing their wealth overtime.

growing capital is essential if someone really trying to make themselves financially independent, saving up right now for comfortable life later on.
unfortunately, majority of people don't really conscious about this and just overspend thinking that you only lives once even though thats true not necessarily mean its justified to just waste our money.

Yep, this is an important skill needed for stability and success in life. By taking the time and effort to manage your finances, you can achieve your goals and create a strong future for yourself and your family. IMO, financial accountability is not just for the rich and anyone can apply these principles to improve their financial situation.

Discipline and planning are key elements of financial accountability, regularly evaluating your financial situation and adjusting your plan as needed. And if you have difficulty managing your finances, seek help from a professional or experienced person.

Yeah. Making the most of our money starts with being financially accountable. It's what separates those who thrive from those who struggle. Ever seen someone go from rich to poor overnight? Lack of accountability could be the culprit. Planning where your money goes and sticking to it is key. It's like setting aside cash for short or long-term investments and a game-changer for your future. Without it, investing is like throwing darts blindfolded. Big firms get it and so should we. So let's get serious about managing our money or else we'll learn the hard way and that's no fun

It can never be reiterated enough about how important the need to be financially responsible. Individuals who aren’t financially responsible simply cannot make and go through with a set plan. The money set aside for such plans would be squandered on something else putting the plan on hold indefinitely.
We’ve just got to make better financial choices.

I think people who actually worked hard and long for their bread won’t eat it all in one bite. While literally anyone could be financially irresponsible, I would say a good percent of people who came into money either by inheritance or winning the lotto and didn’t put in any work for it tend to be irresponsible about their finances.

Financial accountability is something that not everyone gets until it's late. Not everyone is serious enough to do their finances responsibly, and would rather leave things as is rather than fixing it. I have a few friends who became addicted to loan apps in order to buy luxury goods. They were managing it for the first few months, but eventually weren't able to pay off their debts and have gone into hiding from debt collectors.

Many people are getting blinded by the easy money offered by loan apps, but they don't have the guts to face the repercussions of their actions. These companies are luring the masses to make financial mistakes and profit off of the tears of these people.

A scientific concept that we never learn in school, can only be obtained from the mouths of business people. Even at school we are never taught how to earn money and see opportunities. I agree that financial accountability is very influential in managing income and determining attitudes towards the money we have. I have to admit, I learn a lot from this kind of advice.

It's some very sensible, if largely generic, advice that you've put together. Most people who have earned and accumulated their fortune will know how hard it is to hold on to money, it is often the people who inherit or come into it through seemingly lucky series of events who are most liable to lose it easily. Financial planning is often not taught too well in schools, or at least it wasn't when I was younger, but is imperative to finding happiness and success in life. Every stage we move through involves people trying to unlock money stored in your wallet, whereas sensible people can detect these money leaks and keep them restrained. It doesn't mean pinching pennies, but you can sure aim for value for money and not waste cash frivolously.

With the current situation of the economy in the world today, anyone who is not financially accountable for their income might be faced with some financial challenges. In this current time, the cost of living is very expensive, and so many people are not finding it funny; a lot of people are just managing to survive. Even some people who used to be very rich are not finding the economic situation friendly anymore. So, this is even the time when people have to be very conscious of every dollar they spend because when one doesn't spend wisely, he or she might end up in debt or face other confusing states. 

For example, there was a day I went to the market to buy some food stuff. I did not make a list of things I wanted to buy, so I was just picking randomly and paying. Before I realized it, my pocket was already empty, and I looked at the bag I was carrying. Only a few things were inside, while I had not bought all the things I needed. So, I was not really convinced that I actually spent all the money on the few things I bought already, so I went back home and did a proper calculation before I actually believed my eyes; otherwise, I was feeling that I lost some money, but I did not; things are very expensive. 

I do advise people to also spend wisely and always make a budget before spending. 

the dependents should have been helping the person they depend on as well. it's harder to be financially stable when there are people always waiting for your help and you will be dragged along when they are not helping themselves. financial accountability is too broad and teaching them to be independent is part of it. if you keep them dependent on you, it will be a bigger problem when they are used to it.

in some cultures, the wife manages the finances and the husband is just there to talk about priorities but its the partner's accountability and decision.

     And having money is not easy to come by these days, and we know that people need it. That's why if anyone is strategic in life, for sure he will not be hungry. And there are also many options if we know how to choose things that we can afford.

    Because if not, we won't get what we want in life, for sure. It is in our hands whether our lives will be good or not, so we have to be accountable for everything.

I tell people that every one is accountable for how they choose to go about with their finances but we should know that there are times when where we solidly depends on fails us and leaves us in disarray but however, proper financial planning is very important in the life of every individual because basically, every one needs money to survive more especially in this current state of economic crisis and instability.

In the quest to acquaint oneself with a better financial atmosphere, sorting out an alternative to our financial inputs is required because one cannot be too dependent on one source of income for a living and when one's finances are coming on a regular, proper investment strategy is needed in other to have a steady financial engagement in the future so inasmuch as the income is coming regularly we should endeavour to make a proper investment planning no matter how little our income is.

It is not just this, there are many reasons why a rich person can suddenly become poor sometimes it is also as a result of poor investment decisions. If you make poor investment decisions even with your accountability, it is capable of making you broke and that is a mistake that some rich may make in trying to get more money and cement their status as wealthy, they may rush into making poor investment decisions that may have bad consequences for them.

In a country where there's a very poor economy, it is difficult to practice financial accountability especially when you have relations, loved ones and close family members depending on you for financial assistance. This is a challenge some of us face.

Making the right financial decisions is very crucial to ones financial life, i learnt early enough that getting rich is not the problem, but staying rich is; you can be earning quite a lot of money, but someone who earns half of what you make could be well richer than you. It sounds common, but a lot of people lack financial intelligence and accountability, and i advise that people lacking in it should read finance books like Rich Dad Poor Dad by Robert Kiyosaki.

Having said that, the most important factor isn't in what you earn, but how you make the most of what you earn, so that when you actually get that big break and start earning a lot of money, you already know how to keep and grow it.

Money is a very powerful tool, if well managed it will spring up to something wonderful, that is why there are lay down rules and procedures to effectively use money. Budgeting is a pivotal instrument for money accountability, it gives you the pathway to spend your money either within weekly or monthly basis, every multinational company you know have a budgeting system so that they don't spend extravagantly, however they still create a space for miscellaneous, so that any expedition that comes up outside the original budget, that expedition will fall under miscellaneous.

In terms of financial accountability, after I have set for myself realistic financial goals, I look for a significant other and make them my accountability partner.  I have several accountability partners for several goals. Usually they are people with proven financial record of success or life success. I engage them to hold me accountable and provide words of encouragement. My accountability partner provides both the needed support, push and feedback to i desire to sustain my financial discipline as I progress towards financial goals.

Accountability in life is key to the success of any body, a man who is not accountable to himself can't make much progress in life even if he has millions in his account
Financial accountability is very necessary for any serious minded individual

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.