Topic: Reasons for personal financial accountability? - page 6. (Read 955 times)
In my neck of the woods, Ive been noticing folks who take out loans from banks with sky-high interest rates for their businesses. Now, instead of handling those funds wisely, considering its money they borrowed, you see them living the high life. strutting around like they own the place. Well that kind of flashy lifestyle eventually catches up with them, and they end up drowning in debt, watching their businesses go down the drain. Its downright crucial to show some restraint in spending, especially when youre dealing with borrowed cash. Then there's another group thats just not on the financial accountability train. You know, those who come into money without breaking a sweat, like through inheritance. In my opinion, it's key for folks to step up their personal financial accountability game. That's the ticket to growing whatever resources they've got and ensuring a brighter future for their families.
In my view, personal financial accountability is not only about surviving but also about thriving. It enables individuals to set and achieve financial goals, whether it be saving for a significant purchase, investing in education, or planning for retirement. It empowers people to take control of their financial well-being and build a foundation for long-term success. It is not just about managing money. It’s about taking control of one’s financial future and making informed decisions that can lead to financial freedom and security. It’s a lifelong journey that requires continuous learning and adaptation. This practice is practical and fosters self-discipline.
yep.
taking emotional control of your finances is priority.
EG
instead of saying "dont blame me, blame my boss, he doesnt pay enough" (denial, evasion, deflection, avoidance, ignorance)
say "even if i go super frugal, money is still tight, its time to look for a better job"
that way you are not shifting blame, doing nothing and staying in the problem. but instead recognising the problem, evaluating different solutions and making decisions (even if its just hypothetical planning thoughts)
emotional control is prime because if your not ready mentally then it wont help you to motivate yourself physically to do whats needed
taking economical control of your finances is next.
EG
actually audit yourself, write down your income and then look over last few months of bills and expenses and get the min, max and averages
actually look into whats a needed bill vs a wanted luxury. tally up wasteful spending and note how much you could have saved.
then you can realise is it really your income the problem or spending habit the problem
taking exertive control of your finances is next.
EG
actually take physical actions to remedy the solution by trying things.
taking emotional control of your finances is priority.
EG
instead of saying "dont blame me, blame my boss, he doesnt pay enough" (denial, evasion, deflection, avoidance, ignorance)
say "even if i go super frugal, money is still tight, its time to look for a better job"
that way you are not shifting blame, doing nothing and staying in the problem. but instead recognising the problem, evaluating different solutions and making decisions (even if its just hypothetical planning thoughts)
emotional control is prime because if your not ready mentally then it wont help you to motivate yourself physically to do whats needed
taking economical control of your finances is next.
EG
actually audit yourself, write down your income and then look over last few months of bills and expenses and get the min, max and averages
actually look into whats a needed bill vs a wanted luxury. tally up wasteful spending and note how much you could have saved.
then you can realise is it really your income the problem or spending habit the problem
taking exertive control of your finances is next.
EG
actually take physical actions to remedy the solution by trying things.
As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.
Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.
Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.
2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.
3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.
4. It builds financial confidence in hustling continuously.
How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.
2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.
Thanks for reading through, and what are your opinions regarding personal financial accountability?.
Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.
Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.
2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.
3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.
4. It builds financial confidence in hustling continuously.
How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.
2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.
Thanks for reading through, and what are your opinions regarding personal financial accountability?.
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