Being a financial consultant, I have met varieties of people including the ones that are over-bothered about their savings, and the ones who are not bothered at all. And you know what kind of people suffer the most.
Here are few reasons why many people never have money, and why they wouldn’t ever have enough money. These are some of their common habits:
1. They Never Take Responsibility
If something goes wrong, they are never at fault. They are generally very good at blaming others, and slip out of the situation as soon as possible. If they are not able to earn enough money, they will either blame the competition, government, or their own family. But taking responsibility is out of question.
2. What the Hell is Budgeting?
People who are least concerned about their money don’t know where it goes every month. Their money disappears much before the next paycheck arrives, simply because they don’t know what a budget is. Even if they know it, they would never adopt it, which keeps them from becoming wealthy.
3. They Think Only About Today
They would never have money today as well, simply because they spent everything yesterday, saying “Today is what we care about”. Hence, they never have enough. They live like a king for one day, and miser for the remaining days.
4. They Spend On Useless Things
We all have such friends. They already have couple of couches, but today they saw a couch better than the other two lying at home, and they buy it, even though they know others would be useless then, and they can’t afford to buy a new one now. They have a good cell phone, yet they want the latest one that hits the market.
5. Keeping Up With The Jones
Simply because their neighbors got a new car, these careless spenders too would have a new one. At the end of the year, they have more than their neighbor, even if it means paying high interest on borrowed loan.
6. They Are Impatient
Especially when they are shopping. They don’t wait for a second or two to think whether or not they are doing the right thing. Impulsive buying is the main cause of their misery, but they aren’t ready to give it up at any cost.
7. They Are Depended on Others
They never have an emergency fund or a contingency plan. Hence, they rely heavily on others during tough times. They expect their friends, family members, or co-workers to help them.
8. Have Fun Today
These spenders have lot of money. But they believe in spending and having fun today. Tomorrow is like a vague idea, and it’s very far. Instead, they prefer to eat, drink, shop, and have fun today.
9. They Only Care About What Others Think About Them
Even if it means burying under debt up to their noses. They want people to think they are doing well financially. Hence, they spend huge amount on things they don’t really want, and end up owing too much.
The list is endless. My idea was simply to show how most people in our country live, and crib about money. If any of your friends or family members are addicted to such habits, try to explain them the importance of saving for the rainy day.