We all have good intentions. We want the best life for ourselves and for our families. And we yearn for the status and respect that come with a loaded bank account.
Yes, we all have good intentions. But sometimes we lose our way and never truly achieve the financial freedom we desire, although we may work hard and make a decent living.
Different people have different levels of income according to their skill sets. But one person that earns less might enjoy greater security than another who earns more. The disparity lies in the decisions we make – good decisions, bad decisions, and passivity.
People often make mistakes that cost them dearly. Some of these mistakes have negative impacts that reverberate throughout a lifetime. It’s even more unfortunate when a person keeps reinforcing the behaviors that are hurting their bottom line – Either because they don’t know any better, or they do know but lack the discipline to do what’s right.
In the end, you have dissatisfied individuals nearing retirement age and dreaming of all they could have done and all they could have been. Sometimes, a person might be fortunate enough to turn things around and make something out of the years they have left. Others might not be so lucky.
Recommended Reading: 4 ways to stay on top of your finances
If you can relate to any of the below financial misconducts, perhaps it’s time to reconsider and make a change while you still can:
Too many responsibilities right now, I’ll save later
Regardless of the amount of money you make, there will always be one expense or another that demands a portion. Sometimes, it would seem that the more you earn, the more there are things that require taking care of. After all, a person’s level of operation tends to grow in proportion to their income.
However, a great misstep would be when you fail to pay yourself first – disbursing funds without cutting out a portion that must be left unspent.
You might sustain the idea that you’ll save what’s left after you’ve settled the basics – rent, food, tuition, assorted subscriptions, etc. But the fact remains that if you don’t save first, you leave room for unchecked spending, i.e., the money is available, so why not use it?
In the end, you exhaust your earnings to the last kobo. Then you wait for the next payday… rinse and repeat.
Family planning? Never heard of it
“Be fruitful and multiply. Fill the earth and subdue it.” – This is the phrase that people often present to justify making babies and having more kids than they can hope to comfortably cater for.
It’s fine to procreate and ensure that your family tree endures. But it must be done judiciously. Otherwise, you’d be killing your chances of having achievements other than raising kids. Something you might come to regret as you get older.
Hey, YOLO!
While the YOLO concept is meant to encourage people to be kinder to themselves and to take chances, some people use it to convince themselves to splurge and indulge indiscriminately.
They buy things they can do without, take steps that they are not financially ready for, satisfy every whim, and have no long-term or short-term goals or plans. And all the while, they may have made no viable investments have no savings, and no retirement fund; nothing to secure their future.
God will remember me soon…
This person could be a floater that keeps waiting for an act of providence to lift them out of their situation and place them on greener pastures.
On a closer look, you may find that they have no active plans to better their life. They remain as they are year after year, undergoing no personal growth. They are risk averse. Never improving their skills nor acquiring new ones. And they often find enemies everywhere.
You might be able to identify such a person by their blatant refusal to admit their faults, preferring instead to point fingers and lay blame.
We may all have varying degrees of this behavior in us. Watch yourself carefully and see that you make improvements.
I wan Hammer!
This is the desire to make sudden, often undeserved, wealth. There’s a lowering of morals and neglect of due process when people want to get rich without providing value or putting in the required work. They soon turn to various illicit activities that hurt them or, worse, hurt other people.