Various seminars or conferences on financial freedom have been staged at most places of the world, with major considerations on financial management than prospects of businesses or entrepreneurship.
Notwithstanding, a few number of people commit financial recklessness.
Do we say that, many of those people, who commit financial recklessness, do not want to develop their personalities or just chose to be lackadaisical on the teachings, despite the fact that, some organisations go through pains to bring the seminars or conferences to the reach of participants at a low rate and sometimes – free of charge?
In America, some 84 percent of Americans – surveyed by Allianz Life Insurance Co., said that they had not included any financial resolutions among their goals.
Allianz also asked people 55 and older to identify their worst financial habits. More than one-third (37 percent) replied that they had no bad financial habits.
Below are their responses:
I spend too much money on things I don’t need: 20
EFFECT: this will only drain your purse or bank account and leave you to run helter-skelter when you have huge, urgent or compulsory financial obligations.
I’m not saving any money: 23 percent.
EFFECT: not saving your money, at all, puts you at the risk of lavishing any sum you have… it will increase the rate at which you do impulse purchases.
I’m saving some money, but not as much as I could: 20 percent.
EFFECT: though, saving a little money allows you to have something to fall back to, but saving adequately is the best, because, it gives you rest of mind when things are not turning up – for a bit longer time.
I don’t have a household budget: 15 percent.
EFFECT: this is not a good practice. Having a house-hold budget will enable you to plan for most of your financial obligations, as much as you could envisage. This will even enable you to make contributions to the society, because, you would have taken care of your financial obligations in the budget – to determine how much you have left, so that, you will know how much you can plunge back into the society.
I spend more money than I make: 13 percent.
EFFECT: this will only make you retched, because, you will be borrowing to pay debts or you may be purchasing things on credit. You are not safe from plummeting into poverty, if you cannot revert this habit in you.
However, the exception is when you give, sparingly and generously, on things that bring glory to God.
I’m not educating myself about retirement finances: 12
EFFECT: if you have this habit, you will not be able to handle your finances, optimally. Kindly see a financial or retirement planning professionals – to guide you on what you could use your money for, which will generate continue income for you – even when you do not work.
I only make the minimum payment on credit cards: 8
EFFECT: it will be better if you could make all your payments without borrowing. It is because, there will be some terms and conditions – attached you this method of payment, which will never be to your advantage. Even, if you would order for anything, online, pay your money from your bank account, and do not pay on credit.
I can’t resist gambling — or at least playing the lottery: 10 percent.
EFFECT: you are heading for a crash… if you win a little while: you lose a little longer. Is that not the method? Please, you need to stop this habit.
I haven’t pursued professional financial help planning retirement: 8 percent.
EFFECT: the only thing that I will tell you is to ‘just pursue it’.
I’m not contributing to my employer-sponsored retirement plan: 4 percent.
EFFECT: the only thing that I will also tell you here is to ‘please contribute to it’. Let me just add a little of this: it will be for your good, because, as you contribute to it and your employer contributes to it – you will double your money by the time that you retire.
Good luck for you, concerning your finances and every aspect of your life. I hope that you would borrow a leaf from here to make your finances worthwhile.