Jay Mark Balabis
Are you still wondering why can’t you save even a single coin? You’ve been working for so many years yet you are living from paycheck to paycheck participating on a tiresome rat race cycle.
This is the ongoing scenario of multitude of Filipinos in our land; the difficulty of not living a life they wanted, struggling a lot to survive with empty bank accounts and lots of debts to pay. This slavery from money and unwanted habits allows them to experience the state they called broke.
As I observe these scenarios I discovered some unremarkable reasons why do many of us are financially struggling;
- The Lack of Self Value and Love
Ask yourself now. Do you really love yourself? The primary reason of over spending and impulse buying is the lack of knowledge about your true value. As a person, we should not equate ourselves with the things that we can acquire even to the point of resorting to debts just to make yourself feel good when you have it. The most important matter is your growth and money is just an added tool for you to grow in value and love not that people will love you if they can see that you have lots of money to show off. A person who really loves himself will be wise to spend for his needs and much wiser to save for his future and remains simple.
- You cannot delay gratification
How many among us right now is struggling in debts because of acquisition of some not-so-important material things? Though you don’t have the capacity to avail these things you will find a way to have it by resorting to debts. You need identify your needs from wants because it will free you from tremendous financial burden. If you want something you got to have a discipline to save and invest for you to have it.
- Very wrong and Jurassic Income vs Expenses formula
Each time you receive your income where will it go? A typical Pinoy will allocate major portion of it in his expenses and whatever will remain will be his savings. However, to his surprise, nothing is left therefore he has no savings at all. If this will be your routine for the rest of your working life nothing good will come and do not expect for a bountiful retirement.
- You don’t have a budget
Perhaps you might react that it is hard to have a budget nowadays. It’s hard to create a budget. However, these are foolish excuses of a person who don’t want to deal with his finances seriously. It’s not about the budget; it’s all about the mindset! Jacob Lew best describes this when he says “The budget is not just a collection of numbers, but an expression of our values and aspirations.” Indeed, creating a budget is a must for a goal driven individual.
- You are mingling with the wrong crowd
Tell me who your friends are and I will tell you how broke/rich you are. Definitely, your financial status will be affected tremendously by the circle of friends you’ve been living with. Savers mingle with savers, spenders mingle with spenders and the broke will always be attuned with the broke. If you are a saver and it seems you are encircled by lots of spenders and broke find a way to get out of that zone and find the place where you belong.
- You are just relying on a single source of income
Traditional ways of earning for a living in a single source is totally obsolete today. You need to have other cash cows other than your job. It seems that your income is meant only to pay the bills and the likes. What about your other financial goals? If you are pretty serious in getting out of being broke create successful multiple income streams. Many cash cows far better!
- Poor Financial IQ!
Lastly, the thing they called financial IQ. You might be the summa cum laude, the President the office head of your company, the most talented person/artist in your industry but if your financial acumen is low, practically you are still a failure. Don’t just master your forte you got to deal in increasing your financial know-how to achieve greater success. Start to read books on finances, find a mentor/coach to guide you and attend seminars to help you succeed more. It’s an unbecoming to die in poverty even if you have receive all the accolades the world can give.
We all wanted to get out of the system of being broke but firstly you need to see the causes of it. Perhaps this article had been a great help for you to accept and face the challenge in achieving financial freedom! Learn to prosper!
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