I wonder how many of us have more than enough money in our wallets or even in our bank accounts. I think many of us experience cash deficit on a monthly basis which means that the money coming in to us is not sufficient to the bills that we need to pay and expenses that we need to disburse. It is a sad reality that even those who have regular high-paying jobs which gives them fixed monthly income do not have money reserved for emergencies or even prepared funds for their children’s education.
Why many lack money? What must be the reason why many of us now do not have savings? It must be due to lack or minimal knowledge on how to handle money wisely. This is because many of us grew up without being taught how to save, much more to invest or start up a business. Many of us are not naturally entrepreneurial. We were just told to study hard, finish a degree and land a job after. We failed to learn what to do with our monthly salaries or income thereafter. And so what we did? We dined out most of the time, we impulsively purchased our wants, and we indulged on credit cards that we failed to realize that our expenses have become bloated and become bigger than our income. We loaned to buy our dream house and dream car and so we ended up in a ‘rat race’ as one famous financial advisor say.
We work, work, work, and work to pay our debts. We always look forward for payday as if it is always the happiest day of the month. So when payday comes, we get our salary and eventually just use all of it to pay bills, fixed home expenses and monthly amortizations of our loans. We do not have extra money placed elsewhere. No matter how we are unhappy with our current jobs, we don’t have any choice since we are afraid to leave. What will we do with those banks whom we owe for our credit cards, loans and online purchases? They will definitely run after us. It is a scary thought as we might end up in jail. How shall we pay them if we do not have a regular monthly pay? This is sad, but this is a reality to many nowadays.
The good news is - IT IS NOT YET TOO LATE to get out of our financial woes and achieve financial freedom! As they say ‘while there’s life, there’s hope’. Here are some simple and practical steps to follow:
1. Pay off your debts. Start with the small ones. Kill one debt at a time.
2. Get rid of that credit card if you can’t control yourself with buying unnecessary things.
3. Do not buy not so urgent things such as clothes, bags, shoes, mobile phones on credit. They can wait. Save for them if you wish to buy one.
4. Put aside money for savings. No matter how hard your current finances is and no matter how small amount of money you will save; it will mean a lot should emergencies happen. You also can use it for what you desire to buy as mentioned in #3.
5. Stop being an impulsive buyer. Learn to say 'NO'. Reject any offers that seemed good knowing that you will not be able to afford paying it regularly later. Interests and penalties will be killers.
6. Invest on products that offer hospitalization and mortuary benefits. There are financial organizations who offer superb services on these and payments are affordable and done only once a year.
No matter what degree you finish, even if you have doctorate degree on financial management but if you do not know how to manage your own finances, it will be of no use. But no matter how small your income is if you know how to manage and grow it, I strongly believe that you are on the right track towards financial prosperity. You are far better than those who have high-paid jobs but with a lot of debts to be paid monthly.
It was a very sad and painful experience that I have been through in life that I was able to share on the practical steps above. I personally followed them and they were blessings in disguise. I learned through them the hardest way. At times, failures and wrong decisions will teach us valuable lessons in life. They are definitely costly but they are undeniably priceless! This is something I would like to share to my friends and loved ones whom I do not want to go through the hardships I have been through in terms of financial aspects. Moreover, I also desire to teach these to my children as I have emerged victorious from financial defeats because of them, they made me inspired. And to all of you who are going through financial hardships, I have been there my friend, I would like to tell you it is never too late. God will help you through it. Just hang on! You can make it with flying colors! Just remember this 'it is not really how much money you earn but how you handle money wisely'.
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OPPORTUNITY81
Hirap na pagkasyahin sweldo ngayon sa mahal ng mga bilihin.
ReplyDeleteAngelyn199