Why We Failed
1)Many Many ways to spend
2)Lack of training
3)No connection to real money
4)Bombarded with advertisements
5)Consumer Credit Cards
There are many ways to spend money today. Online bill pay,
direct pay,credit cards check by phone,automatic pay you name it.
Then we have the advertisers attacking us even while where
watching a movie or driving home from work.
No to mention the credit card applications they keep sending you
giving you more credit!There is no wonder the spending is out of
control. Our system is not set up for us uniformed to win.
We are set up to lose our home and businesses. We are taught
to work hard but never taught how to take care of the money
we work so hard for. That is why even doctors,lawyers, and
other professionals are in the same boat as the 9 to 5 workers.
Now that we established how we got in this mess, let's talk
about getting out of it by changing our spending habits.
Firstly everyone in the household has to be a reformed
spender. Meaning if everyone is not educated we cannot
fix the problem in that household.
Everyone must work together.We have to face the fact
that we suffer from a psychological disconnection with
money because of credit cards.When we just carried cash
we had to stop spending when it was over.
Now that we have plastic we stretch our finances to the red.
Years ago our elders took their pay and divided it into envelopes to determine what was
needed for things like mortgage, utilities, food, vacation,taxes,vacation,and personal savings.
When those envelopes were used.They knew that bill was paid until the next month.
The priorities were always taken care of first. With the knowledge that some bills
recurred the following month or year like taxes. This old method made it
possible to stay on track.
If you want a financial plan for the future , you have to learn how
to manage your money.
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