How are your spending habits? Let’s be honest about ourselves in this massive matter, it feels amazing spending money. Others spend their money and certain individuals might spend other people’s finances. The question is do you spend it all and then struggle the next day? Or do you spend it sparingly as you know that you have numerous investments portfolios that are lucrative? No one is saying people shouldn’t be spending their money; however, when they hit rock bottom, and start seeking help from other individuals that were never there when it was all peaches and cream then that’s a massive problem. Spending habits can make or break you, however, it depends on what you’re buying. Is it a liability or an asset? That’s what you need to ask yourself whenever you purchase something, especially that’s not part of your budget.
Some people will say it’s their money and decisions, which is correct. Hence they can do whatever they want with their money, if they want to blow it on expensive items then they have every right to do so. The superb thing about advice is that others don’t need to utilize or practice. There are different people out there that offer all sort of advice when it comes to money, however, it’s up to as an individual if you accept it or not. Now, that’s out of the way, you need to play different scenarios in your head when it comes to money. Ask yourself what will happen if you lose your occupation or your business shutdowns? Do you have finances in place that can sustain your standard of living even after you don’t have your core cash cow anymore? Ideally, you should speak to different trusted professional financial advisors so that you can look at numerous investments options such as, buying properties, shares, venturing into new businesses, etc.
It’s all good that you have an occupation that brings pays you if you’re satisfied with the wages or salaries that’s up to you. However, we hope that you get what you’re worth within the company. There’s always something special about a happy employee or employer. Crazy enough finances play a critical role in maximizing those kinds of happiness. If you’re spending money to impress others, then that’s up to you. The question is how long will you be partaking in such an extreme sport in your life? Truth be told, it doesn’t end well for many people that take the route of spending money that they don’t have in their lives. As they end up getting unnecessary debt that will mess with their credit scores as they end up being blacklisted. If you don’t have enough money at your disposal, why don’t you try to figure out multiple streams of income? Or just try to diversify your current stream of income to get more money out of it? There’s no problem with having an occupation but the issue starts when you’re living beyond your means. Imagine if you get paid $20 000 per month but your spending habits, including your bills, are over $30 000 monthly.
This means that you end up getting multiple loans (formal and informal loans) to support your lifestyle. Please make it make sense! You’re playing with fire. If you cannot live within your means, then it’s okay to live below your means. Whatever you do, you’re advised to never spend money you don’t. This includes planning for money that you haven’t received, as that might lead to disappointments. Have fun with your money, don’t forget that it doesn’t come easy and there will be sacrifices in your lifestyle that might be needed to get your idea of financial freedom. Make money your friend and familiarize yourself with different aspects of trying to diversify your finances. Ideally, you should earn your money, invest, save and then spend. Times are tough, but do what works for you. That’s if you don’t want to live from hand to mouth.
