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Main reasons for financial failure

Why do some get rich, while others stay relatively at the same financial level all their lives? What is the main reason?

Lack of a written plan

One of the main reasons is the lack of a plan, many people say they want to get rich, but if you ask them if they have a financial plan for it, the answer will be no. “But I know how to do it,” they will say. If we ask him in half a year. The answer will be the same. There is no financial plan, but I know how to do it.

If the captain of the ship does not have a map or navigation instruments, will he achieve his goal?

As the saying goes, lack of planning equals failure. Think about it: how much money would you like to have in your account? What sources of income would you like to create? How would the risks be distributed? What tools will secure your wealth? Start making a plan to improve your financial situation; remember that no one will do it for you.

Don’t live for today, think about the future

We believe that there is hardly a university graduate who seriously thinks about the pension, its size, and other nuances. Living in the here and now and enjoying the moment is great, but you shouldn’t ignore the financial aspect of your future.

Start thinking about your financial prospects for 5, 10, 20 years.

Don’t cost what you can’t afford

If you have a huge appetite for spending money and living beyond your means, you are not alone. This is a common phenomenon in the modern world. With credit cards, spending more than a month of income is an unrealistic path to wealth.

If you feel like your money is going somewhere you don’t know where to get in the habit of writing down all your expenses in a notebook or smartphone. By the end of the month, you will have a clear view of your financial picture and can create your own money management strategy.

Without savings

Even if you don’t overspend on your monthly budget, you can still have money problems. How? Elementary absence to save part of your income! Because it is not money that makes us rich.

Start saving a little on your monthly income, even if it’s only 10% of your income. Don’t forget that as this amount increases, you’ll need to start investing it.

Use of credits

Some debts precede financial success, for example, a loan to start a business or buy commercial property. But in most cases, the use of loans is expensive for the borrower and this significantly takes him away from a bright financial future.

Lack of will to self-educate financially

Not everyone has an education in economics or finance, and that’s not the point. There are economically educated people who can barely make ends meet alive. Don’t join the ranks of the financially ignorant!

You may have already had periods in your life when you were much richer than you are today. But then something went wrong. You can easily explain the reasons for the deterioration of the financial situation to yourself and others: loss of a job, the closing of the company, silly boss, the bankruptcy of a financial organization, a crisis in the country, family problems, etc.

Unfortunately, this is not the reason. This is not easy to accept, but the reason is different: financial illiteracy.

If you’ve carefully read all of the reasons above why people don’t get richer, you’ve likely noticed that all of these factors come down to just one thing: the inability to handle money. And this is not surprising. In school, college, and work, they taught us everything you want, but not the ability to handle money.

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