A Little child was playing one day with a very valuable vase. He put his hand into it and could not withdraw it. His father too tried his best, but all in vain. They were thinking of breaking the vase when the father said, “Now, my son, make one more try. Open your hand and hold your fingers out straight as you see me doing, and then pull.”
To their astonishment, the little fellow said, “O no, father. I couldn’t put my fingers out like that because if I did I would drop my penny.”
Smile, if you will–but thousands of us are like that little boy, so consumed by bad money habits which day after day, year after year moves us from achieving our defined goals.
What would have happened positively to us if we had succeeded before now to put out our fingers even though with the sight of dropping our penny? Think about it.
For sure, I am aware that we may not be the direct cause of these events (bad forms of money habits), some are as a result of trying to do the right thing but unfortunately turns out in a wrong way.
Let’s judge this, have you ever experienced the feeling of trying to do the right thing but the result is uneven with your expectations? If yes, that’s the guilt of realization (a good awareness).
While bad money habit makes one man, a good habit also makes another bizdynamicx
When a man is broke through the actions of his bad money habits, it only reveals him to himself. And of course, it shows him the providence of his path.
Nevertheless, there are still underrated bad money habits we still exhibit even in 2017.
This is my own experience some time ago. When the new year came by, I was super excited owning to the fact that, I had read almost all the known and motivational new year resolutions. I mapped out plans to start the year positively in all areas, most especially my financial goals. I even went ahead to paste my resolutions and financial plans on the wall.
I mapped out plans to start the year positively in all areas, most especially my financial goals. I even went ahead to paste my resolutions and financial plans on the wall.
Later on in the year, I was found wanting. I never achieved my goals as was planned. I lacked one thing and that was the art of implementation.
While the clear fact was that I never achieved my goal as firstly planned – since my underrated bad money habits had already defined it all. On the other hand, one thing that stood out was my ability to gasp into the realization – my unfulfilled goals.
The fact is, how many times have we done something wrong and had to take the responsibilities without the external forces or the next person? If you’re guilty here, then this is where it starts…
Now there are certain ideologies of money habits we should understand and run with it. The first one is that ‘Money draws money’. We need to understand that money draws money when we forget a simple principle such as paying yourself first.
Let’s consider these simple but important rules of outsmarting bad money habits in 2017.
- Not Investing in You
a. Financial Education
One of the standing principles of life is that nothing can beat knowledge. That is to say, it can’t be replaced. So it is time to invest in financial insight.
This does not mean we have to sign up in Harvard. If you don’t have where to start from a simple task such as going to the library, signing up for newsletters from reputable websites, following reputable men on social media, subscribing to productive YouTube channels, downloading free videos and Mp3s on the internet are all good bets.
From there, if you are equipped financially, you can then go for online courses.
The the first step starts by signing up here and be the first to get all our productive post you would have ever thought of.
If you would want me to write on the productive people you should be following on social media, then let me know in the comment section. Just screw down now and comment then come back and continue.
b. Not Applying The Insight Learned
The beauty of any insight is always in its application. It is one thing for us to learn a process and another to apply. Remember, a student is not examined only by attaining classes.
Upon obtaining this various financial education, it is pertinent to apply same. Just like what you’re doing now.
The excitement of reading this article is your one step to setting your financial future based on how you apply the later rules to curbing bad money habits.
- Absence of a Self-Judgment Scroll
I believe the best type of judgment is ‘self-judgment’. In order to curb bad money habits, keep a judgment book whereby all your income, expenses and utilities are entered.
In business, the judgment scroll is known as ‘Book keeping’. With a judgement scroll, your expenses and utilities are courted.
Utilities include money you spent on a date, entertainment, cars and so on. When once this is done, you will be opened to how you spend your money.
To appreciate yourself the more, record your avoided expenses, even the smallest ones. Believe me, with this, you’re putting the urge of instant gratification to bare and ultimately, you will be on alert to control your expenses.
The following points outline why an opened self-judgement scroll is important.
It avoids recurring expenses (those little by little expenses that feel as nothing).
It judges your habitual purchases.
It judges some meaningless expenses.
It encourages insurance.
It avoids over-spending
- Unwillingness to Embrace a Definitive or Self-Paradigm
Never ever pay someone else without paying yourself first! Sounds familiar, right?
One startling money concept we need to curb is the challenge of pleasing or placing everyone else and utilities first.
I am of the opinion that if your bills and other extras are always placed first, then you’re not embracing a self paradigm.
So, how can we go about this then?
Simple.
Replace the old habit with a structured new habit. Of course, the new habit is paying you first.
- Absence of a Pentagonal Rule
Pentagonal rule outlines 5 solid rules of addressing bad money habits. Here we go.
a. Don’t Give Yourself Too Big A Goal At The Beginning
If a tangible result is to be obtained, then this rule is important.
The ability to start small shows wisdom. Never give yourself a big goal in a short while, knowing inside it’s another vague and an unrealistic goal.
In one line, be willing to start small.
It may amaze you that many are not ready to start anything small. Containing bad money habits cannot be addressed in a single or even four days, it requires a sustained definite process.
Therefore the first pre-rule is being willing to give yourself a small realizable goal at first.
b. Track Your Expenses by Sticking to Plan
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c. Track Your Expenses By Having Other Options
Track your expenses by opting for alternatives. Checking for other options may be boring and time-consuming at times, mostly when you have the money on you.
But the truth is that, if we are to play the game of curbing bad money habits, every rule is as important as the other.
How to Curb Bad Money Habits in Essence
- Invest in You
Invest in Financial Education.
Define Other Ways To Increase Your Earnings.
- Use the Pentagonal Rule
Don’t Give Yourself Too Big A Goal At The Beginning
Track Your Expenses by Sticking to Plan
Track Your Expenses by Going For Other Options
Track Your Expenses by Keeping off the Hook
Track Your Expenses by Eating at Home
Track Your Epnses by Using Available Technology
- Be Definite and Avoid Drifting
- Prioritize
*Avoid Triggers
- Open Up A Self-Judgment Scroll
- Embrace Self-Paradigm
- Seek more Proactive ways to Increase your money
- Give to Charity (Based On Budget)
- Map Out Other Investment Plans
- Be Flexible
- Practice Consistency
Take, for instance, you wanted a nice silver-lined colored gown for your big dinner night. But unfortunately, the cost of it is out of your reach or budget.
What can you do?
This is it. There may be a possibility of a lower price tag in the next store, go check it out. That’s simple I guess.
Furthermore, just as George Samuel Clason outlined in his success book of the ancients ‘The Richest Man in Babylon’. I can attest to the fact that his rule of paying yourself first is valid.
In summary, he outlined that, If you do earn $100 monthly for example, if you decide to pay you first by keeping $10, the $90 remaining will sustain you throughout the month just as the former.
Are you in doubt? If yes, then let us go ahead with the 60 days challenge.
He used 10%. We will go with 15%.
Hope you know the concept? If not this is it.
Put out 10% of your income for 2 months. Then use the 85% remaining let’s see how far it goes.
Call to Action: Please remember to come back to this community and share your results because it will go a long way in helping our new comers and visitors. Thanks.
So, if the challenge is positive, then below are the conclusions about embracing self-paradigm.
a. No matter what you do, if you don’t pay you first, then your expenses will always rise to eat up your income.
b. If you pay yourself first, your bills will be paid thereby having more to save.
COMPLETE POST:https://bizdynamicx.com/top-10-underrated-bad-money-habits-still-exhibit-2017/
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