Happy Sunday Hivers!
I started reading financial literacy books when the pandemic began. In fact, I have already written a review of The Richest Man in Babylon and posted it on Hive. It was one of the best books I have read. Since then, financial literacy books have fascinated me. They always spark my interest as I am eager to learn how others manage their finances. It intrigues me to see how people handle their money.
Today, I want to share with you a book that I just finished reading. It provides valuable money lessons to avoid going broke. I don't know if you can relate to the emotions I felt while flipping through the pages. Some of the content made me feel guilty, as I used to engage in similar habits, especially when I was financially illiterate.
But despite having knowledge about proper financial management, there are still habits that persist, potentially contributing to financial difficulties. This is why I love this book as it helps me become more conscious of my spending.
When the writer mentioned shopping with emotions, I smiled. Who wouldn't? I could relate it to my personal experience. I remember before the pandemic hit, I didn't have a daily expenditure monitoring habit or a budget plan. As a result, there were instances when my budget for the entire pay period would fall short because I hadn't been keeping track of it.
There were times when I would go to the mall, primarily for window shopping, but occasionally I would be tempted to buy items that were beyond my budget. I purchased these items not out of necessity, but simply because I was attracted to them. During moments of sadness, I allowed myself to indulge. The author refers to this behavior as 'Shopping with emotions,' and according to him, it is the quickest way to become broke since the purchases made are not aligned with the budget.
Being well-guided in financial management is an advantage because you are less easily tempted. You will always consider your financial priorities and goals. You have the habit of monitoring your daily expenses and making a budget plan, which is very useful for staying within our budget.
Do you know why the writer created this book? It's because he discovered that the main root of financial stress is not a lack of income, but rather a lack of knowledge, discipline, and proper guidance from experts on how to manage finances.
One of the habits that the writer emphasized as a reason why we easily go broke is giving too much. Have you experienced it? When we give too much, it impacts our finances and may result in experiencing financial stress. What I have learned from this is that being selfish sometimes is beneficial, as it helps us slowly build our wealth. Once we have enough money, then we can be more generous to others.
The best way to help others is not by giving too much, but by helping them learn skills that can provide them with a lifelong source of income. As the writer says, "Remember the old proverb that says, "Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime."
I want to reread this book to remind myself of the things that I sometimes struggle to control. Financial management is crucial because without it, it can inevitably lead to going broke. I am grateful that my friend 
Thank you for reading and see you on my next blog. Cheers!
Watch with glittering eyes the whole world around you because the greatest secrets are always hidden in the most unlikely places.
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Namaste! I am fond of reading books, watching korean, american and filipino series/movies and I am also fond of gardening. I love listening to different life stories and I am always captivated with the beauty of nature so travel is my escape when life turns into blue. But hey, how could I forget my photography hobby? It is one of the best, so follow me as I will be featuring my experiences of the stuff that I am passionate with.