"If only I could just get a pay rise or a better
paying job..." I know a lot of you must have heard
this kind of statement before. Many people assume
they are not rich because their employer pays them
too little and they have so much bills to pay.
The argument they put forward is that if only
they earn as much as they desire,they will save
and invest more. I only earned a little more,
I could save and invest better, they say.
The problem with this argument is that they were
probably making exactly the same argument before
their last several raises. I people who are still
singing the same tune for The past six years even
though they have gotten a raise in salary severally.
Being rich or becoming a millionaire has less to do
with how much you earn, it's how you treat and handle
money in your daily life.
There are many reasons you may not be rich but let us
look at some of them.
Caring what people around think or say: Many a times
you worry about what people say when you take a
certain course of action even when it has an overall
positive impact on your finance.
Always in a rush to jump on investment: Personally I
am guilty of this too in time past but now I can tell
you it is bad for your finance.
Having bad habits: Your bad habit could be
procrastination but you think its not directly related
to your finance well let me shock you.You are wrong.
Money is time sensitive, do not put what you needs to
now till next minutes.
Not having financial goals: Do not live life by chance,
try as much as you can to set your financial goals.
The best of financial planners some times get it wrong,
talk less of people who just live by chance.
Living too of your money in the bank: I am sure the
first thing that comes to your mind is my money is safe
there but of what value is the money when compare to
inflation?
Greed: Trying to make a quick money can land you in
financial trouble more than you expected.
NO or bad financial education: I don't care if you
have a PhD in finance, economics, accounting or any
other financial related discipline. You need a good
understanding of financial education that helps you
on how to manage your finance. Other reasons are:
Relying on others to handle your money. Investing
in things you don't understand. Being financially
afraid. Ignoring your finances. Not being prepared.
