1
Recognise That The Root Is the Problem
2
Show Me the Money
3
Open Up
4
Seek Professional Help
5
Make Tough Decisions
6
Keep Daily Financial Records
7
Avoid Monthly-Instalment Payment Options Like
The Plague
8
Change Your Shopping Habits
9
Create Multiple Sources of Income
Here we shall discuss part 1:
1
Recognise That The Root Is the Problem
Nowadays, a lot of people acquire
money in the form of debt which make us sinking deeper and deeper into debt.
Money in your bank account is like fruits on a tree. If you see the fruits fall
or if the tree does not bear more, treating the fruits will not make the tree
bear bountifully. Realising that the root of money problem has nothing to do
with your employer, spouse, family background or war, It is yourself all along!
Symptoms:
a)
You honestly do not know where your money went
but you are broke before the month is over.
b)
You live pay check to pay check
c)
If asked at any time how much you have in your
bank account, you probably do not know the exact amount, refuse to know the
exact amount or answer, zero.
d)
You have to check your balance, first even to
withdraw $100 from the ATM.
e)
You get late payments reminders from your banks
and you avoid calls from debtors.
f)
You apply for loans in order to pay off loans
you already have. Fancy names for this includes “balance transfer” or
“refinancing”.
If you exhibit one or more of the
above symptoms, you may suffer from the following curable “diseases”:
i)
Lack understanding of money
You only thinks of ways of spending
money, never know how to accumulate more or even invest what you had. You may
start learning by reading the business section of newspapers, financial
articles, magazines and books. Reading
theses regularly helps develop your acumen for the subject and learn
interesting facts like banks are not as smart as you think. Moreover, during a
financial crisis, people well-versed in money matters do not stop making money.
They make more.
ii)
Money is not important
When people says money is not
important, you should know, they are broke. Money comes into play in every
aspect of your life. From the very moment you wakes up, switching on the lights
to the very moment you turn on the tap to get water, you are already spending
money. Money will leave you for the company of others if you do not acknowledge
its importance in helping make life more comfortable for you. It is a universal
law that we attract the things which are important to us.
iii)
Money is bad, I am pure
If this was the mantra you live
by, then you and money does not live together. Unless you change this mind-set,
you will remain in a financial mess. This is part of our subconscious mind that
works without us interfering its activities.
iv)
Zero sum game
Many people subconsciously
believe that money is a zero sum game. These people believe that if someone has
a lot of money, they must have accumulated it at the expense of someone else.
In short, someone has to be very rich and to balance it out, someone else will
have to be very poor. In actual fact, all can rich without depriving anyone
else. It is a matter of understanding that the universe is one of abundance. It
is a misconception that the rich are hoarding all the wealth. The truth is that
the rich get richer by working together making money working for them, while
the poor get poorer because they are afraid to share their knowledge, ideas and
earnings.
v)
No love for money (Instant gratification)
Many of us by traditions do not
talk about money in the open, as it is not something one boldly declare you
want more of it. It is not about one does not love money, but, scared to be
embarrassed about it.
So, wake up a bit? Which category are you in?
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