Why Are We in This Situation
A wise man once said, “You can oft times learn more by your failures than you can your successes.” It is important to reflect on the areas that we struggled in so that we can lean from it. There are a few things that I have found can get people into a bad situation financially. There are a few key items that I believe contributed significantly to the dilemma that we are in today. One is the fact that we seem to love impulse buying. We are like kids in a candy store WE WANT IT NOW! This type of mentality puts the family finances at risk. Before you make any purchase are you asking yourself the question, will this purchase help my finances and my family finances or will it hurt it?
Not taking responsibility for your money is another big problem. What I mean by that is not tracking your expenses. Not shopping around when you buy things or not buying on sale. As I was talking to one of my students she made the comment that it is important to fight for your money! If we are fighting for our money we don’t just give it away! We look at all the alternatives so we can give away as little as possible. Having too much credit card debt has also been a huge problem. I think that credit cards can be helpful and used for convenience when used properly. When they are abused they will definitely get you into the poorhouse. Buy a home that is not too elaborate. Buy a home that will fit your families needs, there is no logical reason to buy a home that is larger than what your family will need. Get what you need and only what you need and pay it off as quickly as possible. Never take the full 30 years to pay off a mortgage! These are a few of the mistakes that many have made. If we learn from our mistake, we will grow from them. Take time to evaluate decisions you have made with your finances and make sure you are learning from your mistakes.
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