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Are you irresponsible with money?

This is a blog for the business section of doctorok.com.

Here is the cold hard truth. Many people are careless and uncaring about their financial status. This of course affects the people around you as well as yourself. You and they may end up living in a state of financial stress which damages your life and your relationships with other people.

I am not, of course, talking about accidental poverty here but self-induced financial instability.

Answer these questions:

  • Is your income stable?
  • Do you take holidays that you have to pay off afterwards?
  • Are you owing more on your credit card than you have in the bank?
  • Have you failed to buy or build your own home?
  • If you were in an accident tomorrow, would you be able to pay your medical bills?
  • How will you manage financially when you are too old to work?

These are questions that financially responsible people ask themselves all the time. They consider very carefully how they spend their money, even when they are what most people consider wealthy.

Financially stable people take great care not to waste money and spend it on frivolous expenses.

Let me show you what I mean by giving you the example of two separate self-employed men who came into my clinic.

The first was 65, had severe arthritis of the knees from carrying and delivering boxes for a living, worked six days a week, and was tired all the time. He was saving $250,000 to pay for his daughter’s wedding. He believed it was his duty to give her a very big, expensive wedding, even if it killed him, and the work was indeed making him old before his time.

The second man was the same age and had two daughters getting married and sold various food on market stalls. Both daughters worked in a factory and were making their own wedding dresses. He had budgeted $1,000 for each wedding for the food and all the guests were going to bring a dish to share with the other guests.

The reception was going to be held in a public park where the children could also run around and play. He was giving each couple $20,000 strictly towards the deposit for a home. He was continuing to work to buy another investment property but only went to the markets three days a week.

The difference between the two men was all about their attitude to money. One valued money over the quality of his life and the other the other respected money and built his quality of life by being frugal and careful with money.

I always say to people that if you have left school and did not learn how to manage your money in life, the school has failed you.

Maybe your parents were reckless with money and did not have the skills to teach you to value its worth.

However, you are now an adult and responsible for your own learnings which should include:

  • Getting an education on how to build and maintain your financial stability
  • Finding the people who know how to do that and be prepared to pay them to teach you those skills
  • Practising mindful spending and consider whether you really need what you are about to buy
  • Constantly reviewing your financial status and work on how to improve its health
  • Always knowing what you have in the bank every day of your life

Remember, you are only financially stable when you are in a position to give some money away to the needy, so begin that now.

When you live a mindful, financially stable life, you have more time to form good relationships with the people around you.

Do you need some help with changing your attitude to money? Book a Business Mindset Coaching session with me (done via Skype):

Business Mindset Coaching with Tracie O’Keefe 

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