I can not believe, money talk, it is the last topic discussed in our lives. We are all striving to make money to live a lifestyle we want. We want to upgrade to the level of our admirers and guarantee our generations a legacy to depend on.

As a society we measure financial success based on spending patterns. Well, our metrics are faulty.

Consider this: if you lost everything today, would you be capable of maintaining your current lifestyle? This question addresses losing your primary source of income. The lack assets and cash flow to rely on in case of such scenario should be carefully considered.

Many of us can not sustain our expensive lives we have built for ourselves. We end up continuously spending and spending everything we earn creating a revolving door effect for our money.

We have oodles of productive years to work ahead of us! We tell ourselves, “We live only once,” as we toss our wallets around like confetti. We conclude with, “Spend money until it learns to love us back!” Yet, many of us are about as agile as a turtle on a treadmill, both mentally and physically. The way we handle a measly thousand bucks is how we’ll groove with a million. It will just be with more confetti!

UNDERSTAND YOUR MONEY FEARS

It is crucial to recognize that we are fully accountable for our money management. “No man is an island,” as we have families and a society that occasionally requires our financial support. Many of us worry about the possibility of needing assistance ourselves. Still, we often fail to acknowledge that we should tackle issues with utmost urgency.

We fear to confront the reality of our money, spending, and investment management. We hesitate to think about the future. What will happen in thirty years? We will not manage to work as hard. Will we have a mattress to fall back on?

To truly embrace a wealth-building mindset, we need to shatter the delusion that more money is always on the horizon. It’s time to stop chasing a lifestyle that isn’t ours. We live beyond our means just to keep up with those we envy.

“If you want to be with them, then stop just talking the talk and start walking the walk. It’s not merely about the idea of spending. It’s about mastering the art of spending. It involves savvy investing and taking command of your financial future.”

KNOW YOUR NET WORTH

Calculate your net worth, your assets minus liabilities, it is a a close step to understanding your financial ability.

Imagine it is 3:00 AM, and you are awake. You have urgent work to finish, a presentation that significantly impacts the financial growth of your company. It is a critical situation. To make sure you keep good health and adequate rest, it is essential to stay vigilant about your financial trends. There is unspoken pressure of incessant demands from creditors which can be overwhelming. Your struggle to meet obligations or alternatively, explore new avenues for quick cash generation is key in maintaining one’s peace.

MAKE A SMART MOVE TO DEAL WITH LOAN LIABILITY

Loan is a huge liability in our live and mostly a killer. Loans will keep you in a loop of paying then borrowing again to sustain your lifestyle.

First, acknowledge the amount of debt you are in by making a list. Most of time we forget the actual debt we owe and when the unknown arise we jump into crisis.

Secondly, Set a repayment schedule, includes how much and time for repayment, you owe to people or institutions.

Third, rank your loans with urgency.

• This will depend on time your promise to pay back.

• The outcome of not honoring your loan payment on time.

• The one with the highest interest.

• The debtor who you can negotiate with to extend your payment period

Fourth, set deadlines for each loan. An estimate on how long you going to pay the loans. Be considerate on your income and budget flow. Keep into a consideration what outflow to cut towards paying your debt.

Remember Finding another source of income in this situation is important. Selling valuable items that do not carry much weight in your life is also crucial. These steps are key to quicken your debt payment.

Lastly, think about trigger that lend you to into debts. Try avoid them next time and work on your financial stability. Often, we find it difficult to let go of things that lead to debt. We want to continue living in deceit because it makes us happy.

It is critical to remember any money decision we make now, carry a lot of weight on our future finance. Improper decisions, lead to Financial black hole that will swallow our future generations. Having a proper financial trends will make it easy to even survive emergencies.

We are all navigating life one lesson at a time. It is a journey shaped by shared stories and lessons.

At WisdomFuel, we believe every story and lesson has the power to ignite insight. If this article fueled your thoughts, share it and drop a comment.