Debt is crushing. The constant thought of owing someone money. You aren’t free. You feel trapped. Sound familiar?
Here are my top 5 reasons that people are in a financial hole.
- They keep up with the Jones’.- Other people don’t pay your bills. It doesn’t matter what other people buy. You don’t know how much money they make. You should stay within your lane, as they say. You have to live within your means. It isn’t how much money you make, it’s how much you have in the bank.
- They’ve never had to handle money- you see it all the time when young athletes or lottery winners get a bunch of money dumped into their lap. This can also be said for people who start to make their own money. If they never grew up with any money or their parents never taught them about money, they will not know what to do with it.
- Their spouse isn’t on board- If there are multiple people in your household that can make monetary decisions, you both have to be on the same page. If one person is a saver and the other is a spender, you’ll have issues for sure.
- No budget- If you live your life by the seat of your pants, you won’t know what’s going to happen. If you don’t know how much money you have to speed or save, you’ll never know what to do with your money.
- They don’t know how to deal with the suck.- Keeping your head above water takes lots of work. It isn’t fun. It’s boring. Same thing over and over again. Day after day. It sucks. But the reward at the end of the day is worth it. Most people can’t deal with it. They give up when the going gets hard.
All these things are fixable. The only thing you have to do is come to the conclusion that you want to make a change. Once you verbalize that you have a problem, you can then start to fix it.
