Here is a hard truth: Finance is a Skill and some people suck at it, in fact most of us suck at it until we learn what we need to change about ourselves. We generally don't like admitting when we have a poor skill at something and this can negatively affect our efforts to growth.
In todays guide we are going to be looking at a few mentalities that make us suck at personal finance and investing. I have struggled with all of these and I can tell you, once you change things change dramatically. Lets go...
Reason #1: Greedy and unrealistic expectations.
They are greedy and want investments to do more than what is realistically possible. So they keep trying and impossible things like "investing" R1000 and trying to turn it into R1 Million in one year through Forex trading. LOL. These are the people who always find themselves frustrated because everything they "try" does not work. The thing they do not understand is that the problem is in their mindset and approach to money.
Reason #2: They are a "Know-it- all" in regards to money.
They are under the delusion that they have a perfect understanding of personal finance. So they never ask for help, thus they keep digging themselves into holes cause by their ignorance. Nobody wants to admit it when they do not know something, and with money there is a lot of pride. This pride prevents people from communicating financial issues and problems, this is all caused by the fear of being judged for not knowing something.
Reason #3: They don't understand the power of daily habits.
They think big actions get you wealthy (or rich) instead of small daily habits. So they wait for the "big thing" they will do...they never do it. You know those "One-Day-You-Will-See type of people. Don't be like them, small actions will take you further than hoping to do something BIG. The thing most people do not understand is that in order to change your finances you have to start small and build on that bit by bit. The small actions are what result into something that looks big.
Reason #4: They are lazy and will not do simple things.
They are lazy and cannot take a few hours to do admin like scan documents, send forms, get a passport or open an Easy Equities account in order to start investing in a realistic way. They want someone else to sort out their finances. They are waiting for a hero. Sadly, nobody ever comes to their rescue, so life does not change for them. Don't be like this, please. So many of us are slowed down by the fact that we do not have our paperwork prepared when opportunity comes. It is so important to just take a day or week to sort out your admin.
Remember it is never too late to change and start working on your finances. If any of the above describes you I suggest writing down reasons that only you will read that explains why you think you behave this way. After that work on behaving the opposite way. It will change your finances.
Happy Investing
- Omega
Remember: Opinions expressed in this article do not and never will constitute financial advice. Every persons financial situation is different, I recommend you speak to a financial adviser about yours.
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