In an ideal world we would all be millionaires and have the spending power to enjoy all of the finest things that the world has to offer us. We would be able to live in sweeping country mansions or slick uptown apartments, drive fast cars, own our own yachts, travel the world, and look after our nearest and dearest. We see the lives that celebrities and footballers live on a daily basis and dream that one day our own lives will be as champagne laden and ‘jetset’. Unfortunately the truth is that for the majority of us this dream is just that, but whilst we can’t all be high-flying millionaires, what we can be is financially comfortable and content.
Good financial practice equals a comfortable financial future
Generally speaking, the people who eventually end up settling into a life of comfort or great wealth have something in common, in that they tend to be the ones who take expert control of their finances. Very few millionaires out there made their fortunes through being wasteful and squandering their money; on the contrary they would have painstakingly turned pennies into pounds, pounds into notes, and then notes into wads of cash. And the lucky few who did make fast cash and spend it likes it is going out of fashion, such as certain A-list rockstars, footballers, actors and actresses for example, have historically all quickly run out of money once their income dried up to the point where their spending exceeded their immense earnings. If Michael Jackson with his $700 million fortune could fall into solvency, then any of us can! If you want wealth and a comfortable financial future, you need to do away with financial bad habits and silly mistakes. Here are a few bad habits to ditch unless you fancy a lifetime of poverty and hardship.
Don’t throw away your future by squandering your financial youth
Recklessness and acts of wanton stupidity are not so much overlooked as expected of us up until our early to mid-twenties, so it is kind of excusable to be a bit rubbish and thoughtless financially during this time. However it is important to grow out of this phase and graduate from living like a paycheque to paycheque reprobate to a fully-fledged financially responsible adult by our early-thirties at the latest, because even though you might not need the money in your youth, you certainly will as your financial commitments and responsibilities continue to mount with age. Enjoy your financial freedom and live by all means but keep one eye on the future and remember that one day you will be an adult and your wants and needs will be different.
Not saving
Saving a little away each month will reap incredible financial rewards over a long period of time. After all if you save £100 a month for 10 years, you will find that you one day have £12,000 in the kitty, which could be used for a house deposit or just to put towards a cash pile for later life. It is important to have a little set aside for a rainy day too so by all means go out and enjoy life but put a little aside each month first.
Avoid getting into debt recklessly
Spending money on cool gadgets and partying is one of the best feelings in the world but if you are doing this on credit and living beyond your means, you will pay a very high price for it further on down the road. We all have to borrow from time to time for the important stuff but don’t get into debt on a whim, you will have to pay it back with interest later on and it is much harder to pay money back than it is to borrow it!
This article has been written by our guest author Jason Scott. Jason recently published an article titled surrounding guarantor loans – check it out!
The post The Top 3 Financial Bad Habits to Get Rid Of appeared first on FX FOREX.
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