As someone who has not exactly been the best money manager over my lifetime so far, I have come to believe in a simple principle.
No person, no entity, or no future event will help me solve my money problems.
Believing that, there leaves basically one person who can help me improve my finances.
Myself
Basically, if you want to improve your financial situation, you are going to have to do it yourself. (If you are married, then your spouse or partner can assist as well, but that is about it, in my opinion.)
The following people, entities, or events will not help you with your money problems or help fix your financial situation:
The Government- Even if you get a little more money in your paycheck, or an actual check from the government, the Stimulus Plan is not going to bail you out (unless you happen to be a very large bank). Nor will the new credit card rules save the day for you, either.
Your Family- While your family can be great and help you out in a pinch, relying on others to bail you out will not get your finances on the right track. In fact, it may encourage or enable your bad money habits.
A Windfall- How many lottery winners end up broke? Quite a few. Large sums of cash may not fix your finance, either, in the long run.
Promotion or Future Advancement- It’s easy to think that once you reach a certain level in your career, salary wise, things will be better. But like many people, you may incur additional, regular expenses as you get older as well. Things such as buying a house, having kids, and other regular expenses can contribute to lifestyle inflation.
Your future self- Your future self might make more money. You might even become better at managing money. But the truth is, unless you take the steps to manage your money better now, you will likely still have the same money problems you have now when you are making more money.
It is very easy to think that things will change in the future, or that “I’ll catch a break one day”, and your money problems will eventually disappear. The truth is that it is not very likely to happen, unless you take positive steps to make it happen.
Similar Posts:
- Developing A Burning Desire to Improve Your Finances-Part I- Motivation
- How 15 Minutes a Day Can Improve Your Finances
- Occam’s Razor, Simplicity, and Personal Finance
- My Personal Finance Tipping Point or When I Decided to Change My Financial Future
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{ 2 comments… read them below or add one }
This is a great piece of advice for people who are in debt trouble. The best way to solve your problems is by being proactive. Call your lenders/creditors and tell them the truth. Work out a payment plan, and avoid any new debt. No one is going to take you by the hand through life.
@CD Guy- Thanks! You are right about being proactive- ignoring the problem or not addressing it will not make it go away, that is for sure.