It doesn’t matter if you’re working a part-time job at a coffee house or pulling in millions a year as a professional athlete. Some people just can’t manage money. If this rings a bell with you or someone you know, here are three reasons money management may be a struggle…
They feel like they have infinite time: Imagine this scenario with me: You just graduated college, you’re no longer delivering pizzas, and you just got your first real paycheck. How much of that check are you saving? Probably not a lot. You pay a couple of bills and then you’ll probably buy that new gadget that you’ve had your eye on. Retirement feels a lifetime away, so why worry about it right now? It’s fun to have that mindset for a few months (especially when you don’t have a ton of bills), but time flies, so you can’t put your future off for too long.
They have to be the cool person with the cool stuff: No one would mind having a giant house with an enormous TV and a fancy car in the garage. It would also be nice to throw big parties or spend ridiculous amounts of cash on things you like. But if you can’t afford it, you need to realize that you can’t afford it. It’s time to start operating like you should. Pay your bills. Put money away for your future. If you can be more responsible with your money and still save for some cool stuff, by all means do it.
They don’t know any better: While it’s pretty easy to search the internet (or ask someone) for money tips, a lot of people are just ignorant to the easy steps they need to take with their finances. If someone you know is unaware of the beautiful benefits of compounding interest, tell them about your retirement plans and let them know that it’s time to “do work” when it comes to their financial future.