Top 7 reasons why your financial life is a mess
by: Michael F. Kay
While there are some who breathe the rarified air of having their financial lives totally together, most people struggle. Your degree of struggle might range from small—not being sufficiently organized—to complete and utter meltdown.
In the messier situations that my clients have faced, I see seven recurring themes. The good news? They are recoverable with the right actions.
- Lack of Financial Knowledge. Unfortunately, we do not teach financial literacy in school as we teach English or Math. But we should. Unless you are fortunate enough to have parents who sat you down and helped you understand money and all the aspects of managing a financial life, you were left to your own devices. As a sound bite society, we take our knowledge from entertainment outlets versus educational ones. If you don’t understand the basics of risk management, cash flow, budgeting, retirement planning, education cost planning, tax and estate planning, chances are you are not even asking the right questions.