Why you're not winning with money!

Money is a tricky, slippery commodity. It has the ability to announce itself but is also incredibly adept at slinking off silently away into the sunset. Just ask many checking accounts on pay day! The day starts off with them flexing something fierce and ends with them asleep in a dark corner sucking their thumbs! If that's not your reality, then congratulations, you're in the upper 12%. According to a CareerBuilder survey done in 2017, 78% of Americans live paycheck to paycheck. That means that if for some unforeseen circumstance their paycheck did not come through, they'd be up a creek with no paddle! That's almost 8 out of 10 folks! Another sobering stat: approximately 66% of Americans would struggle to pay for a $1000 emergency. If you're driving on the highway and you get distracted for a nano second, look down, then look up, you'd find yourself staring that $1000 emergency straight in the face. Ask me how I know...

So, why is it the case that the vast majority of the inhabitants of the world's wealthiest nation struggle so mightily? Here are six major reasons:

1. General indiscipline: You're unable to say NO to yourself! The sad part is that we're consumers that are marketed to so aggressively that the lack of the discipline muscle, you know, the one that tells the petulant child within us to fix their behavior right quick or get the taste slapped out their mouth, all but ensures long term financial woes!

2. Lack of financial goals and a clear "why": Zig Ziglar said that "if you aim for nothing you'll hit it every time." Truer words never spoken. Most of us don't have financial goals. It's not that you're incapable of being a good financial steward, it's that you don't have a financial destination. That leaves your money directionless, and that, my friend, is a marketer's heaven.

3. No cash flow plan: 7 out of 10 people do not budget their money. If you have no clear written plan for every paycheck where you preemptively usher your money to its destination, you're sadly in sizable company. Coupled with no short and long term goals and no discipline, this means that your money runs wild and does whatever it wants to do.

4. Poor perspective: You don't believe you'll ever get ahead, and the bleak future outlook results in a bleak present. This may be due to insurmountable odds like mountains of debt.

5. Bad financial habits growing up: You weren't taught good financial habits. You didn't see your parents/guardians budgeting their money and spending it wisely. Or, you didn't learn the important lesson of delayed gratification, where you sacrifice today so that you can make out better tomorrow. The reasons may be endless, but poor financial habits are the leeches that will cause financial anemia.

6. Retail therapy: This is a sensitive one as it may be a symptom of an underlying issue, where you self medicate by spending money. For this one, the money aspect isn't and shouldn't be the focal point, but said underlying issue. If you find yourself here, you may need to find someone to help walk with you.

Your money is like a wild stallion that you have to break in. Like the horse trainer breaks the stubborn horse for it to accept the saddle, you have to wrangle your finances into submission. The beautiful thing is that the moment you successfully break in and learn good financial management, you'll enjoy the ride and will always wonder why it took you so long to do so!

Financial discipline isn't rocket science, it's common sense applied consistently and diligently over time. The good news is that it's never to late to learn and to apply these good habits in your financial life! With intentional effort, you WILL find yourself on the right side of the stats above.

p.s. If you'd like help in budgeting, or in any other area of your financial journey, fill out the short form at the bottom of this page and schedule a session for us to chat! I'd love to talk with you!

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