Financial Wellbeing: Break Free from Money Excuses and Build Wealth
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People making excuses not to take first-hand control over their own financial wellbeing and planning. Getting on top of your finances, rather letting bills and money worries to control your actions and emotions. You should be the controlling factor with your money.
You are the captain of your money ship, planning a clear path, predicting currents and avoiding turmoil. Don't be the passenger on a money ship of unknown direction, dodging whatever storms appear on your blind journey, sometimes getting caught out at risk of losing the money ship all together. Stop accepting that you are a passenger on your financial journey. Become the captain of your money ship and achieve financial independence.
Charlie, Munger, a world renowned investor said, "All I want to know is where I'm going to die so I'll never go there." What he is trying to say is that we all have to have a goal or some sort of path in mind, imagine where you would want to end up. Then, reverse engineer the process of getting you there. Educating yourself with the right financial knowledge to guide yourself to the finish line you have set for yourself.
First step, is to acknowledge to yourself whether you are in control or not. Try it out, click on the options below and register this feeling in your own psychology.
Do you feel fully in control with your finances?
0%YES
0%NO
Getting it right with your own journey with money is not about scoring big gains or buying the right winning meme stock. It's about compounding and preserving wealth, avoiding common pitfalls in everyday money management and lasting through time. Constantly increasing your know-how with a humble cautious attitude towards all areas of finance. You have to realise that good money management is marathon, not a sprint.
As Mark Twain, an insightful author once said, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."
I've written this table below to list out some common misjudgements that people may have regarding their financial situation or starting point, see how differently you can think instead!
What you CAN'T control | What you CAN control |
Your parents & social class | Your saving & spending habits |
Your location & timing of birth | Where you live, your job location & income |
Your previous generational wealth | Your future generational wealth |
Your starting educational background | Your future education and knowledge |
Unfair advantage people may have against you (child trust fund, class status etc) | Creating your own advantage & increasing your 'luck' |
Ads, Flashy offers and deals in front of our eyes | Have the ability to say no. Differentiate between 'want and 'need' Learn the idea of delayed gratification |
People taking financial advantage of you through fees and taxes | Be prudent when making money decisions, run your own money campaign |
Unpredictable market fluctuations | Invest regularly, constantly over a profoundly long period of time, no matter rain or shine, bull or bear markets |
Huge market drawdowns and sell-offs | Stay in the game, not panic and buy out at the loss. Keep investing, especially at times of bargains at when the market panics |
At Money First-Aider, I aim to walk you through some key basic financial principles and daily money hacks that I wish someone taught me during my school years or in my 20s. My path would look very different if I did things a little differently early on. I am very much still on a learning curve and I aim to take you with me. Learn with me by following my blog and check out all the upcoming features like our Money First-aider VLog and interviews.
Don't forget to check out our 3 minute self assessment quiz to see where you are at with your money tree and get a free personalised report delivered to your email! Click on the link below:
Disclaimer
All content provided on this platform is intended for informational, educational and entertainment purposes only, and should not be construed as strict financial advice. The information presented does not constitute a recommendation to buy or sell any specific security, investment product, or service. Investing involves risk, including the potential loss of principal (money). It is important to conduct thorough research or consult with a qualified financial advisor before making any investment decisions.
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