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Habits that hinder your wealth management goals

“If money management isn’t something you enjoy, consider my perspective. I look at managing my money as if it were a part-time job. The time you spend monitoring your finances will pay off. You can make real money by cutting expenses and earning more interest on savings and investments. I’d challenge you to find a part-time job where you could potentially earn as much money for just an hour or two of your time.” 
― 
Laura D. Adams, Money Girl’s Smart Moves to Deal with Your Debt

The former bridge that connects your dreams, ambitions & goals to reality is hard-earned finance. Wise financial and wealth management is an affluence and beneficial task. It moulds class in your ways of living and enhances your personality as you grow.

There are, however, a few habits that cause to be barriers to an efficient wealth and finance management in your life-

  • The Race of Fitting In

We live in a society that has its own, self-formed rules, norms and cultures. In such a fast-paced environment, we tend to get influenced by trying to submerge within the crowd in order to be accepted by our fellow mates. People tend to choose an extravagant lifestyle in order to outsmart one another without keeping basic facts in mind. Materialism has got individuals to overlook relevant elements like financial security, repayments of debt & seeking satisfaction in real life.

Whether you are an entrepreneur or a professional – you are bound to be unaware of what happens the next second. The traditional buzz of consumerism and materialism is slowly taking away the wealth, freedom and peace of mind of three out of four people all around the world.

  • Absence of Basic Discipline

Discipline refers to following a code of conduct or wise behavior to flush out the disobedience & negative perspectives from your life. In simpler words, it is the ability to deny on doing a particular action when others are about to commence it with due respect to moral ethics and acceptance of right versus wrong. Not many are aware of this, but discipline brings along freedom as it comes – the freedom of not living in the guilt of doing something your conscience does not allow.

But, how does discipline affect your wealth management goals? Lack of routine, overhead and unwanted expenses, investing your hard-earned money in unhealthy habitual expenses etc. can hinder your progress in life with each tick on the clock. It is like a vicious circle of disturbed behavior where true content gets far away from your reach at each moment of continuity.

  • Loss of Initial Purpose

Success is said to be a journey, not a destination. Being said that, there has to be an initiation point. This provocative point is called purpose. Your entire future, savings, investments, ideas & concepts in life are solely dependent on this purpose. Sense of direction is a very important part of your life. You should be aware of your goals, integrating each step before execution and taking former efforts to record your progress from time to time in order to remind yourself of where you stand.

Proper alignment of your financial goals can only be accomplished with consistent hard work. And so, for efficient hard work – you must know true relevance of the fruit you are set to attain since day one. Commitment and devoir are the secrets to true success.

  • Incorrect and Absurd Investments

Investment decisions can be tricky and hard to understand at times. In times as such, always remember that salt also looks like sugar. In other words, do not end up believing and investing your hard-eared money on just what you’re shown in the first go. Always follow three golden rules before making an investment (big or small): Analyze, Improvise & Appraise. The motive is never to arrest the idea of investments, rather it intends on rearing the habit with intelligence and wisdom.

Each and every minute agreement should be under a legal and logical supervision before any decision is finalized, let alone a penny invested. Never hesitate in taking professional investment training before speculating and venturing out – for you should always intend on being better than the best. Saving on shrewd investments can help you save the money for better investments to enhance your financial security or status in a trillion ways!

  • Consumer Debt

Debts are broadly divided into two categories: good & bad. Good debts comprise of acquired investments which return profits, a portion of which helps repay the liability timely & make furthermore investments. While a bad debt or a consumer debt encompasses of unwanted liability and unwise investments which lead to financial crisis at its peaks.

Loan is served with the purpose of providing financial support which ought to be paid back with the respective interest rate. Utilizing loans for holidays or personal reasons that provide temporary comfort (lacking an occasion or relevant purpose) can be sheer stupidity. Hence, it is upon you as to where you wish to invest such a monetary form that holds liable responsibility and accountability to another financial institution as the repayment is bound to cost you more than you withdraw initially.

“The speed of your success is limited only by your dedication and what you’re willing to sacrifice” 
― 
Nathan W. Morris

If you think you need to mend ways in your life and value your hard work by choosing to be financially strong, independent and intelligent for circumspection and efficiency has never let a man down, start now. For regular updates on your Finances, please visit & subscribe to our website, www.sbsfin.com