* Many people are often in debt, and people choose to stay in debt. In my previous article, people tend to “justify” their reasons on why they are in debt. To most people, they think that their debt seems endless, and that they will leave with nothing to spend on once they start paying. In addition, most people do not have the sufficient financial education (and many often blame that schools did not teach them). Thus, some may not even have any idea how to start clearing off their debts.
* People do not think about their future. To most people (even myself included), instant gratification seem to take over any intention of saving for the future. Many times, we would go for the latest gadgets in town, having the need to take a break from work and have lots of leisure (that was when bulk spending comes in). Thus by the end of the month, the saving account will usually end up in a low or even zero point.
In order for you to succeed in your financial plans, there are, of course, pre-requisites that you must take note. You must have the following in mind:
* Willingness to CHANGE. Someone said that it takes about 3 weeks to break an old habit, and 3 weeks to bring in a new one. It will (probably) not be easy for the start, but it is somehow like the case of sowing and reaping – the “consolidation” is, you will be able to see results once you have started to change (on your spending and saving habits).
* Determination to KEEP ON GOING. If you have a financial goal, it may probably take a few years, or even a decade to reach. Sometimes you may feel very tempted to spend a few hundreds away in the middle of somewhere. But remember, instant gratification is one killer that destroys your plans in getting your financial goals.
Secrets of Self-Made Millionaires
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