One major mistake I feel majority lack when aiming to secure financial stability and capability is expense tracking. This helps in so many ways that it reduces the mindset to spend less and save more when there is a financial goal to achieve. It also depends on the kind of lifestyle we live that can actually determine if we can make a change with the way we handle financial expenses.
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Our mentality towards money differs because not everyone have the idea to Invest and make more money instead some individuals choose the lifestyle where they spend lavishly to impress themselves without a positive return. From my perspective I think or feel such people are either affected by the friends they move with or they are carried away with the money they rely on.
One thing we should understand is that when we spend without having an investment as a return for our money spent is as good as having a shortage in our financial life without replacement. Financial tracking is very important for everyone because through this we can know areas where we need to minimize to cut out unnecessarily spendings that can cause effect in our financial lives.
If it have to do with our lifestyle then we need a change especially if is a lifestyle of spending lavishly without plans. Those who Invest their hard earn money on something productive and Profitable never spend without proper planning which is a right step to take. We are never perfect in the journey to secure financial stability which is why we need people around us who plan as well to utilize their money to generate more.
When we have an income and there is no budget towards how it is going to be used, it will become a waste because how it is going to be spent will be wateful without noticing and this is wan attitude we humans need to avoid. The fact that you are earning a means from a particular source doesn't mean it will be guaranteed forever but distributing the means in different Investments will be a better choice to avoid only one stream of income.
There are so many Investments and businesses we can invest on if the opportunity is at place but when we fail to look at that path, it becomes a minus in our path to progress. Some people gets pleasure from partying on a daily basis which might have an effect on them if they don't invest for the future. They can call it enjoyment but when others are busy growing their Investments and making more money while their busy shutting down clubs and bars doesn't seem like enjoyment.
We need to understand that nothing is guaranteed in life so in every areas of our lives we shouldn't misuse any opportunity we have. It is understandable that practicing or knowing more about expense tracking can't be done alone in our path except we seek help and solution and if we can abide to it then we need not relent to maintain our stability through it for more progress and better future.
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