There are lifestyles which one engages in that leads to them being suicidal financially.
For me, financial suicide means engaging in activities that wrecks you financially.
Everyone wants to get to the point in their lives where they are financially independent. In the course of attaining that status, so many people loose the track and fall off which leads to them entering this financial suicide stage.
However there are some things you must do if you want to be free from being financially suicidal.
Stay away from extravagant lifestyle.
If you are social media savvy, you probably will be struggling with meeting up with the trends. Just like they say, "everyone on social media is rich". And if you do not get hold yourself ,you may end up trying to live exactly like the way you see on social media.
I was once in this trap some years ago when it felt like my whole job was to be on Instagram looking for who is not looking for me. I use to follow a particular classmate of mine who became a model after school. I admired her extravagant lifestyle and wanted so badly to live that way. It affected me psychologically because I ended up hating myself for not even attaining the said social status.
I started buying clothes just to meet up forgetting that I wasn't earning like her. So many of us have one way or the other fallen into this kind of situation where they start living extravagant lifestyles just because they want to attain that social status or even fit into the society.
If you do not earn like them, do not spend like them at all.
Build your future
I see young people these days rush to buy luxury immediately they hit big money. These big cars aren't bad actually but before you settle for luxury, ask yourself if it will generate income for you at the end of the day.
In school, we were taught that wealth isn't measured by the kind of cars you have or the kind of big house you live in. It is the value of your assets. So if you don't get valuable assets, you are as good as being poor.
When you live simple, you achieve even more because what is of priority to you is not luxury but ways to generate income for yourself.
Diversify your means of income
The world is changing and everyday, people are becoming more aware of the need to diversify their income. It is dangerous to lean on only one stream of income.
You need to research on other ways to earn. Good a thing we have smartphones now. So it is a lot easier to search for ways to earn even from the comfort of your home.
Budget
Budgeting is very important. Every month, I write down what percentage from my earnings goes to what and what. When you do this, it helps you to keep track of your spending. So at the end of the day, you will be able to detect if you are overspending or not and where you also need to adjust too.
Budgeting helps you spend wisely and cuts off any extravagant spending. When you budget, you realize that you have control over your spending habits which helps you to channel your expenses towards something quite meaningful.
In conclusion, one needs to understand that the what makes you free from being financially suicidal is discipline. You have to learn how to be disciplined especially in your expenses. That way, you save yourself from unnecessary pressure and even debt.
Thank you for reading
Please note that this is not a financial advice. However before you indulge in anything ensure you do you research properly or consult a financial expert.
Posted Using LeoFinance Alpha
Hi @joydukeson
Good point, as you rightly put it many of us have in one way or another fallen into this type of situation where they start living extravagant lifestyles.
Best regards, be well.
Time will come when we can all afford what we want. But in the main time, we have to cut down those expenses.
Thank you for reading