YOUR LIFE DEPENDS ON IT Having A Healthy Financial Mindset
By: TALVA The recent pandemic took the world by storm leaving a wrath of not only emotional grief, but also financial instability for most. Sure, the Government pushed out those Economic Impact Relief Payments totaling $814 billion of financial relief to qualifying households; however, here we are nearly one year later, paying close to ten dollars for a dozen eggs. Needless to say, America, we have a problem. Out of the many issues the pandemic created, one profound lesson it should have taught us is to have our finances in order. It is time to take control of our financial health, work on your financial wealth, and get good with money. Striking a balance between saving and spending can be challenging. However, abiding by both beliefs may prove to be rewarding. It all comes down to choices, decisions, and discipline. Two acronyms that we hear in today’s climate are YOLO (You Only Live Once) and in terms of finances, FIRE (Financially Independent, Retire Ealy). YOLO encourages you to live life to the fullest at every moment, which can be risky. Whereas FIRE encourages you to live within your means and have enough money saved to cover your living expenses without having to work.
Becoming FIRE takes a lot of hard work, dedication, and time. The fruits of your labor are usually greater-later here. If you weren’t born into financial wealth, or had a windfall of money fall upon you, chances are, achieving a FIRE lifestyle is a reality that you will most likely benefit from in your later years. Both of these phenomena’s have pros and cons. Just remember, too much of a anything can quickly become bad. So, how does one strike a balance without feeling like they’re sacrificing too much today, to save for tomorrow? There are several strategies available for guidance on financial balance and stability. For the sake of this article, we will touch a tiny tip of the iceberg and talk about a few basic principles. It comes down to having a healthy mindset towards money; being honest about your desires; being courageous; and having discipline. As the adage goes, to know where you’re heading, you need to know where you come from. One of the first steps in forming good money habits is to determine your current attitude towards money and where those attitudes derived from. Here are four unhealthy attitudes toward money.
