Lack Of Financial Self-Control Equals: A House With No Walls
Are you setting yourself up for success or failure?
A person without self-control is like a house with its doors and windows knocked out (Proverbs 25:28 — The MSG).
It’s easy to blame your financial woes on a lack of income, an unfortunate series of events, or a lack of knowledge.
But how likely are your financial woes due to your actions, habits, and behaviors regarding money?
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Restraint, self-discipline, self-control, and restriction are not pleasurable to most people.
We want what we want when we want it.
And how often does this lead to financial turmoil?
Quite a bit.
Self-Control Equals Financial Success
If you analyze and observe everyday millionaires, you’ll notice a pattern; they all do the same thing.
You can read about it in “The Millionaire Next Door.”
They all live modestly and within their means.
They have substantial self-control, which yields them endless financial rewards.
Because they are willing to sacrifice immediate pleasure, in exchange, they experience a lifetime of financial freedom, peace, and success.
Credit card, financing, and loan servicing companies thrive because most people lack self-control.
It’s odd if a person doesn’t immediately give in to their desires.
“What are you waiting for?”
“Live in the moment!”
“You could die tomorrow!”
“Relax and loosen up a bit!”
But people who always apply these quotes to their finances end up B.R.O.K.E.
What Do Your Finances Look Like Today?
Paint a picture of your finances by answering the following questions:
How much debt do you have? How much do you have in your emergency fund? How much do you have in investments? How much do you have in your bank accounts? Are you on or off track with retirement? Are you able to successfully pay all of your bills? What’s your credit score?
If your finances are not in an ideal place, this is likely because you lack self-control or aren’t in control (e.g., allowing others to mismanage your financial resources); it has less to do with income and more to do with choices.
When you OMIT self-control, you create a recipe for financial disaster.
Let’s review that quote again: A person without self-control is like a house with its doors and windows knocked out (Proverbs 25:28 — The MSG).
- What happens if you don’t have an emergency fund when an inconveience pops up? You need to use debt.
- What happens when you reach retirement age and you don’t have any money saved up? You HAVE to keep working to provide for yourself.
- What happens when you overspend what you earn? You live paycheck to paycheck, which makes you financially dependent.
When you lack financial self-control, you’re unprotected, financially dependent, and likely without or always with limited resources.
The choice is up to you.
Change your ways or continue living the way you have been.
What Does Financial Self-Control Look Like?
Budgeting
Delaying purchases
Living below your means
Spending less than you bring in
Avoiding too many materialistic pursuits
Saying “no” when you want to say “yes” so you have money in your bank account
Who wants to do these things? Not many. It’s no fun. It’s not always immediately rewarding. And it can feel sh*tty cause you’re missing out on that immediate dopamine hit you’ll get when you give in to your desires.
However, self-control is one key to financial elevation and success. Are you willing to make some sacrifices?
Thank you for reading | destinyh.com
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
I enjoy your articles- short, impactful and a pleasure to read
Failing to plan is planning to fail. That's what self-control comes down to.