“I’ll start tomorrow” is their mantra when it comes to taking action with their finances – but tomorrow never comes.
“I’ll just put it on my credit card” is another phrase they often say, leading to years of high-interest debt and financial stress.
“I don’t have time for this” is another common excuse – but if they don’t make time for their finances now, they’ll just have to make more time for it later when things get worse.
“It’s too complicated” is the final excuse people use – but if they took the time to educate themselves, they would realize that it’s not as complicated as they think.
Lack of financial knowledge – People are not taught about money in school and many grow up without learning the basics of personal finance. This leaves them ill-equipped to make sound financial decisions later in life.
Not valuing money – Many people do not value money and see it as something to be spent rather than saved or invested. This causes them to not take their finances seriously and results in poor money management.
Underemployment – In today’s economy, underemployment is rampant. This means that people are working jobs that pay less than they are worth or are unable to find full-time work. This causes financial strain and can limit one’s ability to save or invest money.
Living paycheck to paycheck – Too many people live paycheck to paycheck, which makes it difficult to save any money. This can become a vicious cycle as people then have to use credit cards or loans to cover unexpected expenses, further damaging their finances. This is one of the main reasons why the majority of people cannot make money in abundance unless it’s a very high-paying job.
Poor credit – Poor credit can make it difficult to get loans for big purchases like homes or cars. There are many reasons why people cannot make money, poor credit is one of those. It can also lead to higher interest rates on things like credit cards, meaning you end up paying more for everything you buy.
Student loan debt – Student loan debt is a huge burden for many people. The high-interest rates make it difficult to pay off the loans, and the monthly payments can be a strain on your budget.
Medical bills – Unplanned medical bills can throw your finances into chaos. Even with insurance, you may be left with a high deductible or copayments that must be paid out-of-pocket.
Gambling debts – Gambling can be addictive and lead people into debt if they are not careful. The debts can be hard to repay, and the interest rates on gambling debts are often high.
Divorce – Divorce is costly, both emotionally and financially. The legal fees, child support, and alimony can all add up, leaving you with less money than you started with.