You will never be good at personal finance and here's why

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You will never be good at personal finance because you're not disciplined enough. You're always spending money on things you don't need, and you're never saving for the future. If you want to be good at personal finance, you need to be more disciplined and probably more frugal.

Why is personal finance important?

There are a lot of people out there who think personal finance is a bunch of BS. They think that you don't need to worry about money because it will all work itself out in the end.
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But the truth is, personal finance is one of the most important things you can learn. It's not just about saving money alone - it's about learning how to manage your money so you can live a happy, stress-free life.

If you don't learn how to manage your money, you'll end up in debt, struggling to make ends meet. You might even end up losing your home or filing for bankruptcy. So if you're not convinced yet, maybe you think;

You will never be good at personal finance because…

You will never be good at personal finance because you're not an accountant or a financial planner. Only these professionals have the training and expertise to understand the complexities of personal finance.

But that's not true! Anyone can be good at personal finance, regardless of their occupation. All it takes is a little bit of knowledge and effort. With the right resources, you can learn everything you need to know about personal finance. And once you have that knowledge, you can make smart financial decisions that will benefit you and your family.

So don't believe the naysayers - you can be good at personal finance. Just put in the effort and you'll be on your way to financial success.

What can you do to improve your finance skills?

It's no secret that personal finance skills are important. But what can you do to improve your financial skills? There are a lot of things you can do to improve your finance financial. You can take classes, read books, or even talk to a financial advisor. But the way to improve your finance skills is to simply start practicing good financial habits.

Some of the best things to improve your finance skills include:

• Read books or articles on personal finance

• Attend a seminar or workshop on personal finance

• Talk to a financial advisor

• Create a budget and stick to it

• Track your spending

• Save money regularly

• Invest in yourself by taking a personal finance course

• Invest in profitable ventures

• Live below your means

All of these things will help you become better at managing your money. And as you become better at managing your money, you'll find it easier to reach your financial goals.

Conclusion

You will never be good at personal finance if you don't have the discipline to save money, and you're always going to be bad with money. That's why you'll never be able to retire, and you'll always be struggling to make ends meet. Therefore, take control of your finances and secure your future with your decisions today.

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26 comments
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Iska, this your title looks like a curse o 😄😄

But I read through and every point hits. Really nice article!

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Iska, this your title looks like a curse o 😄😄

Hahaha..... I was trying to do a bit of a click bait.... Lol....

But I read through and every point hits. Really nice article!

I am happy, it cleared all of your doubts and a good thing came out of it.

Thanks for reading. ❤️

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Haha, I was already coming to fight her on this

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(Edited)

You hit the nail on the head and you were spot on. It takes discipline and most people don't have it. They would like to spend money on what they don't need to impress those who don't care. Money should be managed effectively and it's not an object for show off. Most people would rather spend money on liabilities rather acquire assets.

I read the story of a young man that was asked what he would do with $100,000 and he started listing buying of cars, changing of his phones and other things that would drain money from him in the long run with nothing to add back to the money. Someone like that needs a financial advisor or should read a book on how to manage money.

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Haha, it's the last part for me.

It takes a bit of discipline and financial literacy to first think of an investment portfolio when one hits the jackpot.

Even, I still catch myself misbehaving in this area too. And after a few seconds, I'll beat myself up for my misbehaviors.

I am still learning and getting my financial mentality changed. In the past, if I were asked what I would do with $100,000, I would think of making my family comfortable first.

It's been so many years of financial reckoning that have helped me understand that saving my family first may not be the right direction. Instead, it would be better to make sure a large percentage of that money goes into insuring my future and theirs too by investing it. And the small percentage left will be left to cater to our needs.

This means I have learned the hard way that one doesn't need to upgrade their standard of living when one wins a jackpot by buying objects and liabilities. But making the funds work for them.

Omo, I have talked too much... please don't mind me, thanks for reading and sharing your insightful thoughts. I appreciate

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🤣😂😂🤣🤣🤣🤣😂😂 you didn't talk to much. I appreciate the fact that you have learnt from your mistakes and you didn't want others to fall into the same hole. I hope a lot of people get to see this so they can make informed decisions.

Saving one's family is noble but not smart. Better to insure that future now so they can benefit in the long run than to save them now only to fall into deeper hole later on. Only a practical experience can make someone understand this better and that's why you are smarter now for it because you experienced it first hand. When we know better we can do better.

Thanks a lot, dear.

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And you will be telling me to keep spending and spending 😂😂😂😂
I want to always save, KP 🙃🙃

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🤣🤣😂😂🤣🤣😂 you are not investing it, can't you at least spend? Don't just save because saving isn't doing anything for you. Invest it wisely.

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🤤🤤🤤 Ati saving ati investing,, financial breakthrough ni Koko 😅

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😂😂🤣🤣😂😂🤣 investing ni koko o. Banks would be stealing your money small small.

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(Edited)

If you don't learn how to manage your money, you'll end up in debt

This sentence is the summary of my life🤦🏻‍♀️ How I learn my money from my unregular behaviour? I always ask this question to myself and I think your post will help me. Thank you so much🙏

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I know you'll be okay. Just take one step at a time. I wish you the best.

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Interesting. I'm glad stumbling on the block of your post tonight because I always love to read articles about finances and how to save and be disciplined. Thanks, Iska 😅😅
First time calling you that and I like it 🤤

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Hehehehe... I love that you liked it too. I love iska more than the rest of my name 😂

I am glad you learned something. Thanks for visiting, princess.

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I am good at Personal Finance :) LOL! I just have to write that down as a confirmation so it will stick with me hehe. Thank you for sharing your awesome tips on how to become good at it.

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Lol. I completely understand where you are going....

I believe it for you too. You are good at personal finance.

Thanks for reading farmgirl

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Thanks a lot Iska :) Cheers and have an awesome weekend

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There's a bit of advice from a few wealthy people:

Lower-class people spend money.
Middle-class people save money.
Upper-class people invest money.

Saving money is important, but it has to be done as a means to an end. That end is to invest it so that money works for us rather than we work for money. This is why tax codes favor investors rather than savers or laborers.

Living frugally doesn't mean living cheaply. Living frugally just makes us aware of how money flows so that if we choose to splurge we can. Living cheaply just makes us bitter people.

One other way to become better at personal finance is to find a role model who is doing right now what you want to do in some future time period. Chances are, that role model went through what you're going through before reaching that level of success with personal finance. We may not get to Warren Buffet's level of wealth, but there are some role models we can find right here on Hive for whatever we want to do.

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Upper-class people invest money.

I am hoping I'll get to the upper class Status soon.

Saving money is important, but it has to be done as a means to an end. That end is to invest it so that money works for us rather than we work for money. This is why tax codes favor investors rather than savers or laborers.

You are right.. when I started getting involved and learning about finance, this was my first Lesson. Saving isn't just for saving alone, it should be so one can jump on an investment opportunity when it shows up. Being ready beats everything else.

Living frugally doesn't mean living cheaply. Living frugally just makes us aware of how money flows so that if we choose to splurge we can. Living cheaply just makes us bitter people.

I agree too. Frugality teaches us contentment. And helps us track our money. Living cheaply has a dark side, and damn, it's not something I wish anyone.

One other way to become better at personal finance is to find a role model who is doing right now what you want to do in some future time period. Chances are, that role model went through what you're going through before reaching that level of success with personal finance. We may not get to Warren Buffet's level of wealth, but there are some role models we can find right here on Hive for whatever we want to do.

That's just it. You are so on point. A role model. He or she will motivate us to do more and do better and move past all of our difficult period until we finally make it.

Thanks for visiting Magna. I appreciate.

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You're welcome, @iskafan.

No one can invest without first saving. However, saving has to be done in stages:

  1. Save for unexpected emergencies. These come in all sorts of forms, but the important thing is to have the reserves handy so that you have peace of mind when you need to tap into them. 6 months to 1 year of salary or income is the minimum to have saved.
  2. Save for the expected things. Rent/mortage, insurance, loans, debts, etc. This should be separate from the emergency funds from #1.
  3. Save for your goal. Do this at the same time as #1 and #2 if possible, just use lesser amounts. After #1 is done, repeat for only #2 and some leftover amount . After #2 is done, then save as much as you can as fast as you can for whatever your goal is.

All 3 can be done at the same time, but priority is given to #1.

When #1 is done, do #2 and #3 at the same time; but priority is given to #2.

When both #1 and #2 are done, save as much as you can for #3.

Also, as your life situation changes, #1 and #2 need to change to keep up.

Not financial advice, but just one person's idea of how to go about saving.

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Awesome. This is a cheat sheet for our saving journey. Thanks for sharing Magna, it's quite enlightening.❣️❣️

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Just one caveat to keep in mind: That advice is good only as long as you have positive cash flow. When the money stops coming in, then the reserves begin to be used (which is why you have the reserves in the first place).

Restoring positive cash flow is easier said than done, and some of us are better at that than others. This is why we need multiple streams of income rather than relying 100% on the JOB. It's also why most of us here are working to establish a means of passive income so that the money comes in even if we stop working.

I'm no financial expert, but I am a human being with some life experience. My experience led me to the plan or idea I proposed in the earlier comment. The only component not in place is the passive income piece, and that's a work in progress.

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