EIGHT WAYS TO SINK YOURSELF FINANCIALLY By Richmond Acheampong1. Don’t focus on your finances The reason most people get into debt is because they don’t spend enough time focusing on their finances. You need to get a grasp of where you’re at financially, keep track of your income in relation to expenses and spending habits.
2. Failure to develop a good financial plan No one would imagine going on vacation without planning for it. Yet when finances are concerned, many people don’t plan. A good financial plan can be difference between comfortable living and struggling to get by.
3. Waiting too long to invest When making investments, time is of essence. Compound interest earns money over time; so don’t wait too long to save for retirement. The longer you wait to invest, smaller your return on investment.
4. Marrying wrong person Who you marry has a huge impact on your finances. Couples with different views on money, create stress in their marriage. Divorce apart from emotional pain and suffering causes financial heartache.
5. Habits Although habits seem minor, prices add up. Buying a $1 coffee each day cost you $365 every year. Imagine how much more money you spend by eating out regularly. If you smoke, cost of cigarettes along could drive you to quit.