Money Management is Not an Innate Ability
Have you ever been in a meeting, or just talking to someone and heard them say something like, "I am terrible with money, always have been, so I let my spouse handle the finances."? This is a common occurrence. People think that to be good at money you have to be born with some innate ability, and if they do not have it, they should pass the responsibility to someone else. Well, that is all fine and good as long as the person you are passing it to is good with money. However, what happens when both parties are poor money managers? What happens when both the husband and wife feel like they were born with the inability to properly manage money? Is this couple doomed to financial failure because of some cosmic design in their genetic makeup? The answer is YES-if they continue to think that money management is an innate ability. The answer is NO if they come to the realization that everyone can be a good money manager, but it takes work.
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- Anyone can be good with money. While the idea of money management may seem difficult, and impossible to achieve, like many other things in life, it is a skill to be learned, just like we learned to write, read, or drive a car. No one is born with the skills to be a good money manager, but everyone can learn them.
- How much money you make does not matter nearly as much as how you use it. Too many people live day to day. They earn money, spend it, and lose control of it. The common philosophy on money is that it comes in, and goes out, and it will continue to do so, so why worry about trying to manage it? Most struggle to see the future, rather let the demands and stresses of today swallow up their time and money, and never prepare financially for more than what they can see right then and there. So quit putting off your money management for when you make more money, and start managing what you make now.
- Financial principles are the same today, tomorrow, and forever. Learning how to manage money is a one time thing. The principles of sound financial management do not change every few years. When the economy changes, job changes, or whatever hit, that does not mean how you should handle your money changes. During a recession people start to hunker down and get more thrifty. How much better off would they be if they did that all a long? The keys to be good with money are universal laws. The same laws that worked hundreds of years ago, work today. This is good news for you because it means you only have to learn it once.
