Unfortunately, most of us struggle miserably at personal finance. Savings rates in this country are dismal, net worths are extremely limited and retirement savings almost nonexistent among all age groups.
No one sets out to fail at personal finance, so why are we so terrible at managing it?
Below is a small sampling of reasons:
Lack of personal finance education on how to succeed (with little time dedicated to improving it).
Use of money as a status symbol.
Misguided belief that more stuff = greater happiness. No discipline and/or personal responsibility taken. Lack of gratitude for what one already possesses. Negative impact of debt. Inadequate income covering spending levels. Prioritising convenience over savings plans. Fear of missing out (FOMO).
And that is only to name a few…
There have been thousands of articles written on personal finances and even if you’ve failed at it in some capacity, chances are good you know why this happened.
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