We always make trap to “trap” ourself by following what others do ,own , especially with MONEY .
What is life’s biggest “trap” people fall into?
When a first person came on this planet, he faced different challenges. One of the biggest challenges was its own existence. At that time, he needed only daily life things like food and cloths. But with passing time, things changed. Now he needs money to buy all the needed stuff. He needs money to buy food. He needs money to study. He needs money for treatment even.
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What is money? why is it so important and yet many still battle with it every day the money trap. Money is an important part of human existence. and man has been trying to make more of it since time immemorial. You all will agree with me that the role of money in our lives shares a semblance with the role of food to the body. Very important right! We can’t do without money just as we can’t live without food. You need money to take care of your basic needs. And in the words of oscar wilde “A life without money is like a sunless garden when the flowers are dead sadly”. Many people are not rational and logical when it comes to handling money. They constantly fight a series of financial battles on many fronts living from pay-check to pay-check. Many buy cars houses and things they cannot really afford.
You can have your whole life going smoothly for you with a good job. A nice apartment and a fancy car and still not have money. Why is that? If you spend everything you make, you are a fool. This is because even with all these things that make life better you are very bad with your financial decisions. Americans now have the highest credit card debt in history. You did not learn anything it’s very easy to develop unhealthy financial habits that turn into a gigantic money trap. In the long run many people constantly pay for things they do not need. They entrap themselves financially by purchasing things they cannot afford to pay for they spend money on a bigger house when there is no need for it.
This bigger home will attract more taxes utilities and maintenance. Another money trap that I think many people are guilty of is paying off debts. With their savings most times it is extremely hard to pay back the money spent on debts because the urgency to pay back goes away. And once you dip your hands into your savings, you may be tempted to keep touching it and settling debts with it until you practically have nothing left as savings.
This habit will keep you in debt forever. According to the Consumer Financial Protection Bureau, approximately one-third of individuals between 30-49 have far more credit debt than assets. Many people spend more money than they make. This is a huge money trap you should not fall into. Oren Woodward said, and I quote “you can have a master’s degree in making money, but you will still wind up broke if you have a PhD in spending it”. For example, if a person buys an old car using all his life savings. But the car is having small problems. Now he needs to spend money to fix those small problems. Soon, he will realize that he has spent all his savings to buy this car and now this car is taking his money. Now, if he attempts to sell this car, its rate will not be even half of what he has spent. Result: He has lost all his savings for a car, that led him to loss.
School teaches you to work for money but does not teach you how to make money. Work for you the educational system has failed you in that respect. But are you going to fail yourself? it is never too late to start making wise and more informed financial decisions. According to a 2017 report undertaken by Ariely and Chrysler, people choose to use credit cards rather than cash to purchase things. Credit cards’ primary psychological impact is to distinguish the joy of shopping from the inconvenience of spending. Avoid paying through credit cards if you want to get more command of your purchases. Let me ask you a quick question when was the last time you purchased something using cash debit? Credit cards lead to the development of unhealthy money habits. With cash it is very easy to tell if you can afford to pay for something or not. Try putting your cards away for say three weeks and use cash only see if you cut down on impulsive buying.
In conclusion, money is the lifeblood of our lives and our lives will be somewhat meaningless without it. The more money you have, the more financially secure you feel in the words of Andrew Jackson. Live life within your means. Never be in debt. And by husbanding your money you can always lay it out.