Everyone faces money challenges. Irrespective of your societal status, whether you are a salary earner, business owner, student, or fresh graduate, you’ll face different money challenges per time. Your net worth would definitely influence the type of money challenge you’d face. If you are rich, you will never have some money problems.
Either rich or poor, I’d like to share few tips with you on how to handle every money challenge.
Yes, honesty. I’m amazed at how people lie to themselves (and key parties) about their financial problems. Why? I noticed it’s becase many aren’t willing to admit the problem. So, they’d cover it up (even to themselves!). If you hope to fix any problem, you have to be willing to first admit there is a problem in the first place. Be honest to yourself.
Honesty works best with accountability. Don’t stop at telling yourself or others the truth. You have to be accountable too. Accountability goes a long way in handling money challenges. Be accountable with expenses, income, assets, liabilities and investments. Take records of these things. The information will help you to effectively handle money challenges. It also helps to avoid some.
You should have personal financial statements, budgets, financial plan, and financial tracker. You don’t need a degree in accounting to know how to create simpler versions of these things.
Identify The Problem
When the challenge does come, you need to be able to identify the cause of the problem. Don’t go into a panic when things aren’t working the way you’d expected. Problems come and go. You’re never going to be without challenges especially with money. So, learn to identify them. When you do, it becomes very easy to solve.
Our state of mind literally affects all that we do. Be positive about money, resources and yes, challenges. 99% of the time, challenges make us better. Few people are fortunate enough to have good experiences with money. Be grateful for what you have. Think “half full” instead of “half empty”.
Positivity, or optimism, channels good energy through your mind, to you and to your actions, which eventually, enables you to identify solutions to your problems easily. Always be positive.
Don’t fight a battle you cannot win
Some problems are simply “unsolvable”. Some challenges seem “undeafeateable”. No matter what you do, you cannot control or change it. For instance, you cannot really undo all the effects of the COVID-19 pandemic, even if you do, you cannot go back in time and undo the pandemic itself. It has happened. Period. It will be unwise to try to change or control such. Your efforts will be fruitless, it is like fighting a battle you’ll never win.
So instead of trying to change the unchangeable or controlling the uncontrollable, flow with the new tide. Adapt. Evolve. Survive. Thrive.
The journey of Life (hence, money) is not without a few bumps and potholes on the road. However, you can thrive amidst all.