What Is The Primary Reason For Financial Problems?

Many people unfortunately blame their financial problems (and probably other problems as well) on other people or outside circumstances

. They may give a list of excuses for their current financial situation, including lack of education, the general economic climate, or just plain bad luck. However, this is simply covering up the main cause for so many financial difficulties such as bankruptcy, credit card debt, and the difficulty they face in making monthly bills.

The real origin of most financial problems is the lack of self-discipline. You see, we as modern people have a great tendency to look for short-term gratification and rewards instead of focusing on accomplishing long-term goals. As soon as we receive some income, we are ready to spend almost every bit of it, and when we run out of money we proceed to incur credit card debt and other types of loans to buy more stuff.

We live in a country that has been blessed with great prosperity, and we enjoy many luxuries that have never before been available in human history. Few of us would like to live without the amenities of modern day life or live in a country where most people are struggling to survive. However, every situation tends to have some downsides, and one problem with our modern lifestyles is that it encourages people to focus on accumulating material things. We end up spending more than we can afford on items that are simply not necessary.

It's true that some people have more serious problems and are struggling to get by with even the most basic necessities. That being said, I think it's safe to say that the vast majority of people living in the United States (and perhaps other industrialized nations) are not struggling with basic subsistence. That is not to say that everyone is wealthy or that there is never a difficulty in paying the bills. Still, the fact remains that most people have a fundamental problem with spending more than they can afford to, and this applies to most families across various income levels.

The key to overcoming the pattern of debt is to learn self-discipline. No matter how little you currently earn, you can probably afford to put away a small amount each month (even if it is only $10 or $20 at first). More important than the actual amount of money you are saving is the critical process of training yourself to save and take care of your money. This will serve you quite well as your income increases because you already have the discipline necessary to control spending. The more you make, the more you can save or invest.

by: Jacob Lumbroso

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