“Very often, toxic thought patterns take a hold of us and stop us from realising our full potential.” IMBERDOLA
Personal development is one of the fundamentals of personal finance. Our emotional and educational development affect our financial decisions. Often times we face peer pressure to spend money on things we do not necessarily need. This is due to our lack of self-decipline and self-confidence in our ability to reach our full potential. An emotionally strong people do not get pressured by others’ opinions and views because they are confident in their own decisions. With constant training and controlling our minds, we can overcome our “toxic thought patterns.
We can either have negative or positive impact on our finances based on the current state of educational development. Gaining higher education and having financial insight, we can effectively manage our finances. A proper research and effective bargaining can get us the best deals. Mistakes like taking out a car loan with 25% interest rate and not paying our credit card bills on time can puts us even in a bigger money crisis. These mistakes can be avoided if we understand the consequences of not paying our credit card bills on time and not maintaining high credit scores. The fact that not paying your loans on time will decrease your credit score even lower.
“If your payments are sometimes marked as late or missing, you will be charged costly late fees and penalty interest rates on most credit cards.” — CREDIT
Tips to tackle financial crisis are:
- Learn to control our emotional state through scheduled meditation sessions
- Set proper financial goals with effective stategy
- Advance your financial knowledge through educational material and networking
- Celebrate each tackling of financial obstacles
- Review your financial statements often to improve your savings and spendings
- Start paying off debts with high interests first
- Stop maxing out your credit cards
Yes, this requires a significant effort on your side. It will also take a while to replace the habit with the new action. But in the end, you’ll have trained your brain to automagically do stuff that makes you better.” — Jordan Gorgiev
Finally, You have the power to improve your personal development and finances.
